Growth shifts to emerging nations

In early April, US Treasury Secretary Timothy Geithner decided to delay the release of the highly anticipated semi-annual currency report to Congress.

The Obama administration opted for a time out, but the Congress did not. Many lawmakers on Capitol Hill will continue to push for revaluation of the renminbi. Yet the concern is misplaced.

Due to the rapid and historical deterioration of public finances in the advanced economies, there is now a shift in the sources of growth from the developed world to the emerging world.