
The Asia-Pacific Economic Cooperation summit (APEC) reached the world’s
headlines last week for a negative reason – Barack Obama was unable to attend
the gathering in Indonesia due to his involvement in attempting to resolve the
problem in the US Congress that has partially shut down the US government, and
the possibility that in nine days’ time, on October 17th, the USA
could be in a position where it will have to default on its debt obligations.
The absence of the US
president placed the limelight firmly on that other behemoth of global
economics, China .
The summit provided an opportunity for Mr. Xi, the Chinese leader, to emphasise
Chinese determination to properly deal with its economic adjustment from
unsustainable annual growth rates approaching or exceeding 10% to something
that could allow for prosperity but with more reasonable levels of GDP
appreciation. He talked of a “Soft landing” for the Chinese economy. Remember
that concept? It had a lot of currency in the West prior to the financial
meltdown that followed the liquidation of Lehman Brothers.
Their currencies will tell the story.
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