Local-currency bond issuance in Asia, including Australia, is already pointing to a potential record first quarter, after a January in which volumes rose for primary debt denominated in the Australian dollar, Hong Kong dollar, and offshore yuan.

It’s a trend that began before — but has still powered ahead during — US president Donald Trump’s administration policies that otherwise brought volatility to markets. Most recently, the greenback was jolted by Trump’s comments hinting at a disregard for US dollar stability.

But market sources said that, even without concerns over either de-dollarization or debasement, Asia’s local currencies are now a key factor for investors seeking diversification. Meanwhile, the recent level of issuance points to both solid investor demand and deepening liquidity.