Word: yuan
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...hard to ignore the millions of manufacturing jobs that have disappeared from states that will be pivotal in this year's election. He has unleashed U.S. Commerce Secretary Don Evans and U.S. Treasury boss John Snow to bark at the Chinese about exports and the cheap value of the yuan. Lawmakers sensitive to job dislocations among their constituents have loaded into the pipeline at least six bills that relate to trade with China. Jim Leach, the Iowa Republican who chairs the East Asian and Pacific Affairs Subcommittee of the House's International Relations Committee, says that future conflicts with Beijing...
...Taiwan, Singapore and Japan have declined. China has achieved this critical global role not by protecting its economy but by throwing it open. Tariff rates are comparatively low, and last year it attracted some $53 billion in foreign investment. Accusations that China manipulates its currency miss the point. The yuan is pegged to the dollar, which has dropped in value over the past year. So Chinese exports to the U.S. have indeed grown cheaper compared with those of other countries. To support its currency, China holds about $120 billion in U.S. Treasury bonds, thus lending America the money to keep...
...critical global role not by protecting its economy but by throwing it open. Tariff rates are comparatively low, and this year it surpassed the U.S. as the world's biggest recipient of foreign investment, attracting an estimated $60 billion. Accusations that China manipulates its currency miss the point. The yuan is pegged to the dollar, which has dropped in value over the past year. So Chinese exports to the U.S. have indeed grown cheaper compared with those of other countries. To support its currency, China holds about $120 billion in U.S. Treasury bonds, thus lending America the money to keep...
...replenishing the national blood banks' dangerously low stocks. "It was like a poverty-relief program," says a Henan resident who gave plasma in 1993 and became infected. Through campaigns in the villages and schools, the government encouraged rural farmers and factory workers to sell their plasma for 40 yuan ($5). The good intentions backfired when "bloodheads," as some of the unofficial blood collectors came to be known, found a way to extract more plasma from fewer donors. Those running some stations pooled and processed the blood. Then they sent the plasma, containing useful proteins, to the blood banks and reinjected...
...Crimson Arts Critic Mildred M. Yuan can be reached at yuan@fas.harvard.edu...