Two milestones reached in January are testament to the pace of economic change in China.
First, China’s domestic stock markets cruised through the $1 trillion mark in market capitalization. That says a lot about the recent strong run in domestic exchanges: both rose significantly in 2006 and have begun 2007 very strongly. China’s stock markets are already the third largest in Asia behind Tokyo and Hong Kong.
Secondly, the Chinese renminbi finally went through parity with the Hong Kong dollar.
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