The United States military has been building up forces on the U.S. territory of Guam to increase deterrence and power projection for possible responses to crises and disasters, counter-terrorism, and contingencies in support of South Korea, Japan, the Philippines, Taiwan, or elsewhere in Asia. But the defense buildup on Guam is moderate. China has concerns about the defense buildup. Guam's role has increased with plans to withdraw some U.S. forces from Japan and South Korea. This report describes in brief detail the various cooperative efforts, including financial efforts, undertaken by the U.S. and the above nations.

This paper reviews the various economic issues raised by China's present currency policy, including: the economic concerns raised by the United States over China's currency policy and China's concerns over changing that policy; how China's fixed exchange rate regime works and the various economic studies that have attempted to determine China's real, or market, exchange rate; trends and factors in the U.S.-China trade imbalance; economic consequences of China's currency policy for both China and the United States; China's massive accumulation of foreign exchange reserves and purchases of U.S. federal debt instruments; and policy options on how the United States might induce China to reform its present currency policy, including current legislation introduced in Congress.

Front: Text describes action on various war fronts: Italy, Pacific, Southeast Asia, China, Western Europe, USSR. Maps show Allied attacks from India and China into Burma; Current battle line in central Italy. Includes photographs: Nazi 170mm and American 200mm. mobile guns at Aberdeen Proving Ground, Md.; Shells belonging to the Nazi and American guns; German paratroopers during street fighting in Cassino; Self-propelled German gun mounted on a Mark III chassis advances toward Allied positions in Cassino; Road sign posted near the Allied beachhead below Rome warns Allied forces against touching "butterfly bombs". Back: Your battleship and her requirements. Illustration of a battleship with text describing man hours required to design and build, materials to build, material to operate.