India Bought Free Market Democracy Allowing India to be the Experiment Field of Biological, Chemical and Nuclear warfare! Bhopal was made Scapegoat to Introduce Globalisation and Global Brahaminical system. Now Stripped Naked, the Zionist Manusmriti Hegemony Does the Best Possible Eye Washing to dupe us as GOM innovates the Escape way Declaring Rs 1,500 crore package for Bhopal gas victims!
China yuan rise accelerates move to risk!
Rise in value of yuan to be slow, China insists!
FOREX-Euro off 1-mth high, Aussie firm on yuan rise!
G-20: India prefers tighter financial rules to EU-style bank tax!
Troubled Galaxy destroyed Dreams- Chapter 505
Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/
Stocks and commodities jumped on Monday and US Treasuries fell after China let the yuan rise to the highest since July 2005, with more currency flexibility easing tensions with the West and encouraging investors to snap up riskier assets.European shares rose for a ninth session on Monday, hitting a five-and-a-half week high, after China allowed more flexibility in the yuan exchange rate that boosted confidence in the global economy!However,China's pledge to reform the yuan does not necessarily mean that the currency will strengthen against the dollar, state media reported on Monday, citing Chinese economists!
US Treasuries fell after China let the yuan rise!China's signal over the weekend that it would give more room for the yuan to move is a genuine step toward currency reform that should help improve US-China ties, the US ambassador to China said on Monday.India and China could not BEFRIEND despite the Legacy of Thousands of Years` Joint Cultural Heritage and Peaceful Coexistence barring the single Incidence of 1962. But both INDULGED in WOOING United States of America!The Global Hindutva and Zionism alliance underestimated the Chinese Potential.
Rise in value of yuan to be slow, China insists!A day after announcing that it would allow a more flexible currency, China said on Sunday that any appreciation in its value would be gradual, and it set the renminbi's value in early trading on Monday at the same level as it traded on Friday.
The central bank's statement on Sunday and the decision on Monday morning to leave the currency unchanged represented clear attempts to reassure the Chinese people that there would not be a disruptive change.
Back Home, in India Foreign fund flows into the share market are a key support for the rupee and would be watched for cues, dealers said. So far in June, foreigners have bought shares worth a net $890 million, after dumping around $2 billion in May.
They are net buyers of $5.5 billion so far in 2010. One-month offshore non-deliverable forward contracts were quoted at 45.48, weaker than the onshore spot rate.
In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX ended at 45.79 and 45.78, respectively, with the total traded volume on the two exchanges at about $7.3 billion.
We lost Currency Sovereignty during Colonial Period as Dr BR Ambedkar analysed well in his classic work, the Problem of RUPEE! The Raj is reaplced by the Brahamin Bania corporate LPG Raj now, and RUPEE has not recovered as yet as the Ruling Market Dominating Class manipulated the Politics as well Economy to ensure Exclusion, Persecution and ethnic Cleansing of the Majority Mulnivasi Bahujan Indigenous,Aboriginal and Minority Classes. We Identify ourselves as EMERGING Market and killed Humanity, Human Rights, Citizenship and the Nation, Freedom and sovereignity. Chinese Yuan has exposed afresh our ENSLAVEMENT, Colonial status and Helplessness!
Strategic Realliance cost Goes beyond BHOPAL Gas Tragedy, India Incs Governance, LPG Raj, Manusmriti Rule and Aboriginal Central India Seized Within under Corporate War!
India Bought Free Market Democracy Allowing India to be the Experiment Field of Biological, Chemical and Nuclear warfare! Bhopal was made Scapegoat to Introduce Globalisation and Global Brahaminical system. Now Stripped Naked, the Zionist Manusmriti Hegemony Does the Best Possible Eye Washing to dupe us as GOM innovates the Escape way Declaring Rs 1,500 crore package for Bhopal gas victims!On the other hand,Even as it continued to grapple with mounting problems, embattled British energy major BP Plc today revised expenses related to the Mexican Gulf oil disaster upwards to USD 2 billion. Under pressure from the US administration to speed up efforts to contain the oil spill and compensate victims, BP had announced a USD 20-billion claims fund.
Big news : Fall of America from sole super power status is speeded up as China rises
The giant has started falling. The world's sole single super power, USA, is finally losing its shine.
This became clearly visible at the May 24-25, 2010 high level joint conference of USA and China at Beijing. The world famous London Economist (May 1, 2010 p.31), which itself is pro-Jew and anti-China, says this in so many words that clear signs are now visible that the US is surrendering to China, the rising super power which is expected to become the world's No.1 power in 2-3 years.
Dalit Voice has said this long back. And events since then have proved us right.
Christians must wake up: The 2% Jews are holding the neck of Christian America and the 2% Brahminists, the "Jews of India", are controlling the breathing of its 1,300 million people. Both are cousins.
Dalit Voice has said this many times and enough proofs are now available that we have proved right.
Now that the fall of the US has begun, the speed with which it will collapse will simply increase as the time passes. And may even become uncontrollable — unless the right-thinking Christians wake up to nip this micro-minority forces of destruction.
Concocted 9/11: Our fear is the Jews are running amuck deliberately in a state of desperation. It all started with the Israeli Mossad and American CIA-concocted "Al-Qaeda attack" on the WTC twin towers in New York — called 9/11 to launch a war on Muslims and Islam. The killer, US President George Bush, immediately attacked Afghanistan claiming to capture the Al-Qaeda chief Osama bin Laden but he was neither captured nor killed even after so many years of war and killing countless Muslims. He then went to Iraq and devastated a Muslim country and killed Saddam Hussein. Yet America could not end the "Islamic terrorism" nor capture the Al Qaeda boss. The war is now extended to Pakistan as well.
Obama, a failure: After the coming of President Obama, a Black and Muslim, there has been no change in the American policy on Islam but the zionists controlling Israel feel that unless the Arabs holding on to their little piece of land in the divided Palestine are thrown out or killed. Then only the zionist state would be safe.
Fall of dollar: But the US is not able to carry out the zionist order and this is the cause of the zionist fury on US as well as the Christian Europe.
The recent American financial collapse was also caused by the zionists who control the entire US financial world and even in Europe.
America, being controlled by its 2% Jews, is met with stiff resistance from China, which has already occupied the No.2 position in world economy after pushing Japan to the third place. Hillary Clinton, the US No.2 after President Obama, though a Christian, is acting on behalf of the zionists but everywhere she made US to meet with defeat at the hands of China.
Defeat in Korea: (1) As this is written virtual war preparations have begun between South and Communist North Korea, a friend of China. South Korea is blaming the North for sinking its patrol ship. China is fully supporting North Korea. The world's sole super power is simply helpless and powerless — proving the pitiable situation to which it is reduced within such a short time.
(2) America took its biggest 200-strong team to Beijing (on May 24-25, 2010) headed by Mrs. Clinton and Treasury Secretary Timothy Githner, a Jew, and begged China to reduce the value of its currency, Yuan. China said no — which means China will have its hand on the economic neck of US.
Signs of World War-III: (3) The May 31 bloody clash on the Gaza waters with the zionist Israeli soldiers has left over 19 Palestinians dead. This is one of the most violent clashes on the international waters that has received international condemnation.
That means the "Palestinian peace process", which Obama is trying to revive, is dead. But the US has no courage to take action on the rogue state of Israel. This is the biggest setback US has suffered on the Palestinian-Israeli dispute which began as early as the end of World War-I. The zionist state of Israel is the cause of both the world wars. The angry zionists, who are now impatient with the Western Christian rulers, are bent upon destroying the entire Western economy. The first casualty will be the US. There are clear signs of a World War-III.
Brahminists killing India: (4) America suffered yet another defeat on the notorious zionist agent Dalai Lama who is creating all the trouble in India. The Brahminist rulers of India are feeding him just to irritate China.
If the Christian West is being continuously punished by the zionists for not obeying its dictates, in India the 2% Brahminists, "the Jews of India", are killing the country itself. They have devastated the entire countryside. After this job is successfully accomplished, now they have turned to the cities where the Brahminists are concentrated. Calcutta, the original land from where the "Hindu terrorism" took its birth, was the first to be killed. Madras has turned into one vast slum. Bombay, the country's richest and the most populous city, is dying fast. Delhi has become chaotic and also unsafe — though it is the seat of the country's govt. Bangalore city is dying fast. Hyderabad remains the only exception but the Brahminist killers dare not touch the city because 30% of its population is Muslim. So they have adopted the trick of Telengana which may oust its Muslim population.
Jews killed Jesus: The Jews not only killed Jesus and later forced the Christian rulers of the West to attack Islam and Muslim countries by raising the bogey of "Islamic terrorism". They might have failed in this game but in the process both the Christian America and European countries have become politically and economically weak.
The Jews and the "Jews of India" are fully cooperating with each other in their favourite game of destruction. But to their misfortune those opposed to destruction are in a very big majority. That is how destroyers are themselves getting destroyed.
DV Jan.1, 2008 p. 23: "Coming collapse of US will be much more disastrous than fall of USSR".
DV Jan.1, 2007 p. 7: "American economy collapsing?"
DV Oct.16, 2006 p. 20: "Fall of USA is complete: All-round defeat & economic collapse".
DV Oct.1, 2006 p.13: "Super power's superlative failure".
DV Oct.1, 2005 p.9: "America's decline & fall begins".
DV June 16, 2004 p.23: "China emerges as super power – soon dwarfing America".
DV Nov.16, 2003 p.5: "China's raise & India's fall" & " China becomes leader of Asia: America ousted".
DV Edit Nov.16, 2003: "Arrogant America's fall begins: Euro getting ready to drown dollar hegemony".
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"The cost of response to date amounts to approximately USD 2 billion, including the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs," BP said in a statement. Last week, BP had pegged oil spill-related costs at USD 1.4 billion.Till date, the oil major has received over 65,000 claims. More than 32,000 payments have been made, totalling over USD 105 million.
Signalling that costs could rise, BP noted that it is still too early to quantify other potential costs and liabilities associated with the incident. The disaster was caused by an explosion in April on the Deepwater Horizon rig in the Gulf of Mexico, and thousands of barrels of oil are estimated to be leaking into the Gulf of Mexico every day.
Going by reports, the total cost due to the oil spill is projected to be around USD 50 billion. Apart from difficulties in containing the oil spill, the company is facing resistance from a partner with regard to sharing the responsibility for the disaster.
Citing India and China's faster recoveries thanks to their strong trade linkages, the International Monetary Fund (IMF) has advised other emerging market economies (EMs) to similarly protect themselves from future shocks.The Indian rupee rose to its highest in more than a month on Monday, after China's move to allow a gradual appreciation of the yuan lifted major currencies against the dollar.
A stronger domestic stock market also raised expectations of a build-up of capital inflows in the coming weeks. The partially convertible rupee ended at 45.7450/7550 per dollar, 0.9 percent stronger than Friday's close of 46.16/17.
It had climbed as high as 45.58 in early trade, its strongest since May 18. "China's move helped the rupee today, but by tomorrow I see a pullback in the rupee to 45.90/46.0 levels," said a senior dealer with a private bank.
