To some extent this has begun with the use of RMB for trade settlement, which is growing quickly. Full development will require liberalisation of the Chinese capital account. This will presumably continue to occur, but on a timetable decided – as it should be – by the Chinese authorities. The second and final observation is related to exchange rates in some ways.
It is that Asia surely will want to see its own financial sector doing more of the intermediation of its own saving.