Word: float
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Dates: during 2000-2009
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...Treasuries required by the now abandoned dollar peg. This was leading to excess money and credit creation?underscoring the mounting risks of inflation and asset bubbles. China's coastal property bubble was a manifestation of this risk, which Beijing could no longer afford to ignore. A "managed float" provides China with greater discretion on the sterilization front, thereby tempering the excesses of its domestic financial system...
...foreign-exchange reserves, which totaled some $660 billion at the end of the first quarter. Other Asian countries?also massively overweighted in dollars?should follow China's lead. The near-simultaneous announcement by Malaysia that it would abandon the ringgit's dollar peg in favor of a managed basket float confirms such a possibility. The Bank of Korea has also been itching to diversify out of dollars...
...market economic system in China," the bank set the yuan at 8.11 to the dollar?a 2.1% increase in its value?and decreed that henceforth it would trade within a narrow band of 0.3% each day against a basket of (unnamed) currencies. Now that the yuan is allowed to float, even only slightly, its value should better reflect China's buoyant economic growth and its booming trade with the rest of the world. But the 2.1% shift is so slight that it amounts to little more than "a toe in the water," says David O'Rear, chief economist...
...this initial yuan adjustment will do very little in itself to address China's yawning trade gap. Merrill Lynch predicts that China's trade surplus could exceed $90 billion this year?nearly three times larger than in 2004. U.S. critics of China will likely keep agitating for a full float of the yuan?mean-ing that it would trade at whatever exchange rate the market determines. "We expect more," said U.S. Senator Charles Schumer, one of the sponsors of the bill that would impose a punitively high tariff on Chinese imports...
...thing, and that's what I've tried to do. My publisher's different, my medium is the same, but the subject matter is different, the style is different. I try to be my own person, sink or swim, kind of on my own. Hopefully float...