China's central bank said late on Saturday it was ready to make the yuan more flexible, signalling it was ready to scrap its 23-month-old currency peg, citing a global economic recovery and more balanced external trade.
The euro and Australian dollar touched their highest levels in about a month following China's move. The yuan soared on Monday to close at its highest level against the dollar since its July 2005 revaluation.
The index of the dollar against six major currencies was down about 0.3 percent at the time of the close of local trade. Rise in local shares also lifted sentiment, traders said. The benchmark BSE share index rose 1.7 percent to its best close in nearly 2-½ months, tracking global stock markets, following China's yuan move.
China's yuan bolted to a 21-month high on Monday, suggesting authorities are unshackling the currency from its de facto 23-month-old peg to the dollar after vowing greater flexibility at the weekend.
Asian currencies and stocks rose and US Treasuries fell on expectations that China's promise to give the currency new room to move would ease political tensions with the West and encourage investors to snap up riskier assets.
China's decision to keep the currency pegged to the US dollar since the middle of 2008 has been a lightning rod for criticism that Beijing has been gaining an unfair trade advantage during the global downturn.
It's announcement at the weekend that it would give the currency greater flexibility was welcomed globally, including by the United States, albeit with some caution as policymakers waited to see what the words would mean in practice.
The first part of the answer came on Monday.
The yuan rose as high as 6.8110 per dollar, up just 0.2 per cent from its close on Friday of 6.8262, but still the highest level since September 2008.
It was also the biggest intraday rise since October 2008, further evidence that the central bank was allowing the currency some room to move more freely.
The central bank sets a daily reference point each day for yuan trade. The currency is allowed to move 0.5 per cent either side of the reference point, unchanged from its reference point on Friday, prompting some doubts about China's intentions and a slight cooling in the rally in other markets.
"In the short term, the PBOC needs to let the yuan rise to appease the United States and rising pressures there," said Wang Haoyu, economist with First Capital Securities in Shenzhen.
"But maybe they didn't move the mid-point to send the message that, 'Yes we will move, but the move will be slow.'"
Many economists see the currency strengthening further in coming days, albeit at a very modest pace.
"It's a multi-month trade," said Endre Pedersen, a fund manager at MFC Global Investment Management in Hong Hong.
"Over the next few weeks, we would expect the currency to start making some ground against the dollar. But we are not going to trade anything on one number like that," he said.
Assets leveraged to global growth, from commodities to stocks and Asian currencies, all rose on hopes that China's surprise pledge of yuan flexibility would lessen the risk of a trade war between the world's biggest and third-largest economies.
"It's a relief rally in the sense that this could ease trade tensions into the Group of 20 meeting," said Sean Callow, senior currency strategist at Westpac in Sydney, before China set the reference point.
"Perhaps the excitement has been overdone as this is just a small step on a very long march," he added. "But you have to assume the yuan will rise this week given all the political angst. They need to turn up at the G20 with something real."
Hong Kong stocks rose for a ninth day, the longest winning streak in four years, after China allowed the yuan to appreciate against the U.S. dollar, making the city's assets more affordable to mainland investors. The central bank's statement on Sunday afternoon coincided with signs of a negative reaction in China, where many view a weak currency and strong exports as symbols of national sovereignty. The initial announcement on Saturday evening that China would allow its currency, the renminbi, to fluctuate drew caustic postings on Chinese Internet sites, like this one on Sohu.com: "I didn't imagine I would see the day when China would submit to America and agree to appreciation of the renminbi."
Postings criticizing the government's announcement seemed to disappear almost as quickly as they appeared, an indication that government censors were active.
Asian stock markets rose on Monday morning, with the Nikkei 225 index up 2.85 per cent, as investors seemed to conclude that China's willingness to act on the currency could reduce the likelihood of trade frictions with the United States.
But China's determination to limit the rate at which the renminbi rises against other currencies, particularly the dollar, together with its decision to hold the currency unchanged on Monday morning at 6.8275 to the dollar, made further friction with the US Congress more likely.
Sen. Charles E. Schumer, D-N.Y., responded to the Chinese statement on Sunday and the unchanged value of the renminbi at the market opening on Monday morning by promising to move ahead as quickly as possible on legislation that could lead to restrictions on Chinese imports.
"China's conflicting statements over the weekend gave support to both optimists and pessimists in regard to China's desire to let its currency appreciate," he said. "Today's market opening is an indication that those of us who have been pessimists are right."
When world leaders gather next weekend for meetings in Toronto, enthusiasm about China's new currency policy may be tempered by Beijing's public caution that any changes will be slow and modest.
The central bank, the People's Bank of China, said on Sunday that it was determined to "improve foreign exchange management and keep the renminbi exchange rate at a reasonable and balanced level of basic stability, and safeguard macroeconomic and financial market stability." A stronger renminbi would make Chinese goods more expensive in foreign markets, providing relief for American, European and Japanese companies and workers who have struggled to compete with low-price exports from China.
But the Chinese government has long been wary of letting the currency move too quickly, for fear that this would lead to mass layoffs and social instability at export factories in coastal areas.
Hang Lung Properties Ltd., a Hong Kong developer, rallied 6 percent. China Resources Land Ltd., a state-controlled property company, surged 4.4 percent. The Hang Seng Property Index's 4.1 percent advance was the sharpest among the four industry groups tracked by the Hang Seng Index. Air China Ltd., the world's biggest airline by market value, gained 6 percent.
The Hang Seng Index jumped 3.1 percent to 20,912.18, the highest close since April 30. The gauge has increased 7.9 percent in the past nine days, the longest run of gains since the 10 trading days to Feb. 27, 2006. The streak four years ago came amid optimism that a cycle of interest-rate increases in Hong Kong was coming to an end.
"This announced policy is a paradigm change, of which impacts are long term, thus financial markets will be re-rating Chinese stocks for long term attractiveness," said Lei Wang, who helps oversee $20.2 billion at the New Mexico-based Thornburg International Value Fund. "I have been expecting this RMB paradigm change, and our Chinese stock exposures have already taken that as one of our long-term assumptions. In the short term, airlines and financial stocks on the Hong Kong market will benefit most."
'EMs with substantial trade links to other fast-growing EMs, such as India and China, could see faster recoveries,' the IMF said Monday in a paper examining the performance of 57 EMs during the recent global financial crisis.
'Thus trade linkages amplified both the initial impact of the crisis and the recovery from it, said noting: 'Markets do discriminate across emerging market economies (EMs) and prior progress was rewarded.'
'Countries that entered the crisis with lower vulnerabilities had worked to reduce them in the preceding period,' the IMF noted, highlighting 'the need for EMs emerging from the crisis with high vulnerabilities to protect themselves against future shocks.'
'It also underlines the relevance of vulnerability indicators for IMF surveillance and policy advice,' said the 186-nation organisation that oversees the global financial system
Describing trade linkages as an important determinant of output collapse, the IMF said: 'EMs experienced an additional 1.5 percentage point reduction in real output during the crisis for every percentage point fall in domestic demand in their advanced economy trading partners.'
Large EMs, for whom exports formed a smaller component of their aggregate demand such as Indonesia and India, consequently experienced smaller real shocks, it said.
China, Egypt, India, and many other EMs that also either grew through the crisis or experienced a small adverse impact, had large domestic markets, the IMF pointed out.
As to be expected, recovery was helped by growth in trading partners, the IMF said, pointing 'to one of the risks in the outlook for EMs: a double-dip recession in AEs (advanced market economies) could jeopardise EM recovery.'
This could be especially important for EMs that rely heavily on external demand from a larger partner, such as Mexico on the US, it said.
Countries with flexible exchange rate regimes are also recovering faster than those with pegs, even after controlling for external vulnerabilities and the initial fall in output, the IMF said.
While 'a wholesale slide into protectionism-akin to that seen during the Great Depression-has been avoided during the current crisis,' it warned, 'pressures could still emerge'.
'While several countries have adjusted national tariff schedules during the crisis, the general trend of declining tariffs was not materially affected during the crisis.
'Nevertheless, the number of trade dispute filings, such as for anti-dumping, have increased in recent years, a trend that intensified during the crisis. The majority of such disputes are between EMs - almost three-quarters of new investigations in the second half of 2009 - with Argentina and India accounting for a large share,' it said.
Similarly, more than half of new investigations have been targeted against China. There has also been a corresponding increase in the number of import restricting measures as a consequence of these disputes, the IMF said.
Rs 1,500 crore package for Bhopal gas victims
A Rs 1,500 crore package for enhancing compensation for the kin of those who died and those debilitated in the Bhopal gas disaster was today finalised by a Group of Ministers (GoM). The GoM, headed by Home Minister P Chidambaram, that went into a whole range of issues, including relief and rehabilitation of the victims, is believed to have recommended payment of Rs 10 lakh to the next of kin of the dead in the world''s worst industrial disaster nearly 26 years ago.Those permanently disabled or suffering from critical ailments arising out of the deadly methyl isocyanate gas leak are likely to get Rs five lakh while those partially debilitated will get Rs three lakh. These are among the recommendations of the GoM made to Prime Minister Manmohan Singh in a report that will be considered by the Union Cabinet at a special meeting on Friday.
Chidambaram told reporters after the final meeting of the GoM that the Ministers have made "significant recommendations" and their immediate focus was "to bring relief to those people who had suffered as a result of the ghastly tragedy". Sources said among the major recommendations of the group are a fresh attempt to be made for extradition of former CEO of Union Carbide Warren Anderson and filing of a curative petition in the Supreme Court against dilution of charges against the accused in the case.
The group is also believed to have cleared a proposal for clean up of the toxic site at the plant in Bhopal for burying the poisonous materials there itself. The job will be done by the Madhya Pradesh government in which the Central government will provide financial and technical assistance.
A sum of Rs 300 crore will be set apart for the clean up job, the sources said. The GoM is also believed to have favoured the take over of Bhopal Memorial Trust hospital, set up in the aftermath of the tragedy, for whose upgradation Rs 230 crore will be spent.
Altogether 5,295 people lost their lives immediately after the gas disaster while 10,047 others succumbed to various diseases in the following months. Out of the 5,60,000 affected people, nearly 37,000 were permanently disabled while the rest received minor injuries.
G-20: India prefers tighter financial rules to EU-style bank tax
India on Monday favoured tighter financial regulations, as opposed to an European Union proposal to tax banks to pay for future crisis, to support the fragile global economic recovery."The important thing is that the global economy should fully recover... We support all efforts at raising the benchmark of financial regulations," Finance Secretary Ashok Chawla told reporters in New Delhi on the agenda of G-20 meeting beginning June 26.
Chawla will accompany Prime Minister Manmohan Singh to the meeting at Toronto.
Smarting from a sovereign debt crisis in many of its member countries, including Greece and Hungary, the European Union earlier this month proposed creating an emergency crisis fund by taxing banks. The proposed fund would be used to deal with future crises.
The EU plans to take this proposal to the G-20, a grouping of 20 developed and developing economies.
