*  *  *  Distinguished Friends, I am thankful to the organisers for inviting me to participate in the 2006 Program of Seminars on the Theme "The World in Asia, Asia in the World". The theme for this session has tantalising words: problems, plenty, challenges, opportunities, accumulation, large, foreign, windfall and reserves.
It may be a little hard to match the sense of these words in an address by central bankers. So, I intend taking a slightly broader view of the subject and focus on the new realities and innovative ideas.