Currency will emerge as an asset class in its own right, according to Investec Asset Management strategist Michael Power.
Power said those currency management strategies would resemble the way cash management funds operated.
"Currencies will become an important asset class. The issue now, however, is what basket of currencies will be the key currencies," he said.
He said in the long term, the currencies of Brazil, China, India and Russia would increase in importance.
"These countries are now part of the new world. They will be engines of growth behind the global economy," he said.
Currencies traded in the Middle East would also become crucial in currency trading, he said.
Power said China, India and other parts of Asia were now part of the new world order.
He said that while Australia was "a member of the old world order, it is in a very good position to benefit from the new world order".
"However, if it is to benefit from the growth in China and the economies in Asia, it will have to manage its currency," he said.
"It can't just let its currency appreciate. Despite conventional wisdom, the central bank may have to step in and manage the currency."