India's stand is that instead of a bank tax, regulations for the banking sector should be strenghtened. Finance Ministry sources said that since Indian banking regulations were quite prudent, the view was there was no need for imposing any tax on banks in the country.
The bank tax proposal was dropped from the joint communique of G-20 Finance Ministers who met earlier this month in South Korea.
But the G-20 Finance Ministers did talk of contribution from financial sectors to the government's efforts to spur eocnomies at the time of downturn.
The Eurozone crisis, which has seen the economies of Portugal, Ireland, Italy, Grecee, Spain and Hungary face stress, threatens to derail the fragile global economic recovery since the 2008 global financial crisis caused by the failure of larges US banks.
Sources said by way of clarification that when the G-20 communique called for contribution from financial sector, it did not refer only to the bank tax. Tight regulations also imply costs for banking sector, the sources pointed out.
Chawla parried a question on the impact of China making its currency--Yuan--more flexible on the Indian economy, saying, "Let us not get into it. Let us wait and watch."
To a query on reforms in the bodies like World Bank and IMF, he said, "The agenda on international financial institutions reforms continue to be pursued vigorously."
The G-20 nations welcomed the decision to increase voting power of developing nations in the World Bank and called for similar measures in the IMF so that reforms in the multilateral agency could be completed by November.
The World Bank in April announced shifting of 3 per cent voting power in favour of developing countries, bringing their total stake to 47 per cent in the multi-lateral agency. India became the seventh largest shareholder in the World Bank following this shift.
Regulation to keep banks off bailout tax
As differences are likely to resurface over the proposed bank tax at the forthcoming G-20 Summit in Toronto, the Finance Ministry has said tighter regulation will enable the domestic banks escape any such levy, unlike most other countries in the bloc.While the G-20 finance ministers' Busan summit earlier this month had agreed to not impose tax on banks to fund future bailouts, the European Union on Thursday again decided to press for the same at the June 26-27 Toronto Summit.
Even as not calling for bank tax, the G-20 finance ministers had agreed not to burden the taxpayers for bailouts, and asked financial institutions to chip in to governmental efforts in this regard.
"We (G-20) have agreed in principle not to burden the taxpayers for the bailout of failing banks," a finance ministry official had said on the consensus reached by the G-20 fiance ministers at Busan, South Korea, early this month.
But this does not mean every country will have to impose a bank tax for future bailouts, since regulations also serve the same purpose and impose a cost on banks, he clarified.
"There is no contradiction here. The consensus is that cost should not be borne by the taxpayers. There are other ways than taxing banks. Even tight regulation is a cost on banks as it raises the cost of capital," the official added.
At the Busan meeting, New Delhi has objected to the bank tax proposal and had instead suggested strengthening the regulatory mechanism to avoid any bank failures in future.
Finance Minister Pranab Mukherjee had also said G-20 had "by and large accepted" not to tax banks. "We are not in favour of having taxation on banks. We suggested that ultimately you please take it up through the regulatory route. By and large, it was accepted," Mukherjee had said.
Explaining, the official said there can be different ways in which financial institutions can contribute towards governments efforts. A tighter regulation on banks, as is in our country, is in itself a cost to the banks, he pointed out.
"In comparison, the cost of capital is much less in most Western countries as there is very less regulation. So, in those countries their governments can ask for a bank levy," he added pointing to different ways within the consensus.
However, the 27-nation European Union said in a joint communique on Friday that the EU representatives in the G-20 will seek the support of other nations for "further developing and exploring" possibilities of introducing a financial transaction tax.
The EU should lead the efforts to arrive on a global agreement "for introducing systems for levies and taxes on financial institutions", the communique said. Besides the EU, the US favours bank tax, while India, Australia and Canada are opposed to the idea.
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Editorial RIL in Power, Broadband is Good news Power is a natural and synergistic extension for RIL, said Mukesh. Get back the Swiss stashIndia should step up pressure to disclose details of stashed money. The Nitish-Modi SpatIn Indian politics, foes suddenly behave polite while allies turn truant. | |||
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The Hang Seng China Enterprises Index of Chinese companies' so-called H-shares surged 4.4 percent to 12,134.42, the largest gain since June 10 last year.
Yuan Flexibility
China's yuan climbed the most in 18 months against the dollar after the People's Bank of China said it would allow the currency greater flexibility to move, boosting prospects for nations who sell products to the world's third-largest economy.
The central bank indicated it's abandoning the 6.83 yuan peg to the dollar adopted to shield exporters during the global financial crisis. American lawmakers had argued that the yuan peg was an unfair subsidy for China's exporters. A stronger yuan may allow policymakers the ability to stanch inflation without restraining the economy.
The Hong Kong Monetary Authority said it sees no need to change the Hong Kong dollar's peg to the U.S. dollar. The HKMA said June 15 that local stock and property prices may be driven higher once China allows the yuan to resume gains as the city becomes more affordable to mainland investors.
China Resources Land advanced 4.4 percent to HK$16.30. China Overseas Land & Investment Ltd., a developer controlled by the nation's construction ministry, rallied 5.2 percent to HK$16.60.
Property Gauge Leads
Hang Lung surged 6 percent to HK$31.15. Henderson Land Development Co., controlled by billionaire Lee Shau-kee, rose 3.4 percent to HK$47.75.
China Unicom (Hong Kong) Ltd., the country's second-biggest wireless carrier, surged 9.1 percent to HK$10.48, the largest gain on the Hang Seng Index. Ping An Insurance (Group) Co., China's No. 2 insurer, advanced 6.5 percent to HK$66.75. The stock was rated "overweight" by JPMorgan.
Air China rallied 6 percent to HK$8.49. China Southern Airlines Co., the nation's biggest carrier, jumped 6.5 percent to HK$3.75.
China's airlines are major beneficiaries of a gain in the yuan given their foreign-currency debt, said Jing Ulrich, Hong Kong-based chairwoman of China equities and commodities at JPMorgan Chase & Co.
Hang Seng Bank
The Hang Seng Index has dropped 4.4 percent this year as worries about budget deficits in Europe and credit tightening by China dented confidence in the strength of the global economy. Shares on the benchmark index are priced at an average 13.8 times estimated earnings, down from 18 times on Nov. 16, the highest level in 2009, data compiled by Bloomberg show.
Hang Seng Bank Ltd., controlled by HSBC Holdings Plc, climbed 1.1 percent to HK$105.40. The bank plans to raise the pretax-profit contribution from corporate and commercial banking to 30 percent in two years from 22.9 percent in 2009, Ming Pao Daily News reported.
The bank is trying to attract enterprises in China and is bolstering relationships with state-owned companies, the paper quoted Deputy General Manager Nixon Chan as saying.
Costin New Materials Group Ltd. fell 0.8 percent to HK$2.36 on its debut, after climbing as much as 5 percent. The fabric producer sold 240 million shares at HK$2.38 each, raising net proceeds of HK$441.5 million ($56.8 million) according to a statement.
June futures on the Hang Seng Index rose 2.9 percent to 20,962. All but two stocks advanced among the measure's 43 constituents.
Chinese developers rose in Hong Kong trading after Morgan Stanley upgraded property stocks on the prospect that yuan appreciation will reduce the need for higher interest rates.
Shimao Property Holdings Ltd., controlled by Chinese billionaire Xu Rongmao, jumped 7.8 percent to HK$13.06 at the 4 p.m. close, the biggest gain since Oct. 6. Agile Property Holdings Ltd. surged 8.7 percent after advancing as much as 11 percent, and Soho China Ltd., the biggest developer in Beijing's central business district, gained 3.2 percent to HK$4.55, extending this year's rally to 8.3 percent.
The People's Bank of China on June 19 signaled an end to the Chinese currency's 23-month-old peg to the dollar and said it will allow greater "flexibility." The yuan's appreciation may be limited to 1.9 percent against the dollar this year as the euro's slump hurts exporters, a survey of 14 economists by Bloomberg News showed.
The Chinese currency's appreciation the rest of the year "will help regulators to manage imported inflation and reduce the need for further tightening," Morgan Stanley analysts including Jerry Lou said in a report today. "Property developers should outperform; we believe policy austerities are now priced in and the tightening stance should moderate."
They raised their rating on property stocks to "overweight" from "underweight."
China has since April raised down payments and mortgage rates on second homes and restricted bank lending to developers to avert a property bubble. The government has refrained from raising interest rates so far this year.
An index tracking 34 Shanghai-traded developers gained 3.8 percent at the 3 p.m. close, the most since May 18.
India to press for extradition of Bhopal gas leak bossTelegraph.co.uk - - 1 hour ago India is to press the US to extradite Warren Anderson, the former Union Carbide head blamed for the 1984 Bhopal gas leak in which as many as 25000 people died in the world's worst ever industrial disaster. "India will make vigorous efforts to get ... BJP questions govt's 'silence' on Anderson issueZee News - 16 minutes ago New Delhi: The BJP Monday welcomed the GoM's recommendation for a Rs 1500 crore package for enhancing compensation for Bhopal gas tragedy victims but questioned the "silence" of the government and Congress chief on the issue of allowing safe passage to ... GoM on Bhopal Gas Tragedy recommends enhanced compensationNetIndian - 29 minutes ago The reconstituted Group of Ministers (GoM) on the 1984 Bhopal Gas Tragedy is today understood to have recommended an enhanced compensation of Rs 10 lakh to the next of kin of each of those killed in the world's worst ever industrial disaster. ...
Report has no answer on Anderson's safe passage: BJPSify - 31 minutes ago Reacting to a ministerial panel's report on the 1984 Bhopal gas tragedy, the Bharatiya Janata Party (BJP) Monday demanded an explanation from the Congress on the safe passage given to then Union Carbide chief Warren Anderson. ... India to push US for Bhopal boss's extradition: ministerHindustan Times - 3 hours ago The Group of Ministers on Bhopal gas disaster is understood to have decided today to recommend enhanced compensation to the victims' families and decided to make fresh efforts for the extradition of ex-Union Carbide chief Warren Anderson. ... India panel gives recommendations on Bhopal leakThe Associated Press - 4 hours ago NEW DELHI, India — Cabinet ministers are recommending that India's government revisit its response to the 1984 toxic gas leak in Bhopal. The leak at the Union Carbide plant killed an estimated 15000 people in the world's worst industrial disaster. ... Indian cabinet ministers are recommending that the government do more to help ...BBC News - 3 hours ago The move follows public outrage after seven former managers at the plant were given two-year jail sentences. The convictions are the first since the disaster at the Union Carbide plant - considered to be the world's worst industrial accident. ... GoM recommends Rs 10 lakh each to victims' kinSify - 2 hours ago New Delhi: The ministerial panel on the 1984 Bhopal gas tragedy has recommended that the government press for former Union Carbide chief Warren Anderson's extradition from the US and set aside Rs.1500 crore as relief package for those affected by the ... Rs 1300 crore package for Bhopal gas tragedy victimsPress Trust of India - 57 minutes ago New Delhi, June 21 (PTI) The Group of Ministers on Bhopal gas disaster today recommended a Rs 1300 crore package for the victims enhancing the compensation for the kin of dead to Rs 10 lakh and for permanently disabled Rs five lakh. ... May examine Dow's liability in Bhopal case: GovtEconomic Times - 4 hours ago NEW DELHI: India may ask its courts to examine if Dow Chemical is liable for damages after it bought over the firm blamed for one of the world's worst industrial accidents that killed thousands of people, a minister said. A government ministerial panel ... | Timeline of articles Number of sources covering this story
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THE PROBLEM OF THE RUPEE:
ITS ORIGIN AND ITS SOLUTION
(HISTORY OF INDIAN CURRENCY & BANKING)
________________________________________________________________________________________
B. R. AMBEDKAR
Sometime Professor of Political Economy at the Sydenham
College of Commerce and Economics, Bombay.
