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...Others are not so sanguine. HSBC's China economist, Qu Hongbin, worries that his country is full of manufacturers trying to hang on while waiting for overseas demand to recover. "There still is hope that we'll go back to the old days," Qu says. But "demand in the future will be lower than in the past," he says. "That means the factory owners have to face reality" - the reality of them no longer cranking out ever more widgets in a widget-weary world...
...creation of an alternative to the greenback as a global reserve currency. More recently, Beijing has signaled an intention to slowly establish its own currency, the renminbi, as a dollar alternative in international trade by providing subsidies for Chinese companies to price their exports in renminbi. One economist, Qu Hongbin of HSBC in Hong Kong, goes so far as to say that 40% to 50% of China's overall trade flows could be settled in renminbi by 2012 (though few other economists believe this will happen anywhere near that fast). This willingness to make its positions known publicly and push...
...currency, the yuan (also known as the renminbi), as a possible alternative to the dollar. There are indications that China intends to make the yuan a greater factor in international trade and investment, a development that, if successful, would have major implications for the global financial system. HSBC economist Qu Hongbin believes that the yuan could become one of the top three currencies in the world by 2012, with some $2 trillion in trade transacted in the Chinese currency each year. "The internationalization of the renminbi has become a leading item on the policy agenda" in Beijing, Qu concluded...
...boost the global standing of the yuan stem from the same concerns as its calls for a new reserve currency. Greater use of the yuan in trade would improve the competitiveness of Chinese exporters by reducing transaction costs and currency risks. By internationalizing the yuan, says HSBC's Qu, China can also begin extricating itself from the "dollar trap," in which the country, through its trade, amasses giant surpluses of dollars, which forces it to invest in dollar assets. This is why China, which holds $805 billion in U.S. Treasury securities, is the U.S.'s largest creditor. But this dollar...
Sending your partner on a solo trip works out especially well, if the two of you have opposing ideas of fun. For Chanukah this year, Bear Bergman sent her fiancé - a super-outdoorsman - on a five-day, backcountry ski trip in Québec with his buddies. She says she knew "less than nothing about backcountry skiing," but pulled the trip together with help from friends, research online and some professional advice. While her fiancé was off skiing the Canadian wilderness, from hut to unheated hut, Bergman was at home, "enjoying a visit from an out-of-town...