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The Big Picture: As growth is slowing down, China may internationalise RMB soon

Friday, September 14, 2012

Chinese Premier Wen
An Opalesque column for macro investors.

Benedicte Gravrand, Opalesque Geneva:

Chinese Premier Wen said in a speech on China’s economy in Davos this week: "Although growth is slowing down, it is more stable. We will give greater priority to stabilising and maintaining the continuity and stability of our policies." According to, Wen also rebutted the view that China's growth has come to an end after 30 years of reforms and opening-up, arguing that the country voluntarily lowered its economic growth target to stabilize the growth and adjust the economic structures.

Chong How Ong, the Singapore-based portfolio manager of Reech AiM, an asset management group, thinks the new Chinese leadership under Xi JinPing (the man in line to be China’s next president) would be daunting if the country was to continue to double the GDP in a decade, though not impossible if Renminbi (RMB) internationalises.

When China cut its interest rate by 25 bps in June – a first since Dec’08 – the markets rallied at the surprise. The country allowed a 10% deviation on the deposit rate and a 20% deviation on the lending rate versus the official benchmark rate, and this watershed development signalled a move towards a more flexible......................

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