Needy China wanted foreign goods; foreign traders wanted to re-enter the vast Chinese market. But China's great ports stood idle except for a trickle of coastal trade. Last week the Chinese government took a belated, essential step to make it possible for the world's traders to buy goods from China and sell goods there.
China's Central Bank abandoned the official exchange rate of 20 Chinese dollars to one U.S. dollar. On the spot in China, before the change, one U.S. dollar could buy up to 3,000 dollars in Chinese currency. But traders elsewhere in the world could not (except at the...
To continue reading:
or
Log-In
