When China sneezes, the world catches the cold
February 28th 2007 12:04
No doubt that China, once a sleeping dragon, is awake but the giant had a sneeze yesterday and the world caught a rather quick and sharp cold from it. It was a historic moment, that for the first time a correction in the Chinese stock market alone caused a global market sell off unprecendented in history. The US is no longer the sole dominating market maker and the world now has two true super economic giants, a fact we cannot deny.
"The major media services were struggling to understand how a correction in an emerging-market country such as China could possibly have an effect on the US. Yet Tuesday's events confirmed the new reality. Not only do events in China matter, the Middle Kingdom is now one of the main drivers of global economic activity and one of the main barometers of global risk conditions."
Read more here: China 'correction' rattles world markets
"The major media services were struggling to understand how a correction in an emerging-market country such as China could possibly have an effect on the US. Yet Tuesday's events confirmed the new reality. Not only do events in China matter, the Middle Kingdom is now one of the main drivers of global economic activity and one of the main barometers of global risk conditions."
Read more here: China 'correction' rattles world markets
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