Rebirth: Super Banking System Chapter 2461 - 2299: Absolutely Not
Previously on Rebirth: Super Banking System...
Within the villa.
'Incredible!' Chai Ren exclaimed inwardly.
Top ten rankings.
Each nation possesses immense strength.
A nation with minimal international footprint just six years back is now surging through the rankings, shattering records repeatedly, on the verge of cracking the world top ten.
Absolutely astonishing.
...
Without a doubt.
Previous year.
Myanmar's GDP expansion rate.
Beyond booming trade, a key contributor was the strengthening of the Asia Dollar. Since GDP gets computed locally first before USD conversion.
Yet, one must acknowledge.
Myanmar's economy is genuinely advancing.
If not.
Sustaining a trillion-dollar GDP scale would prove impossible. Reflecting on the Asia Dollar's exchange rate, Chai Ren let out another sigh, remembering its original valuation.
Pegged at 1:1 against the RMB.
At present.
It stands at 1.3:1, with one Asia Dollar worth 1.3 RMB, marking a 30% surge. Moreover, the upward momentum persists.
Down the line.
It could climb to 1.5:1.
Possibly even.
Hitting a 2:1 level.
None of this.
Stems from RMB weakness. It's well-established that the US has pushed for RMB appreciation for years, viewing it as undervalued and needing at least to double in value.
That said.
Rising currency values severely hit exports.
Hence.
The upper echelons' approach has consistently favored gradual appreciation. The Asia Dollar differs; while export-reliant, the dominant export players are exceedingly limited.
The Myanmar Bank Group stands as the sole behemoth.
The rest.
Gain only marginal advantages from exports.
Thus.
Should the Asia Dollar strengthen, provided the Myanmar Bank Group faces no significant losses, Myanmar's broader economy remains unaffected—that's the crucial point.
One could state.
The Asia Dollar and RMB pursue divergent trajectories.
...
The rise of the Asia Dollar.
Viewed through trade lenses, it elevates the cost of Asia Dollar-denominated products; Huaxia once sourced Myanmar goods for a single yuan, but now it's 1.3.
Nevertheless.
Huaxia remains unconcerned.
Considering.
Within bilateral exchanges.
Myanmar's economic measures, including massive orders and tax cuts, effectively curb these downsides, maintaining the effects in check.
On the flip side.
Asia Dollar appreciation aids Huaxia, the largest holder of Asia Dollars, ensuring no real drawbacks; this holds true even at a 2:1 rate.
What's the issue?
Certainly.
Huaxia tourists might face higher costs, but does it matter? A tad more expensive, big deal? Such shifts simply redirect spending to local tourism sectors.
Doesn't that benefit Huaxia more?
To sum up.
Asia Dollar strengthening represents the inevitable direction and aligns with anticipated outcomes.
...
Right now.
Examining the figures.
Likewise.
India felt a pang of envy. Last year, merely one trillion and thirty billion; this year, surpassing one trillion three hundred billion—continuing this pace, Myanmar's GDP will eclipse India's next year.
Abruptly.
A wave of dejection washed over.
Even more vexing was the Asia Dollar's current appreciation pace; should Myanmar hold steady next year, its USD-converted value would still climb.
That's utterly demoralizing!
Desiring to emulate it.
Regrettably.
Impossible to copy.
Strengthening the currency.
Would cause already lackluster exports to dive even deeper. Furthermore, India lacks control over this, in contrast to Myanmar's Central Bank setting its own rate.
The Rupee's rate is dictated by global forex markets, a stark contrast: the first controls its destiny, grasping full initiative.
The second.
Remains entirely at the mercy of others.
Consequently.
Myriad gazes fixed intently on Indian officials, as their figures remain unreleased, hoping fervently for stats that overshadow Myanmar's.
Higher.
The better.
...
Witnessing such public anticipation.
How could Indian leaders disappoint? The stats agency, after aggregating state reports, detected a modest uptick from the prior year.
While.
These numbers carry heavy fabrication.
Still.
India merely seeks to preserve dignity. Following a presidential briefing, the Indian Statistics Bureau promptly inflated the aggregate by 1%.
Guaranteed to top Myanmar.
Come next year.
Even with Myanmar's 30% growth intact, further tweaks to the numbers could secure another couple of years without being 'overtaken' by Myanmar, granting temporary relief.
Beyond that?
Ongoing manipulations.
Regardless.
These stats primarily serve to inflate morale, offering little real utility; at minimum, India avoids total humiliation.
Additionally.
With over two years left in this administration, they can uphold appearances; whatever follows falls to the incoming government.
'Release the announcement!'
'Understood.'
...
In this manner.
Trailing Myanmar, the Indian stats body unveiled their GDP results.
Subsequently.
'Gulp!'
Within the international arena, it created scarcely a ripple before fading away, leaving Indian officials grimacing, puzzled by the lack of interest.
Scanning the scene.
Focus lingered on either Myanmar's GDP, the Greek vote to depart the union, or the Davos Forum proceedings.
India?
Apologies.
Global press signaled: zero attention presently.
Given.
For a populous giant exceeding a billion souls, a GDP hovering just above one trillion USD, rife with alterations, commands scant credibility.
Comparatively, Myanmar.
By March.
Secured orders topping four hundred billion USD, rock-solid; vast infrastructure builds, undeniably firm; tourism nearing capacity, equally robust.
Everything.
Erases any skepticism over its trillion-plus USD GDP legitimacy, while India struggles to rival this adjacent Myanmar beyond sheer numbers.
Thus, why bother?
...
Consequently.
India's release of last year's GDP sought to reclaim some prestige, yet discovered that beyond their own circles, indifference reigned, sparking considerable irritation.
Ultimately.
They swallowed their annoyance.
Precisely then.
Post-rant, the Indian President at the Davos Forum raised his eyes to the French President addressing the crowd, deep in contemplation.
Up on the podium.
Discussion of the Eurozone debt woes continued.
'The Euro shall not yield to these pressures.'
'…'
'The sovereign debt challenges in the Eurozone will get addressed prior to crisis escalation, ensuring Euro Bond holders avoid intolerable damages.'
'…'
'To speculators wagering against the Euro, consider this warning.'
'Guard your funds wisely, for our resolve to safeguard the Euro's status is unyielding. We will never—hear me clearly—never—forsake the Euro.'
'…'
The tone rang with power and assurance.
Resolute stance.
Naturally.
While vowing no abandonment of the Euro, he skirted the Greek debt turmoil; tensions persist between parties. To France and Germany, Greece amounts to a trivial concern.
The Euro represents the core matter.
As evident, currency dominance enables swift financial penalties across Greece's populace. Such authority—how could they relinquish it?
The Euro.
Embodies the unified might of France and Germany within the EU.
Among spectators.
Greece's President smirked.
Safeguarding it?
Isn't it merely clinging to this monetary leverage, halting a nation's funds in an instant? Greece's EU entry masked a Goldman Sachs-orchestrated illusion.
However.
EU leaders knew full well, incorporating Greece not for true expansion, and these figures aren't naive enough to be duped!