PAnews.com, Port Arthur, Texas

May 8, 2011

Yuan in a trillion

William T. Comiskey
The Port Arthur News

PORT NECHES — The yuan is what the people in China use for money. None of my friends and probably very few congressmen have ever heard of a yuan.

For the past three years, one dollar would buy exactly 6.83 yuan. One year ago the value of the yuan started a steady decline. Six months ago it was 6.67, one month ago it was 6.57, four days ago it was 6.56 and it is now 6.54.

Our government owes China 3.5 trillion dollars. The numbers go thousand, million, billion, trillion. The 3.5 trillion would be written 3.5 followed by 12 zeros. Had China demanded payment of this loan one year ago, it would have cost us 23.9 trillion yuan. If we pay off this loan today it will cost only 22.9 trillion yuan. It is getting better every day. I am no expert on any of this international finance.

William T. Comiskey

Port Neches