Word: renminbi
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...next to it at the dock is a large boat with a neon sign for WUSHAN GODDESS ENTERTAINMENT CITY. Gambling is illegal in China, but this is a casino, open all day, with high-low dice games, blackjack and bingo. Laid-off workers crowd the tables, spending their last renminbi on a few rolls of the dice. The casino is run by an overweight Hong Konger who wears expensive jeans and a heavy gold watch but doesn't want to give his real name. Neither do his two formidable-looking bodyguards. "I had to put in a lot of money...
...River, which flows into the Yangtze at Wushan, postmaster Wen Daquan is quick to voice his concerns. Dachang will be completely flooded by the new dam, and the government has said it will pay for everyone to be relocated. "First of all, each person was to get 10,000 renminbi ($1,250) each. Now the local officials are saying it will be just 7,000 renminbi. They will try to keep the rest." The new land is on top of a mountain, so it will not be nearly so good for farming as the rich alluvial soil they till...
...comes from the poor inland province of Jiangxi, runs a stamping machine. "I work here because I have to earn a living, but it's boring work. When I have money, I'll go back," he says. [TIME used its own interpreters.] The average monthly wage is 600 renminbi, or $73. The company provides meals and living quarters in spartan although adequate dorm rooms that sleep 12 and offer individual storage closets and ceiling fans for the summer. In Vietnam, by comparison, the minimum wage is $40 a month, and workers must pay for such accommodations...
...first job as Premier will be to steel China against the pressure to follow in its neighbors' footsteps and devalue its renminbi trading currency. Those competing economies have a step up on Beijing, whose goods are relatively more expensive. Chinese sales to the rest of Asia fell 1.4% in January compared with 1997, and as South Korea, Thailand and Indonesia flood the world with cheap goods, China's trade with the West will take a beating. If Beijing ultimately succumbs and devalues its currency, the move will probably force Hong Kong to do the same, which could trigger...
...American firms such as AT&T and SPRINT are waiting to cash in, but Wu says the country won't open up to Candice Bergen just yet. Instead the Chinese government will continue to control the lucrative telecom monopoly. The most glorious numbers, bureaucrats realize, come with renminbi signs in front...