SINGAPORE, Oct. 10 (Chinese media) -- Singapore's Minister Mentor Lee Kuan Yew said on Friday the Indian and Chinese currencies will be important world currencies in 10 to 30 years and a rethinking of the international financial system will be needed.
According to a local TV Channel NewsAsia report, Lee made the remarks on Friday night at a dialogue session of the Global Indian Diaspora Conference held in Singapore.
"You will have to factor in over the next 10, 20 years, India will be playing a bigger role. The rupee will become an important world currency as the Indian community grows, so will the Chinese yuan or Renminbi," he was quoted by the news channel as saying.
He added, "All these will have to be factored into the global financial system. I see that this has to be an inevitable trend - as the economy of the world, the central gravity, shifts from the Atlantic to the Pacific."
On forecast of the two energy powers, he said, "Definitely by 20 years, 30 years, China will equal the U.S. in total GDP (gross domestic product). India will be bigger than any European country."
Posts
No comments:
Post a Comment