"It has not been an easy transition, " says a report by Andy Xie, regional economist at Morgan Stanley Dean Witter.

CNN: The 100-Day Itch

Andy Xie, an economist at Morgan Stanley, calculates that, in real terms, the yuan has risen by 40-50% against both the dollar and the euro since 1993.

ECONOMIST: China's economy

By April of 1986 orders from IBM for Intel chips had disappeared entirely, recalls Andy Kessler, a chip analyst for Morgan Stanley at the time.

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