The exchange rate risk hedging instruments have been widely used, and the large increase in the cross-border use of RMB has also greatly reduced China's exchange rate risk exposure. Meanwhile, the regulators of China's foreign exchange market have become more composed, mature, and experienced in dealing with market changes.
Hence, done with good  BIS Review 21/2004  1  sense, it seems to me that local and regional efforts should be able to be consistent and mutually reinforcing. Co-operative efforts have been initiated by various groupings to try to identify, and hopefully remove, the various structural impediments and to put in place some things which might accelerate market development.