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...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...
...swap agreements China has hashed out circumvent most of these problems. A Malaysian clothing store, for example, that buys shirts and dresses from China can now use its local currency, the 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...
...unexpected lesson in the power of the U.S. dollar during a visit to Tashkent, the dreary capital of Uzbekistan, several years back. While heading into town from the airport, my babbling taxi driver kept one hand (barely) on the steering wheel while his other shoved a stack of local currency, the som, into my face. He insistently urged me to trade the money for dollars. After checking in at the grim Hotel Uzbekistan, a nattily clad porter showed me and my wife to a room, fiddled with a broken TV set, and then reached into his jacket pockets for large...
...entirely fitting for the place in which it was born. Introducing Singaporean vocalist Hanjin Tan, a producer and composer of Cantonese pop by day, this low-frills, high-moxie album is a collection of 11 jazz standards, each recorded in a single take along with the help of local jazz luminaries Skip Moy on guitar, Paul Candelaria on bass and Jason Cheng on piano...
...fast, say some Czechs, who still remember living under Soviet domination. "I don't want to be under the Russian sphere of influence but under the American one," says David Cerny, 41, a celebrated if slightly infamous local artist. Cerny wants the U.S. to stick to the missile shield plan. "It would be really sad if this intelligent guy who succeeded Bush, about whom no one had a high opinion, would barter Eastern Europe for a better image of the United States," Cerny says, worrying that Obama is drawing too close to Russia...