...Eric Dollopac Kievan Rus to Yuan Dynasty 10/16/13 Two civilizations which existed together for a short time were the Kievan Rus and the Yuan Dynasty. The Kievan Rus was the first East Slavic State to form on the East European plains. The state came to be from the invasion of the city Kiev. The city of Kiev, which became the capital of the Kievan Rus, was founded officially in 482 A.D. Eventually, Scandinavian warriors and merchants, known as Varangians, invaded the area around Kiev and the Kievan Rus rose to become a power in Eastern Europe, because it controlled the trade route from the Baltic Sea to the Black Sea. The state developed a political system which the state used until its decline in the thirteenth century. The state also developed a unique society during its existence. The Yuan dynasty was the dynasty in China to arise after the fall of the Song Dynasty. The Yuan dynasty was founded after the defeat of the Northern and Southern Song dynasty from the Mongols, by the Mongols. Kublai Khan became the ruler of this dynasty, which only lasted for about 100 years. The dynasty, because it was not ruled by the Chinese, was governed differently from older dynasties. The empire also developed a unique blend of cultures. While both the Kievan Rus and the Yuan Dynasty were similar politically and socially, they were also unique from each other in political and social terms. (Curtis, Art 12, 13, 14) The Kievan Rus and the Yuan Dynasty both existed during a time when monarchs...
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...and the Yuan-Dollar Exchange Rate Q1) How credible was China’s announcement to let the yuan float? Chinese Yuan/US Dollar Exchange Rate Index, July 2005-Nov 2011 Chinese government has declared its intention to let the yuan float on 19th June of 2010, and this will most likely result in the Yuan to appreciate as the Yuan is under-valued. This reform was of the Renminbi (RMB) exchange rate regime was to enhance its exchange rate flexibility. This announcement may seems dubious because China has long adopted a fixed exchange rate regime since 1994 in which the Chinese government has maintained a policy of intervening in currency markets to limit or halt the appreciation of its currency, the RMB, against the U.S. dollar and other currencies. Known as the world’s manufacturing factory, keeping such a policy will definitely make its exports relatively and comparably cheaper to other countries, especially United States. Similarly, this will also make U.S. exports to China much more expensive, than would occur under free market conditions. As such, if China allows its yuan to float and appreciate, it may lose its competitive position as it may suffer a loss in sales of its exports due to its goods being relatively more expensive to foreign buyers. China’s announcement to let its yuan appreciate was credible because earlier on, the yuan actually appreciated 17.5 percent the U.S. dollar between July 21 2005 to July 21, 2008. In July 21, 2008 China has stopped its Yuan appreciation...
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...Financial Markets & Institutions Group Assignment Yuan Devaluation Group 2 Group Members Kouadio Dieudonne XPGDM-18 Rohit Khandelwal XPGDM-28 Shruti Tibrewal XPGDM-32 COUNTRY AT A GLANCE Population | 1.364 billion | 2014 | GDP | $10.35 trillion | 2014 | GDP growth | 7.3% | 2014 | Inflation | 2.0% | 2014 | CHINA Economic Overview The Chinese economy experienced astonishing growth in the last few decades that catapulted the country to become the world's second largest economy. In 1978—when China started the program of economic reforms—the country ranked ninth in nominal gross domestic product (GDP) with USD 214 billion; 35 years later it jumped up to second place with a nominal GDP of USD 9.2 trillion. Since the introduction of the economic reforms in 1978, China has become the world’s manufacturing hub, where the secondary sector (comprising industry and construction) represented the largest share of GDP. However, in recent years, China’s modernization propelled the tertiary sector and, in 2013, it became the largest category of GDP with a share of 46.1%, while the secondary sector still accounted for a sizeable 45.0% of the country’s total output. Meanwhile, the primary sector’s weight in GDP has shrunk dramatically since the country opened to the world. China weathered the global economic crisis better than most other countries. In November 2008, the State Council unveiled a CNY 4.0 trillion (USD 585 billion) stimulus package in an...
