We had also got used to asset prices, credit and fiscal revenues growing more quickly than income. We had got used to employment increasing more rapidly than the working-age population. And we had got used to growth in our real incomes outpacing the rate at which we were improving our productivity. We started to think that this was normal.
It is perhaps very appropriate for all of us to remind ourselves, in foras like these, how changes could be swift and far-reaching that we may barely have time to react to! B.  Internationalisation of Renminbi and India  11. Now let me turn to the second issue, i.e., internationalization of Chinese currency Renminbi (RMB).