Word: bankes
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Dates: during 2000-2009
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...China's turn to show it's no pushover. In the G-20 run-up, Zhou Xiaochuan, China's central bank governor, published a paper suggesting that alternative global currencies, like Special Drawing Rights - a unit of exchange used by the International Monetary Fund - be considered to replace the U.S. dollar as the world's de facto reserve currency. While some Washington officials rejected the proposal as impractical, China's leaders have been taking steps to show just how nervous they are about a weaker dollar as the U.S. runs up massive deficits to shore up its crumbling economy...
...swap agreements China has hashed out circumvent most of these problems. A Malaysian clothing store, for example, that buys shirts and dresses from China can now use its local currency, the ringgit, to pay for its purchases. Because it no longer has to pay a bank a fee to convert ringgit into dollars, transaction costs are reduced. Similarly, a Chinese company buying Malaysian palm oil can make its purchases in yuan. (Read about the economies of South Korea, Taiwan, Hong Kong and Singapore...
...which by my estimates handled between $500 million and $1 billion. Some were smart enough to pull out then, others, like my wife and I, continued to trust. If we pulled out, where would we put the money? In the caving stock market? In sinking real estate? In the bank? This seemed like a much safer bet, a bet that returned for over 30 years...
...helps that Turks are already warming to the new president. One recent poll found that 39% of Turks said they trusted Obama; fewer than 10% said the same of Bush. Obama is so popular that a leading Turkish bank is running an ad campaign based on an Obama look-alike...
...spirit of defiance not unfamiliar in Jenin, however, the indominable orchestra conductor is fighting back. Younis is demanding that President Abbas lift the ban on her teaching music in Jenin. "This is the only music center in all the West Bank, and what have the Palestinian Authorities given me? Nothing. Not a single violin." Younis vows to keep her youth orchestra going, somehow. She concludes an interview with a question of her own: "You don't know where I could get a saxophone...