However, demand in emerging markets could also fall short of such a baseline. China is only part-way through challenging economic adjustments and financial market reforms, including reform of its exchange rate regime, debt deleveraging, and rebalancing of its economy toward more consumer-driven growth.
Consequently, we can expect over time to see adjustments in both the direct activities of banks and in the line separating banking and commerce. History is, in some sense, about the drawing, re-evaluation, and re-drawing of lines.