Word: renminbi
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...first place. Instead, the problem is, believe it or not, excessive thrift. Incredibly for a developing country, China is experiencing pronounced deflation. In the end, China, like Japan, may be forced to roll the printing presses--a move that would not be possible without a devaluation of the renminbi, which would make the lives of the country's neighbors considerably more difficult...
Chinese planners say they need annual growth of 8% to make progress on their problems, and they acknowledge that growth fell below that level last year. Though there is pressure on China to devalue its currency--a cheaper renminbi would help revitalize exports--Jiang insisted that "the currency will stay stable. At the moment I can still feel confident about this...
...because they're busy working," she explained. "They told me whom to vote for." When votes were tallied, Lei Mingxiang, 54, the high school principal and a five-term incumbent, was the surprise loser, a victim of parents' wrath. Earlier, Lei had asked each household to fork over 100 renminbi ($12), partly to cover repair of the school building. "What can I do?" he sighs. "The government does not have enough money...
...come credible reports that the Chinese government, facing unprecedented deflation in the rest of Asia, is preparing to renege on its year-long pledge not to devalue the renminbi. China has earned credit overseas for holding its currency steady, providing some stability in the region. But as its export growth and foreign investment slow under competitive pressures, Beijing seems to be nearing its pain threshold. According to an economist with access to China's leaders, they are contemplating an early 1999 devaluation that could reach 30%, depending on how far the Japanese yen drops. With the rest of Asia struggling...
Naturally China is eager to reassure potential foreign investors at this parlous moment. But another steep drop of the yen against the dollar, making the renminbi less competitive, would force Beijing's hand. Even if China does go ahead, experts say, the effect would be less severe than the shock of the ruble's fall...