Seeing China Short and Long-Term

There are anxious,short-term ways,but also long-term,thoughtful ways of seeing the current situation in the financial markets:
I think China has a long-term approach of internationalising of the renminbi,said Pierre Gramegna,finance minister of Luxembourg.It's a very gradual,step-by-step approach.This economy has opened up quite a lot,with quite a bit of success.China being the fabric of the world and exporting a lot to the rest of the world,all of this has to be relativised.*
Growth is back in Europe.There is very little worry left that there will be deflation.There's more confidence now.The very low interest rate helped boost investment,Mr.Gramegna explained.*
Norman Chan of NAB Private Wealth Advisory added that,short term,we are having a risk-off sentiment,and that controls everything.The market is simply not cheap.In the last five months,the yuan has become a freefall currency.*
Note:the renminbi is the official currency of China,while yuan is the base unit of the renminbi and also the popular name for the currency.

Ping An Feels Crisis

Ping An Insurance,a major Chinese firm,will record a 2.3 billion dollar loss from the financial crisis.It is the result of Ping An's stake in the Belgian bank Fortis,which has been propped up by a cash infusion from Belgium,the Netherlands and Luxembourg.This is the biggest impact to date on a Chinese firm by the financial crisis.The writedown will affect Ping An's profits for the first three quarters of 2008,but the company said it was still financially sound.Fortis was one of the biggest foreign acquisitions by a Chinese financial firm,which are assiduously enlarging their foreign presence.Chinese companies say they have limited exposure to U.S. mortgage-backed securities.