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Chinese Currency

July 22, 2006 | From Times Wire Services
China took action Friday to cool its sizzling economy, tightening bank credit to stop frenzied lending and letting the Chinese currency hit a new high against the dollar. The move by Beijing followed this week's announcement that the economy surged a stunning 11.3% in the second quarter, its highest rate in a decade, thanks to a construction boom and robust exports. Economists and officials worry that rapid growth could set off inflation or lead to dangerously high debt.
January 25, 2012 | By David Pierson
President Obama fired a shot across China's bow during his State of the Union address Tueday, pledging to lure offshore jobs back to the U.S. and target unfair Chinese trade practices with a special enforcement unit. The response in China, however, was muted at best -- perhaps drowned out by the barrage of fireworks across the country as it continues to celebrate the weeklong Spring Festival national holiday. "What's worth noting is that Obama mentioned China five times in his State of the Union speech," wrote the Beijing-based Legal Evening News, one of the few Chinese newspapers to acknowledge the mention of China in the president's address.
November 1, 2005 | Jerry Hirsch, Times Staff Writer
The calendar said Halloween, but analysts said it might as well have been April Fools' Day. On Monday a little-known Chinese company made a $450-billion offer to buy Exxon Mobil Corp., the world's largest publicly traded oil company. The company, which has a business address in New Zealand, filed papers with the Securities and Exchange Commission offering to buy Exxon for the equivalent of $70 a share in a combination of U.S. and Chinese currency. King Win Laurel Ltd.
August 10, 2008 | Steven Heller, Steven Heller, co-chairman of the MFA Design program at the School of Visual Arts in New York, writes the "Visuals" column for the New York Times Book Review. His most recent book is "Iron Fists: Branding the 20th Century Totalitarian State."
What a scandal it would be to see Adolf Hitler's portrait hanging in Berlin today or tomorrow. Of course, it could never happen because German law prohibits the public display of celebratory portraits of Der Fuehrer, as well as Nazi signs and symbols like the swastika. In Russia, hanging portraits of Josef Stalin in public is discouraged (although not unlawful), and since the fall of the Soviet Union, monuments to the brutal dictator have mostly been torn down.
June 19, 2010 | David Pierson, Los Angeles Times
China's central bank said Saturday that it would permit more flexibility in the nation's currency — a move that suggested the country was ready to raise its exchange rate modestly against the dollar. In a statement posted on its website, the People's Bank of China said the decision was prompted by recoveries in both the global and Chinese economies. President Obama welcomed the news. "China's decision to increase the flexibility of its exchange rate is a constructive step that can help safeguard the recovery and contribute to a more balanced global economy," he said in a statement.
There's so much excitement over the government's decision to let Chinese buy the same stocks as foreigners that officials had to postpone the starting date until today to let banks and securities houses prepare for the onslaught. China hopes the move will give a shot in the arm to one of the world's only Communist-run stock markets--and Asia's third largest--and pave the way for a unified stock market that would eventually be open to all investors. The government announced its plans Feb.
April 15, 2010 | By Daniel Griswold
The U.S. Treasury Department wisely delayed its semiannual report on global exchange rates so that more sensible heads can prevail before we stumble into a trade fight with China. The congressionally mandated report surveys exchange rates and other indicators of the global economy and determines whether any U.S. trading partners are guilty of "currency manipulation." Treasury Secretary Timothy F.
Three people, the victims of an apparent murder-suicide, were found shot to death Tuesday inside their home in this gated community in the northwestern San Fernando Valley, police said. The dead were a retired aerospace worker and his wife, a computer programmer, and their teenage son, according to neighbors, who said the couple had been having financial problems and were on the brink of divorce. Authorities declined to identify the victims, saying they had to notify relatives.
April 2, 2006 | Arthur Frommer, Special to The Times
THE exchange rate of eight Chinese yuan to one U.S. dollar greatly undervalues the Chinese currency. But it's a bonus for travelers because it has made China a bargain. For nearly eight years, San Francisco tour operator China Focus,, (800) 868-7244, has charged a winter rate of $999 for a 10-night, all-inclusive (rooms, all meals, transportation, escorted sightseeing) trip.
January 26, 2012 | By Don Lee and David Pierson, Los Angeles Times
In pledging to lure offshore jobs back to the U.S. and target unfair Chinese trade practices, President Obama sought in his State of the Union address to dispel criticisms that he has been too soft in dealing with the world's second-largest economy. Trade relations with China could be a hot campaign issue in the coming months. Republican presidential candidate Mitt Romney has advocated that the U.S. label China a currency "manipulator" for holding down the value of the yuan against the dollar — a charge that carries with it the potential for punitive action.
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