China's benchmark CSI 300 Index has surged 170 percent this year as the country's households invest more of their $2.3 trillion of savings in equities. The rally has given China more of the world's 10 largest companies than the U.S. for the first time and prompted billionaire investor Warren Buffett to warn that prices have risen too fast.
`Carried Away'
China's stock market value is $3.7 trillion, compared with $18.7 trillion for the U.S.
``It's easy to be carried away in the stock market when things are going very well,'' Buffett said Oct. 24. ``We at Berkshire never buy stocks when we see prices soaring.''
Greenspan also said the view of many analysts that the U.S. current-account deficit will cause further declines in the dollar isn't valid.
``We are likely to see a long-term erosion of the dollar,'' in part because ``others are doing much better,'' he said.
Greenspan said Oct. 24 that the dollar's decline to a record against the euro also reflects on a widening interest- rate gap between the U.S. and the euro region.
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