Word: yuan
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Over the past year, wild speculation and furious debate have turned the future of the Chinese currency, the yuan, into the hottest and most polarizing topic in the global economy. Pegged to the U.S. dollar since 1994?meaning that when the value of the greenback rose or fell, so did the yuan's?China's currency had come to embody the industrialized world's fears of a hypercompetitive mainland staging a hostile takeover of global manufacturing. Led by the U.S., critics accused China of clinging to the dollar peg in order to keep the yuan artificially weak, making its exports...
...just China's undervalued currency that makes its TVs and T shirts so irresistibly cheap to American shoppers. It's the low wages paid to the people who produce them. U.S. policymakers acknowledge that the wage differential won't be erased by a small rise in the yuan's value (say 5%), and they recognize that the Chinese are unlikely to go along with a more consequential one (say 25%). But the Administration feels some heat needs to be put on China to ward off protectionist measures in Congress. Indeed, Alan Greenspan pointed out last week that revaluing the yuan...
...Bush Administration sounded the alarm last week against what it says is a growing threat to the U.S. economy: the value of China's currency. For 10 years, Beijing has fixed the value of the yuan at 8.28 to the dollar. But as the value of the dollar has fallen, complaints from U.S. manufacturers have grown louder that if the yuan were allowed to rise to its true value, Chinese imports wouldn't be so cheap, compared with U.S.- made products. "The situation right now with China's currency," Treasury Secretary John Snow told TIME, "is risky and unsustainable...
...What's it worth now? Since 1998, the yuan has been valued at about 8.28 yuan to the greenback. China's economy is booming- suggesting a revaluation upward, which is what the U.S. would like. By keeping the yuan pegged to the dollar, whose value has declined against most currencies, Chinese exports have squeezed the profits of non-Chinese suppliers...
...players and $20 designer shirts? Nothing. But you still need a paycheck to buy them. Critics say that China's low labor costs hit employment elsewhere. Politicians in the U.S. and Europe are threatening to limit Chinese imports if Beijing doesn't increase the value of the yuan and hence the price of its exports. The U.S. last week restricted annual growth of certain Chinese imports, such as cotton trousers, to as little...