1.
New York Stock Exchange
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The New York Stock Exchange, is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York. It is by far the worlds largest stock exchange by market capitalization of its companies at US$19.3 trillion as of June 2016. The average daily trading value was approximately US$169 billion in 2013, the NYSE trading floor is located at 11 Wall Street and is composed of 21 rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007, the main building and the 11 Wall Street building were designated National Historic Landmarks in 1978. The NYSE is owned by Intercontinental Exchange, an American holding company that it also lists, previously, it was part of NYSE Euronext, which was formed by the NYSEs 2007 merger with Euronext. NYSE and Euronext now operate as divisions of Intercontinental Exchange, the NYSE has been the subject of several lawsuits regarding fraud or breach of duty and in 2004 was sued by its former CEO for breach of contract and defamation. The earliest recorded organization of securities trading in New York among brokers directly dealing with each other can be traced to the Buttonwood Agreement, previously securities exchange had been intermediated by the auctioneers who also conducted more mundane auctions of commodities such as wheat and tobacco. In 1817 the stockbrokers of New York operating under the Buttonwood Agreement instituted new reforms, after sending a delegation to Philadelphia to observe the organization of their board of brokers, restrictions on manipulative trading were adopted as well as formal organs of governance. Several locations were used between 1817 and 1865, when the present location was adopted, the invention of the electrical telegraph consolidated markets, and New Yorks market rose to dominance over Philadelphia after weathering some market panics better than other alternatives. The Civil War greatly stimulated speculative securities trading in New York, by 1869 membership had to be capped, and has been sporadically increased since. The latter half of the century saw rapid growth in securities trading. Securities trade in the nineteenth and early twentieth centuries was prone to panics. The Stock Exchange Luncheon Club was situated on the floor from 1898 until its closure in 2006. The main building, located at 18 Broad Street, between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978, as was the 11 Wall Street building. The NYSE announced its plans to merge with Archipelago on April 21,2005, NYSEs governing board voted to merge with rival Archipelago on December 6,2005, and became a for-profit, public company. It began trading under the name NYSE Group on March 8,2006, Wall Street is the leading US money center for international financial activities and the foremost US location for the conduct of wholesale financial services. It comprises a matrix of wholesale financial sectors, financial markets, financial institutions, the principal sectors are securities industry, commercial banking, asset management, and insurance. Prior to the acquisition of NYSE Euronext by the ICE in 2013, Marsh Carter was the Chairman of the NYSE, presently, the chairman is Jeffrey Sprecher
2.
Telecommunication
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Telecommunication is the transmission of signs, signals, messages, writings, images and sounds or intelligence of any nature by wire, radio, optical or other electromagnetic systems. Telecommunication occurs when the exchange of information between communication participants includes the use of technology and it is transmitted either electrically over physical media, such as cables, or via electromagnetic radiation. Such transmission paths are divided into communication channels which afford the advantages of multiplexing. The term is used in its plural form, telecommunications. Early means of communicating over a distance included visual signals, such as beacons, smoke signals, semaphore telegraphs, signal flags, other examples of pre-modern long-distance communication included audio messages such as coded drumbeats, lung-blown horns, and loud whistles. Zworykin, John Logie Baird and Philo Farnsworth, the word telecommunication is a compound of the Greek prefix tele, meaning distant, far off, or afar, and the Latin communicare, meaning to share. Its modern use is adapted from the French, because its use was recorded in 1904 by the French engineer. Communication was first used as an English word in the late 14th century, in the Middle Ages, chains of beacons were commonly used on hilltops as a means of relaying a signal. Beacon chains suffered the drawback that they could pass a single bit of information. One notable instance of their use was during the Spanish Armada, in 1792, Claude Chappe, a French engineer, built the first fixed visual telegraphy system between Lille and Paris. However semaphore suffered from the need for skilled operators and expensive towers at intervals of ten to thirty kilometres, as a result of competition from the electrical telegraph, the last commercial line was abandoned in 1880. Homing pigeons have occasionally used throughout history by different cultures. Pigeon post is thought to have Persians roots and was used by the Romans to aid their military, frontinus said that Julius Caesar used pigeons as messengers in his conquest of Gaul. The Greeks also conveyed the names of the victors at the Olympic Games to various cities using homing pigeons, in the early 19th century, the Dutch government used the system in Java and Sumatra. And in 1849, Paul Julius Reuter started a service to fly stock prices between Aachen and Brussels, a service that operated for a year until the gap in the telegraph link was closed. Sir Charles Wheatstone and Sir William Fothergill Cooke invented the telegraph in 1837. Also, the first commercial electrical telegraph is purported to have constructed by Wheatstone and Cooke. Both inventors viewed their device as an improvement to the electromagnetic telegraph not as a new device, samuel Morse independently developed a version of the electrical telegraph that he unsuccessfully demonstrated on 2 September 1837
3.
