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Asia boom changes world economy

Australia: Asia’s booming middle class is “fundamentally changing the face of the world economy,” Australia’s central bank chief said Wednesday, sending the local dollar soaring with hints of a rate hike.

Reserve Bank governor Glenn Stevens said the rapid growth of China, India and other emerging economies was driving Australia’s terms of trade to levels about 85 percent above their 20th-century average.

“The amount of additional income accruing to production in Australia from that is 15 percent or more of annual GDP,” the bank chief said in a speech. Stevens said the boost reflected a “large and persistent change in global relative prices”, warning that the “China story” went beyond cyclical forces of supply and demand to a deeper structural shift.

AFP

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