As negotiations to finalise global prudential regulatory standards have slowly ground forward at the Basel Committee on Banking Supervision, attention has focused on divisions between the US and Europe. But this belies the fact that the Group of 20, which mandated the global post-crisis reforms, also includes the world’s leading emerging markets, many of which are in the Asia-Pacific region.

These nations were not the source of the 2008 financial crisis, but they have, in general, committed to