China has officially bumped Japan as the world’s second largest economy. Japan reported its GDP grew only 1.8% last year to $5.47 trillion, while China’s climbed 10.3% to $5.88 trillion.
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Asian markets took a tumble today with China’s Shanghai Composite Index plunging on rumors that another interest rate hike is imminent. Hong Kong’s Hang Seng Index dropped 1.9% and Japan’s Nikkei 225 Index was down 1.4%.
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Countries from Japan to Brazil and Mexico to Malaysia are trying to intervene in currency markets to alter the value of their currency. The widespread dependence on exports is the prime reason for these moves, which can be tric…