The first banknotes were used in China in the 7th century, and the first in Europe issued by Stockholms Banco in 1661.
[The percentage of global market cap that U.S. equities make up has fallen from 35% at the start of 2007 to 28.35% at the moment. At the start of 2007, China made up just 1.89% of global market cap, ranking 12th out of the top 18 countries. Chinese equities currently rank second and make up 8.12% of global market cap! China is followed by Japan, the UK, France and Hong Kong. ]
[After another IPO in Shanghai in November, PetroChina (PTR) became the largest company in the world and made headlines as the first trillion dollar company. While it still ranks number one in its quest for global dominance, it has lost quite a bit of its value since then and is now worth just under $700 billion. PetroChina is followed by Exxon (XOM), General Electric (GE) and Gazprom. ]
(http://seekingalpha.com/article/60431-global-equity-market-caps-u-s-loses-ground-to-china)
In just 2 years US market cap decreases by 20%; while China increases by MORE THAN 300 PER CENT. It???s shocking, but understandable for the country that invented the banknotes.
If U.S. financial institutions are not expanding credit market share in China; it might be too late already.
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