“Sense of Urgency” to Diversify Away From USD in Asia: BNP

July 15 (Bloomberg) -- Recent visits to Asian sovereign
wealth funds and reserve managers revealed “a sense of urgency
when it comes to diversifying out of the dollar,” according to
a note from BNP Paribas.
 * “There is a real structural shift in asset allocation
   taking place in the world of central bankers and that is
   likely to be a lasting phenomenon.”
 * Local-currency bonds will be targeted at the same time as
   hard- currency bonds which would be consistent with trend
   seen in real money asset allocation
 * Within central Europe and EMEA region, countries that will
   attract money are Turkey, South Africa, Poland, Russia and
   Hungary (in order of importance)
 * “Recall Chinese Premier Wen’s comments last month
   suggesting that China would continue to buy Hungarian govt
   bonds.”