Word: dollarization
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...that Bonds has set a new record, 46-year-old McFarlane is getting his checkbook ready. But he says 756 is not even close to a million-dollar ball, and is not his primary target. Before Bonds hit his record-breaking homer, McFarlane talked with Michael Grunwald about the ball he really wants, what he really thinks about Bonds, and his love of the chase...
...take on the state of the global economy, then asked for questions. Richard Feng, CEO of furniture maker Markor, went straight to issue No. 1 in U.S.-China economic relations: the ever louder demands from Capitol Hill that China let its currency rise as much as 40% against the dollar. That would, in theory at least, make Chinese products more expensive in the U.S. and U.S. products cheaper in China. Americans would buy less, the Chinese would buy more, thus reducing the huge trade imbalance between the countries-- $20 billion in May alone and $233 billion...
...other side are the Chinese, who adopted a currency peg of about eight RMB to the dollar to stabilize their economy in 1994 and stuck to it even when there was great pressure to devalue after the Asian currency crises of 1997. Since 2005 the Chinese have allowed an 8% rise in the renminbi's value, but they are deeply suspicious of those who urge faster change. Never far from their minds is the sad example of Japan, which acquiesced to Washington and--many Asians are convinced--paid a terrible economic price. Adding to their suspicions is the fact that...
...deal with it on this scale before: thanks primarily to its thriving export industries, China has $1.4 trillion (and counting) in its pocket and has to put it somewhere. For years, the investment of choice has been the riskless solidity of U.S. Treasury bonds. But as the dollar drops and higher returns can be gained elsewhere, China has begun to eye more alluring places to stash some of its cash...
...thousands of hectatres of forests and scrubland across the country since June. That's nearly triple last year's total, sparking growing public concern over why Greece suffers so many forest fires, and why the country's emergency services seem ill-equipped to deal with them despite their multimillion-dollar overhaul ahead of the 2004 Athens Olympics...