Asia on the right foot to overtake the West in economic power (3)

09:24, May 26, 2011      

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"Finance is ultimately is a service, service is all about people. It's very important that people know each other, trust each other," he added.

There are limits that Asian countries needs to overcome with, such as its over reliance on the government, domination by bank, weak wealth and risk management and the lack of consensus on regional issues among others.

But Sheng said negotiations take time and it would be exciting to see if Asia, led by China could shape the future of reserve currency.

"As you know, in 1900, Sterling was a major reserve currency by 1970, the role of sterling was secondary to the U.S. dollar. So currency can go up and down and the market to a large extent is to determine that trend."

"You must remember, it took more than 50 years before Euro decided on a single currency. Before that, there's a Europe monetary system that called the Snake and it failed, and the failure was the main factor that drove the decision to create the Euro. Renminbi within China is very large, the offshore market in Hong Kong is growing fast, but to what extent is Renminbi will become an international currency will be a very exciting thing to wait for," he said.
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