Word: steps
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Dates: during 2000-2009
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...toward the yuan in ways that could, over time, lead to its greater use on a global scale. Most notably, China and Hong Kong launched a pilot program this month through which Hong Kong banks can begin settling cross-border trade transactions in yuan for selected Chinese companies. This step will likely increase the use of yuan in Hong Kong, one of the world's premier financial centers. (The program also solidifies Hong Kong's role as China's chief financial hub.) This step follows a series of "swap agreements" concluded with foreign countries that allow their central banks...
...whims of Washington's economic management. One of the reasons Beijing has been urging a gradual reduction in dollar dependence is the massive losses China could suffer if the value of the greenback was to erode as a result of U.S. deficit spending. (Read "China Takes a Small Step Away from the Dollar...
...China is still far from ready to undertake the dramatic reforms necessary to allow the yuan to be a true international player. Making the yuan a freely traded currency would mean losing control over its value and flows of capital in and out of the country. This is a step Beijing's economic policymakers remain fearful of taking, since they still feel the need to protect China's developing domestic financial sector from shifts in the global economy. China sees its controlled currency as a "dam surrounding a reservoir, and the government doesn't know what would happen...
...conference on climate change in Gurgaon, near New Delhi, on July 19. "And as if this pressure was not enough, we also face the threat of carbon tariffs on our exports to countries such as yours." Clinton defused the situation by asserting that the U.S. would not take any step to limit India's economic growth. (See pictures of Hillary Clinton meeting Michelle Obama...
...negotiable. It's not clear what Washington will accept. Secretary of State Hillary Clinton, who previously insisted that there could be no exceptions with a settlement freeze, was asked on July 16 to comment on reports of a compromise. She said she was "certainly not going to step on the negotiations in any way" until their outcome was official. That comment and other indications from the Administration have led many Israelis and Palestinians to believe that Obama has been forced to backpedal somewhat. (See pictures of the divided city of Jerusalem...