Word: yuan
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Dates: during 2000-2009
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Currency markets went into a brief spin last week when the website for the Chinese Communist Party mouthpiece People's Daily carried an erroneous story stating that China would soon revalue its currency, the yuan. China's central bank quickly dashed the expectation, saying it has no immediate plans to change the yuan's peg to the U.S. dollar. But the scare was enough to prompt all sorts of questions on the Chinese currency. We oblige with the answers...
...Chinese money referred to as both yuan and renminbi. What's the difference? The latter is the official name of Chinese currency (translation: people's money). The former is the basic monetary unit, like the U.S.$1 note...
...know, after the founding of New China, the per capita income remained at the level of 60 yuan [$20] for quite a long time. That's below the poverty level. It means that the people didn't have enough to eat or to wear. But the reforms in the countryside took off and had results within three years. What we do in the reforms in the countryside is emancipate the productive forces and bring into play the enthusiasm of the peasants. If you want to bring the initiative of the peasants into play, you should give them the power...
...because they shrouded themselves in self-created legends. In fact, he insists, the family treated national funds as play dough, milking the opium market, pocketing American loans and hatching so many wartime scams that within five months of being installed at a rate of four to $1, the gold yuan had plunged to a rate of 1 million to $1. He further repeats the familiar charge that in 1934 the Generalissimo, hell-bent on settling scores with the Chinese Communists instead of fighting the Japanese enemy, followed the advice of a Nazi strategist, creating a scorched-earth policy...
...shek's army in 1945. Now the former colonial master is effectively promising to watch-guard its former subjects and their tense relationship with mainland China. If Taiwanese were skeptical or ambivalent, they didn't express it. "The joint declaration is a check on China," says Lai Hsin-yuan, a former adviser to Taiwan's National Security Council. Says Koh Se-kai, Taiwan's de facto ambassador in Tokyo: "We are very happy...