...Devaluation of the Yuan The following summary has been written with a view to discussing the impacts of the steps taken by the Government of China and its intervention in the Chinese export market. The points touched upon include the consequences of the decision on both the imports and exports of China. • Devaluation: On August 11, 2015, the People’s Bank of China announced a 1.9% devaluation of the Yuan to its previous close. • Reasons: The Central Bank’s reason for the devaluation was the continuous strengthening of the Yuan w.r.t the USD. The strong Yuan thus proving unhealthy for the Export Market in China, had to be devaluated in order to make the Chinese Export Market more competitive. • Impacts: • Pros: 1. Chinese Export Market becomes more competitive – relieving pressure on exporters. 2. Reduced threat to employment of workers. 3. Increased tourism. • Cons: 1. Decrease in imports (China is the primary driver of global commodity demand). 2. Lesser competition for exporters (Uncompetitive market). 3. Countries with affected currencies reduce imports from China (Impose import tariffs on goods from China). There are upsides as well as downsides: The intervention of the Chinese Government in order to make China competitive in the export market could backfire in that the purchasing power of the people in China is now lowered. Also, it may severely affect the other countries on which China is majorly dependent for commodities such as oil, dairy products...
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...FIN501: FINANCIAL MANAGEMENT The Research Project CHINA’S DEVALUATION OF YUAN SLAMS U.S STOCKS 201505021 TRAN THI THANH BINH (SARA) SolBridge International School of Business Winter 2015 China's Devaluation of Yuan Slams U.S. Stocks (Aug 11 2015, 1:21 pm ET) NEW YORK -- China's 2 percent devaluation of the yuan on Tuesday pushed the U.S. dollar higher and hit Wall Street and other global equity markets as it raised fears of a new round of currency wars and fed worries about slowing Chinese economic growth. U.S. stock indices dropped more than 1 percent and stocks also fell in Asia and Europe as investors contemplated the implications of a move designed to support China's slowing economy and exports. The MSCI All World Index of global shares fell 1.16 percent. "What is good for growth in China is unfortunately bad for everybody else," said Bill McQuaker, co-head of multi-asset at Henderson Global Investors. The Dow Jones industrial average fell or 1.4 percent to 17,368.54. The S&P 500 lost 1.17 percent and, to 2,079.64 and the Nasdaq Composite dropped or 1.31 percent to 5,035.01. Companies that sell to China were hit hard, with heavy equipment maker Caterpillar losing 3.13 percent and Germany's Volkswagen dropping 4 percent. Energy and materials shares also tumbled on China demand concerns, with Exxon Mobil dropping 1.76 percent. The pan-European FTSEurofirst 300 index lost 1.68 percent, led lower...
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...Mexico: The Tequila Crisis 1994-1995 What Caused Mexico’s peso crisis of December 1994? Mexico, the Latin American country that survived the huge debt crisis in the 1980’s found itself amidst one of the most viral economic crises that it had ever encountered in its history. The crisis took place under President Zedillo; however, the causes of the crisis are usually linked to Carlos Salinas de Gortari and his outgoing administration. Gortari’s government currency policy put an unbelievable strain on the nation’s finances. In the early 1990’s, Mexico seemed to have established itself as a reformer and was establishing economic development. Domestic deregulation and privatization combined with liberalization of trade and investment led to rapid growth and massive inflow of direct and foreign investments. By May 1994 Mexico falsely believed that there was prosperity in the nation and that it in fact could be a first world nation. The Banks were just lending credit without conducting proper checks or having any accountability and it was widely known that the currency was overvalued and there was economic mismanagement taking place. The situation was not helped and led to a collapse in confidence by several political shocks that took place like the uprising in the South and the assassination of the leading presidential candidate (Gil-Diaz, the CATO journal vol.17 no 3). The government’s corruption caused the increased account deficit fostered by consumer binding and...
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...Ancient Chinese Contributions The world is forever in debt to China for its innovations and contributions. Ancient Chinese inventions were extremely advanced and are still in use in today. They have contributed to our world civilization’s achievements in the fields of agriculture, shipping, astronomy, printing, oil, martial arts, ammunition, and mathematics. Ancient Chinese inventions such as gunpowder, silk, paper, printing, tea, wheel barrow, iron plows, deep drilling, porcelain, toilet paper and the compass were and still are important pieces of Chinese and global life. These inventions were major blocks in the building of the world that we know today. The four main innovations that I consider essential in our lives are printing, gunpowder, compass, and paper. The method of printing and woodblock, or movable, printing are considered ancient Chinese inventions. This ancient Chinese invention was seen before the first dated book in 868 (Lad). Printing books was time-consuming, as the blackline method used required a new block to be carved for each page. Movable type in printing was invented during the Song Dynasty. Movable Chinese characters were carved from wood, which could be arranged as needed and even reused. Later versions used clay, but these broke easily. During the Ming Dynasty, the wooden movable type was refined and books were printed using the two-color printing process. After the development of paper, printing was one of the most...
