Currency jitters

Article Abstract:

Tradeanalysts have been observing the depreciation of the Chinese yuan on swap markets for any indication on the direction of the country's economy. Swap-market rates show that the currency, also known as the renminbi, has depreciated by about 20%, as compared to official rates showing a 4% fall of 5.77 against the American dollar. Traders believe that the depreciation is due to two factors, namely, the fear of a double-digit inflation and expectations of a move towards convertibility to enhance China's chances of entering the GATT.

Analysis, Economic aspects, Currency swaps, Yuan (China)

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Reversal of fortunes: widow reflects on her life's strange twists

Article Abstract:

Daisy Kwok was born into a wealthy and powerful family of Shanghai merchants 86 years ago but lives in a small room now, after Chinese state authorities took away almost everything she had. They investigated and then disappeared her first husband in the 1950s, confiscating the family's goods and later their house. Daisy's job was taken away and she was sent to hard labor on an island, an incident authorities later called a mistake. She has visited family overseas and has a son in Los Angeles, CA, as well as a daughter in Beijing.

Social aspects, Chinese, Chinese (Asian people)

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