Business Services Industry
Asian markets challenge the olde world.
Australasian Business Intelligence, January, 2007
Byline: Stephen Wyatt
Jan 02, 2007 (The Australian Financial Review - ABIX via COMTEX) -- Asian stock markets are challenging the traditional New York and London-based exchanges. During the past year, the deal value of China's three largest exchanges reached about $US53 billion. The October 2006 float of the nation's largest bank, the Industrial & Commercial Bank of China, raised $US21.9 billion and knocked HSBC from its position as the world's third-largest bank. The resurgent Chinese stock markets are considered another sign that the centre of the global economy is shifting away from Europe and the US to Asia. Paul Cavey, of Macquarie Bank, predicts that China's asset price rally will continue.
Publication Date: 3 January 2007
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