I will come back to this later on in my talk. I will now talk about the increasing growth of RMB turnover in the foreign exchange (FX) market and relate to that the work on the Global Code of Conduct.
1  A fuller discussion of this can be found in Debelle G and M Plumb (2006), ‘The Evolution of Exchange Rate Policy and Capital Controls in Australia’, Asian Economic Papers, 5(2), pp 7–29. Available at http://www.mitpressjournals.org/doi/pdf/10.1162/asep.2006.5.2.7. Bob McCaulay has also written extensively on currency internationalisation.