Word: kong
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...past two weeks, China signed multibillion-dollar currency-swap agreements with Indonesia and Argentina that effectively allow Beijing's two trading partners to bypass the dollar as a medium of exchange. The deals followed similar swaps China has hammered out over the past six months with Malaysia, Hong Kong and South Korea. The combined value of the various swaps - which enable the central banks of China's trading partners to sell yuan to local importers to buy Chinese goods - is nearly $100 billion. (See pictures of the global financial crisis...
...objectives upon oneself. Indeed, our particular educational system is a blessing in that it encourages exploration and creative thinking, a boon that hasn’t gone unnoticed by other countries. Over spring break, through the Harvard College in Asia Program, I had the opportunity to stay at Hong Kong University with a group of fellow undergraduates. The dean of education there informed us that the college is planning to reform its curriculum—a relic of British colonial rule—to bring it more in line with the American system. Rather than starting off their university years...
...over, and almost everything proposed at the summit had to get past the emerging economies. Case in point: When Sarkozy proposed a global crackdown on tax-heavens, it was Chinese, not American, opposition that cut down the proposal substantially so it could protect financial centers in Hong Kong and Macao...
...nearly two centuries, hundreds of thousands of Gurkhas have been plucked from the foothills of the Himalayas to serve primarily in the British and Indian armies. They have often been given dangerous frontline duties in Hong Kong, Malaysia, Borneo, the Falklands, Kosovo, Afghanistan and Iraq. The British army has awarded more than a dozen Victoria Crosses to Nepalese soldiers over the years, but despite the job's prestige at home, Gurkhas have long complained of being treated differently from native soldiers. For decades, Gurkhas have struggled with the British government for parity of pay, pensions, and perks, and more recently...
...foreign tax authorities on request should be published immediately by the Organization for Economic Co-operation and Development (OECD) as part of a clampdown on such havens. China, not a member of the OECD, was stalling because of its concern that such a list might include Macau and Hong Kong, which have both recently moved to implement OECD standards. The U.S. President took Sarkozy aside, then Chinese President Hu Jintao, and finally brought them together in a private meeting at the side of the room. "If he hadn't done that, we'd still be there," remarked a White House...