Word: floats
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...Beijing and Washington. Another touchy area is that of China’s currency. Many U.S. trade groups accuse China of keeping the yuan artificially cheap to bolster exports. The yuan was revalued in July from a direct 8.28 peg to the U.S. dollar to an approximately 8.11 managed float, but the 2.1 percent revaluation is still far below the 10 percent wanted by Washington. These issues have all strained Sino-U.S. relations in the past few months, and that’s not even to mention North Korea talks or the perpetual Taiwan question. A successful summit must...
...curious away from what has become both an arduous recovery effort and a health hazard. In the wreckage over the weekend, the bodies of a woman and her baby were recovered, the child still strapped to her chest. Helicopters shuttle back and forth along the beaches, spotting bodies that float up on shore, over a week after Katrina's swells first pulled them...
...aftermath of Hurricane Katrina has been grim. Decaying human bodies float in the heavily polluted water that has inundated the streets of New Orleans, a once-vibrant city. Even though the refugees are being evacuated, the streets are being drained, and the corpses are being removed, it still seems slightly impious to speak of a bright side or a silver lining. To laud anything good that has happened, any mitigating factors, seems to make light of the enormity of the whole disaster, to disrespect the dead, to spit upon the newly homeless with an air of moldy optimism...
...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...