Word: yuan
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That resistance has important consequences. The Chinese yuan's exchange rate against the dollar--fixed at 8.28 yuan to the dollar since 1994--is widely seen as undervalued, which enables Chinese manufacturers to sell their products to American consumers at highly competitive prices, fueling the U.S. trade deficit. But overall, the growth of China as a market is still seen as beneficial for the Asian economy, which needs all the help it can get following December's devastating tsunami. Thanks in part to the Chinese boom, Japan, which was stagnant for much of the 1990s, is growing again. China last...
Founded in October 2003 by David K. Yuan ’06 and Silas Xu ’05, HCAP’s mission is to promote cultural interaction between Harvard and Asian students through conferences hosted by the participating universities...
...overall purpose is to connect the leaders of tomorrow and provide them with an international perspective in order to better the relations between the United States and Asia,” said Yuan, who organized this week’s conference with five other board members...
...peak. Last year, the bourses lost 15% of their combined value, one of the worst stock-market performances in the world; they are currently trading near six-year lows. Meanwhile, the weekly trading volume on the Shanghai exchange has plummeted nearly sixfold, from a high of 178 billion yuan during the week ending Feb. 18, 2000, to 31 billion yuan last week...
That's a good sign. In this delicate balance, if the Japanese hold their dollars, if the Chinese let the yuan rise even a little and suggest they are willing to go further, if Europe does something to jump-start demand at home, and if the U.S. addresses its budget shortfall--well, we may just escape this jam without a scratch. That's a lot of ifs. But, thankfully, everyone has something at stake. --With reporting by Steve Barnes/ Little Rock, Paul Cuadros/Chapel Hill, Matt Forney/ Beijing, Jim Frederick/Tokyo, Peter Gumbel and Jonathan Shenfield/Paris, Eric Roston/Washington, Michael Schuman/Hong Kong...