Word: yuan
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Dates: during 2000-2009
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...will be able to finance your world revolution with that money.'' Perhaps, being an older person, the teacher felt some sense of responsibility. She asked me, ''Are you sure your collection is valuable? How much would you say it is worth?'' ''As a rough estimate, at least a million yuan (($500,000 at the 1966 exchange rate)),'' I told her. The Red Guards were impressed. The teacher was by now anxious to save the treasures, but she was afraid to put herself in the wrong with the Red Guards. They all went to the dining room to confer...
National elections in Taiwan have long been routine affairs. The Kuomintang, the dominant political party, regularly wins an overwhelming majority in the two elected houses, the Legislative Yuan and the National Assembly. In the past only independent candidates and two small government-approved opposition parties?which usually support the K.M.T.?have been permitted to compete. Last week, however, for the first time in 41 years of K.M.T. rule, an unsanctioned political group, the Democratic Progressive Party, successfully challenged the government. The party, formed only in September, won twelve of 73 open seats in the legislature and eleven...
...factor that could weigh on China's continued export growth is its strengthening currency. After years of urging by Washington, Chinese authorities have allowed the yuan to rise about 5% against the dollar over the past 18 months. That makes Chinese goods more expensive in America, and the pinch is already being felt by some of China's manufacturers of textiles and other low-end merchandise. The annual trade fair in Guangzhou, a city at the vanguard of China's march toward capitalism over the past two decades, was overcrowded as usual last October with prospective foreign buyers of toys...
...Will China take Paulson's message to heart? The yuan has risen slightly since last month's summit in Beijing, but it's still not clear that Hu and his fellow leaders have any real sense of urgency on trade and currency issues. Lardy, the Institute for International Economics fellow, is skeptical that there will be any significant policy changes soon. He calls China's leaders "momentum players," observing that they are loath to change course while things are going well. After all, China has double-digit economic growth, huge trade surpluses, and more than a trillion dollars in foreign...
...that Hong Kong stocks have been on a tear. The benchmark Hang Seng Index repeatedly set new all-time highs in the latter part of 2006, gaining 34% for the year. The rally got a big boost from an influx of investors hoping to cash in on the appreciating yuan by buying shares in mainland companies. The Hang Seng China Enterprises Index, which includes only China stocks, soared...