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Chinese Currency

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.
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.
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.
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.
October 14, 2013 | By Jim Puzzanghera
WASHINGTON - Five years after the U.S. financial crisis helped cause a deep global recession, foreign leaders are worried that history is going to repeat itself. The fiscal impasse that has partially shut the federal government now threatens to trigger a U.S. default that would roil financial markets worldwide, leading an agitated China to suggest replacing the dollar as the international reserve currency. "As U.S. politicians of both political parties are still shuffling back and forth between the White House and the Capitol Hill without striking a viable deal to bring normality to the body politic they brag about, it is perhaps a good time for the befuddled world to start considering building a de-Americanized world," China's official state-run news agency, Xinhua, said in an English-language commentary Sunday.
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.
December 28, 2010 | Reuters
China announced Tuesday that it will cut its export quotas for rare earth minerals by more than 11% in the first half of 2011, further shrinking supplies of metals needed to make a range of high-tech products after Beijing slashed quotas for 2010. China produces about 97% of rare earth elements, used worldwide in high technology, clean energy and other products that exploit their special properties for magnetism, luminescence and strength. The rare earth issue may further strain relations between China and the United States, which have been battered this year by arguments over everything from Tibet and Taiwan to the value of the Chinese currency.
September 10, 2004 | Evelyn Iritani, Times Staff Writer
The Bush administration on Thursday rejected a petition by organized labor and the steel and textile industries seeking to punish China for allegedly manipulating its currency to gain unfair trade advantages. The rejection, quickly criticized by Democratic presidential candidate Sen. John F. Kerry as the "wrong direction" for U.S. trade policy, stepped up the political fighting between Kerry and President Bush over their contrasting policies on U.S.-China economic tensions.
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