renminbi

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State Council Approves Shanghai Free Trade Zone

The People’s Daily reports that China approved the creation of a special free trade zone in Shanghai: The project, occupying 28 square kilometers, will center around the Yangshan Deep Water Port and will take more than 10...

Internationalization of the RMB by 2040?

With the renminbi in the headlines again last week after the People’s Bank of China set the dollar reference rate at a record high, The People’s Daily addressed the future of China’s currency on Monday: China...

PBOC Hints at Near-Term Loosening

A week after Premier Wen Jiabao opened the National People’s Congress by lowering China’s 2012 GDP growth target, and only a couple days after China announced its largest trade deficit in more than a decade,...

China Calls Rapid Yuan Rise Impossible

The Ministry of Foreign Affairs on Wednesday commented that yuan appreciation in the near term is out of the question. While the yuan has risen around 30% against the U.S. dollar, Foreign Ministry spokeswoman Jiang Yu asserts...

The Renminbi: The Political Economy of a Currency

At Foreign Policy, Arthur Kroeber embarks on an epic overview of political issues surrounding the yuan, from controversial exchange rates to its questionable future as an international reserve currency. He dismisses the popular...

Why China’s Crackdown Is Selective

Minxin Pei reports for The Diplomat and tries to discover the complex formula Chinese authorities use to determine exactly how, when and where to extinguish protests. The Chinese government may be cracking down hard on dissent....

China’s Trade Surplus Reaches $28 Billion

Keith Bradsher from the New York Times reports on China’s trade surplus: The Chinese government announced on Tuesday morning the country’s biggest trade surplus in a year and a half, as an unexpected surge in Chinese exports and...

Mapping Out a Global Path for the Yuan

From Caijing Magazine: After months of uncertainty, a pilot program for yuan-based trade settlement took a substantial step forward when the People’s Bank of China, the central bank, recently released new rules for...

China Allows Yuan Trade Settlement, Offers Tax Breaks

From Bloomberg: China will allow companies to use the yuan to settle cross-border trade and let them keep their entitlement to export tax rebates, seeking to reduce the reliance of importers and exporters on the U.S. dollar. The...

China To Experiment With Trade Settlement In Yuan

From Reuters: China on Wednesday took a baby step on the road to making the yuan an international currency when it promised to allow its use in trade between a few provinces and neighbouring states. The State Council, or...

Chinese May Put Money on Ancient Poet

From The Times: In with the old and out with the new. That is the cry of a group of Chinese scholars and lawyers who are demanding that Chinese heroes and literary giants be added to banknotes. The appeal by 12 intellectuals...

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