The US Senate has passed a controversial currency manipulation bill that would allow the government to put in place countervailing duties if the Commerce Department determines that a foreign government is subsidising exports by undervaluing its currency. While the bill doesn't actually point fingers at the People's Republic, China was at the top of the minds of the senators who were drafting it. The bill's fate now hangs in the balance in the House of Representatives. more ›

Get rich quick scheme of the day: Travel back in time to 2005 with sacks full of Benjamins, exchange them for renminbi, and presto-money-changeo, you're rich! "The renminbi (RMB), China's official currency, set a new high for the second day to a ratio of 6.4536 yuan per US dollar on Thursday. It indicates a 22-percent increase after the country launched exchange reforms on July 21, 2005. The ratio was 8.11 yuan per US dollar when the reforms were launched six years ago. China abandoned a decade-old peg to the US dollar by allowing its currency to fluctuate against a basket of currencies on July 21, 2005. The reforms were suspended in a bid to fight the global downturn in 2008. The yuan exchange rate again was pegged to the dollar at a ratio around 6.83 from September 2008. The peg was lifted on June 19, 2010, when the central bank announced further yuan exchange rate formation mechanisms." [China Daily] more ›

Transcript of remarks as prepared for delivery by U.S. Treasury Secretary Timothy Geithner made at the G20 conference in Nanjing earlier today, via WSJ / China Real Time:

I welcome this seminar on reform of the international monetary system. This is a good time to assess the strengths and limitations of the current system, because the world economy is going through very substantial changes. more ›

• Wow, that's a huge amount: 1.5 million people per day are getting innoculated with the swine flu vaccine. [AP]
• This year's Chinese Blogger Conference was held in an ancient cave in Lianzhou, Guangdon. Why? You'll have to watch this video to find out. [WSJ]
• A government report has said that China's Three Gorges Dam has doubled in cost and has been plagued with multiple problems. Here's a summary of them. [Al Jazeera (on Youtube)]

Yes, it's been a very serious day, which means we need to wash it down tonight with something a little more silly - like this ad about making money multiply. Hopefully you're already at home because this vid could be considered a little NOT SAFE FOR WORK. Those crazy German ad companies - what will they think of next? Also, watch for a Chairman Mao cameo near the end. All we can say is... Don't do it! He'll either confiscate or tear up any money babies you make after the first one! more ›