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Yellen says IMF allocation of SDRs is not appropriate at this time By Reuters

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© Reuters. US Treasury Secretary Janet Yellen holds a press conference in the US Treasury’s Funds Room in Washington on July 28, 2022. REUTERS/Jonathan Ernst/File Photo

By Andrea Shalal and David Lauder

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen said on Friday she does not see further allocation of emergency reserves from the International Monetary Fund to member states as appropriate at this time, as more of the existing reserves need to be directed to poorer nations.

Yellen told a news conference that the Treasury had asked the US Congress for permission to lend $21 billion in US Special Drawing Rights (SDR) to IMF trust funds for low- and middle-income countries, and was hoping for approval.

The United States is the IMF’s largest contributor, so its support for another SDR allocation would be critical.

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The International Monetary Fund set up in August 2021 and issued $650 billion in SDR assets to member countries to help them recover from the COVID-19 pandemic, but poorer nations are demanding more money due to rising inflation and an escalating debt crisis.

Civil society groups and legislators have urged the global lender to issue another $650 billion in SDRs – akin to a central bank printing money – to help member countries cope with overlapping health, food, energy and inflation crises.

Experts say it will be difficult to get the 85% approval needed for another allocation, given the huge frustration that the Group of 20 major economies have not yet met their commitment to recycle $100 billion in their SDRs from the last one.

Echoing that point, Yellen said the United States was looking at other ways to help increase the funding available to countries in need, including through grants to food security organizations and debt restructuring efforts.

The nonpartisan One Campaign, which tracks SDR pledges, said only $60 billion in pledges have been made so far, with several countries – including Ireland, Norway, Switzerland and Sweden – failing to make any.

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That could amount to just over $80 billion including US pledges, but one said he doesn’t expect Congress to approve the move anytime soon.

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Economic

What is the ChatGPT policy?

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Rob Lonnie She claims to be a “left-liberal”. David Rosado I applied the political compass test He concluded that ChatGPT is a mixture of left and liberal leanings, eg: “anti-death penalty, pro-abortion, skeptical of free markets, corporations exploiting developing countries, more taxes for the rich, government subsidies, pro-benefits for those who refuse to work, Pro-immigration, sexual liberation, morality without religion, etc.”

Produce this image from the test results:

Rosado also ran several other political tests with largely similar results. However, I would like to stress a few different points. Most of all, I see ChatGPT as “pro-Western” in its perspective, while giving different visions of what this means. I also see ChatGPT as a “discord minimization”, for business reasons but also simply to want to get on with substantive work with a minimum of external fuss. I wouldn’t have built it myself So differently, and note that the bias may lie in the training data rather than any biases of the creators.

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Marc Andreessen has received a number of tweets suggesting that AI engines will host the “mother of battles” over content, censorship, bias, etc. – outside of the current battles on social media.

I agree.

I saw someone ask ChatGPT if Israel is an apartheid state (I can’t reproduce the answer because chat is now broken for me – unfortunately! But try for yourself.). Basically, ChatGPT answered no, that only South Africa was an apartheid country. Not many people will be unhappy with this answer, including many supporters of Israel (Israel’s moral defense, on the one hand, was not weighty enough for many tastes). Many Palestinians will object, for obvious reasons. And what about all those Rhodesians who suffered under their apartheid regime? Are they simply to be forgotten?

When it comes to politics, the AI ​​engine simply cannot win, or even win a draw. However, there is no simple way to keep them out of politics either. By the way, if you get frustrated with ChatGPT wrapping your question, rephrase it in terms of asking them to write a dialogue or speech on a topic, in someone else’s voice or style. Often it will go further in this way.

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The world has yet to realize how powerful ChatGPT is, and thus Open AI can still live in a kind of relative peace. I’m sorry to say that it won’t last long.

the post What is the ChatGPT policy? Debuted marginal revolution.



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China will launch SSE 50 stock index options trading from December 19th

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© Reuters. FILE PHOTO: A Chinese national flag flies outside the China Securities Regulatory Commission (CSRC) building on Financial Street in Beijing, China on July 9, 2021. REUTERS/Tingshu Wang

BEIJING (Reuters) – China’s securities regulator on Friday approved the launch of China Financial Futures Exchange (LON:: 50) stock index options from December 19, the China Securities Regulatory Commission said in a statement on Friday.

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Xi Jinping Hails “New Era” in China-Saudi Arabia Relations

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Chinese President Xi Jinping announced a “new era” in Beijing’s relationship with the Gulf region as he met Saudi Crown Prince Mohammed bin Salman in Riyadh on Thursday and the two sides signed partnership agreements.

In an opinion article published by Saudi media, something He wrote, “The visit will carry forward our traditional friendship, and open a new era in China’s relations with the Arab world, with the Arab Gulf states and Saudi Arabia.”

Before being received in Riyadh by the kingdom’s daily ruler, Xi wrote this Kingdom Saudi Arabia China “respects each other’s sovereignty and development path.” [and] Respect each other’s history and cultural traditions.”

His plane was ceremoniously escorted by Saudi planes before it landed on Wednesday evening for his first visit since 2016. He was received by Prince Mohammed and a guard of honor before he met the prince and his aides on Thursday.

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The three-day visit, which will see the Chinese leader attend an Arab and Gulf summit, comes at a low point in US-Saudi relations after the kingdom led OPEC+ in oil production cuts, prompting warnings from Washington that it might reassess its relations with it. Riyadh.

Saudi and Chinese media reported that the two sides signed a strategic partnership agreement that would see the leaders of the two countries meet every two years. They have also drafted 34 investment deals in sectors including technology and energy.

The deals included a memorandum of understanding between Huawei and the Saudi Minister of Communications to establish a mobile internet at a speed of 10 gigabits per second and a cloud computing facility in the Kingdom, as well as construction deals for 300,000 housing units. Huawei’s business dealings in the West have come under scrutiny over security concerns.

Chinese electric vehicle manufacturer Enovate Motors has also agreed a memorandum of understanding with a Saudi holding company to set up a car factory in the country that will produce 100,000 vehicles annually.

The United States has opposed Huawei’s expansion in the region and recently warned that some sectors of engagement with China could affect cooperation between the United States and Arab countries.

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Washington said it would monitor the visit, which comes months after US President Joe Biden visited Saudi Arabia and told Arab leaders at a summit that the United States would not leave a “vacuum” in the region for China, Russia and Iran to fill.

“We recognize the influence that China is trying to cultivate around the world,” said John Kirby, a spokesman for the US National Security Council, about Xi’s visit. “The Middle East is definitely one of those regions where they want to deepen their level of influence.”

Kirby said that while America did not ask countries to choose between Washington and Beijing, US policies were “more conducive to preserving prosperity and security for countries around the world than those that China exhibits or promotes.”

Despite Biden’s pledge, Gulf officials said the United States, Saudi Arabia’s main security partner and arms supplier, has grown distant as it focuses on other regions. Saudi officials have refrained from playing the role of the two superpowers, saying they want to diversify their foreign relations.

China is already the kingdom’s largest trading partner, while Saudi Arabia is its largest supplier of crude oil. Analysts say that Beijing does not seek to replace the United States in the region, and in no way will it be able to do so, but rather aims to expand its trade and influence.

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Additional reporting by Maiqi Ding

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