Word: renminbi
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...Chimerica." When Fannie and Freddie were on the brink of collapse, many were surprised to learn that fully a fifth of China's currency reserves was composed of their bonds. Small wonder. Having spent much of the past decade intervening on currency markets to prevent the appreciation of its renminbi, China has accumulated a huge hoard of dollar-denominated bonds. No foreign nation stands to lose more from a U.S. financial collapse...
...workers, then you face a lot of problems," says Stanley Lau, vice chairman of the Federation of Hong Kong Industries. To lay off people, "you need to pay a huge amount in compensation." Nor is there any relief from surging raw-materials costs. And slowly but surely, the renminbi, China's currency, continues to strengthen--it's now 12% higher against the U.S. dollar than it was 18 months ago--making China's exports more expensive worldwide...
...workers, then you face a lot of problems," says Stanley Lau, vice chairman of the Federation of Hong Kong Industries. To lay people off, "you need to pay a huge amount in compensation." Nor is there any relief from surging raw-materials costs. And, slowly but surely, the renminbi, China's currency, continues to strengthen - it's now 12% higher versus the U.S. dollar than it was 18 months ago - making China's exports more expensive worldwide...
...lugging bricks 12 hours every day, in Shanghai's suffocating summer heat and stinging winter's chill, Qiu earned 1,500 renminbi (about $200) per month before she managed to get a job - and a raise - at a construction site not far from Emerald Riverside. Now she makes about $220 per month and, she says, the work is not as backbreaking. "We work about 12 hours a day," she told me one recent evening, sitting outside a big worker's camp, "and get one day off a week." I asked if she, like so many migrants, has family back home...
...started shopping for dinner. Bundled up against bitter temperatures, she had ridden her scooter to the store and was "frozen now," she said. But when Zhang got to the vegetable section, you could practically see the steam coming from her ears. Half a kilo of greens now cost 1.09 renminbi (about 15?). "Before the snow, a week ago, it was only 0.59 renminbi!" she said. "How can that...