LONDON P. S. KING & SON, LTD. ORCHARD HOUSE, 2 & 4 GREAT SMITH STREET WESTMINSTER 1923
MY
FATHER AND MOTHER
AS A TOKEN OF MY ABIDING GRATITUDE FOR THE
SACRIFICES THEY MADE AND THE ENLIGHTENMENT
THEY SHOWED IN THE MATTER OF MY EDUCATION.
Printed in Great Britain by Butler & Tanner Ltd., Frome and London
Contents
Preface To The Second Impression
Foreword By Professor Edwin Cannan
Chapter I - From A Double Standard To A Sliver Standard
Chapter II- The Silver Standard And The Dislocation Of Its Parity
Chapter III- The Silver Standard And The Evils Of Its Instability
Chapter IV -Towards A Gold Standard
Chapter V - From A Gold Standard To A Gold Exchange Standard
Chapter VI - Stability Of The Exchange Standard
Chapter VII- A Return To The Gold Standard
PREFACE TO THE SECOND IMPRESSION
THE PROBLEM OF THE RUPEE was first published in 1923. Ever since its publication it has had a great demand : so great that within a year or two the book went out of print. The demand for the book has continued, but unfortunately I could not bring out a second edition of the book for the reason that my change-over from economics to law and politics left me no time to undertake such a task. I have, therefore, devised another plan : it is to bring out an up-to-date edition of the History of Indian Currency and Banking in two volumes, of which The Problem of the Rupee forms volume one. Volume two will contain the History of Indian Currency and Banking from 1923 onwards. What is therefore issued to the public now is a mere reprint of The Problem of the Rupee under a different name. I am glad to say that some of my friends who are engaged in the field of teaching economics have assured me that nothing has been said or written since 1923 in the field of Indian Currency which calls for any alteration in the text of The Problem of the Rupee as it stood in 1923. I hope this reprint will satisfy the public partially if not wholly. I can give them an assurance that they will not have to wait long for volume two. I am determined to bring it out with the least possible delay.
Bombay,
7-5-1947.
PREFACE TO THE FIRST EDITION
In the following pages I have attempted an exposition of the events leading to the establishment of the exchange standard and an examination of its theoretical basis.
In endeavouring to treat the historical side of the matter, I have carefully avoided repeating what has already been said by others. For instance, in treating of the actual working of the exchange standard, I have contented myself with a general treatment just sufficiently detailed to enable the reader to follow the criticism I have offered. If more details are desired they are given in all their amplitude in other treatises. To have reproduced them would have been a work of supererogation; besides it would have only obscured the general trend of my argument. But in other respects, I have been obliged to take a wider historical sweep than has been done by other writers. The existing treatises on Indian currency do not give any idea, at least an adequate idea, of the circumstances which led to the reforms of 1893. I think that a treatment of the early history is quite essential to furnish the reader with a perspective in order to enable him to judge for himself the issues involved in the currency crisis and also of the solutions offered. In view of this, I have gone into that most neglected period of Indian currency extending from 1800 to 1893. Not only have other writers begun abruptly the story of the exchange standard, but they have popularised the notion that the exchange standard is the standard originally contemplated by the Government of India. I find that this is a gross error. Indeed, the most interesting point about Indian currency is the way in which the gold standard came to be transformed into a gold exchange standard. Some old, but by now forgotten, facts had therefore, to be recounted to expose this error.
On the theoretical side, there is no book but that of Professor Keynes which makes any attempt to examine its scientific basis.
But the conclusions he has arrived at are in sharp conflict with those of mine. Our differences extended to almost every proposition he has advanced in favour of the exchange standard. This difference proceeds from the fundamental fact, which seems to be quite overlooked by Professor Keynes, that nothing will stabilise the rupee unless we stabilise its general purchasing power. That the exchange standard does not do. That standard concerns itself only with symptoms and does not go to the disease : indeed, on my showing, if anything, it aggravates the disease.
When I come to the remedy, I again find myself in conflict with the majority of those who like myself are opposed to the exchange standard. It is said that the best way to stabilise the rupee is to provide for effective convertibility into gold. I do not deny that this is one way of doing it. But, I think, a far better way would be to have an inconvertible rupee with a fixed limit of issue. Indeed, if I had any say in the matter, I would propose that the Government of India should melt the rupees, sell them as bullion and use the proceeds for revenue purposes and fill the void by an inconvertible paper. But that may be too radical a proposal, and I do not therefore press for it, although I regard it as essentially sound. in any case, the vita! point is to close the Mints, not merely to the public, as they have been, but to the Government as well. Once that is done, I venture to say that the Indian currency, based on gold as legal tender with a rupee currency fixed in issue, will conform to the principles embodied in the English currency system.
It will be noticed that I do not propose to go back to the recommendations of the Fowler Committee. All those, who have regretted the transformation of the Indian currency from a gold standard to a gold exchange standard, have held that everything would have been all right if the Government had carried out in toto the recommendations of that Committee. I do not share that view. On the other hand, I find that the Indian currency underwent that transformation because the Government carried out those recommendations. While some people regard that Report as classical for its wisdom, I regard it as classical for its nonsense. For I find that it was this Committee which, while recommending a gold standard, also recommended and thereby perpetuated the folly of the Herschell Committee, that Government should coin rupees on its own account according to that most naive of currency principles, the requirements of the public, without realising that the latter recommendation was destructive of the former. Indeed, as I argue, the principles of the Fowler Committee must be given up, if we are to place the Indian currency on a stable basis.
I am conscious of the somewhat lengthy discussions on currency principles into which I have entered in treating the subject. My justification of this procedure is two-fold. First of all, as I have differed so widely from other writers on Indian currency, I have deemed it necessary to substantiate my view-point, even at the cost of being charged with over-elaboration. But it is my second justification, which affords me a greater excuse. It consists in the fact that I have written primarily for the benefit of the Indian public, and as their grasp of currency principles does not seem to be as good as one would wish it to be, an over-statement, it will be agreed, is better than an understatement of the argument on which I have based my conclusions.
Up to 1913, the Gold Exchange Standard was not the avowed goal of the Government of India in the matter of Indian Currency, and although the Chamberlain Commission appointed in that year had reported in favour of its continuance, the Government of India had promised not to carry its recommendations into practice till the war was over and an opportunity had been given to the public to criticize them. When, however, the Exchange Standard was shaken to its foundations during the late war, the Government of India went back on its word and restricted, notwithstanding repeated protests, the terms of reference to the Smith Committee to recommending such measures as were calculated to ensure the stability of the Exchange Standard, as though that standard had been accepted as the last word in the matter of Indian Currency. Now that the measures of the Smith Committee have not ensured the stability of the Exchange Standard, it is given to understand that the Government, as well as the public, desire to place the Indian Currency System on a sounder footing. My object in publishing this study at this juncture is to suggest a basis for the consummation of this purpose.
I cannot conclude this preface without acknowledging my deep sense of gratitude to my teacher, Prof. Edwin Cannan, of the University of London (School of Economics). His sympathy towards me and his keen interest in my undertaking have placed me under obligations which I can never repay. I feel happy to be able to say that this work has undergone close supervision at his hands, and although he is in no way responsible for the views I have expressed. I can say that his severe examination of my theoretic discussions has saved me from many an error. To Professor Wadia, of Wilson College, I am thankful for cheerfully undertaking the dry task of correcting the proofs.
FOREWORD
I am glad that Mr. Ambedkar has given me the opportunity of saying a few words about his book.
As he is aware, I disagree with a good deal of his criticism. In 1893, I was one of the few economists, who believed that the rupee could be kept at a fixed ratio with gold by the method then proposed, and I did not fall away from the faith when some years elapsed without the desired fruit appearing (see Economic Review, July 1898, pp. 400—403). I do not share Mr. Ambedkar's hostility to the system, nor accept most of his arguments against it and its advocates. But he hits some nails very squarely on the head, and even when I have thought him quite wrong, I have found a stimulating freshness in his views and reasons. An old teacher like myself learns to tolerate the vagaries of originality, even when they resist "severe examination " such as that of which Mr. Ambedkar speaks.
In his practical conclusion, I am inclined to think, he is right. The single advantage, offered to a country by the adoption of the gold-exchange system instead of the simple gold standard, is that it is cheaper, in the sense of requiring a little less value in the shape of metallic currency than the gold standard. But all that can be saved in this way is a trifling amount, almost infinitesimal, beside the advantage of having a currency more difficult for administrators and legislators to tamper with. The recent experience both of belligerents and neutrals certainly shows that the simple gold standard, as we understood it before the war, is not fool-proof, but it is far nearer being fool-proof and knave-proof than the gold-exchange standard. The percentage of administrators and legislators who understand the gold standard is painfully small, but it is and is likely to remain ten or twenty times as great as the percentage which understands the gold-exchange system. The possibility of a gold-exchange system being perverted to suit some corrupt purpose is very considerably greater than the possibility of the simple gold standard being so perverted.
The plan for the adoption of which Mr. Ambedkar pleads, namely that all further enlargement of the rupee issue should be permanently prohibited, and that the mints should be open at a fixed price to importers or other sellers of gold, so that in course of time India would have, in addition to the fixed stock of rupees, a currency of meltable and exportable gold coins, follows European precedents. In eighteenth-century England the gold standard introduced itself because the legislature allowed the ratio to remain unfavourable to the coinage of silver: in nineteenth-century France and other countries it came in because the legislatures definitely closed the mints to silver, when the ratio was favourable to the coinage of silver. The continuance of a mass of full legal tender silver coins beside the gold would be nothing novel in principle, as the same thing, though on a somewhat smaller scale, took place in France, Germany, and the United States.
It is alleged sometimes that India does not want gold coins. I feel considerable difficulty in believing that gold coins of suitable size would not be convenient in a country with the climate and other circumstances of India. The allegation is suspiciously like the old allegation that the " Englishman prefers gold coins to paper," which had no other foundation than the fact that the law prohibited the issue of notes for less than £ 5 in England and Wales, while in Scotland, Ireland, and almost all other English-speaking countries, notes for £ 1 or Less were allowed and circulated freely. It seems much more likely that silver owes its position in India to the decision, which the Company made before the system of standard gold and token silver was accidentally evolved in 1816 in England, and long before it was understood, and that the position has been maintained, not because Indians dislike gold, but because Europeans like it so well that they cannot bear to part with any of it.