China
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China, officially the Peoples Republic of China, is a unitary sovereign state in East Asia and the worlds most populous country, with a population of over 1.381 billion. The state is governed by the Communist Party of China and its capital is Beijing, the countrys major urban areas include Shanghai, Guangzhou, Beijing, Chongqing, Shenzhen, Tianjin and Hong Kong. China is a power and a major regional power within Asia. Chinas landscape is vast and diverse, ranging from forest steppes, the Himalaya, Karakoram, Pamir and Tian Shan mountain ranges separate China from much of South and Central Asia. The Yangtze and Yellow Rivers, the third and sixth longest in the world, respectively, Chinas coastline along the Pacific Ocean is 14,500 kilometers long and is bounded by the Bohai, Yellow, East China and South China seas. China emerged as one of the worlds earliest civilizations in the basin of the Yellow River in the North China Plain. For millennia, Chinas political system was based on hereditary monarchies known as dynasties, in 1912, the Republic of China replaced the last dynasty and ruled the Chinese mainland until 1949, when it was defeated by the communist Peoples Liberation Army in the Chinese Civil War. The Communist Party established the Peoples Republic of China in Beijing on 1 October 1949, both the ROC and PRC continue to claim to be the legitimate government of all China, though the latter has more recognition in the world and controls more territory. China had the largest economy in the world for much of the last two years, during which it has seen cycles of prosperity and decline. Since the introduction of reforms in 1978, China has become one of the worlds fastest-growing major economies. As of 2016, it is the worlds second-largest economy by nominal GDP, China is also the worlds largest exporter and second-largest importer of goods. China is a nuclear weapons state and has the worlds largest standing army. The PRC is a member of the United Nations, as it replaced the ROC as a permanent member of the U. N. Security Council in 1971. China is also a member of numerous formal and informal multilateral organizations, including the WTO, APEC, BRICS, the Shanghai Cooperation Organization, the BCIM, the English name China is first attested in Richard Edens 1555 translation of the 1516 journal of the Portuguese explorer Duarte Barbosa. The demonym, that is, the name for the people, Portuguese China is thought to derive from Persian Chīn, and perhaps ultimately from Sanskrit Cīna. Cīna was first used in early Hindu scripture, including the Mahābhārata, there are, however, other suggestions for the derivation of China. The official name of the state is the Peoples Republic of China. The shorter form is China Zhōngguó, from zhōng and guó and it was then applied to the area around Luoyi during the Eastern Zhou and then to Chinas Central Plain before being used as an occasional synonym for the state under the Qing
4.
Hong Kong
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Hong Kong, officially the Hong Kong Special Administrative Region of the Peoples Republic of China, is an autonomous territory on the Pearl River Delta of East Asia. Macau lies across the delta to the west, and the Chinese province of Guangdong borders the territory to the north. With a total area of 1,106 square kilometres. Hong Kong was later occupied by Japan during World War II until British control resumed in 1945, under the principle of one country, two systems, Hong Kong maintains a separate political and economic system from China. Except in military defence and foreign affairs, Hong Kong maintains its independent executive, legislative, in addition, Hong Kong develops relations directly with foreign states and international organisations in a broad range of appropriate fields. Hong Kong is one of the worlds most significant financial centres, with the highest Financial Development Index score and consistently ranks as the worlds most competitive and freest economic entity. As the worlds 8th largest trading entity, its legal tender, Hong Kongs tertiary sector dominated economy is characterised by simple taxation with a competitive level of corporate tax and supported by its independent judiciary system. However, while Hong Kong has one of the highest per capita incomes in the world and it has a very high Human Development Index ranking and the worlds longest life expectancy. Over 90% of the population use of well-developed public transportation. Seasonal air pollution with origins from neighbouring areas of Mainland China. Hong Kong was officially recorded in the 1842 Treaty of Nanking to encompass the entirety of the island, before 1842, the name referred to a small inlet—now Aberdeen Harbour, literally means Little Hong Kong)—between Aberdeen Island and the southern coast of Hong Kong Island. Aberdeen was a point of contact between British sailors and local fishermen. Detailed and accurate romanisation systems for Cantonese were available and in use at the time, fragrance may refer to the sweet taste of the harbours fresh water estuarine influx of the Pearl River or to the incense from factories lining the coast of northern Kowloon. The incense was stored near Aberdeen Harbour for export before Hong Kong developed Victoria Harbour, the name had often been written as the single word Hongkong until the government adopted the current form in 1926. Nevertheless, a number of century-old institutions still retain the form, such as the Hongkong Post, Hongkong Electric. As of 1997, its name is the Hong Kong Special Administrative Region of the Peoples Republic of China. This is the title as mentioned in the Hong Kong Basic Law. Hong Kong has carried many nicknames, the most famous among those is the Pearl of the Orient, which reflected the impressive nightscape of the citys light decorations on the skyscrapers along both sides of the Victoria Harbour
5.
