Analysts and arrangers increasingly bullish on rupee-denominated bonds judging by the mood at FinanceAsia's latest Annual Borrowers and Investors Forum in Singapore.
It's the beginning of the end of US dollar dominance, says Societe Generale, which predicts a renminbi revaluation could happen as soon as this summer.
A lack of reserve currency alternatives means there won't be a dollar crisis, but the greenback could stay weak throughout 2010 creating profitable trading opportunities.
Following suggestions by China's central bank governor for a new world reserve currency, S&P takes a look at why the dollar is so dominant in the first place and what are the potential alternatives.
The Fed's quantitative easing policy sets the stage for liquidity expansion and monetary easing in China, but will also result in lower returns on China's investments in US Treasuries.