It was bound to happen! Japan is in a state of COMA since their bubble bursted in the late 80's. Rapid economic growth in China lifting millions out of poverty. Lots of foreign capital inflows. Not bad for a "communist" country.
(Reuters) - China has overtaken Japan to become the world's second-largest economy, the fruit of three decades of rapid growth that has lifted hundreds of millions of people out of poverty.
http://www.reuters.com/article/idUSTRE66T1HT20100730
And depending on currency, it will overtake the US by 2025...
Time to buy more Chinese Yuan... Anyone selling theirs? I am willing to buy your Yuan for CNY6.35 for every 1 USD. Or if you prefer Peso 1 CNY I am willing to give P7.25 hehehe
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Wheelin and Dealin'
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July 30th, 2010 08:13 PM #1
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Wheelin and Dealin'
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July 30th, 2010 08:35 PM #2Also I don't have the exact date when, but it was around 3 years ago that China overtook Germany for the 3rd top spot...
I am still baffled why China is not a member of the prestigious G8 (bias lang kasi sila kasi communist)? Italy is still there? Italy?? They are no longer a very important player in the world economy unlike China who is the banker of many nations including the US...
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August 3rd, 2010 03:22 PM #3China doesn't want to join the G8. They are comfortable with being categorized as a developing country. They can get loans from the WB if needed. Pag G8 ka na yata, you're the one giving out loans and grants.
Originally Posted by tidus1203
Also, their policies will be dictated upon if G8 member sila.
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Wheelin and Dealin'
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August 3rd, 2010 03:26 PM #4Errr... China is giving out loans, yun nga lang sa US and Western Europe
They are the bank of the rich nations... Kinda ironic a supposedly poorer nation lending out money to the richer...
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August 4th, 2010 12:48 AM #5China has to lend out money so that the West can buy its produce. Originally Posted by tidus1203
Errr... China is giving out loans, yun nga lang sa US and Western Europe They are the bank of the rich nations... Kinda ironic a supposedly poorer nation lending out money to the richer...
Ikot lang ng ikot ang pera.
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Wheelin and Dealin'
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July 30th, 2010 08:46 PM #7Actually politically they are still very communist marami parin silang restrictions... Pero as Jim Rogers said, the Chinese are the best capitalist in the world!
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Wheelin and Dealin'
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July 30th, 2010 08:57 PM #9Yeah. Alam ko lugi ako di lang ako sure sa rate ngayon nasa 6.70 ba? Ginawa ko yan para maenganyo kayo ibenta sakin CNY nyo. Who wants PHP third world currency anyway, I rather have CNY to store my wealth in...
Basta its my belief CNY will become a reserve currency if China let's it float freely and fully convertible. Mapapilitan din sila eventually...
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July 30th, 2010 09:08 PM #10Yup, its somewhere around that rate, but dont get me wrong, im not into money changing business. Originally Posted by tidus1203
Pero matatagalan pa bago they freely float their currency, imagine mamahal ang lahat ng goods that they are selling, yan ang kinatatakutan ng mga manufacturers sa china, one supplier said that baka aabot ng 1usd to 5+rmb na lang.
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Wheelin and Dealin'
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July 30th, 2010 09:12 PM #11Actually they have to face reality, the currency is currently undervalued that is one huge reason why they have so much surplus against all other countries they are trading with... One favorable trend I am seeing is consumption there is rising and demand for foreign goods rising, a good sign for eventual free floating in the future...
They have to give in at some point...
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July 30th, 2010 09:22 PM #12Hahahha well eventually talaga aabot sa ganyan, question is kelan, basta while others are waiting, mag stock na tayo ng rmb which im doing right now.
And yes, their consumption for foreign goods is going up, but very slow and you have to keep in mind, chinese are very patriotic people, they tend to buy more local goods than foreign goods, well except for those chinese whom you see lining up at the Louie Vitton stores or other high branded stores in HK hehehehe.
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Originally Posted by tidus1203