Pakistan
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Pakistan, officially the Islamic Republic of Pakistan, is a federal parliamentary republic in South Asia on the crossroads of Central Asia and Western Asia. It is the sixth-most populous country with a population exceeding 200 million people, in terms of area, it is the 33rd-largest country in the world with an area covering 881,913 square kilometres. It is separated from Tajikistan by Afghanistans narrow Wakhan Corridor in the north, Pakistan is unique among Muslim countries in that it is the only country to have been created in the name of Islam. As a result of the Pakistan Movement led by Muhammad Ali Jinnah and it is an ethnically and linguistically diverse country, with a similarly diverse geography and wildlife. Initially a dominion, Pakistan adopted a constitution in 1956, becoming an Islamic republic, an ethnic civil war in 1971 resulted in the secession of East Pakistan as the new country of Bangladesh. The new constitution stipulated that all laws were to conform to the injunctions of Islam as laid down in the Quran. Pakistan has an economy with a well-integrated agriculture sector. The Pakistani economy is the 24th-largest in the world in terms of purchasing power and it is ranked among the emerging and growth-leading economies of the world, and is backed by one of the worlds largest and fastest-growing middle classes. The post-independence history of Pakistan has been characterised by periods of military rule, the country continues to face challenging problems such as illiteracy, healthcare, and corruption, but has substantially reduced poverty and terrorism and expanded per capita income. It is also a member of CERN. Pakistan is a signatory to the Kyoto Protocol, the Paris Agreement, the name Pakistan literally means land of the pure in Urdu and Persian. It is a play on the word pāk meaning pure in Persian and Pashto, the letter i was incorporated to ease pronunciation and form the linguistically correct and meaningful name. Some of the earliest ancient human civilisations in South Asia originated from areas encompassing present-day Pakistan, the earliest known inhabitants in the region were Soanian during the Lower Paleolithic, of whom stone tools have been found in the Soan Valley of Punjab. The Vedic Civilization, characterised by Indo-Aryan culture, laid the foundations of Hinduism, Multan was an important Hindu pilgrimage centre. The Vedic civilisation flourished in the ancient Gandhāran city of Takṣaśilā, the Indo-Greek Kingdom founded by Demetrius of Bactria included Gandhara and Punjab and reached its greatest extent under Menander, prospering the Greco-Buddhist culture in the region. Taxila had one of the earliest universities and centres of education in the world. At its zenith, the Rai Dynasty of Sindh ruled this region, the Pala Dynasty was the last Buddhist empire, which, under Dharampala and Devapala, stretched across South Asia from what is now Bangladesh through Northern India to Pakistan. The Arab conqueror Muhammad bin Qasim conquered the Indus valley from Sindh to Multan in southern Punjab in 711 AD, the Pakistan governments official chronology identifies this as the time when the foundation of Pakistan was laid
6.
