The Demographic Transition in China

Is it only a select group of countries such as Russia that will hold rupees as, you know, in reserves? I think what's happening in emerging markets is you're splitting now increasingly emerging markets where basically Russia and maybe a few other people will accept your currency. And then you have the emerging markets that are more frontier markets where nobody wants their currencies. If you're Sri Lanka and you turn to Russia and say, hey, I'll buy your oil for Sri Lankan rupees, it's not going to work. The really big ones, the ones to be honest, like that you can invest in, they've just had a massive, massive shift.

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