Why China is on track to replace the US as the world’s financial center
Prudent policies from Beijing combined with Washington’s failings are tipping the balance toward China becoming the global financial hub
www.rt.com
Holdings of Chinese government bonds rose in January, according to a February 12 report by Reuters citing official data, despite the fact that yield premiums have substantially narrowed between US and Chinese government debt.
Is this just an anomaly or part of a growing trend that could see China overtake the US as the global financial center?
According to the Bridgewater founder’s interview with the Financial Times, “China already has the world’s second largest capital markets and I think they will eventually vie for having the world’s financial center. When you see the transition from one empire to another, from the Dutch to the British to the American, to me it just looks like that all over again.”