This is more important at present than a competitive exchange rate, and puts China's exporters at an advantage over their cash-strapped regional rivals.

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This necessitated the introduction of the schilling in the next year at an exchange rate of 10, 000 kronen to one schilling.

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Because the euro-11 account for about half of Britain's exports, they fear that this will put them at a disadvantage relative to the euro zone, where exchange-rate risk will have disappeared.

ECONOMIST: John Bull stays at home

The Minister instructed the teller that there was to be a new and more favorable currency exchange rate for the day and the financial instrument was to be converted at this new rate.

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However, the Americans, at the other end of the yen-dollar exchange rate, do not necessarily see things this way.

ECONOMIST: The unstoppable, surging yen

What the IMF was supposed to do was strictly this: provide loans to countries whose currencies were having trouble staying at a fixed rate of exchange to the dollar, so that that rate would be maintained.

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