Renminbi Internationalisation: Precedents and Implications

While it is commonly assumed that there are no known precedents against which to benchmark the internationalisation of the Renminbi (RMB), this paper argues that the PRCs own development experience provides a useful perspective on the internationalisation debate. In particular it indicates that lessons can be learnt from both the successes and the shortcomings of efforts to internationalise the RMB in the 1970s. During this period state-owned banks in Hong Kong played a central role in mobilising finance for foreign trade. Access to Hong Kong’s developed financial institutions allowed the PRC to maximise receipts from foreign trade as well as minimise the risks of undue swings in capital flows. The paper shows that although China no longer faces foreign exchange scarcity, economic reforms have not yet resolved vulnerabilities in China’s financial institutions and as such Hong Kong’s role in mitigating the risk of undue capital swings remains

Orbiter based construction equipment

Many orbiter based activities need equipment to hold a payload steady while it is being worked on. This work may be construction, updating, repair, services, check out, or refueling operations in preparation for return to Earth. The Handling and Positioning Aid (HPA) is intended for use as general purpose equipment. The HPA provides a wide choice of work station positions, both immediately above the orbiter cargo bay and beyond. It can act in a primary docking role and, if required, can assist actively in the berthing process. From an analysis of ten reference missions, it was determined that two types of HPA mobility are needed; a tilt table, which simply swings out of the cargo bay, pivoting about an athwartships y axis, and an articulated arm. Illustration of the aid are provided

Retrocausal Quantum Mechanics: Maudlin's Challenge Revisited

In 1994, Maudlin proposed an objection to retrocausal approaches to quantum mechanics in general, and to the transactional interpretation (TI) in particular, involving an absorber that changes location depending on the trajectory of the particle. Maudlin considered this objection fatal. However, the TI did not die; rather, a number of responses were developed, some attempting to accommodate Maudlin's example within the existing TI, and others modifying the TI. I argue that none of these responses is fully adequate. The reason, I submit, is that there are two aspects to Maudlin's objection; the more readily soluble aspect has received all the attention, but the more problematic aspect has gone unnoticed. I consider the prospects for developing a successful retrocausal quantum theory in light of this second aspect of the objection

The Federal Reserve Bank of Richmond: Governor Seay and the issues of the early years

The evolution of the Richmond Bank from its incorporation in 1914 through the stock market crash of 1929. This article focuses on George J. Seay, the Bank’s first Governor (President, in today’s parlance).Federal Reserve System - History ; Federal Reserve District, 5th

Britain’s supersized cabinets are too expensive.

As the search for massive UK public expenditure cuts swings into intensive mode, Joachim Wehner finds a strong link in comparative work between the number of department heads sitting around a country’s cabinet table and the proportion of GDP absorbed in public spending.

Core CPI: excluding food, energy ... and used cars?

Although used car prices represent only a small portion of the consumer price index, their extreme volatility has had a major impact on the measured inflation rate. To explain this relationship, the authors describe how used cars are treated in the CPI and explore what might cause the wide swings in used car prices.Automobile industry and trade ; Consumer price indexes