Word: skid
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Dates: during 1940-1949
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Last fall, when the Chinese dollar began the long skid that carried it below 7?, it looked as if Japan had won the currency war. But by last month, although inflation swept Chungking (private chauffeurs, getting $1,000 a month, earned as much as Cabinet Ministers), the Chinese dollar still looked to peasants like a last struggling agent of order amid surrounding economic anarchy-100 Chinese dollars would buy 125 Japanese-backed Federal Reserve notes; one U. S. dollar, officially buying $4.30 in Japanese Federal Reserve notes, would actually buy $17.50 in that currency...