Barack Obama's first trip to Asia as US president could almost have been designed to underline the dramatic shift of economic power from west to east that has been accelerated by the global financial crisis.
Mr Obama leaves economically depressed Washington for a region recovering so fast that Robert Zoellick, the World Bank president, thought it necessary yesterday to warn its central banks to start thinking about how to choke off asset bubbles.
Mr Zoellick said on the margins of the Asia-Pacific Economic Co-operation summit in Singapore: “Traditionally the central banks in east Asia will follow the [US] Federal Reserve because if they raise interest rates [independently], that will draw capital and appreciate their currencies.
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