Follow the Debate - Yuan Revaluation and Internationalisation News Archive February 2012
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Yuan Revaluation & Internationalisation
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The Wall Street Journal 28/2/2012
China Gets A Pass from G-20 on Yuan
Beijing must have enjoyed swapping the hot seat with Berlin at the Group of 20 summit in Mexico City this weekend.
China’s exchange-rate policy had long been a regular source of contention at meetings of the world’s leading advanced and developing economies. But this time the yuan got a pass and, instead, Germany faced a mounted campaign for it to bulk up Europe’s bailout funds.
The New York Times 21/2/2012
More Yuan Hedging Tools Expected
BY LINGLING WEI
BEIJING—China is expected to give businesses more hedging tools this year to guard against volatility in the value of the yuan, a senior foreign-exchange executive at Deutsche Bank said, as part of Beijing's broader push to build a more sophisticated currency regime.
"We expect more relaxation on [foreign-exchange] options trading" on the mainland, Beng-Hong Lee, Deutsche Bank's head of foreign-exchange trading in China, said in an interview.
Since early last year, Chinese authorities have rolled out a raft of changes to enable businesses to use complex derivatives trades to protect themselves against both a rise and ...
The New York Times 16/2/2012
Appreciation in China’s Currency Goes Largely Unnoted
The renminbi’s recent appreciation has led economists to question whether it remains the most important economic issue for the United States to press with China.
China Daily 11/2/2012
Yuan hits new high ahead of Xi's visit
Experts say rise shows market has confidence in Chinese economy
BEIJING - The yuan rose to an 18-year-high on Friday, climbing as Vice-President Xi Jinping prepares to step onto a plane for his trip to the United States next week.
The People's Bank of China set the yuan's central parity rate against the US dollar at 6.2937 after the rate rose for two consecutive trading days, according to the China Foreign Exchange Trading System.
"The exchange rate will see more fluctuations, although the positive outlook for the Chinese economy has sparked expectations of a strengthening of the currency," said Zhuang Jian, senior economist with the Asian Development Bank.
The Wall Street Journal 11/2/2012
Fortuitous Trade Data Give China Ammunition on Yuan
BEIJING—The broadest measure of China's global trade surplus fell to a several-year low, providing Chinese Vice President Xi Jinping with a stark counterpoint to the long-standing U.S. argument that the yuan is undervalued as he tours the U.S. next week.
The Wall Street Journal 8/2/2012
The Yuan’s Road to Becoming a Reserve Currency
In a new Brookings Institution study, Esward Prasad and Lei Ye of Cornell University say China’s currency will become an international reserve currency within the next decade, “eroding but not displacing the dollar’s dominance.”
The Wall Street Journal 2/2/2012
Imbalance Seen in Japan-China Deal
TOKYO—When Japanese Prime Minister Yoshihiko Noda and his Chinese counterpart Wen Jiabao met in December, a deal by Tokyo to buy Chinese government bonds was hailed by the two as way to bring the major trading partners even closer together.
The Wall Street Journal 1/2/2012
Tide of Yuan Ebbs in Hong Kong
HONG KONG—More yuan deposits than in any previous month flowed out of Hong Kong in December as more importers paid their mainland suppliers in the currency, taking advantage of efforts by Beijing to make it easier to move funds back to China.
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Set in Zanzibar in 1910, it is the story of two people from different worlds falling in love. Susan immerses herself in Zanzibar. Asim falls in love with this woman from the nation that killed his wife. Susan is a spy. Asim is the chief advisor to the Sultan of Zanzibar. Germany and France are holding secret negotiations to form a Pan European alliance, which would isolate Britain and destroy her power. Susan and Asim are caught up in all this and their love is finally dashed on the cold, hard reality of international high politics.
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Chapter One
Zanzibar
'A maharaja’s ruby cast on a Persian carpet by the blackest of hands'
Their souls danced, honouring his promise.
The ancient dhow stirred in the soft morning breeze. Like a sleepy lion, it began to move through the water, snuffling about the other boats on the harbour; some scurrying, some at anchor, some darting before a brief gust of wind. The lateen sails a bustling panorama of blood-red and sun-bleached white.
Aft, the woman's eyes searched the skyline, drinking in the architecture of Stone Town, the heart of Zanzibar; its jagged, cluttered silhouette so familiar, so much a part of her soul.
Abruptly, her eyes ceased their restless searching, jagged by an invisible hook, transfixed by the grand buildings on the northern shore, Beit-al-Ajaib, the House of Wonders, Palace to the great Sultan of Zanzibar. The distinctive architecture captured in the tropical light: coconut white outlined by contrasting shadow plays of pepper black.
A smile, ever so slight, started to play on the edge of her mouth then disappeared. A memory that should have been fond instantly turned to sharp unbearable pain. Her eyes hardened and moved on.
Without warning the captain threw the rudder over. Stumbling, the woman barked her shin on a wooden box, a rough-hewn coffin. She recoiled, knocking over an untidy stack of cane baskets. Imprisoned in the baskets, rusty cockerels, their scruffy heads straining through the latticework, snapped at her, cried out to her; their raucous din overwhelming her, drowning her.