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...We discuss a lot about international trade in my business classes, and how modern technology and government intervention stimulates trade. It was surprising to read that worldwide trade existed as early as in the Ming Dynasty. Up until reading this chapter, I had always thought trading amongst countries started closer towards 1800s. In reality China imported luxury goods from Japan, and even turkeys and tobacco from America. Even more interesting was that Ming China restricted overseas trade and regulated imports, although it was relaxed by the 1560s. Through international trade both parties usually benefit economically, culturally, and technologically. The chapter brings up how Europe introduced the telescope and world map to china through trade back in early 1600s. Again it is fascinating to read how cultures were able to share inventions and innovation through trade so early on in history. Even fashion had an influence in China when books on connoisseurship and etiquette guides were imported. Like current day, there was even a market of imitations and fake clothing being sold. Like Holcombe mentions, late Ming China did indeed seem surprisingly modern, and much of this can be attributed to trade. I also learned that tea, which is a huge part of British culture, originated from China as a medicinal drink when leaves were imported into Britain. It surprises me that something that is so integrated into British culture originated from early trading with China during the Qing...
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...Amy Landers HIST 313: History of China II: Ch’ing Critique on The Boxer Uprising, 1900 (pg. 387-406) In the introduction the chapter starts out with The Coup d’état of 1898, which put power back into the hands of the Manchus and with this the Empress Dowager wasn’t going to make any more exceptions to foreign powers. In February 1899 she took a hardline against the foreigners starting with the Italians who demanded the cession of the Sanmen Bay in Chekiang. The Empress ordered the governor of Chekiang to fight enemy landings without hesitation; her hard line view of refusing to deal with foreigners was made clear when the Italians backed down in October. On November 21, 1899 Dowager instructed the provincial authorities to entertain no more fantasies of peace and so began a fervent antiforeign movement, which would turn very bloody. The Chinese people had dealt with half a century of foreign humiliation due to forced opening of trade after the loss in the opium wars, which resulted in unequal treaties and the Treaties of Tientsin in 1858 and with loss in the Sino-Japanese war. One of the factors for the uprising the text talks about is the Antipathy Toward Christianity. The Chinese people were ingrained with the teachings of Confucianism, Taoism, and Buddhism. Christianity was greatly resented due to the fact that The Treaties of Tientsin in 1858 “allowed free propagation in the interior and with the Conventions of Peking in 1860, which granted the missionaries the...
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...Professor Koung of biochemistry in the Chinese University in Hong-Kong, the trade of swiftlets' nests began in China during the T'ang Dynasty (618-907 A.D.) Some time during the Ming Dynasty (1368-1644), an admiral named Cheng He introduced foreign nests to the Imperial court of China. He traveled throughout Southeast Asia one year and brought back samples of many different kinds of nests and presented them to the Imperial Court. Dr. Kong believes that the supply in China had been exhausted before foreign nests were imported. In the late 17th century, four million nests (125,000 pounds) passed through the port of Batavia, now Jakarta. Nest-harvesting isn't an easy job for anyone. It takes skills and experience. During the peak season between February and May each year, gatherers clamber up trellises of bamboo and vines at sunrise, only descending at sundown. To keep their hands firmly on the trellises or bamboo scaffoldings, some times as high as 200-300 feet from the cave floor, they balance torchlight between their teeth to look for what they call “White Gold.” Their only tool is the three-pronged instrument called rada, which they believe that gods of the cave approved of and anointed. No harvesters would attempt to touch nests without rada. One harvester can collect as many as 50 or 60 nests a day. Sometimes, like mountain climbers, the harvesters hammer metal poles into rocks and boulders to attach themselves to the cave walls. Many have died when a rotted bamboo pole...
