Depending on how fast its exchange rate rises, China is on course to overtake the United States and vault into the No.1 spot sometime around 2025. Photo: REUTERSChina Claims To Overtake Japan As No.2 Economy -- CBS News
China has "in fact" overtaken Japan as the world's second-largest economy, according to Yi Gang, China's top currency regulator. Yi, the director of the State Administration of Foreign Exchange and the deputy governor of China's central bank, the People's Bank of China, made the claim near the end of an interview posted on SAFE's Web site (Chinese).
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MIDDLE EAST
Israel prepares to launch Gaza air strike following rocket attack.
Iran ready for immediate nuclear fuel talks.
Saudi, Syrian leaders land in Lebanon amid tension.
Yemen smolders amid Houthi insurgency and Al Qaeda attacks.
ASIA
3 killed, scores injured in Kashmir violence.
New details point to sinking by N. Korean torpedo.
US casualties in Afghanistan soar to record highs.
North Korean footballers face the music.
North Korea, UN command meet again on Cheonan incident.
Majority of Pakistanis call India a threat, US enemy.
US 'carefully watching' Myanmar-NKorea talks.
Officials: Floods kill at least 313 in Pakistan.
US-China tensions flare over South China Sea dispute.
AFRICA
Shebab vow to make Mogadishu graveyard for extra troops.
Rwanda's rebel reformer: Paul Kagame.
Border must be agreed before south Sudan vote: party.
Death toll in Somali fighting rises this year: group.
Missing Russian chopper pilot found released in Sudan: official.
Uganda bombings bring Africa together. Except Eritrea.
EUROPE
Silvio Berlusconi in peril as old ally and 33 MPs desert him over scandals.
Fires and storms kill at least 28 in Russia.
Britain takes another look at its nuclear subs.
British PM defends remarks on Pakistan and terrorism.
Spain reissues US troop warrants over Iraq death.
Medvedev orders corruption investigation into Putin's Sochi Olympics.
France to shut illegal Roma camps and deport migrants.
AMERICAS
US investigates threats against Mexican consulate.
Obama administration considers bypassing Congress on immigration reform.
Arizona sheriff not relenting after court ruling.
Troops kill senior 'capo' of mighty Mexico cartel.
House rejects bill to aid sick 9/11 responders.
TERRORISM/THE LONG WAR
U.S. turns up heat on internet Imam Awlaki.
Iraqi insurgents plant Qaeda Flag in Baghdad.
White House seeks to clarify F.B.I. powers vis-à-vis e-mail.
US Senate hopes to quiz UK witnesses on Lockerbie.
Gingrich: Crucial radical Islamist battlefield is U.S.
ECONOMY/FINANCE/BUSINESS
Homes keep falling into foreclosure as programs fail to help.
China becomes second biggest world economy.
AP survey: A bleaker outlook for economy into 2011.
Letting Bush tax cuts die would kill recovery: analysts.
The BP spill: Has the damage been exaggerated?
Carlos Slim buys fifth Ave.’s only private townhouse.