This reluctance to allow gold to go to the East is not only despicable from an ethical point of view. It is also contrary to the economic interest not only of the world at large, but even of the countries, which had a gold standard before the war and have it still or expect soon to restore it. In the immediate future, gold is not a commodity, the use of which it is desirable for these countries either to restrict or to economize. From the closing years of last century it has been produced in quantities much too large to enable it to retain its purchasing power and thus be a stable standard of value, unless it can constantly be finding existing holders willing to hold larger stocks, or fresh holders to hold new stocks of it. Before the war, the accumulation of hoards by various central banks in Europe took off a large part of the new supplies and prevented the actual rise of general prices being anything like what it would otherwise have been, though it was serious enough. Since the war, the Federal Reserve Board, supported by all Americans who do not wish to see a rise of prices, has taken on the new " White Man's Burden " of absorbing the products of the gold mines, but just as the United States failed to keep up the value of silver by purchasing it, so she will eventually fail to keep up the value of gold. in spite of the opinion of some high authorities, it is not at all likely that a renewed demand for gold reserves by the central banks of Europe will come to her assistance. Experience must gradually be teaching even the densest of financiers that the value of paper currencies is not kept up by stories of " cover " or " backing " locked up in cellars, but by due limitation of the supply of the paper. With proper limitation, enforced by absolute convertibility into gold coin which may be freely melted or exported, it has been proved by theory and experience that small holdings of gold are perfectly sufficient to meet all internal and international demands. There is really more chance of a great demand from individuals than from the banks. It is conceivable that the people of some of the countries, which have reduced their paper currency to a laughing stock, may refuse all paper and insist on having gold coins. But it seems more probable that they will be pleased enough to get better paper than they have recently been accustomed to, and will not ask for hard coin with sufficient insistence to get it. On the whole, it seems fairly certain that the demand of Europe and European-colonised lands for gold will be less rather than greater than before the war, and that it will increase very slowly or not at all.
Thus, on the whole, there is reason to fear a fall in the value of gold and a rise of general prices rather than the contrary.
One obvious remedy would be to restrict the production of gold by international agreement, thus conserving the world's resources in mineral for future generations. Another is to set up an international commission to issue an international paper currency so regulated in amount as to preserve an approximately stable value. Excellent suggestions for the professor's classroom, but not, at present at any rate nor probably for some considerable period of time, practical politics.
A much more practical way out of the difficulty is to be found in the introduction of gold currency into the East. If the East will take a large part of the production of gold in the coming years it will tide us over the period which must elapse before the most prolific of the existing sources are worked out. After that we may be able to carry on without change or we may have reached the possibility of some better arrangement.
This argument will not appeal to those who can think of nothing but the extra profits which can be acquired during a rise of prices, but I hope it will to those who have some feeling for the great majority of the population, who suffer from these extra and wholly unearned profits being extracted from them. Stability is best in the long run for the community.
China's yuan move to help ties-US ambassadorReuters - - 1 hour ago By Sui-Lee Wee HONG KONG, June 21 (Reuters) - China's signal over the weekend that it would give more room for the yuan to move is a genuine step toward currency reform that should help improve US-China ties, the US ambassador to China said on Monday. ... US STOCKS-Wall St rises as China move boosts resource sharesReuters - - 1 hour ago NEW YORK, June 21 (Reuters) - US stocks climbed on Monday as China's vow to allow a flexible yuan invigorated optimism in the global recovery and raised the outlook for sales in the long term at US multinationals. ... TREASURIES-US debt prices fall as yuan move spurs stocksReuters - - 2 hours ago NEW YORK, June 21 (Reuters) - US Treasuries prices fell on Monday as China's vow to allow a flexible yuan exchange rate boosted global stocks and US stock index futures, drawing investors away from safe-haven US government debt. ... Treasuries Decline Most in Week as Stock Markets Gain on End of Yuan PegBloomberg - - 1 hour ago Treasuries fell the most in a week as China said it will allow a more flexible yuan, encouraging confidence in the global economic recovery and triggering gains in stock markets. ... Global equities to rise 18 over next 12 months NomuraMoneycontrol.com - 1 hour ago Over the weekend, China signalled an end to the yuan's fixed rate against the dollar. The People's Bank of China said in a statement that the decision to end the yuan's peg was made after the world's third-largest economy improved. ... India Rupee Gains As China's Yuan Move Fuels Risk Appetite; Bonds DownWall Street Journal - 32 minutes ago MUMBAI (Dow Jones)--The Indian rupee Monday rose to its highest level against the US dollar in a month, in line with other Asian peers as China's decision to ease the yuan's peg to the greenback boosted local stocks and encouraged investors to buy ... China's yuan higher, but dollar holds groundCNNMoney - - 2 hours ago NEW YORK (CNNMoney.com) -- Despite China's decision to let its currency float more freely, the dollar did not trade much lower Monday as investors recognized China's move would be gradual. ... China Caught Traders off GuardWall Street Journal - - 1 hour ago HONG KONG—Currency traders left the Chinese yuan party too soon. Now they are piling back in. China's weekend announcement that it would revert to its pre-crisis currency policy caught investors who had given up on their long-held yuan ... China's Yuan Rises to Highest Level Against Dollar in Modern EraWall Street Journal - - 1 hour ago SHANGHAI—The yuan rose Monday to its strongest level against the dollar in the currency's modern era as traders bet on the likelihood of long-term appreciation despite the Chinese central bank's surprise move to keep the ... | Timeline of articles Number of sources covering this story
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Rupee
From Wikipedia, the free encyclopedia
    |
The Rupee (abbreviated as ₨, Re.(Singular), Rs. (Plural) or रू.) was originally an Indian silver coin. Today, it is the name for the monetary unit of account in India, Sri Lanka, Nepal, Hyrule, Pakistan, Mauritius, Seychelles, Indonesia, Maldives, and formerly Burma. All these modern Rupee units descended from the original silver coin. In the Maldives, the unit of currency is known as the rufiyah, which is a cognate word of Hindi rupiya. Both the Pakistani and the Indian rupees are subdivided into one hundred paise (singular paisa) or pice. The Mauritian and Sri Lankan rupees subdivide into 100 cents. The Nepalese rupee subdivides into one hundred paisas (both singular and plural) or four Sukas or two Mohors.
Afghanistan's currency was also denominated in Afghan rupees until 1925, with each Afghan rupee subdividing into 60 paisas. Prior to the introduction of the Afghan rupee in 1891, the legal currency was the Kabuli rupee. Until the middle of the twentieth century, Tibet's official currency was also known as the Tibetan Rupee.[1] The Indian rupee was the official currency of Dubai and Qatar until 1959, when India created a new Gulf rupee (also known as the "External rupee") to hinder the smuggling of gold.[2] The Gulf rupee was legal tender until 1966, when India significantly devalued the Indian rupee and a new Qatar-Dubai Riyal was established to provide economic stability.[2]
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[edit] Alternative names and pronunciations
Various languages render the word 'Rupee' slightly differently -
- Hindi: रुपया rupiya
- Urdu: روپیہ rupiya
- Pashto: روپۍ rupëi
- Nepali: रुपैया rupaiya
- Telugu: రూపాయి roopaayi
- Gujarati: રૂપિયો rupiyo
- Kannada: ರೂಪಾಯಿ roopayi
- Malayalam: രൂപ roopa
- Sanskrit: रूप्यकम् rupyakam
- Tamil: ரூபாய் roobai
- Sinhala: රුපියල rupiyal (meaning coins of silver)
- French: Roupie
[edit] Etymology
The Sanskrit word rūpyakam (रूप्यकम्) means "wrought silver" or a coin of silver.[3] The term could also be related to "something provided with an image, a coin," from rupah "shape, likeness, image." The word rupiya was coined by Pashtun (Afghan) Emperor Sher Shah Suri during his brief rule of India between (1540-1545). It was used for the silver coin weighing 178 grains. He also introduced copper coins called Dam and gold coins called Mohur that weighed 169 grains.[4] Later on, the Mughal Emperors standardised this coinage of tri-metalism across the sub-continent in order to consolidate the monetary system.
[edit] Value
The derivative word Rūpaya was used to denote the coin introduced by Sher Shah Suri during his reign from 1540 to 1545. The original Rūpaya was a silver coin weighing 178 grains (11.534 grams) [citation needed]. The coin has been used since then, even during the times of British India, defined as 11.66 grams at 91.7% silver by weight[5] (that is, silver worth about US$4 at modern prices).[6] At the end of the 19th century the Indian silver rupee went unto a gold exchange standard at a fixed rate of 1 rupee to one shilling and fourpence in British currency, or 15 rupees to 1 pound sterling.
Valuation of the rupee based on its silver content had severe consequences in the nineteenth century, when the strongest economies in the world were on the gold standard. The discovery of vast quantities of silver in the United States and various European colonies resulted in a decline in the relative value of silver to gold. Suddenly the standard currency of India could not buy as much from the outside world. This development was known as "the fall of the rupee."
[edit] Denomination
Formerly the rupee (11.66 g, .917 fine silver) was divided into 16 annas, 64 paise, or 192 pies. Early 19th century E.I.C. rupees were used in Australia for a limited period. Decimalisation occurred in Ceylon (Sri Lanka) in 1869, India in 1957 and in Pakistan in 1961. Thus an Indian rupee is now divided into 100 Paise and so is the Pakistani rupee. Paisa is sometimes referred to as Naya-Paisa, meaning the "new-money" in India, a habit continued from when India became independent—when the new country introduced new currency, people used Naya-Paisa to distinguish it from the old currency. The issuance of the currency is controlled by the Reserve Bank of India, whereas in the Pakistan it is controlled by State Bank of Pakistan. The most commonly used symbol for the rupee is Rs. In most parts of India, the rupee is known as rupaya, rupaye, or one of other terms derived from the Sanskrit rupya, meaning silver. However, in the Bengali and Assamese languages, spoken in Assam, Tripura, and West Bengal, the rupee is known as a Taka, and is written as such on Indian banknotes. In India and Pakistan currency is issued in denominations of 1, 2, 5, 10, 20, 50, 100, 500 and 1000 rupees. Pakistan currency is also issued in a denomination of 5000 rupees. Large denominations of rupees are often counted in lakh (100,000 = 1 Lakh, 100 Lakh = 1 Crore/karor, 100 Crore/karor = 1 Arab , 100 Arab = 1 Kharab/khrab, 100 Kharab/khrab = 1 Neel, 100 Neel = 1 Padam, 100 Padam = 1 Rajam, 100 Rajam = 1 Uroos).
[edit] The Rupee on the East African Coast and South Arabia
In East Africa, Arabia, and Mesopotamia the Rupee and its subsidiary coinage was current at various times. The usage of the Rupee in East africa extended from Somalia in the north, to as far south as Natal. In Mozambique the British India rupees were overstamped, and in Kenya the British East Africa Company minted the rupee and its fractions as well as pice. The rise in the price of silver immediately after the first world war caused the rupee to rise in value to two shillings sterling. In 1920 in British East Africa, the opportunity was then taken to introduce a new florin coin, hence bringing the currency into line with sterling. Shortly after that, the Florin was split into two East African shillings. This assimilation to sterling did not however happen in British India itself. In Somalia the Italian colonial authority minted 'rupia' to the exact same standard, and called the pice 'besa'.
