RMB to emerge as top three currency

An Australian investment banker has urged the world to ready for China’s RMB currency to become one of three world financial yardsticks as the powerhouse economy increases the pace of internationalization of its RMB. It would sit alongside the United States dollar and the Euro, and would be paralleled as a currency yardstick by China’s significant shift in its next five year plan from an export-led economy to one that is consumer driven at the domestic level.

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China growth will drive prices higher

Higher metals prices will result from China’s continuing growth surge and this will impact positively on Australian and international commodities. Although China’s growth has slowed from double digit figures, it is still above 7% and is likely to remain at similar levels in at least the medium term as its 1.2 billion population becomes more urbanized, industrialized, modernized and commercialized.

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Coal’s dominant role in power

STRONG economic growth driving the need for substantial new power generating capacity, particularly in Asia, will see coal play the dominant role over gas, nuclear and renewable energy for at least the next 20 years. The dominance is set to increase and not diminish until at least 2030 despite arguments against it.

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Indonesia an important market for Australia

Indonesia remains a highly important market for Australia, according to Australian Trade Commission executive director – South Asia, ASEAN and the Pacific, David Twine.

Speaking after a very successful Ozmine 2011 in Jakarta, David Twine says that in a recent Australian Bureau of Agricultural and Resource Economics (ABARE) research project, Indonesia was rated, by a significant margin, the most important export market for Australia’s mining, equipment and technology (METS) services companies.

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John Miller, Editor

John Miller, Editor, The ASIA Miner
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Editor, ASIA Miner and Australian Editor, E&MJ
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Based in Melbourne, Victoria, Australia, John Miller has been working as a mining journalist for The ASIA Miner for the past seven years, focusing on mining developments throughout Asia and Australia. He was promoted to editor, The ASIA Miner, during July 2010, is editor of Coal Age Indonesia and has responsibility for E&MJ Australian coverage. John has more than 30 years experience as a journalist. He is also an author with more than five historical books published and a biography published. He has also served his community as a city Councillor and was mayor of Orange from 2002 to 2004.