World

China's Netizens Warn U.S. Politicians to Back Off: Adam Minter

On the sultry evening of July 21, 2005, I was having dinner in an American restaurant in Shanghai favored by expats. Shortly after 7:00p.m., over the course of less than five minutes, my four dinner companions' phones buzzed with the same news: China’s central bank had begun to allow the currency to appreciate from its seven-year peg of 8.27 yuan to the U.S. dollar, to 8.11 yuan.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.