[edit] The Rupee in the Straits Settlements
The Straits Settlements were originally an outier of the British East India Company. The Spanish dollar had already taken hold in the Straits Settlements by the time the British arrived in the nineteenth century, however, the East India Company tried to introduce the Rupee in its place. These attempts were resisted by the locals, and by 1867 when the British government took over direct control of the Straits Settlements from the East India Company, attempts to introduce the Rupee were finally abandoned.
[edit] Sign
The rupee is represented by the Unicode character 20A8 (₨). It is common to find a single rupee written as "Re. 1". Other Indian languages such as Bengali and Tamil have their own rupee signs. In March 2009 the Indian Finance Ministry launched a public competition to select a symbol for its rupee.[7]
[edit] Fictional use
The rupee is the currency used in the Legend of Zelda and Rappelz video games.
[edit] See also
[edit] References
- ^ Theodore Roosevelt, Kermit Roosevelt (1929), Trailing the giant panda, Scribner, http://books.google.com/books?id=oXZCAAAAIAAJ, "... The currency in general use was what was known as the Tibetan rupee ..."
- ^ a b Richard F. Nyrop (2008), Area Handbook for the Persian Gulf States, Wildside Press, ISBN 1434462102, http://books.google.com/books?id=BPX0h_wbFtEC, "... The Indian rupee was the principal currency until 1959, when it was replaced by a special gulf rupee to halt gold smuggling into India ..."
- ^ etymonline.com (September 20, 2008). "Etymology of rupee". http://www.etymonline.com/index.php?search=rupee&searchmode=none. Retrieved 2008-09-20.
- ^ Mughal Coinage at RBI Monetary Museum. Retrieved on May 4, 2008.
- ^ Krause, Chester L. and Clifford Mishler (2004). Standard Catalog of World Coins: 1801–1900. Colin R. Bruce II (senior editor) (4th ed. ed.). Krause Publications. ISBN 0873497988.
- ^ xe.com (October 2, 2006). "Equivalent of 0.343762855 troy ounce of silver in U.S. dollar". http://xe.com/ucc/convert.cgi?Amount=0.343762855&From=XAG&To=USD. Retrieved 2006-10-02.
- ^ Indian contest for rupee symbol BBC News, 2009-03-05
[edit] External links
- Picture of original Mughal rupiya introduced by Sher Shah Suri
- Pakistani Currency by Mian Ji
"rupee". Encyclopædia Britannica (11th ed.). 1911.
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Yuan to rise 2.4 per cent versus dollar by end of year: Poll
21 Jun 2010, 1430 hrs IST,REUTERS China will be true to its word and prevent a sharp rise in the newly unshackled yuan over the next year, according to a Reuters poll conducted on Monday.
The median forecast of 33 economists is that the yuan will end 2010 at 6.67 per dollar.
That would mark a rise of 2.4 per cent from the level that obtained before Beijing said on Saturday that it would let the currency start moving flexibly once again after pegging it near 6.83 for 23 months during the global financial crisis.
The projection is close to the appreciation implied in the offshore non-deliverable forwards market, where the six-month tenor was quoted at a midpoint of 6.7025 at 0725 GMT.
Looking further ahead, the median forecast of 29 economists is for the yuan to creep up to 6.58 per dollar by the end of June 2011, compared with a 12-month NDF midpoint of 6.6275 .
The survey points to a rise in the yuan's value against the dollar of 3.8 per cent over the next year.
The limited appreciation reflected in the poll results chimes with the central bank's emphasis that the rise in the yuan, also known as the renminbi (RMB), would be gradual.
"With the balance-of-payments account moving closer to equilibrium, the basis for large-scale appreciation of the RMB exchange rate does not exist," the People's Bank of China said n a statement on Saturday.
By mid-afternoon, the yuan had gained 0.35 per cent from its opening level as the PBOC allowed traders to drive the currency higher. But the Reuters poll suggests such a rapid rate of climb will not last long.
"Following this weekend's statement, the spot rate is likely to resume appreciation, but the pace will be very gradual," Qian Wang and Grace Ng, economists at JP Morgan, said.
"The pace of RMB/USD appreciation will likely be accelerated as the Chinese government gains more confidence in the resilience of the global economic recovery and a soft-landing of the domestic economy. We continue to expect RMB/$ to reach 6.6 by end of this year," they added in a note to clients.
FOREX-Euro off 1-mth high, Aussie firm on yuan rise
* China allows yuan to rise 0.4% to post-devaluation high
* Euro, Aussie hit 1-mth highs as dollar falls broadly
* Euro recovery fragile, investors look to sell rallies (Adds quote, detail)
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By Neal Armstrong
LONDON, June 21 (Reuters) - The euro and Australian dollar hit their highest levels in about a month on Monday after China allowed the yuan to rise to a post-revaluation high, but confidence in the single currency's recovery remained fragile.
Spot yuan rose to its highest level since its revaluation five years ago, adding to hopes that a pledge from China on yuan flexibility would begin to reduce global imbalances and ease tensions in the Group of 20 leading economies ahead of a meeting next week. [ID:nBJD003795]
The move will boost China's buying power abroad and is seen as broadly positive for the global economic recovery. It spurred a worldwide rise in commodity and oil prices and boosted riskier assets across the board.
"This move takes the focus off China going into the G20. It has supported risk appetite, which was already improving, and high-yielders have been the main beneficiaries," said Lauren Rosborough, senior currency strategist at Westpac.
The dollar slipped versus a basket of currencies .DXY to trade at a one-month low in Asia of 85.091, in turn allowing the euro EUR= to rally to $1.2490 versus the dollar on trading platform EBS, its highest level since May 24.
By 0925 GMT, the euro had slipped back to trade with gains of just 0.1 percent at $1.2403. Traders said there were option barriers at $1.2500 preventing further gains, reportedly being protected by a major Asian sovereign account.
The euro had closed on Friday with its best weekly gain since May 2009 after a successful Spanish bond auction eased concerns over the health of Spain's public finances, prompting investors to scale back bets against the single currency. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Latest CFTC positioning data showed a sharp reduction in euro shorts: r.reuters.com/kus26k Emerging stocks, bonds surge [ID:nLDE65K0ML] Main yuan coverage [ID:nCHINATAKE] Winners and losers from a firmer yuan [ID:nTOE65K02D] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
The euro's recovery, however, is still fragile.
"A sell the rally mentality persists for the euro in the short-term. Its rise has been a function of position adjustment." said Paul Mackel, director of FX strategy at HSBC.
Mackel suggested brighter signals were needed in euro zone bond markets for the currency's recovery to be sustainable.
HIGH-YIELDERS
The higher-yielding Australian dollar AUD=D4 gained 1.4 percent to around $0.8840, off earlier highs of $0.8860, a one-month peak, as European equities .FTEU3 rallied one percent following strong gains in Asian bourses.
"The MSCI Asia Pacific index was up 2.6%, with strength seen across the region as China's policy statement is seen as a strong sign of confidence in the global recovery story." said analysts at Brown Brothers Harriman in a note to clients.
The New Zealand dollar NZD=D4 also rose around one percent to $0.7130, after having climbed to a five-week high of $0.7153.
A higher yuan would help temper inflation in China by pushing down import prices, which in turn could mean Beijing would have less need to tighten monetary policy aggressively.
Markets have been worried China could over-tighten and slow its economy too far.
The low-yielding yen slipped versus the euro EURJPY=R, which traded at 113.25 yen, up 0.8 percent on the day. The dollar was up 0.6 percent versus the yen JPY= at 91.25 yen. (Editing by Patrick Graham)
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European stock futures were up as 2.2% and US stock futures were near highs for the day, with China's shift increasing investors' confidence in the global recovery.
The yuan in the spot market climbed as high as 6.8015 against the dollar, or up 0.38%, its strongest level since being revalued nearly five years ago, after China's central bank signalled at the weekend that it was unshackling thecurrency from its 23-month-old de facto peg.
Many analysts see the currency strengthening further in coming days, albeit at a very modest pace, with greater purchasing power of the world's third-largest economy becoming a strong global investment theme.
"China's commitment to allowing more yuan flexibility is definitely an encouraging factor for stability in the market," said Hideki Amikura, deputy general manager of foreign exchange at Nomura Trust Bank in Tokyo.
"It is a sign that China is ready to act responsibly to fix global imbalances and avoid potential international conflicts."
Oil, metals and other commodity prices rose on hopes for strong demand from China, and currencies from economies that have a large share of exports to China, Australia, Taiwan, South Korea, Brazil -- were expected to keep strengthening.
China's central bank said late on Saturday it was ready to make the yuan more flexible, citing a global economic recovery and more balanced external trade.
On Sunday Beijing ruled out a one-off move, saying there was no basis for any big appreciation and that it will keep the exchange rate at a basically stable level.
Nevertheless, the apparent policy change triggered a rally in riskier assets, with investors growing more confident about China's role in the economic recovery, offsetting worries about Europe's sovereign debt crisis- Most Read
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Chinese yuan
From Wikipedia, the free encyclopedia
 | This article contains Chinese text. Without proper rendering support, you may see question marks, boxes, or other symbols instead of Chinese characters. |
The yuan (sign: 元; code: CNY) is, in the Chinese language, the base unit of a number of modern Chinese currencies. The distinction between yuan and renminbi is analogous to that between the pound and sterling.
A yuán (元) is also known colloquially as a kuài (块 - "piece"). One yuán is divided into 10 jiǎo (角) or colloquially máo (毛 - "feather"). One jiǎo is divided into 10 fēn (分). In Cantonese, widely spoken in Guangdong, Hong Kong and Macau, kuài, jiǎo, and fēn are called mān (蚊), hòuh (毫), and sīn (仙), respectively. Sīn is a word borrowed into Cantonese from the English cent.
The symbol for the yuan (元) is also used to refer to the cognate[clarification needed] currency units of Japan and Korea, and is used to translate the currency unit dollar; for example, the US dollar is called Měiyuán (美元), or American yuan, in Chinese. When used in English in the context of the modern foreign exchange market, the Chinese yuan most commonly refers to the renminbi (CNY).
Contents[hide] |
[edit] Etymology and characters
Yuan in Chinese literally means a "round object" or "round coin". During the Qing Dynasty, the yuan was a round and silver coin.
The character for yuan has two forms—a less formal, 元, and a more formal, 圓 or 圆. The pronunciation of the two is the same - yuán. The Japanese yen was originally also written 圓, which was simplified to 円 (en) with the promulgation of the Tōyō kanji in 1946. The Korean won used to be written 圓 (won) some time after World War II and as 圜 from 1902 to 1910, but is now written as 원 (won) in Hangul exclusively, in both North and South Korea. The Hong Kong dollar, Macanese pataca and New Taiwan dollar are also written as yuán (元; 圓/圆) in Chinese.
