"China and the rest of East Asia are now emerging as another engine (of the world's growth). The world will get hurt badly when the US dollar crashes and there is no Asian-bond cushion to soften the blow."

"Central banks (of Asia) will have little choice but to diversify their reserve holdings out of the weakening US unit ……. Hence the Asian bond market program is a viable alternative for these countries to diversify their reserve holdings by swapping part of their assets among each other according to the proportion of their existing international reserves."