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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.
September 22, 2010 | By Peter Navarro
There is no honor among thieves, and no patriotism among American corporate executives doing business with China. That's the clear subtext of a recent letter sent to Congress opposing HR 2378, a long-overdue bill that would finally crack down on one of the biggest obstacles to a sustained American economic recovery — Chinese currency manipulation. China's grossly undervalued yuan gives Chinese exporters a huge economic advantage, allowing them to price Chinese-made goods far lower than those made in the United States.
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.
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.
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.
May 21, 2005 | Bill Sing, Times Staff Writer
California added a net 20,400 payroll jobs in April, the state Employment Development Department reported Friday, a moderate rise that suggests the state's growth remains solid but not spectacular. The gain followed a revised increase of 21,000 net jobs in March and 27,700 in February. "The state is showing steady, stable growth, which is a good thing at this point in the business cycle," said Steve Cochrane, a regional economist who follows California for
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