Page A18 Feature Editorial on Yuan,the Chinese currency Renminbi Scapegoat:
"China has subcontracted much of its monetary discretion to the FED in return for the benefits of exchange rate stability.
For more than a decade, this has served the world economy well, leading to an explosion of trade, cheaper goods for Americans that have raised US living standrds, and new prosperity for tens and millins of Chinese.
Trade surplus caused PBOC to buy dollar reserves of 2.5 trillion. China has helped to lead the global economy out of this recession and the world needs that to continue in the days to come." Such writeup is clear enough for readers to understand the gist of the issue re so-called Trade War!
RE: Lack of Convertibility of Yuan: Note: RMB or Yuan and HK$ are convertible now.
"European economists want to make the Yuan a scapegoat and risk a trade war with China. Haven't they done enough harm alreeady?" as the conclusion of the editorial.
It is clear to detect the rationale of the editor re Sino-American Economics in the spotlight in the world! Read the full article online for details.
Page B1:: PayPal Strikes Deal to Expand in China:Another evidence of business in China.
EBay Inc.'s PayPal will partner with China Union Pay Col to let China consumer shop from overseas merchants and presents new competition for eBay's Chinese rival Alibaba Group.
MGM Mirage structured business with Pansy Ho of Macao's casino with photo of Stanley Ho,her father.
Francis Shieh a.k.a. Xie Shihao sharing the above info on March 18, 2010 at 2.38 p.m.