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...currency, the renminbi, to significantly appreciate against the dollar any time soon, despite increasing political pressure from Washington to do so. China's Commerce Minister, Chen Deming, said at the recent Canton Trade Fair, a major showcase for China's manufacturers, that the "basic stability" of the yuan exchange rate needed to be maintained so exporters can have a predictable business environment. Another source of stability is the difficulty central banks have disposing of dollars they already hold. Dumping dollars on world markets would only depress its value further, undermining nations' own reserves. "Central banks will continue...
...Friday's jobless number from the Labor Department will quickly become a political football. The Labor Department reported that the widely watched unemployment rate rose to 10.2%, the highest rate since April 1983, as nonfarm payrolls declined by 191,000 in October, down from a revised loss of 219,000 jobs in September. (See photos of Cleveland's struggles...
...fueled Bolivarian revolution (named for 19th century South American independence hero Simón Bolívar) discriminates against the middle class. When he recently applied for a mortgage to buy a new house in a safer neighborhood, he says he was offered an exorbitant interest rate, set largely by the government, because of his economic status. "I came out with the impression that they give priority to the lower strata," he says. It's admirable to boost the poor, who before Chávez were largely ignored by Venezuela's élite. But Flerida Rengifo, a demographics analyst...
...latest housing data has also been positive: sales of existing homes shot up 9.2% in September to a seasonally adjusted rate of 5.57 million units - the highest level since July 2007, according to NAR. At the same time, inventory levels declined 15% from the same month a year earlier...
...obvious example, which will be front and center when U.S. President Barack Obama makes his first visit to China on Nov. 15, is the exchange rate of Beijing's currency, the renminbi (RMB). After allowing it to rise against the dollar by about 15% earlier this decade, China has since the onset of the crisis kept the RMB's value tightly pegged at about 6.8 to $1. Economists differ on how greatly undervalued the RMB is. The International Monetary Fund and World Bank contend that it's about 15%-25% below where it would be if it were allowed...