None has a decent grip on China’s local A-share market, and in local-currency bond and loan issuance in Asia the only foreigners that get a look-in are the network banks.

Bond markets, too, differ not just in size - Indonesia's local-currency bond market is equivalent to 15% of GDP (in Malaysia it is 99%) - but in the profiles of investors.

Peru is not alone. Anxious to wean themselves off flighty foreign funding after the crises of the 1990s, many emerging-market governments sought to build up local-currency bond issuance.