Word: honge
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...past two weeks, China signed multibillion-dollar currency-swap agreements with Indonesia and Argentina that effectively allow Beijing's two trading partners to bypass the dollar as a medium of exchange. The deals followed similar swaps China has hammered out over the past six months with Malaysia, Hong Kong and South Korea. The combined value of the various swaps - which enable the central banks of China's trading partners to sell yuan to local importers to buy Chinese goods - is nearly $100 billion. (See pictures of the global financial crisis...
...global money markets were so roiled it became expensive for any trade to be done at all in dollars. "What precipitated [China's swap agreements] was the collapse of Lehman Brothers and the worries over trade financing at that time," says Johanna Chua, a regional economist with Citigroup in Hong Kong. "If the dollar is extremely volatile it costs more to hedge...
...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...
...career objectives upon oneself. Indeed, our particular educational system is a blessing in that it encourages exploration and creative thinking, a boon that hasn’t gone unnoticed by other countries. Over spring break, through the Harvard College in Asia Program, I had the opportunity to stay at Hong Kong University with a group of fellow undergraduates. The dean of education there informed us that the college is planning to reform its curriculum—a relic of British colonial rule—to bring it more in line with the American system. Rather than starting off their university...
...foreign tax authorities on request should be published immediately by the Organization for Economic Co-operation and Development (OECD) as part of a clampdown on such havens. China, not a member of the OECD, was stalling because of its concern that such a list might include Macau and Hong Kong, which have both recently moved to implement OECD standards. The U.S. President took Sarkozy aside, then Chinese President Hu Jintao, and finally brought them together in a private meeting at the side of the room. "If he hadn't done that, we'd still be there," remarked a White House...