Shop prices in People's Republic of China and Republic of China(Taiwan) are usually marked with 元 after the digits. In People's Republic of China, using '￥' as well as RMB to denote the currency is common.
The Chinese pronunciation of yuan is one syllable. In many parts of China, renminbi (人民幣/人民币 rénmínbì) are counted in kuai (simplified Chinese: 块; traditional Chinese: 塊; pinyin: kuài; literally "piece") rather than "yuan".
[edit] Connection with dollar
Originally, a silver yuan had the same specifications as a silver dollar. During the Republican era (1911–1949), the English translation "yuan" was often printed on the reverse of the first yuan banknotes but sometimes "dollar" was used instead.[1]
In the Republic of China, the common English name is the "New Taiwan dollar" but banknotes issued between 1949 and 1956 used "yuan" as the English translation[2] while more modern notes lack any English text.
[edit] G20 summit
The coming G20 summit will deal about currency issues with the Yuan [3]. An exchange rate for a currency where the government has decided to link the value to another currency or to some valuable commodity like gold[4]. In this case, the Yuan keeps a fixed exchange rate with the US dollar. Ahead of the summit, the central bank stepped aside on Monday to back up its surprise weekend announcement that it would allow greater flexibility for the yuan, buying some time against Western critics who argue the currency is undervalued and gives China an unfair advantage in world trade [5].
[edit] 1889-1948
The yuan was introduced in 1889 at par with the Mexican peso, a silver coin deriving from the Spanish dollar which circulated widely in South East Asia since the 17th century due to Spanish presence in the region, namely Philippines and Guam. It was subdivided into 1000 cash (文, wén), 100 cents or fen (分, fēn), and 10 jiǎo (角, not given an English name, cf. dime). It replaced copper cash and various silver ingots called sycees. The sycees were denominated in tael. The yuan was valued at 0.72 tael, (or 7 mace and 2 candareens).
The earliest issues were silver coins produced at the Kwangtung mint. Other regional mints were opened in the 1890s. The central government began issuing its own coins in the yuan currency system in 1903. Banknotes were issued in yuan denominations from the 1890s by several local and private banks, along with banks established by the Imperial government.
After the revolution, a great many local, national and foreign banks issued currency. Although the provincial coinages mostly ended in the 1920s, the provincial banks continued issuing notes until 1949, including Communist issues from 1930. Most of the banknotes issued for use throughout the country bore the words "National Currency", as did some of the provincial banks. The remaining provincial banknotes bore the words "Local Currency". These circulated at varying exchange rates to the national currency issues.
During the 1930s, several new currencies came into being in China due to the activities of the invading Japanese. The pre-existing, national currency yuan came to be associated only with the Nationalist, Kuomintang government. In 1935, the Kuomintang Government enacted currency reforms to limit currency issuance to four major government controlled banks: the Bank of China, Central Bank of China, Bank of Communications and later the Farmers Bank of China. The circulation of silver yuan coins was prohibited and private ownership of silver was banned. The banknotes issued in its place were known as 法幣 (Pinyin: fǎbì) or "Legal Tender". A new series of base metal coins began production in 1936 following the reforms.
Between 1930 and 1948, banknotes were also issued by the Central Bank of China denominated in customs gold units. These circulated as normal currency in the 1940s alongside the yuan.
In the aftermath of the Second World War and during the civil war which followed, Nationalist China suffered from hyperinflation, leading to the introduction of a new currency in 1948, the gold yuan.
[edit] Coins
 | This section may require cleanup to meet Wikipedia's quality standards. Please improve this section if you can. (February 2010) |
The earliest issues were silver coins produced at the Guangdong (Canton) mint in denominations of 5 cents, 1, 2 and 5 jiǎo and 1 yuan. Other regional mints were opened in the 1890s producing similar silver coins along with copper coins in denominations of 1, 2, 5, 10 and 20 cash.
Provincial Coinage for the First Yuan| Province | Years of Coin Production | |
|---|---|---|
| Start | Finish | |
| Anhui (Anhwei) | 1897 | 1909 |
| Zhejiang (Chekiang) | 1897 | 1924 |
| Hebei (Chihli) | 1896 | 1908 |
| Liaoning (Fengtien) | 1897 | 1929 |
| Fujian (Fukien) | 1896 | 1932 |
| Henan (Honan) | 1905 | 1931 |
| Hunan | 1897 | 1926 |
| Hubei (Hupeh) | 1895 | 1920 |
| Gansu (Kansu) | 1914 | 1928 |
| Jiangnan (Kiangnan) | 1898 | 1911 |
| Jiangxi (Kiangsi) | 1901 | 1912 |
| Jiangsu (Kiangsu) | 1898 | 1906 |
| Jilin (Kirin) | 1899 | 1909 |
| Guangxi (Kwangsi) | 1919 | 1949 |
| Guangdong (Kwangtung) | 1889 | 1929 |
| Guizhou (Kweichow) | 1928 | 1949 |
| Shanxi (Shansi) | 1913 | 1913 |
| Shandong (Shantung) | 1904 | 1906 |
| Shaanxi (Shensi) | 1928 | 1928 |
| Xinjiang (Sinkiang) | 1901 | 1949 |
| Sichuan (Shechuan) | 1898 | 1930 |
| Taiwan | 1893 | 1894 |
| Yunnan | 1906 | 1949 |
The central government began issuing its own coins in the yuan currency system in 1903. These were brass 1 cash, copper 2, 5, 10 and 20 cash, and silver 1, 2 and 5 jiǎo and 1 yuan. After the revolution, although the designs changed, the sizes and metals used in the coinage remained mostly unchanged until the 1930s. From 1936, the central government issued nickel (later cupronickel) 5, 10 and 20 fen and ½ yuan coins. Aluminium 1 and 5 fen pieces were issued in 1940.
[edit] Banknotes
Banknotes were issued in yuan denominations from the 1890s by several local and private banks, along with the Imperial Bank of China and the "Hu Pu Bank" (later the "Ta-Ch'ing Government Bank"), established by the Imperial government. During the Imperial period, banknotes were issued in denominations of 1, 2 and 5 jiǎo, 1, 2, 5, 10, 50 and 100 yuan, although notes below 1 yuan were uncommon.
The number of banks issuing paper money increased after the revolution. Significant national issuers included the "Commercial Bank of China" (the former Imperial Bank), the "Bank of China" (the former Ta-Ch'ing Government Bank), the "Bank of Communications", the "Ningpo Commercial Bank", the "Central Bank of China" and the "Farmers Bank of China". Of these, only the Central Bank of China issued notes beyond 1943. An exceptionally large number of banknotes were issued during the Republican era (1911–1949) by provincial banks (both Nationalist and Communist).
After the revolution, in addition to the denominations already in circulation, "small money" notes proliferated, with 1, 2 and 5 cent denominations appearing. Many notes were issued denominated in English in cash (wén).
In the 1940s, larger denominations of notes appeared due to the high inflation. 500 yuan notes were introduced in 1941, followed by 1000 and 2000 yuan in 1942, 2500 and 5000 yuan in 1945 and 10,000 yuan in 1947.
[edit] 1948-1949
Banknotes of the first yuan suffered from hyperinflation following the Second World War and were replaced in August 1948 by notes denominated in gold yuan, worth 3 million old yuan. There was no link between the gold yuan and gold metal or coins and this yuan also suffered from hyperinflation.
[edit] Gold banknotes
In 1948, the Central Bank of China issued notes (some dated 1945 and 1946) in denominations of 1, 2 and 5 jiao, 1, 5, 10, 20, 50, and 100 yuan. In 1949, higher denominations of 500, 1000, 5000, 10,000, 50,000, 100,000, 500,000, 1,000,000 and 5,000,000 yuan were issued.
[edit] 1949
In July 1949, the Nationalist Government introduced the silver yuan, which was initially worth 500 million gold yuan. It circulated for a few months on the mainland before the end of the civil war. This silver yuan remained the de jure official currency of the Republic government on Taiwan until 2000.
[edit] Silver banknotes
The Central Bank of China issued notes in denominations of 1 and 5 fen, 1, 2 and 5 jiao, 1, 5 and 10 yuan.
[edit] 1917-1932
In 1917, the warlord in control of Manchuria, Zhang Zuolin, introduced a new currency, known as the Fengtien yuan or dollar, for use in the Three Eastern Provinces. It was valued at 1.2 yuan in the earlier (and still circulating) "small money" banknotes and was initially set equal to the Japanese yen. It maintained its value (at times being worth a little more than the yen) until 1925, when Zhang Zuolin's military involvement in the rest of China lead to an increase in banknote production and a fall in the currency's value. The currency lost most of its value in 1928 as a consequence of the disturbance following Zhang Zuolin's assassination. The Fengtien yuan was only issued in banknote form, with 1, 5 and 10 yuan notes issued in 1917, followed by 50 and 100 yuan notes in 1924. The last notes were issued in 1928.
[edit] Japanese Occupation yuan
The Japanese occupiers issued coins and banknotes denominated in li (釐, 1/1000 of a yuan), fen, jiao and yuan. Issuers included a variety of banks, including the Central Reserve Bank of China (for the puppet government in Nanking) and the Federal Reserve Bank of China (for the puppet government in Beijing). The Japanese decreed the exchange rates between the various banks' issues and those of the Nationalists but the banknotes circulated with varying degrees of acceptance among the Chinese population. Between 1932 and 1945, the puppet state of Manchukuo issued its own yuan.
The Japanese established two collaborationist regimes during their occupation in China. In the north, the "Provisional Government of the Republic of China" (中華民國臨時政府) based in Beijing established the Federal Reserve Bank of China (中國聯合準備銀行, pinyin: Zhōngguó liánhé zhǔnbèi yínháng). The FRB issued notes in 1938 at par with Kuomintang y
[edit] 1945-1948
After the defeat of Japan in 1945, the Central Bank of China issued a separate currency in the northeast to replace those issued by the puppet banks. Termed "東北九省流通券" (pinyin:Dōngběi jiǔ shěng liútōngquàn), it was worth 20 of the yuan which circulated in the rest of the country. It was replaced in 1948 by the gold yuan at a rate of 150,000 north-eastern yuan = 1 gold yuan. In 1945, notes were introduced in denominations of 1, 5, 10, 50 and 100 yuan. 500 yuan notes were added in 1946, followed by 1000 and 2000 yuan in 1947 and 5000 and 10,000 yuan in 1948.
[edit] 1930-1949
The various Soviets under the control of China's communists issued coins between 1931 and 1935, and banknotes between 1930 and 1949. Some of the banknotes were denominated in ch'uan, strings of wén coins. The People's Bank was founded in 1948 and began issuing currency that year, but some of the regional banks continued to issue their own notes in to 1949.