United Kingdom
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The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country in western Europe. Lying off the north-western coast of the European mainland, the United Kingdom includes the island of Great Britain, Northern Ireland is the only part of the United Kingdom that shares a land border with another sovereign state—the Republic of Ireland. The Irish Sea lies between Great Britain and Ireland, with an area of 242,500 square kilometres, the United Kingdom is the 78th-largest sovereign state in the world and the 11th-largest in Europe. It is also the 21st-most populous country, with an estimated 65.1 million inhabitants, together, this makes it the fourth-most densely populated country in the European Union. The United Kingdom is a monarchy with a parliamentary system of governance. The monarch is Queen Elizabeth II, who has reigned since 6 February 1952, other major urban areas in the United Kingdom include the regions of Birmingham, Leeds, Glasgow, Liverpool and Manchester. The United Kingdom consists of four countries—England, Scotland, Wales, the last three have devolved administrations, each with varying powers, based in their capitals, Edinburgh, Cardiff and Belfast, respectively. The relationships among the countries of the UK have changed over time, Wales was annexed by the Kingdom of England under the Laws in Wales Acts 1535 and 1542. A treaty between England and Scotland resulted in 1707 in a unified Kingdom of Great Britain, which merged in 1801 with the Kingdom of Ireland to form the United Kingdom of Great Britain and Ireland. Five-sixths of Ireland seceded from the UK in 1922, leaving the present formulation of the United Kingdom of Great Britain, there are fourteen British Overseas Territories. These are the remnants of the British Empire which, at its height in the 1920s, British influence can be observed in the language, culture and legal systems of many of its former colonies. The United Kingdom is a country and has the worlds fifth-largest economy by nominal GDP. The UK is considered to have an economy and is categorised as very high in the Human Development Index. It was the worlds first industrialised country and the worlds foremost power during the 19th, the UK remains a great power with considerable economic, cultural, military, scientific and political influence internationally. It is a nuclear weapons state and its military expenditure ranks fourth or fifth in the world. The UK has been a permanent member of the United Nations Security Council since its first session in 1946 and it has been a leading member state of the EU and its predecessor, the European Economic Community, since 1973. However, on 23 June 2016, a referendum on the UKs membership of the EU resulted in a decision to leave. The Acts of Union 1800 united the Kingdom of Great Britain, Scotland, Wales and Northern Ireland have devolved self-government
7.
Mobile phone
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A mobile phone is a portable telephone that can make and receive calls over a radio frequency link while the user is moving within a telephone service area. The radio frequency link establishes a connection to the systems of a mobile phone operator. Most modern mobile telephone services use a network architecture, and, therefore. Mobile phones which offer these and more general computing capabilities are referred to as smartphones, the first handheld mobile phone was demonstrated by John F. Mitchell and Martin Cooper of Motorola in 1973, using a handset weighing c.4.4 lbs. In 1983, the DynaTAC 8000x was the first commercially available mobile phone. From 1983 to 2014, worldwide mobile phone subscriptions grew to seven billion, penetrating 100% of the global population. In first quarter of 2016, the top smartphone manufacturers were Samsung, Apple, a handheld mobile radio telephone service was envisioned in the early stages of radio engineering. In 1917, Finnish inventor Eric Tigerstedt filed a patent for a pocket-size folding telephone with a thin carbon microphone. Early predecessors of cellular phones included analog radio communications from ships, the race to create truly portable telephone devices began after World War II, with developments taking place in many countries. These 0G systems were not cellular, supported few simultaneous calls, the first handheld mobile phone was demonstrated by John F. Mitchell and Martin Cooper of Motorola in 1973, using a handset weighing c.4.4 lbs. The first commercial automated cellular network was launched in Japan by Nippon Telegraph and this was followed in 1981 by the simultaneous launch of the Nordic Mobile Telephone system in Denmark, Finland, Norway, and Sweden. Several other countries followed in the early to mid-1980s. These first-generation systems could support far more simultaneous calls but still used analog cellular technology, in 1983, the DynaTAC 8000x was the first commercially available handheld mobile phone. In 1991, the digital cellular technology was launched in Finland by Radiolinja on the GSM standard. This sparked competition in the sector as the new operators challenged the incumbent 1G network operators, ten years later, in 2001, the third generation was launched in Japan by NTT DoCoMo on the WCDMA standard. This was followed by 3. 5G, 3G+ or turbo 3G enhancements based on the high-speed packet access family, allowing UMTS networks to have data transfer speeds. By 2009, it had become clear that, at point, 3G networks would be overwhelmed by the growth of bandwidth-intensive applications. Consequently, the industry began looking to data-optimized fourth-generation technologies, with the promise of speed improvements up to ten-fold over existing 3G technologies
8.
United States dollar
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The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, there, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common
9.
