Word: feng
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...fight, and that in the process, Mongolian traditions are being lost - a sensitive subject in the semi-autonomous province where ethnic Mongolians were attacked during the Cultural Revolution. "Before, maybe herders raised goats; now they raise cattle. Or maybe they raised camel; now they're farming," says Yun Jin Feng, a professor at Inner Mongolia Agricultural University who has been studying local grasslands for 50 years. Scientists agree that Beijing's attention to the issue has helped the land, but working with herders to find a way to adapt to their changing environment will be crucial to any lasting solution...
Hubbard gave his mostly positive 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...
...consumers benefit from cheap manufacturing in China, Feng argued through an interpreter. When Japan gave in to U.S. pressure in the 1980s to strengthen the yen, the result was a decade-long economic malaise. Even a 10% appreciation in the value of China's currency would lead to losses for many Chinese firms, he said...
...suspicions is the fact that even currency experts have an awfully hard time agreeing on a value for the renminbi. "I find it ironic that the Congressmen are talking about 30% to 40% appreciation of the RMB, but the economists say they don't know how overvalued it is," Feng told me. "I think we should not politicize the issue...
...Feng, meet Senator Schumer. A few days before, when I accosted Schumer outside a Senate committee room after a 20-to-1 vote for the currency bill, he argued that politicizing the issue was the only way to bring change. "I believe the reason the yuan has appreciated 8% is only because of the efforts of Senator Graham and myself," he said. "I don't believe the Chinese move out of a sense of comity and magnanimity." He's right that Paulson's attempts at gentle persuasion, including a late-July trip to Beijing, have delivered few results...