China is on the offensive. Long a bystander in international economic affairs, Beijing has in recent weeks announced a string of initiatives for remoulding the global financial system. And they all have one target - knocking the US dollar off its perch.
Tim Geithner, President Barack Obama's choice for Treasury secretary, on Thursday accused China of "manipulating" its currency and pledged "aggressive" diplomatic action to drive Beijing into action.
So clear are the signs of a US downturn that the National Bureau of Economic Research, the most prestigious US independent economic authority, said the country has been in recession since December 2007.
As the economies of emerging markets boom and their biggest conglomerates grow into multinationals, more and more of the new corporate giants in countries ranging from India to China, Russia and Brazil are looking to wring greater profits out of their respective industries.
© 2025 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances