Word: asianized
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...dollar too may lose its long-held status as the currency of choice for central bankers everywhere. Snower of the Kiel Institute believes that in the future, "this will be seen as a historic period in which the U.S. will give up some of its reserve-currency role." Asian and Middle Eastern nations that currently hold on to dollars will want to diversify into other currencies, including euros...
...Even Hong Kong, one of the world's worldliest cities (and where TIME has its Asian headquarters), can be astonishingly parochial. For instance, Hong Kong enacted antidiscrimination legislation only very recently. Before, it was perfectly legal for a landlord to deny renting an apartment to an otherwise qualified tenant simply because of his or her skin color. One of my colleagues, an Indian national who has lived in Hong Kong for more than two years, still gets stopped by police for no given reason and told to present his ID. When he complains, the cops merely shrug. In Asia...
...carnage on Asian stock markets intensified on Wednesday as panicky investors looked for a coordinated response from the U.S. and Europe to stem the deepening financial crisis...
...That response did come. The Federal Reserve said it would lower interest rates by 50 basis points along with five other central banks: the European Central Bank, the Bank of England and the Swiss, Canadian and Swedish banks. But the announcement arrived after Asian markets had closed, too late to put the brakes on a near free fall in Asian stocks that began on Monday. In Japan, the world's second-largest economy, the benchmark Nikkei index plummeted 9.4%, its biggest one-day drop since the global stock market crash of October 1987. Hong Kong's benchmark Hang Seng index...
Stocks continued to slide despite a spate of actions yesterday by Asian governments to stem financial volatility, boost economies and prop up markets. The People's Bank of China cut interest rates for the second time in three weeks, while reducing the reserve requirement ratio for most banks. The Hong Kong Monetary Authority, Hong Kong's de facto central bank, also reduced the interest rate at which it lends to banks by a full percentage point in an attempt to ease credit markets. In India, policymakers promised to continue to act to keep the financial sector functioning. "If need...