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...The Yuan: The Future Value of RMB Under the Economy of the World Shanghua Chi AWB Introduction From whatever point of view, economic growth is always the most crucial factor in deciding the value of currency for a country. In China, one of the biggest developing countries, the appreciation of the RMB has risen by 28% since 2005, and it has been close to 4.5% growth per year. (Chinese Yuan, 2011) The question is what is the future of RMB? Will it continue in a rising trend? What things can be affected by the change of currency value? In general, the currency value will change when the relation between supply and demand is becoming different. “A currency will tend to become more valuable whenever demand for it is greater than the available supply. It will become less valuable whenever demand is less than available supply.”(Exchange rate, 2011) However, answering to these questions involves more complicated aspects: world trading situation, inflation level, and unemployment rate. There is an interactive relationship, which exists between these aspects and the exchange rate. Therefore, to predict the target value of RMB is extremely important for running China. Combined with current reports and researches, I came to a conclusion that the predicted value of RMB should not rise dramatically, and is better to keep the present value. Opposing position The opposing point is that the value of Yuan should rise up. There are broad concerns among economists on a global scale...
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...tactical retreat in order to avoid a devastating war that it might have to fight alone and where everybody loses in the end. Hence, China will probably maintain current momentum in the appreciation of the yuan in the coming months to convince its G20 partners that it is fulfilling its promise from the previous G20 meeting to gradually increase the yuan’s ‘flexibility’. The outcome of the G20 meetings is unlikely to be a comprehensive agreement with a firm commitment from China and other Asian countries to let their currencies appreciate in a co-ordinated fashion, even though this would be the most positive outcome for the global economy. The current inflation in China and the weak US dollar suggest that China will let the yuan appreciate by about 7% annually. We expect a large part of this appreciation to be front-loaded in the next three months to maximise the political payoff for China. The market currently discounts a 3.5% appreciation over the next 12 months. Hence the appreciation pace of the yuan is expected to be substantial in the coming months. It will probably be enough to ease political tensions between the US and China and will prevent punitive legislation against Chinese imports. With China expected to maintain the current momentum in the appreciation of the yuan in the coming months and the Fed and other central banks most likely to boost quantitative easing further, we think Asian currencies will continue to appreciate as long as substantial risk aversion does not...
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...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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...Essay 2: Is The Chinese Renminbi Undervalued? One-way appreciation? Since July 2005, first time being revalued after 11 years of fixing at 8.27, Chinese Yuan has been heading towards only one direction – all the way from 8.27 to 6.27. Although Yuan is a highly regulated currency by government, Chinese officials could no longer peg the Yuan as it used to be in a closed economy because WTO had opened up doors for Chinese manufacturers in 2001 to export cheap goods and services to developed countries. With trillions of foreign capital flooding into the country, Yuan has appreciated over 30% over seven years. However, this one-way money flow cannot be sustained. Though it is not sure whether Yuan is at the absolute equilibrium, it is currently neither significantly undervalued nor overvalued. This essay is going to explain why Yuan is modestly priced with analysis in both the fundamentals and money flows. Needs for appreciation in past In theory, two open economies should have equivalent purchasing power – that is, if 10 units of foreign currency can buy something that is valued at 1 unit of domestic currency, the implied equilibrium exchange rate should also be 10(domestic as based money). Otherwise, there is an arbitrage opportunity. We call this Purchase Power Parity. In reality, despite some limitations about this theory, it explains most of the valuation problem in China. Take a look at China’s Balance of Payments over 2003-2010 and it is obvious to observe huge surplus...
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...Chapter2 – Company Background 2.1 Brief History Tao Yuan Restaurant is a seafood restaurant established by a group of businessmen originated from Singapore. The corporation known for exporting shark’s fin and live seafood to Singapore decided to create a business that is in the food industry as well when this business developed, they then began their Authentic Chinese Cuisine restaurant. With innovation in mind, they decided to incorporate Singaporean Cuisine to the menu and become the first high class Singaporean Restaurant. Being set on having a world-class restaurant, they put up the restaurant at the Malate area- a place known for having an abundance of tourists. On December 16, 2008, Tao Yuan officially opened with the menu full of different unique yet authentic flavours from China and Singapore creatively put together by their Chef from Hong Kong and Singapore. With their wide array of impeccable dishes at reasonable prices, great customer service, Tao Yuan has become the place to be for foreigners, celebrities, as well as well known business tycoons. 2.2 Industry Update Tao Yuan belongs to the food industry in the Philippines. Being open for over five years, Tao Yuan has made their mark in the food industry. They have been known for their authentic dishes, fine cuisine, and excellent service. Tao Yuan is very fortunate in the industry seeing as they pioneered the entrance of high class Singaporean food in the Philippines. So because of this...