[edit] Communist coins
Various, mostly crude coins were produced by the Soviets. Some only issued silver 1 yuan coins (Hunan, Hupeh-Honan-Anhwei, Min-Che-Kan, North Shensi and P'ing Chiang) whilst the Hsiang-O-Hsi Soviet only issued copper 1 fen coins and the Wan-Hsi-Pei Soviet issued only copper 50 wén coins. The Chinese Soviet Republic issued copper 1 and 5 fen and silver 2 jiao and 1 yuan coins. The Szechuan-Shensi Soviet issued copper 200 and 500 wén and silver 1 yuan coins.
[edit] Communist banknotes
Notes were produced by many different banks. There were two phases of note production. The first, up until 1936, involved banks in a total of seven areas, most of which were organized as Soviets. These were:
| Area | Start year | End year | Denominations |
|---|---|---|---|
| Chinese Soviet Republic | 1933 | 1936 | 1 fen |
| 5 fen | |||
| 1 jiao | |||
| 2 jiao | |||
| 5 jiao | |||
| 1 yuan | |||
| 2 yuan | |||
| 3 yuan | |||
| Hunan-Hubei-Jiangsi | 1931 | 1933 | 1 jiao |
| 2 jiao | |||
| 3 jiao | |||
| 5 jiao | |||
| 1 yuan | |||
| Northwest Anwei | 1932 | 2 jiao | |
| 5 jiao | |||
| 1 yuan | |||
| 5 yuan | |||
| Fujian-Chekiang-Kiangsi | 1932 | 1934 | 10 wén |
| 1 jiao | |||
| 2 jiao | |||
| 5 jiao | |||
| 1 yuan | |||
| 10 yuan | |||
| Hubei | 1930 | 1932 | 1 ch'uan |
| 2 ch'uan | |||
| 10 ch'uan | |||
| 1 ch'uan | |||
| 2 ch'uan | |||
| 5 jiao | |||
| 1 yuan | |||
| P'ing Chiang | 1931 | 1 jiao | |
| 2 jiao | |||
| Sichuan-Shensi | 1932 | 1933 | 1 ch'uan |
| 2 ch'uan | |||
| 3 ch'uan | |||
| 5 ch'uan | |||
| 10 ch'uan | |||
Production of banknotes by communist forces ceased in 1936 but resumed in 1938 and continued through to the centralization of money production in 1948. A great many regional banks and other entities issued notes. Before 1942, denominations up to 100 yuan were issued. That year, the first notes up to 1000 yuan appeared. Notes up to 5000 yuan appeared in 1943, with 10,000 yuan notes appearing in 1947, 50,000 yuan in 1948 and 100,000 yuan in 1949.
[edit] Second Communist yuan
As the communist forces took control of most of China, they introduced a new currency, in banknote form only, denominated in yuan. This became the sole currency of mainland China at the end of the civil war.
[edit] Renminbi yuan
A new yuan was introduced in 1955 at a rate of 10,000 old yuan = 1 new yuan. It is known as the renminbi yuan.
[edit] First Taiwanese yuan
In 1946, a new currency was introduced for circulation in Taiwan, replacing the Japanese issued Taiwan yen. It was not directly related to the mainland yuan.
[edit] Second Taiwanese yuan
In 1949, a second yuan was introduced in Taiwan, replacing the first at a rate of 40,000 to 1. This is the currency of Taiwan today.
[edit] See also
 | Look up Yuan in Wiktionary, the free dictionary. |
[edit] References
[edit] Footnotes
- ^ Ronald Wise. "Banknote images of China, 1914 - 1949". http://www.banknoteworld.com/countries/china.html. Retrieved 2006-11-23.
- ^ sinobanknote.com. "Table of New Taiwan dollar". http://www.sinobanknote.com/show_table_entire.php?language=english&type=twd. Retrieved 2006-11-23.
- ^ "Obama prods China on currency rates in G20 letter". http://www.reuters.com/article/idUSTRE65H1WC20100618.
- ^ "Currency peg definition". http://financial-dictionary.thefreedictionary.com/Currency+peg.
- ^ "China unshackles yuan ahead of G20". http://www.reuters.com/article/idUSTRE65I11B20100621.
[edit] Notations
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed. ed.). Krause Publications. ISBN 0873411501.
- Pick, Albert (1990). Standard Catalog of World Paper Money: Specialized Issues. Colin R. Bruce II and Neil Shafer (editors) (6th ed.). Krause Publications. ISBN 0-87341-149-8.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.
[edit] External links
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Who cares about the Chinese yuan?
Page last updated at 12:42 GMT, Monday, 21 June 2010 13:42 UK
Will a more flexible yuan be in China's own long term interest? China looks set to allow its currency to rise in value against the US dollar for the first time in two years.
It is a move that has been demanded for months by angry politicians in Washington.
They say that China's currency is undervalued and gives the country an unfair competitive advantage.
But the new "flexible" yuan could have much more far-reaching implications than this.
THE WINNERS:
US toymakers will find it easier to compete with Chinese imports - Global trade, and all those involved in it, may be able to breathe a collective sigh of relief. Although at this stage the Chinese announcement is woefully short on detail, it should go some way to silencing the growing drumbeat of trade war emanating from Washington DC and elsewhere.
- Foreign manufacturers that compete with Chinese imports will be smiling - think of toymakers and clothes makers in the US. Also, other big exporting countries such as Japan, Korea, Taiwan and Germany will gain a competitive advantage over their Chinese rivals.
- Foreign companies (particularly in the US) that export to China will become more competitive. These include carmakers, technology companies and engineering firms. The price of their goods in yuan will be cheaper, and the money they earn in China will be worth more in their home currency.
- Chinese companies that have borrowed in dollars will find the cost of their debt falls. Big winners here will include the Chinese airlines.
- Long-suffering Chinese consumers will benefit from cheaper imports. However, households in China will continue to suffer from artificially low deposit rates, which mean they earn very little return on their savings.
- Speculators who anticipated the central bank's announcement borrowed in dollars and bought Chinese assets, including property and Chinese shares. Others speculated on currency forward contracts, which have jumped in value on Monday.
- Central bankers in China have been lobbying the government to let it do more to combat rising inflation in China. They have been fighting over policy with export industry lobbyists. A stronger yuan will help by lowering export prices and cooling the Chinese economy. The move will also make it easier for other Asian central banks, who face rising inflation, to raise interest rates and let their own currencies appreciate.
THE LOSERS:
A rising yuan could be bad news for global carbon emissions - Chinese exporters, including foreign companies that own factories in China, will become less competitive. These companies pay wages in yuan, but set export prices in dollars and euros. Some, such as Toyota and Honda, are already facing strikes by Chinese workers to raise their wages. Many exporters operate on very thin profit margins that could be wiped out by the yuan's rise.
- Foreign consumers, especially in the US, will have to pay more for goods made in China.
- A rising yuan could be bad news for the environment, as it will make it cheaper for China to import raw materials and energy resources. The country's heavy industries are already widely criticised for poor standards of air, water and soil pollution. China is also the world's biggest growing producer of carbon emissions.
- The People's Bank of China will be a big loser, even though its bankers may be happy about the policy change. Because of the central bank's currency policy, it has borrowed billions in yuan and invested it in US treasuries. The value of those treasuries in yuan is now set to fall, causing the central bank hundreds of millions in paper losses.
UNCERTAIN:
China has a voracious appetite for commodities - Europe may not benefit from the new yuan policy as much as the US. The yuan is currently pegged to the dollar, so any "flexibility" will directly impact US competitiveness. Indeed, the eurozone and the UK may actually lose out if Beijing decides to start linking its currency more closely to the euro and the pound. If the Chinese central bank starts buying these currencies, it will push their value up, making Europe less competitive.
- Chinese heavy industry will need to pay less for the commodities - particularly metals and energy - that they import. For companies that focus on exports, this will go some way to alleviating their loss of competitiveness. But for companies that focus on the domestic Chinese market, cheaper raw materials are an unmitigated plus.
- Commodities exporters such as Russia, Australia and Brazil may find demand from China - their most important customer - cools, as the demand from Chinese exporters cools. Alternatively, demand may pick up, as China can buy more raw materials at a cheaper price for their domestic markets. Commodity markets took the news very well so many clearly predict the latter.
- The new yuan policy may prove a pyrrhic victory for the US politicians who have lobbied so much for it. There will after all be no immediate rise in the yuan. But the congressmen currently preparing a retaliatory trade sanctions bill against China may find the wind taken out of their sails. The US Treasury Secretary, Timothy Geithner, had started talking tough ahead of the G20 summit in Toronto later this month, but may now revert to quiet diplomacy.
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http://news.bbc.co.uk/2/hi/business/10365415.stmIndia to revisit response to Bhopal leak, ministers say
Page last updated at 11:24 GMT, Monday, 21 June 2010 12:24 UK
Thousands of people were affected by the gas leak in December 1984 Indian cabinet ministers are recommending that the government do more to help victims of the 1984 Bhopal gas disaster.
The move follows public outrage after seven former managers at the plant were given two-year jail sentences.
The convictions are the first since the disaster at the Union Carbide plant - considered to be the world's worst industrial accident.
Some 3,500 people died within days and more than 15,000 in the years since.
Amid rising public and media pressure the government appointed a group of senior ministers to look again at issues such as compensation for those affected, and what to do about continued pollution at the now abandoned plant.
Briefing reporters after a two-hour-long meeting in Delhi, Home Minister P Chidambaram said the panel of senior ministers had dealt with all issues concerning the accident.
He said the meeting discussed "compensation to victims, legal issues including pursing the extradition of Warren Anderson [the then chairman of the US-based Union Carbide parent group] and... health-related matters".
"Our focus now is bringing relief to the victims of the ghastly tragedy," Mr Chidambaram said. "Thousands continue to suffer, and the government is sympathetic to their plight."
Mr Chidambaram said the cabinet would consider the recommendations on Friday.
The Reuters news agency quoted an unnamed government minister as saying that India may ask its courts to examine whether US company Dow Chemicals could be held liable for the damages.
BHOPAL'S DEATH TOLL
Continue reading the main story
- Initial deaths (3-6 December): more than 3,000 - official toll
- Unofficial initial toll: 7,000-8,000
- Total deaths to date: over 15,000
- Number affected: Nearly 600,000
- Compensation: Union Carbide pays $470m in 1989
Source: Indian Supreme Court, Madhya Pradesh government, Indian Council of Medical Research
Bhopal voices: 'Justice denied' 'Travesty': Indian papers reactTwenty years ago Union Carbide paid $470m (£282m) in compensation to the Indian government.
Dow Chemicals, which bought the company in 1999, says this settlement resolved all existing and future claims against the company.
Correspondents say the fact that the Bhopal tragedy is back in the news at the same time as the huge oil spill in the Gulf of Mexico has added to the sense that victims of the 1984 disaster have been terribly let down.
Commentators in India have pointed out that the US government appears far more concerned about a disaster in its own back yard than one which took place years ago in the developing world.
There has also been trenchant criticism of the Indian government response over the years, and of Union Carbide - now owned by Dow Chemicals - for failing to do more to help.
An extradition treaty does exist between India and the United States - but so far all requests by India for Warren Anderson's extradition have been turned down by the American government.
See also
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