Get ready for the Chinese tourists. That's going to be the growth sector following China's move away from a pegged currency.
As BusinessWeek reports, the prospect of the Chinese getting more for their money overseas will be a massive boost for tourism. And the trade in pig's blood cakes. According to Euromonitor International, Chinese departures in 2009 came in at 35 million, almost triple the number a decade ago and that number is expected to grow to over 100 million over the next 10 years, particularly with the yuan travelling the way it is. China overtook France last year as the world's fourth- largest source of travel expenditure, according to the UN tourism agency. And over the next 10 years, it will become even bigger as Chinese wealth increases.
The Wall Street Journal tells us this might just save the Chinese airlines which have been heading nowhere, struggling under enormous debt, most of it in US dollars.
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