In my view, this trend started to change about 15 years ago, as new sources of low-cost manufactures started to come on stream from Asia, particularly from China. Now it is manufactures prices that act like “commodity” prices, and not just in a trend sense, but cyclically too.
We granted our 21st bank licence to a new bank which started operations in February 2013. We were concerned with the need to protect the cross-border branches of foreign banks operating in our jurisdiction from potential problems of their parents in their home country. We encouraged foreign bank branches to convert into subsidiaries.