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...The revaluation of Chinese Yuan The Chinese national economy is probably the most powerful nowadays. At least, it is the main antagonist to the American economy. A lot of experts tend to call it as the main driver of renewal of the world’s economy after the global financial crisis. A reasonable question is what the preconditions of such powerful status are. In our opinion, these preconditions are the following. First of all, it is cheap labor force. Moreover, the country has a lot of labor force, more than any other country in the world. Because of the cheap labor force the country’s products are quite cheap on the international market. That is why it is not surprising that export plays a great role in the country’s economy. Cheap labor force is not the only reason for the competitiveness of the Chinese products. Cheap Yuan is another reason, but about it we are going to talk below. Some additional information about the national economy of China can be got from the following quote. “China's economy is huge and expanding rapidly. In the last 30 years, the rate of Chinese economic growth has been almost miraculous, averaging 8 percent growth in Gross Domestic Product (GDP) per annum. The economy has grown more than 10 times during that period, with Chinese GDP reaching 3.42 trillion US dollars in 2007. China already has the biggest economy after the United States and most analysts predict China will become the largest economy in the world this century” (The Chinese Economy). ...
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...The Yuan vs. the U.S. Dollar Over the last few years, the economy of China has grown at a considerably high rate averaged at nearly 10% annually. Due to this enormous growth, China now influences the economy of virtually every country all over the world. This is more apparent and frightening, considering the United States’ economic relationship with China. Until 2005, China pegged its currency to the U.S. dollar, but as from July 2005, it linked its currency to other currencies rather than dollars and let its currency appreciate by 2.1%. The central bank of China did this by buying and selling the dollar dominated assets in exchange of printed Yuan in order to eliminate excess supply or demand for the Yuan. Due to this, the exchange rate between the dollar and the Yuan, basically, remained constant irrespective of changes in economic factors which could have otherwise destabilized the Yuan relative to the dollar. Since these reforms, China has continued manipulating its currency to its advantages, such as giving exporters an unfair trade advantage. This paper will provide an analysis of China’s Yuan against the U.S. dollar for the past 5 years ending in 2010. Also, the exchange-traded fund (ETF) of Yuan is discussed in depth. Recently, the U.S. policymakers had been having debates over China’s currency policy. The policy adopted by China has been linked to the rapidly growing United States’ trade deficit with China and the decline of employment in the U.S. and the emergence...
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...Chinese 4402 04/16/2013 Prof. Patricia Sieber Extra Credit Jin and Yuan Literati Hagiographies of Daoist Quanzhen Masters By means of attending the extra credit lecture on April 12, 2013, the speaker Mark Halperin, Associate Professor of Chinese Literature, mainly talked about Jin and Yuan Literati Hagiographies of Daoist Quanzhen Masters. Since that, I have some basic ideas about the beginning of the Daoist as well as the development of the Daoist Quanzhen Masters. In particular, Quanzhe is the most important sect of the Daoist, and it was founded in the beginning of Jin Dynasty by Wang Zhe whose Daoist monastic name was Chongyang as well as who is one of prestigious Quanzhen masters. After Wang Chongyang accepted seven disciples, the Quanzhen was founded formally. These disciples were called Ma Yu, Tan Chuduan, Liu Chuxuan, Qiu Chuji, Wang Chuyi, Hao Datong, and Sun Buer. Qiu Chuji was the most prestigious and famous from seven disciples. He was the founder of the Dragon Gate sect of Taoism attracting the largest following in the streams of traditions flowing from the...
