Foreign exchange turnover in Asian currencies grew faster than the global total between 2001 and 2004. Renminbi trading rose particularly strongly. Evolving expectations about the Renminbi seem to be joining the Dollar/Yen spot rate in exerting an influence on Asian foreign exchange markets. In general, Asian currencies with more flexible exchange rates appear to be trading with an effective exchange rate orientation while dollars influence decreased as well as Renminbis influence is rising. Although many policy restrictions still exist, Renminbi internationalization has a great potential as its foreign exchange market become deeper and wider.