Government of China
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The Government of the Peoples Republic of China is divided among several bodies, the legislative branch, the National Peoples Congress. The primary organs of power are the National Peoples Congress, the President. Members of the State Council include the Premier, a number of Vice Premiers, five State Councilors. During the 1980s there was a made to separate party and state functions, with the party deciding general policy. The attempt was abandoned in the 1990s with the result that the leadership within the state are also the leaders of the party. This dual structure thereby creates a single centralized focus of power, at the same time there has been a move to separate party and state offices at levels other than the central government. It is not unheard of for an executive to also be party secretary. This frequently causes conflict between the executive and the party secretary, and this conflict is widely seen as intentional to prevent either from becoming too powerful. Under the Constitution of the Peoples Republic of China, the NPC is the highest organ of power in China. It meets annually for two weeks to review and approve major new policy directions, laws, the budget. Most national legislation in the PRC is adopted by the Standing Committee of the National Peoples Congress, most initiatives are presented to the NPCSC for consideration by the State Council after previous endorsement by the Communist Partys Politburo Standing Committee. For example, the State Council and the Party have been unable to secure passage of a tax to finance the construction of expressways. This article is about the administrative structure of the state, its branches, departments. As the role of the military is to enforce these decisions, recently, experts have observed growing limitations to the Paramount leaders de facto control over the government. The Constitution was first created on September 20,1954, before that an interim constitution-like document created by the Chinese Peoples Political Consultative Conference was in force. The second promulgation in 1975 shortened the Constitution to just about 30 articles, the role of courts was slashed, and the Presidency was gone. The 3rd promulgation in 1978 expanded the number of articles, but was still under the influence of the just-gone-by Cultural Revolution, the current constitution is the PRCs fourth promulgation. On December 4,1982, it was promulgated and has served as a constitution for 30 years
10.
Mobile telephony
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Mobile telephony is the provision of telephone services to phones which may move around freely rather than stay fixed in one location. Mobile phones connect to a cellular network of base stations. Both networks are interconnected to the switched telephone network to allow any phone in the world to be dialed. In 2010 there were estimated to be five billion mobile cellular subscriptions in the world. S, public mobile phone systems were first introduced in the years after the Second World War and made use of technology developed before and during the conflict. The first system opened in St Louis, Missouri, USA in 1946 whilst other countries followed in the succeeding decades, the UK introduced its System 1 manual radiotelephone service as the South Lancashire Radiophone Service in 1958. Calls were made via an operator using handsets identical to ordinary phone handsets, the phone itself was a large box located in the boot of the vehicle containing valves and other early electronic components. Although an uprated manual service was extended to cover most of the UK and these cellular systems were based on US Advanced Mobile Phone Service technology, the modified technology being named Total Access Communication System. In 1947 Bell Labs was the first to propose a cellular telephone network. In 1956 the MTA system was launched in Sweden, both problems were solved by Bell Labs employee Amos Joel who, in 1970 applied for a patent for a mobile communications system. However, a consulting firm calculated the entire U. S. As a consequence, Bell Labs concluded that the invention was of little or no consequence, the invention earned Joel induction into the National Inventors Hall of Fame in 2008. The first call on a mobile phone was made on April 3,1973 by Martin Cooper. Bell Labs went on to install the first trial cellular network in Chicago in 1978. This trial system was licensed by the FCC to ATT for commercial use in 1982 and, as part of the arrangements for the breakup of ATT. The first commercial system opened in Chicago in October 1983, a system designed by Motorola also operated in the Washington D. C. /Baltimore area from summer 1982 and became a full public service later the following year. Japans first commercial service was launched by NTT in 1978. The first fully automatic first generation system was the Nordic Mobile Telephone system, simultaneously launched in 1981 in Denmark, Finland, Norway. NMT was the first mobile phone network featuring international roaming, the Swedish electrical engineer Östen Mäkitalo started to work on this vision in 1966, and is considered as the father of the NMT system and some consider him also the father of the cellular phone
11.