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...Name Course Name of the instructor Date of submission Asians studies, Introduction The Chinese history has it origin in the northern region where it find reference to dynastic ruler and sage – kings of antiquity. Chinese mythology found a fertile land for settlement in Yangtze, the southern area. Unlike the northern region the residents were able to live relatively ease, to involve in dreams of the supernatural and the romantic. This gave rise to the Chinese literature of metric songs that was different from the classic of poetry regarding their romantic’s spirit and lyrics nature. Songs of the south is sentimental, self- conscious and evokes supernatural spirits as well as outwardly. The greater solo voice of Li Sao was Chu Yuan. His Encountering the Sorrow is the most primitive narrative poem to survive. Chu was a supporter of the ruling house of the territory of Chu. He was an excellent diplomatic but his competency was shadowed by the jealous of his colleagues in the ruling house. His first deportation occasioned numerous brilliant lyrics songs: Outpouring of sorrow, Inquiry into Cosmos and Encountering Sorrow. There were other songs he composed in different banishments (Minford, 2000). Typically, Li sao is allegoric and yet anagogic. It dual, the tristesse and quest. The latter reflects the poet’s sorrow, resentments and complaints against the wicked society the through the malicious misrepresentation has disjointed him with the Fair One he serves. The quest,...
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...National wetland Xixi National wetland park is located in the western part of Hangzhou city, In fact its just 6 kilometres from the city centre of hangzhou. Its believed that it was created during the Han and Jin Dynasty, developed during the Tang and Song Dynasty and flourished during the Ming and Qing Dynasty. It declined during the republic period and revived in modern times. From a personal point of view I think the park is somehow nicely organised with the aim of attracting tourist and to generate money for the local government. The place is more about nature and a place for relaxing than sight seeing though. The park is a mixture of swamps, ponds, and walkways which is manmade. It is really in good shape, very clean and organised. Though its beautiful and looks like its in its natural state except it lacks the wild life of most wetlands. You can hardly see any species of the wetlands except few birds here and there. looking at its location you can say its a piece of countryside charm in urban Hangzhou. Xixi area is surrounded by the city of hangzhou and many property developers are exploiting the land near Xixi. In the past, the wetland park has an area of more than 60 square kilometres, but now its left with only about 10 square kilometres to the public. its commercial activities are invading the piece of land too much that It's healthy ecological system might be under threat. Since its a precious piece of wetland in the city, it's really difficult to prevent...
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...H2-41 Daniel Shteinbuk Hw#25 4/20/15 1) Kublai Khan- Genghuz Khan’s grandson. Completed the conquer of China at 1279. From his capital at Cambulac, he ruled all of China as well as Korea, TIbet and Vietnam. Marco Polo- Italian merchant. In 1271 left Venice with father and uncle. In Chinna spent 17 years working. Wrote about China and how they are. Zheng He- commanded the first of seven expeditions. The goal was to promote trade and collect tribute from lesser powers in western seas. In 1433 he died. Stopped oversea exploration. 2) Since once Mongols conquests a land they still allowed some freedom and trade. This encouraged trade between the captured cities, Mongol and Europe. 3) Moved his capital from Mongolia to N. China (modern Beijing) "Adopted China's administrative system, adapted to urban life, and spared China from devastation if they accepted his rule." Encouraged commerce, promoted paper money, expanded highways, and fostered merchant corporations. Extended Grand Canal from Yellow River north to his capital. (transport of grain and goods) 4) The Ming Emperors tried to restore Chinese culture by restoring the Civil Service System, which was ultimately the key to success. After that, Ming China saw a revival of arts and literature. 5) The purpose of the overseas expeditions was to promote trade and collect tributes from the lesser powers in the western seas. 6) The differences were that in Europe the richer cities were generally...
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...CHINA China is the world’s most populated country with the population of 1.3 billion people. Since there were so many people in China they had to think about a way to control population so this is where the one-child policy was made. It officially restricts married, urban couples to having only one child, while allowing exemptions for several cases, including twins. This policy was introduced in 1978 and initially applied to first-born children from 1979. a spooky, nocturnal Halloween favourite, the Chinese consider bats as symbol of good luck and can often be found in pottery, designs and other arts and crafts, creating good luck for those who decorate with bats. Another differing perception between East and West to go along in this category is the dragon. Westerners usually see the dragon in an evil role, yet in China the dragon holds a place as one of the four greatest creatures from mythological sense. The dragon is also often seen together with the emperor, so surely it is indicative of power and prestige. NOODLES Chinese noodles are generally made from either wheat flour, rice flour, or mung bean starch, with wheat noodles being more commonly produced and consumed in northern China and rice noodles being more typical of southern China. Egg, lye, and cereal may also be added to noodles made from wheat flour in order to give the noodles a different colour or flavor. Egg whites, Arrowroot or tapioca starch are sometimes added to the flour mixture in low quantities to change...
