A somewhat biased view on China…
A year ago, on the 21st of July, China started to relax a bit its rigid currency regime and increased the flexibility of its exchange rate. The RMB then gradually raised from its usual 8.28RMB/USD to 7.99RMB/USD, a raise of 3.5%! And for some people, especially in the US - this should continue… However, I really hope it will not go back to 2RMB/USD as it used to be in the eighties…
So, did this affect the economy of China? Well… it’s still growing! Here is an interesting news from China Daily that shows China taking its part of responsibility in the World.
Last year, China stopped receiving food aid from the World Food Program (WFP) and in the same year China became the 3rd food donnor of the world just following United States and the European Union and preceeding Japan. They gave 577,000 tons of food in 2005, an increase of 260% percent from 2004.
Source
China Daily, 2006-07-21
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