Even without adjusting for potential appreciation in the renminbi, McKinsey expects that China’s new CIB revenues will become at least as large as those of the U.S. or Europe. Should China’s real GDP keep rising by an average annual rate of 9 percent, as several economists predict, the resulting increase in loan volumes will account for over 55 percent of Asia’s revenue growth. Likewise, increasing client demand for sophisticated products will drive capital markets expansion. Yet new policies to tighten credit will temper the surge in revenues experienced in 2009 and 2010.