Phantom stock values are less prone to manipulation, since the internal unit calculating them has access to all the inside information, which is unavailable to the market.
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But calculating that would require timely estimates of unit labour costs for all of China's trading partners.
ECONOMIST: The yuan-dollar exchange rate
When calculating such things, people often adopt a familiar unit as a mental yardstick and then generate predictions based on that unit.
ECONOMIST: Energy conservation
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