Word: shifting
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...Consequently, a more flexible renminbi mechanism raises the odds of an Asian shift out of dollars, in effect removing the artificial bid for dollar-denominated assets that has prevented U.S. interest rates from rising more sharply. This will undoubtedly put pressure on the interest-rate prop supporting U.S. asset markets?especially property. Asset-dependent American consumers may slow their spending as a result. While this may be painful, it may also be the only way for the U.S. and the rest of the world to come to grips with the U.S.'s glaring foreign-trade and current-account imbalances. China...
...trade within a narrow band of 0.3% each day against a basket of (unnamed) currencies. Now that the yuan is allowed to float, even only slightly, its value should better reflect China's buoyant economic growth and its booming trade with the rest of the world. But the 2.1% shift is so slight that it amounts to little more than "a toe in the water," says David O'Rear, chief economist at the Hong Kong General Chamber of Commerce...
...move received qualified praise from Bangkok to Tokyo to Washington, where U.S. Federal Reserve Chairman Alan Greenspan called it "a good first step." It's unclear whether Beijing acted because of American pressure or in spite of it. Zhou Xiaochuan, head of China's central bank, said the shift was made because the dollar had become too volatile, so it was in China's own long-term interest to change. Whatever the reasons, the decision is expected to smooth strained relations between China and the U.S.?good timing, given that a meeting in Washington between Chinese President Hu Jintao...
...giving scope for Asian currencies to strengthen, economists expect that the yuan's rise will effectively boost consumer-spending power throughout the region, because imports will become cheaper and interest rates will tend to remain low. In this way, the reform of the yuan could usher in a major shift in the way the global economy works: the knock against Asia is that it saves too much and spends too little, while the U.S. spends too much and saves too little?leading to huge U.S. deficits that some economists fear could destabilize the world economy. If Asians begin to spend...
After graduating in 1994, Urale moved back to Wellington to shoot O Tamaiti (1996). A 15-min. short filmed in black and white and with barely a word of dialogue, it showed cinema's ability to shift perceptions, if not mountains. Innovatively shot from the perspective of an 11-year-old Samoan boy called Tino, as he struggles to bring up his five siblings on a housing estate while his parents are busy making money and more babies, O Tamaiti (The Children) took out the coveted Silver Lion at the Venice Film Festival, a first for a Pacific Islander director...