Word: renminbi
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...China Development Research Foundation, a think tank that advises the government, just issued a report calling on Beijing to spend 2.6 trillion renminbi (about $370 billion) on social programs by 2012. Lu Mai, the secretary-general of the foundation, notes that the government has started down this road with a new plan to drastically expand health coverage in rural China, where some 800 million of China's 1.3 billion people live. That's a step forward. But China will need to spend more to expand its safety net, as Lu says, and it needs to hurry. If only it could...
...pressure the Bush Administration put on Beijing to increase the value of the renminbi (RMB), which increases the price of Chinese-made goods in export markets and thus in theory should help diminish China's massive trade surplus, the U.S. Treasury has never formally cited China for currency manipulation. Doing so under U.S. law would compel the White House to open formal negotiations with China over its currency policy. Trade hawks in Congress, pushed by union allies and some manufacturing lobbies in Washington, have long pined for this. But the Bush Administration resisted, preferring to fold the currency issue into...
...coming from outside China," says Cheng Li, a China scholar at Washington's Brookings Institute. Li points out that, as it has been at pains to point out regularly in the official media, the government's reaction has been swift and decisive, including everything from announcing a 4 trillion renminbi ($587 billion) stimulus package, repeatedly lowering interest rates and taking substantive moves to bolster the property market and encourage consumer spending. "They've done everything right so far and very fast," says one western diplomat in Beijing. "Often it's been bigger and faster than other countries like Germany...
...They were a way to flatter China, the world's rising economic power, and to enlist its cooperation on big, global issues like increasing the use of renewable energy and protecting the environment. And if, along the way, Beijing managed to raise the value of its currency, the renminbi, against the dollar as the U.S. desperately wanted, so much the better...
...Kong-listed company, shuttered two of its biggest factories in China - suddenly and without any warning, former workers say. They were among the latest and largest factory closures in China's battered low-end industries: toy manufacturers, textile companies and shoemakers most prominent among them. China's steadily appreciating renminbi (RMB) currency - which makes Chinese goods more expensive in key export markets like the U.S. - as well as higher costs embedded in a new labor law enacted last year were already wreaking havoc with companies that survived even in the best of times on the thinnest of profit margins...