Word: yuan
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...made good his boast to a wartime OSS comrade that he would open a small foreign-currency exchange, steadily expand and become a millionaire. His route to riches was, and is, tricky. Dealing in all currencies except four that are proscribed by the U.S. Government (Cuban pesos, Red Chinese yuan, North Korean won and North Vietnamese dongh), Deak always risks being caught with funny money. But he rarely loses...
With their sales off 30% because of U.S. restrictions on textile imports, Hong Kong's textile makers are asking the government of the colony to impose production controls on their industry. But M.I.T.-educated P. Y. (for Ping Yuan) Tang, 63, Hong Kong's biggest textile magnate, has other plans as well. He intends to add synthetics to his cotton cloth output, has expanded his zipper production, and is considering going into electronics. Says Tang: "Diversification is the long-term solution for Hong Kong." To give the island colony time to diversify, however, Tang argues that...
...gimlet-eyed money-changers on Hong Kong's Connaught Road and along the nearby Macao waterfront traditionally buy-at carefully reckoned prices-even the most dubious currencies. But last week they were shaking their heads at fishermen and smugglers selling Communist China's yuan. For the yuan had dropped to an alltime low. It began its spectacular decline last year, took its biggest plunge since January, when the news of China's food shortages first leaked out. Overall, it has dropped 50% in value from a year ago; buyers can get all they want...
...yuan's low estate is dramatic evidence of Peking's virtual bankruptcy and the urgent need to raise hard currency to pay for 233.4 million bu. of Canadian grain ordered last month (TIME...
...ease the pressure on their beleaguered yuan, Peking authorities have obtained a five-year moratorium on payment of their balances to the Soviet Union and cut back purchases of industrial equipment from West Germany and Britain. They are also dumping abroad textiles badly needed in China itself at prices well below competitive exports from India, Japan and Hong Kong. But these measures cannot conceal the fact that Mao's communization has wiped out those exportable surpluses of soybeans, rice, pork and oils that used to earn the country foreign exchange...