Say you buy a factory in Brazil. When Brazil devalues its currency, that factory's value in dollars drops dramatically so your investment is worth a lot less. People are less likely to invest in a country that's prone to devaluations.

Say you buy a factory in Brazil. When Brazil devalues its currency, that factory's value in dollars drops dramatically so your investment is worth a lot less. People are less likely to invest in a country that's prone to devaluations,

Deng engineered the most dramatic economic transformation of the 20th century, maybe ever. He changed China from a moribund, communist economy to an expansive, bull, rapidly growing mixed economy, with Marxism and market elements both present there. And it's a dramatic change.

As the U.S. trade deficit becomes more and more of a concern, the currency issue and intellectual property are both tougher issues to crack than textiles.

As the U.S. trade deficit becomes more and more of a concern, the currency issue and intellectual property are both tougher issues to crack than textiles,

When APEC was created, the United States was certainly the leading country in the mix,