Word: yuan
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...buying the argument that the strong yen caused Japan's economic troubles in the 1990s--pinning the blame instead on "extremely poor" monetary policy and messed-up banks. And while admitting that "we don't really know the appropriate value" of the currency alternately and confusingly known as the yuan or renminbi (RMB), Hubbard rejected the idea that keeping it low helps the Chinese economy. "To the extent that there is an undervalued exchange rate, this is bad for China," he said...
...Feng, meet Senator Schumer. A few days before, when I accosted Schumer outside a Senate committee room after a 20-to-1 vote for the currency bill, he argued that politicizing the issue was the only way to bring change. "I believe the reason the yuan has appreciated 8% is only because of the efforts of Senator Graham and myself," he said. "I don't believe the Chinese move out of a sense of comity and magnanimity." He's right that Paulson's attempts at gentle persuasion, including a late-July trip to Beijing, have delivered few results...
...market value of their currencies, regardless of whether or not the government intended it for trade advantage. The bill also enables the Treasury to levy penalizing duties on imports from currency-manipulating countries. Since China stopped pegging its currency to the dollar in 2005, Senators say that the Yuan may have been undervalued by as much as 40%, making American exports to China more expensive and Chinese exports to America cheaper...
...sudden onrush of credit cards in China. Silence Chen, an account executive with advertising giant Ogilvy & Mather in Beijing, tells the group he recently received six different cards in the mail. "Each one has a credit limit of 10,000," he says, laughing. "So suddenly I'm 60,000 yuan richer!" The talk turns to China's online shopping business, before that is interrupted by the arrival of razor clams, chili squid and deep-fried grouper...
...Outside, the summer afternoon waned. Cicadas whirred. We drank tea and talked. Yuan's daughter came out to play. Some workers arrived to install an extra bed. Then we left with all the usual polite exchanges. Understandably, Yuan didn't step over the lintel to see us out, as usually happens in China. On our way to the front gate, we passed the policeman, who had found himself a folding chair and was slumped in it, Buddha belly bulging. He waved to us and called out a cheery...