India, China progress toward Economic leadership

While western powers’ and Russia’s attention is focusing on terrorism and on the situation in the Middle East, Asian countries keep walking on the long path towards world’s economic and financial leadership.

In line with expectations, India’s economic growth surpassed China’s with respectively 7.4% in the Q3 2015 and 6.9%. The Indian dynamic reassures the financial markets which see India as the new Asian economic driver able to mitigate a longer than expected Chinese economic slowdown.

However, if China’s economy is raising some concern while continuing its transition to a “new normal,” the inclusion by the IMF of its currency Renminbi (RMB) in the basket of the 5 currencies that make up the Special Drawing Right (SDR) is a milestone in Beijing’s project of “Asian century.”