Dispute Over Chinese Fishermen in Philippine Waters

A num­ber of inci­dents are play­ing out involv­ing Chi­nese fish­er­men oper­at­ing in Philip­pine waters.  Most recent­ly, on August 5, twelve Chi­nese fish­er­men arrest­ed in April 2013 were sen­tenced to jail terms rang­ing from 6 to 12 years for ille­gal fish­ing.  Their boat had run aground on the World Her­itage-list­ed Tub­bata­ha Reef, which is not claimed by Chi­na, dam­ag­ing the pris­tine dive spot.  The ...

CNOOC Rig, Formerly Launched Offshore Vietnam, Discovers Gas Field 150km South of Hainan Island

An off­shore oil rig that caused con­sid­er­able ten­sions between Chi­na and Viet­nam after being deployed off the coast of Viet­nam has revealed the esti­mat­ed size of the pre­vi­ous­ly-dis­cov­ered gas field at 100 bil­lion meters.  The esti­mates, approved by China‘s Min­istry of Land and Resources, con­ser­v­a­tive­ly project CNOOC‘s annu­al extrac­tion capac­i­ty at four bil­lion cubic meters per year (56.5 mil­lion cubic feet ...

VTB Bank and Bank of China Sign an Agreement that Restricts U.S. Dollar Settlements

In May 2014, Bank of Chi­na and VTB Bank signed an agree­ment that per­mits them to pay each oth­er in the ruble and ren­min­bi (yuan) for all set­tle­ments, which is per­ceived to be a strat­e­gy to bypass use of the U.S. dol­lar in their bilat­er­al rela­tion­ship.  Oth­er parts of the agree­ment includ­ed invest­ment bank­ing, inter-bank lend­ing, trade finance and cap­i­tal mar­kets trans­ac­tions.  Both ...