
Exchange Rate
Beijing
A surge in Chinese confidence and the daily drop of the dollar against the yuan were the deep background for last weekend’s opening of “Art in America: 300 Years of Innovation,” a show generated in the high times of the Clinton era as a sort of kickback for the selection of loans that made up the Guggenheim’s 1998 exhibition “China: 5,000 Years.” At every turn, one was reminded of the absurdity of such goodwill cultural diplomacy, given that America’s reputation is so thoroughly tarnished and China's so doggedly ascendant. And yet China is still good, for the moment, at having it both ways: The