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The Age of the Renminbi is Just Beginning

By Lawrence J. Lau

The age of the Renminbi is just beginning. In order to understand the rise of the Renminbi, it is important to realise that the centre of gravity of the World economy, in terms of both GDP and international trade, has been gradually shifting from North America and Western Europe to East Asia, and within East Asia from Japan to China, over the past couple of decades. China has become the second largest economy by GDP as well as the second largest trading nation in the World. The Chinese economy has also been growing and continues to grow at much higher rates than North American and European economies and Japan. China, with a national saving rate in excess of 40%, is a potential large foreign direct and portfolio investor to the rest of the World.

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