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    <title>Internationalisation and Integration of Asian Capital Markets: Expanded Role for Asian Currencies, including the Renminbi (Comments submitted by Shri G. Padmanabhan. Executive Director, Reserve Bank of India circulated at the OMFIF-LKY Asia&#039;s role in the global economy forum, July 12, 2013, Singapore)</title>
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    <description>Internationalisation of Asian currencies requires market liberalisation, deep onshore financial markets with liquid instruments and complementary offshore markets; China has advanced RMB internationalisation through trade invoicing in RMB, bilateral swap lines and offshore market development, while India follows a calibrated approach to capital-account liberalisation, market-determined pricing and infrastructure improvements due to current-account vulnerabilities.</description>
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