Word: yuan
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...bypass the dollar as a medium of exchange. The deals followed similar swaps China has hammered out over the past six months with Malaysia, Hong Kong and South Korea. The combined value of the various swaps - which enable the central banks of China's trading partners to sell yuan to local importers to buy Chinese goods - is nearly $100 billion. (See pictures of the global financial crisis...
...dresses from China can now use its local currency, the ringgit, to pay for its purchases. Because it no longer has to pay a bank a fee to convert ringgit into dollars, transaction costs are reduced. Similarly, a Chinese company buying Malaysian palm oil can make its purchases in yuan. (Read about the economies of South Korea, Taiwan, Hong Kong and Singapore...
...There are significant drawbacks for companies taking this route, however. A Malaysian company accepting yuan as payment would have few reasons to hold the currency, which is not fully convertible. "Even if you could own the yuan through these swaps, what would you do with it?" asks Mark Matthews, a Hong Kong-based strategist for Fox-Pitt Kelton Securities. Yuan holders can invest their excess savings in Chinese securities, but only up to a point. The Chinese government said on Dec. 9 that it will triple the amount of domestic securities qualified foreign funds are allowed to purchase...
...time yesterday that the two pandas are in fact Wenzhou brown forest bears that had been dyed to create the panda's distinctive black-and-white appearance. The Taipei Zoo's head of ursidae ex-procynidae care, Connie Liu... said she became suspicious when the pandas Tuan Tuan and Yuan Yuan began to spend almost all of their waking hours having sex. Pandas are notorious for their low libidos...." [April Fools...
...what the hell" effect even crosses the Pacific. The researchers ran a similar test in China that yielded comparable results. They gave 150 housewives 100 yuan that they could either save or use to buy soap, shampoo, bedding and pots and pans. Half the women received the 100 yuan in a single bill, while the other half got it in the form of a 50-yuan bill, two 20-yuan notes and a 10-yuan bill. More than 90% of the women who received the smaller bills spent the money. Meanwhile, just 80% of the women given a single note...