The European Central Bank(ECB)'s worry (see the news today reproduced below) about rising sovereign global funds floated by emerging nations like China and Russia is a harbinger of panic among the G7 policymakers. The panic is justified. It is predicated on well-founded fear about decimation of G7 banks, especially the largest investment banks in Wall Street.
The G7 countries (USA, Canada, UK, France, Germany, Italy and Japan) formed a block in mid-1940's to retain financial control over the nations that gained political independence from colonial rules. The intrinsic purpose of G7 policymakers then was to keep the newly "independent" nations economically subjugated. The G7 strategy succeeded immensely over the years. G7 policymakers created the International Monetary Fund and World Bank as financial tools to keep the "independent" nations perpetually bondaged through foreign currency loans. The G7 used the tools strategically. The Latin American, Russian and East Asian debt/currency panic/crisis over the years showed invincibility of the G7 strategy in keeping the rest of the world economically subjugated.