Asia's tectonic plates are shifting. For decades, the U.S. economy ruled supreme. American shoppers set the pace for Asian exporters and the U.S. Federal Reserve set the cost of money for Asian companies. Slowly, however, the center of gravity is shifting. While the U.S. dollar and American interest rates still determine funding conditions across much of the region, demand is increasingly powered by China.
This epochal shift is both exposing stresses and affording new opportunities.