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...controversial politician regarded as an outstanding Chinese landscape painter. He was born in 1555 in what is known today as Shanghai, China. In addition to being a painter he was also a calligrapher and theoretician. His most remarkable contribution to art was introducing new ways to present thoughts in painting landscape views. Thus, you have the Northern and Southern styles of art. The Northern school of art taught about obtaining truth through art, and the Southern School stressed an “intuitive understanding” (Arthistory Archive.com, 2011). Timeline of Chinese Landscape Paintings [pic] Riverbank Artist: Dong Yuan (930-960s) Hanging Scroll: ink and slight color on silk The Metropolitan Museum of Art Location: New York, New York Riverbank, was painted by artist Dong Yuan during the Southern Tang Dynasty. Under this new dynasty Dong Yuan...
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...mmKublai Khan was a ruler during the thirteenth century. He was a Mongol dreamer, visionary, and had the desire to unite different nationalities, religions, and cultures together under the Yuan Empire. Kublai Khan was a great sympathizer for the Chinese people, even though he was Mongolian by birth. He didn’t necessarily always trust the Chinese people, but he was fascinated with their traditions, culture, and arts. Conservative Mongolians would get offended and would repeatedly cause Kublai Khan problems because conformed so well to the Chinese ways. Kublai’s grandfather was the infamous Genghis (Chinggus) and the fourth son of Toluia and Sorghagtani. From the day he was born on 1215, his mother, Sorghagtani, raised him because his father was away on military campaigns. Kublai’s mother had one ambition for all of her sons, and that was for someone to regain the throne that had been taken by her husband’s brother. Consequently, she groomed Kublai and his brothers for the throne. She was a fervent Nestorian Christian and saw that plundering a nations resources would soon backlash, and she knew it would not be helpful to anyone. She obviously had a great effect on Kublai. When Kublai Khan’s eldest brother, Mongke (Mangu) gained the throne, his mother’s life dream was fulfilled. She never lived to see Kublai become khan as she died a year after his brother ascended the throne. While demonstrating his military brilliance during several battles he caught his brother’s attention....
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...shifted the ideological basis of the Mongol Empire in Iran from Chinggis to an emphasis on Islam | | | | | * Question 2 0 out of 0.2 points | | | What did Pope Gregory VII seek to do in the investiture controversy? | | | | | Selected Answer: | B. To ensure that all tithes would be paid directly to the papacy | Answers: | A. To start a rebellion among German princes against the Spanish monarch | | B. To ensure that all tithes would be paid directly to the papacy | | C. To take power away from monarchs in appointing church leaders | | D. To reestablish the church's authority in all matters of doctrine | | | | | * Question 3 0 out of 0.2 points | | | Who were the lowest in the social hierarchy in Yuan China? | | | | | Selected Answer: | C. Europeans | Answers: | A. Southern Chinese | | B. Muslims | | C. Europeans | | D. Mongols | | | | | * Question 4 0.2 out of 0.2 points | | | In which country did Pope Urban urge the people to force out all Muslims? | | | | | Selected Answer: | C. Spain | Answers: | A. England | | B. Portugal | | C. Spain | | D. France | | | | | * Question 5 0 out of 0.2 points | | | What did the khans of the Golden Horde promote? | | | | | Selected Answer: | C. A centralized government under their firm control | Answers: | A. A rejection of pastoral nomadism | | B. The expansion of Christianity into Asia | | C. A...
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...For the first half of the 20th century, China faced political chaos. Following a revolution in 1911, which overthrew the Manchu dynasty, the new Republic failed to take hold and China continue to be exploited by foreign powers, lacking any strong central government. The Chinese Civil War was an attempt by two ideologically opposed forces – the nationalists and the communists – to see who would ultimately be able to restore order and regain central control over China. The struggle between these two forces, which officially started in 1927, was interrupted by the outbreak of the Sino-Japanese war in 1937, but started again in 1946 once the war with Japan was over. the results of this war were to have a major effect not just on China itself, but on the international stage. Long-term causes of the Chinese Civil War[edit] Socio-economic factors[edit] Summary of Socio-economic factors In 1900, China was ruled by the imperial Manchu dynasty. The vast majority of the population were peasants. Their life was hard, working the land, and most were extremely poor. It was the peasants who paid the taxes that in turn paid for the great Manchu imperial court.It was also the peasants who faced starvation during floods or droughts, as their subsistence farming techniques often left them with barely enough to feed their families. The population in China grew by 8 per cent in the second half of the 19th century, but the land cultivated only increased by 1 per cent. This imbalance made famines...
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