Word: yen
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...kuang, 39, and his wife Wang Yen-liu, 36, are field hands on the Ta Li People's Commune near Canton. Country people fare quite well, at least in fertile farming areas. Like all the other peasants in Hao Mei village, the Ch'ens own their own house, a fairly new whitewashed brick building in a row of ten attached tile-roofed dwellings on a narrow lane. Their home, which they share with three daughters, 11, 9 and 4, consists of a small entry hall, large liv ing room and sizable bedroom, small kitchen and back court with...
That correction is indicative of the frenzy with which corporations, banks and other holders of dollars are stampeding to unload them. The selling has driven the dollar down 19% against the German mark, 27% against the Japanese yen and 34% against the Swiss franc in the past year. Washington seems incapable of stopping the slump; even optimistic statements by the White House nowadays often have a perverse effect. Last week, for example, President Carter said at his news conference that congressional passage at long last of his battered energy legislation should trim the U.S. trade deficit and bolster the dollar...
Americans find barriers still high in the land of the rising yen...
...Bitter Tea of General Yen. At Harvard-Epworth Church, tonight...
...closely, buying and selling currencies in order to keep the rates within certain ranges. Former Under Secretary of the Treasury Robert V. Roosa says that a first step toward this arrangement would be to set up "reasonable ranges of value for the three key currencies - the dollar, mark and yen." Other currencies would quickly fall into line behind the big three. The IMF could monitor national economic activity and recommend when currency values should be increased or decreased and by how much. Last April the IMF set up a "surveillance system" that could perform this function. Though some American officials...