China’s move holds the promise of greater regional economic stability. Finally China has abandoned the yuan’s peg to the US dollar in favour of setting it against a basket of currencies. The Chinese currency immediately became stronger under the managed float system.

CULTURE SPHERE: Art centre a hard-won triumph for civic groups

The announcement by Bangkok Governor Apirak Kosayodhin early this month that the ambitious Bangkok Art and Culture Centre at the Pathumwan intersection would open by the end of 2006 signalled a new start and a chance for the local art community and the city government to bury the hatchet and start working together.