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...other provinces, flourishing intermediate market towns, and trade in staples like grain and cotton. b. The late imperial system of political control relied on a large, well-funded, and powerful central government staffed by dedicated officials who competed for positions by passing examinations ; the central authority of the government ; and the support of the new wealthy, literate working class. c. Early Ming-dynasty foreign policy was aggressively expansionist, as emperors extended their control into historical Chinese territories and northern song , which became a Chinese province. Despite the early Ming success in wresting China from the Yuan dynasty, the Tang remained China’s most serious threat, capturing Beijing in 1550. d. A Muslim eunuch named Zheng He led China’s...
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...Part 1 -- The History of China Before we discuss individual technological developments, you should read the following three essays that will give you a historic context for these developments. Concise Political History of China, an online article by Paul Halsall compiled from Compton's Living Encyclopedia on America Online, http://academic.brooklyn.cuny.edu/core9/phalsall/texts/chinhist.html Chinese Periodization in Light of Economic Developments by Paul Halsall, http://www.mastep.sjsu.edu/history_of_tech/chinese_chronology.htm China, Technology and Change, an article by Lynda Shaffer, from the World History Bulletin, Fall/Winter, 1986/87, http://academic.brooklyn.cuny.edu/core9/phalsall/texts/shaffer.html China's Gifts to the West by Professor Derk Bodde, for the Committee on Asiatic Studies in American Education Reprinted with permission in China: A Teaching Workbook, Asia for Educators, Columbia University, http://afe.easia.columbia.edu/song/readings/inventions_gifts.htm Part 2 - Science and Technology in China Science in China has a long history and developed quite independently of Western science. Needham (1993) has researched widely on the development of science and technologies in China, the effect of culture, and the transference of these principles, unacknowledged, to the West. The Chinese contribution to Western science is particularly interesting because it serves...
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...Frankie Spellman Mr. Belal Humanities 7 April 2012 The Ming Dynasty’s Great Wall of China The Great Wall of China is one of the most creative pieces of work known to mankind. The construction of the wall began more than two thousand years ago. The construction of the wall was constructed by at least twenty different dynasties. The main purpose of the wall was to stop barbarians from the north from invading China and the Silk roads. The Silk roads were the main ways of traveling and for trading. A combination of many walls, referred to as the Great Wall of China, were built since the 5th century BC. The most famous is the wall built between 220 BC and 200 BC by the first Emperor of China, Quin Shi Huang. Little of it remains, it was much farther north than the current wall, which was built during the Ming Dynasty [“Great Wall Origin of the Great Wall | History.” Great Wall of China, History, Gallery of Pictures, Travel Guide, News, Discovery and Research]. The protective walls across northern China are on a scale that dwarfs every other construction project on earth. The walls travel through all kinds of terrain, beneath the sea, over jagged mountain ranges, and into forgiving deserts. The wall builders faced endless challenges and found ingenious ways to overcome them. The great majority of construction required the workers to haul sand and other supplies on their backs up steep hills for hours on in. The Great Wall is a testament to human achievement...
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...Need a quick revision on your knowledge of 5000-years of Chinese history? I suggest picking up Adeline Yen Mah’s China: land of dragons and emperors. Having first read Adeline’s compelling autobiography Falling Leaves a while ago, I was surprised to see her publish a book on China’s history for children ( ‘big’ children like myself included:)). ‘I bring you gifts from China: treasures more enchanting than pearls, more precious than jade. Among these pages you will find tales of dragons and emperors, battles and love affairs….’ excerpt from ix And so begins a 234-page journey though each of China’s dynasties, Qin, Han, Tang, Song, Yuan, Ming and Qing. I especially liked the section where Adeline highlights the most famous person in a particular dynasty – useful for readers who remember have trouble fitting names to dynasties e.g. which dynasty was the famous historian Sima Qian (司马迁) from*? The book is also laced with handy information on things like the invention of matches, to the origins of the moon festival (中秋节). By the end of the book i was left wanting more. A future consideration might be for Adeline to turn this book into a full-length history text for students preparing to study China history. Well, to prove that the book is not just for children :) - my dad started reading the book a day after i finished, quite a feat considering that he hardly has time to finish the newspapers. SB rating 3.5/5 *(Ans: the Han...
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