Dimly, through the fog of noise, the strident swearing of the sailors in Kiswahili seeped into her conscious. Understanding, she smiled mirthlessly.
The coffin had been carelessly stowed, a chore, rather than a labour of respect or love.
London 1910
“Hello, who are you? I am Oliver, is Edward at home?”
The words were spoken by a tall, impeccably dressed young man as he rushed into Edward’s flat shaking off surplus water and calling for whisky while shoving his umbrella into a stand. It was a blustery, grey, bitterly cold February afternoon in the heart of London. He brushed a curl of soft auburn hair from his forehead and smiled charmingly.
Susan laughed, her hazel eyes dancing with the exhilaration of the new. “Yes, he is having a bath. I think he is trying to get warm. I’m Susan, Susan Carey, his sister.”
“Ahhh yes, from Australia. How do you do?” said Sir Oliver, smiling broadly and offering his hand. He noticed the laughter in her eyes, and the depth, particularly the depth, intensified by jade flecks that made them striking and alluring. “So, you have arrived, good trip I trust.”
“I am very well thank you, and yes, it was a good trip,” replied Susan.
He laughed and glanced at the sitting room, “whisky?”
“Oh, I’m sorry, please come in…….. that was silly of me, after all, it is your flat.”
Oliver smiled and gestured for Susan to lead the way. He followed her into the room, and after helping himself to a generous portion of whisky, walked over to the fire.
Shortly after, Edward, wrapped in a huge ruby-coloured dressing gown and wiping soap from his ear strode into the room. He was of similar age to Oliver, late twenties, well built, if slightly podgy, with dark auburn hair and a full moustache. Susan looked up and smiled to herself, she could see now where he had picked up some of his new mannerisms.
“Thought I could hear voices. I see you two have met, no need for introductions then.”
As he was speaking, Edward walked to the side table and grabbed a whisky decanter by the neck. He glanced at Oliver who nodded. A long finger snaked into one of the tumblers followed by the distinctive clink of crystal. He swept the decanter off the table and carried it to where Oliver was sitting. After pouring the whisky, he sank into a lounge chair and sipped from his glass, enjoying the warm glow as it spread through his body.
Suddenly he sat up exclaiming, “Sorry sis, would you like something to drink?”
“Kind of you to remember, but no thank you, and yes, Oliver has already inquired.”
Edward nodded and sank back into his lounge chair.
They chatted, tentatively at first, getting to know one another. Edward had not seen Susan for two years and was unsure how his sister would take his new relationship. Oliver was intrigued by Susan. An attractive, self-assured young lady of high intelligence with a degree was a rare find. And, as fate would have it, she was also a trained and experienced teacher. He suggested a picnic at Oxford, which was met with ready acquiescence. Arrangements were made for the following Sunday.
“I’ll see if the Rolls is available,” mused Oliver. “Must ring father, haven’t spoken to him in ages.”
Oliver, Sir Oliver Marchmaine, was an unaffected young man of intense intelligence who saw life as a great adventure to be lived to the full. He was also unyieldingly loyal to his country, England, which is why he had joined Military Intelligence on leaving Oxford.
It was 1910 and Europe was stirring. It was a time full of interest, intrigue and danger. The European chessboard was becoming increasingly complex, the moves more subtle. A time when an unexpected move or feint could have profound consequences.
Regaining her balance, the woman’s eyes were drawn, hesitantly at first, resisting back to Beit-al-Ajaib. She wondered if it was still the same. Still the same centre of power and intrigue that had been so much a part of her life all those years before; that had defined her life.
She remembered those first few moments, remembered standing in the foyer of the palace, .………… remembered the breathtakingly beautiful Persian tapestry ........
The sea breeze stirred her clothes. She smiled a little sadly, and in her mind the tapestry gently swayed. Two small apparitions ran giggling up the stairs: two small exquisitely rich burkas disappearing along the first floor landing. Childish squeals of mischief and joy left in the air.......
“Move to seaward, you accused of Allah! Move!”
Her thoughts were clawed back to the dhow, the captain crashing the tiller over to avoid another boat on the crowded harbour. The woman instinctively ducked her head to avoid the heavy boom as it swung over her, the rusty cockerels squawked their raucous indignation, their heads straining through the latticework, relentless.
The collision avoided, the dhow continued on its way. The cacophony dying down to the occasional command by the captain or the cry of a seagull.
The woman's thoughts returned to Beit-al-Ajaib
…………. laughing and giggling, girls of seven or eight. A door on the first floor slammed and all sounds of them disappeared. Silence. The woman smiled. She could see herself, a young woman, dressed plainly, unselfconsciously, her sexuality tantalisingly just out of reach, hidden beneath the thin veil of her clothing. She remembered standing alone in the foyer, looking around, perplexed. Asim came through a door to the left of the tapestry.
“Salaam.”
The woman started and looked around. Then, realising, was cold again. Alone again. Alone, rocking to and fro to the rythm of the sea. Alone, beside a rough-hewn coffin.
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