Renminbi
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The renminbi /ˌrɛnmɪnˈbiː/ is the official currency of the Peoples Republic of China. The yuan is the unit of the renminbi, but is also used to refer to the Chinese currency in general. The distinction between the terms renminbi and yuan is similar to that between sterling and pound, which refer to the British currency and its primary unit. One yuan is subdivided into 10 jiao, and a jiao in turn is subdivided into 10 fen, the ISO code for renminbi is CNY, or also CNH when traded in off-shore markets such as Hong Kong. The currency is often abbreviated RMB, or indicated by the yuan sign ¥, in Chinese texts the currency may also be indicated with the Chinese character for the yuan, 圆. The renminbi is legal tender in mainland China, but not in Hong Kong or Macau, renminbi is sometimes accepted in Hong Kong and Macau, and are easily exchanged in the two territories, with banks in Hong Kong allowing people to maintain accounts in RMB. The currency is issued by the Peoples Bank of China, the authority of China. Until 2005, the value of the renminbi was pegged to the US dollar and it has previously been claimed that the renminbis official exchange rate was undervalued by as much as 37. 5% against its purchasing power parity. Since 2006, the exchange rate has been allowed to float in a narrow margin around a fixed base rate determined with reference to a basket of world currencies. The Chinese government has announced that it gradually increase the flexibility of the exchange rate. As a result of the rapid internationalization of the renminbi, it became the worlds 8th most traded currency in 2013, and 5th in 2015. On 1 October 2016, the RMB became the first emerging market currency to be included in the IMFs special drawing rights basket, a variety of currencies circulated in China during the Republic of China era, most of which were denominated in the unit yuán. Each was distinguished by a name, such as the fabi, the gold yuan. During the era of the economy, the value of the renminbi was set to unrealistic values in exchange with western currency. The unrealistic levels at which exchange rates were pegged led to a black market in currency transactions. In the late 1980s and early 1990s, China worked to make the RMB more convertible, through the use of swap centres, the exchange rate was brought to realistic levels and the dual track currency system was abolished. As of 2013, the renminbi is convertible on current accounts, the ultimate goal has been to make the RMB fully convertible. From 1949 until the late 1970s, the state fixed Chinas exchange rate at a highly overvalued level as part of the countrys import -substitution strategy
12.
Beijing
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Beijing is the capital of the Peoples Republic of China and the worlds third most populous city proper. It is also one of the worlds most populous capital cities, the city, located in northern China, is governed as a direct-controlled municipality under the national government with 16 urban, suburban, and rural districts. Beijing is the second largest Chinese city by population after Shanghai and is the nations political, cultural. It is home to the headquarters of most of Chinas largest state-owned companies, and is a hub for the national highway, expressway, railway. The citys history dates back three millennia, as the last of the Four Great Ancient Capitals of China, Beijing has been the political centre of the country for much of the past eight centuries. Beijing was the largest city in the world by population for much of the second millennium A. D, the city is renowned for its opulent palaces, temples, parks, gardens, tombs, walls and gates. Its art treasures and universities have made it centre of culture, encyclopædia Britannica notes that few cities in the world have served for so long as the political headquarters and cultural centre of an area as immense as China. Siheyuans, the traditional housing style, and hutongs, the narrow alleys between siheyuans, are major tourist attractions and are common in urban Beijing. The city hosted the 2008 Summer Olympics and was chosen to host the 2022 Winter Olympics, many of Beijings 91 universities consistently rank among the best in China, of which Peking University and Tsinghua University are ranked in the top 60 universities in the world. Beijings Zhongguancun area is known as Chinas Silicon Valley and Chinas center of innovation. According to the 2016 InterNations Expat Insider Survey, Beijing ranked first in Asia in the subcategory Personal Finance Index, expats live primarily in urban districts such as Dongcheng and Chaoyang in the east, or in suburban districts such as Shunyi. Over the past 3,000 years, the city of Beijing has had other names. The name Beijing, which means Northern Capital, was applied to the city in 1403 during the Ming Dynasty to distinguish the city from Nanjing, the English spelling is based on the pinyin romanisation of the two characters as they are pronounced in Standard Mandarin. Those dialects preserve the Middle Chinese pronunciation of 京 as kjaeng, the single Chinese character abbreviation for Beijing is 京, which appears on automobile license plates in the city. The official Latin alphabet abbreviation for Beijing is BJ, the earliest traces of human habitation in the Beijing municipality were found in the caves of Dragon Bone Hill near the village of Zhoukoudian in Fangshan District, where Peking Man lived. Homo erectus fossils from the date to 230,000 to 250,000 years ago. Paleolithic Homo sapiens also lived more recently, about 27,000 years ago. Archaeologists have found neolithic settlements throughout the municipality, including in Wangfujing, the first walled city in Beijing was Ji, a city from the 11th to 7th century BC
US$ 101.938 billion (2016)[4]
US$ 16.992 billion (2016)[4]
