China on par with US in economic influence, says expert

As China is gearing up to grab global financial hegemony from the United States, the world has witnessed its breakthrough in a recent development.

The unexpected 3% depreciation of the renminbi on May 3 shocked the whole world, resulting in turmoil in global financial markets, a sign that China’s economic clout has surpassed that of the US, Japan and European countries and that the renminbi is more influential than the US dollar, euro, Japanese yen and British pound. Continue reading