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Chinese yuan woes, homelessness
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November 19, 2009
China rejects floating yuan against greenback
China has rejected calls from the International Monetary Fund (IMF) and global leaders including U.S. President Barack Obama, who ended a four-day visit to China yesterday, to let the tightly controlled yuan rise against the U.S. dollar. Meanwhile, IMF director Dominique Strauss-Kahn has suggested that globalization demands a new global currency to replace the U.S. dollar as a global benchmark. SFU economics professor emeritus, James Dean, says a higher yuan would encourage the Chinese to spend more on imports and rely less on exports. And that could be good for both Chinese consumers and the rest of the world. But he says its immediate effect could also be to slow down China's growth, which it needs to absorb underemployed rural labor. Also, any sharp drop in the dollar against the yuan would cause major losses on China's huge holding of more than 800 billion dollars worth of U.S. Treasury bonds.
James Dean, 604.727.0893; james_dean@sfu.ca
Homelessness and mental illness
SFU health sciences associate professor Julian Somers is set to lead a national research project targeting mental health and homelessness. Details of the Canada Mental Health Commission project, called At Home/Chez Soi, will be announced on Monday, Nov. 23 at events across the country. The project’s goal is to find the best mix of housing and support for those who are homeless and living with mental illness. Somers will be available at the Vancouver event, to be held at the Coast Clubhouse (245 E. 11th Ave) at 10 a.m.
Julian Somers, 778.782.5049; jsomers@sfu.ca
China has rejected calls from the International Monetary Fund (IMF) and global leaders including U.S. President Barack Obama, who ended a four-day visit to China yesterday, to let the tightly controlled yuan rise against the U.S. dollar. Meanwhile, IMF director Dominique Strauss-Kahn has suggested that globalization demands a new global currency to replace the U.S. dollar as a global benchmark. SFU economics professor emeritus, James Dean, says a higher yuan would encourage the Chinese to spend more on imports and rely less on exports. And that could be good for both Chinese consumers and the rest of the world. But he says its immediate effect could also be to slow down China's growth, which it needs to absorb underemployed rural labor. Also, any sharp drop in the dollar against the yuan would cause major losses on China's huge holding of more than 800 billion dollars worth of U.S. Treasury bonds.
James Dean, 604.727.0893; james_dean@sfu.ca
Homelessness and mental illness
SFU health sciences associate professor Julian Somers is set to lead a national research project targeting mental health and homelessness. Details of the Canada Mental Health Commission project, called At Home/Chez Soi, will be announced on Monday, Nov. 23 at events across the country. The project’s goal is to find the best mix of housing and support for those who are homeless and living with mental illness. Somers will be available at the Vancouver event, to be held at the Coast Clubhouse (245 E. 11th Ave) at 10 a.m.
Julian Somers, 778.782.5049; jsomers@sfu.ca