Word: speechings
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...China's currency, the renminbi, is still basically controlled by the government. There are strict limits on how much Chinese citizens can legally invest abroad. There are trade barriers on what businesses foreign banks can go into inside China. And there are no derivatives markets. In an Oct. 21 speech in New York to a U.S.-Chinese business group, Treasury Secretary Henry Paulson all but pleaded with his counterparts in Beijing not to learn the wrong lessons from "the mistakes we have made," and to continue liberalizing their financial system...
...Well, mostly. There has been a rearguard action among conservatives - "market skeptics," is how one U.S. source describes them - to throw sand in the reform gears as the global carnage mounts. That, in part, explains Paulson's speech in New York. The conservatives have made some headway. Fan Gang, a liberal economist and adviser to the Ministry of Finance, says that any move towards derivatives trading on the Chinese exchanges is, at least for now, "probably on hold...
...whether China will continue to allow its currency to appreciate. The RMB is up almost 20% against the U.S. dollar since July of 2005, and that's part of the reason small, low-end Chinese exporters have seen their profits dwindle. A Chinese businessman asked Paulson after his speech whether the renminbi had appreciated sufficiently against the dollar. Paulson didn't answer directly, but in Beijing they know what the answer is: you bet it has. With Chinese growth slowing significantly and the economic pain spreading, "any further liberalization of the currency market is likely to be very gradual...
During the nearly 18 years that Nadine Strossen served as president of the American Civil Liberties Union (ACLU), the organization has been a staunch advocate in some of America's most polarizing legal battles, including fights over Internet free speech, abortion and the separation between church and state. The ACLU's membership nearly doubled during her tenure, which ended when she stepped down earlier this year. Strossen spoke to TIME about her toughest sparring partners, the tension between national security and civil liberties and why the upcoming election is even more important than people may realize. Your father...
...eighth round of talks between Beijing officials and the Dalai Lama's representatives was scheduled for late October. It's not clear how the statements by the Dalai Lama will affect them. On the day after the speech, the Tibetan leader's spokesman Tenzin Taklha told reporters that the talks were set to go forward as scheduled, stressing the need to "keep the door to dialog open." Taklha also confirmed that the Dalai Lama had called a consultative meeting of exiled Tibetans for mid-November at which the group's approach to achieving their goal of a freer Tibet would...