Regulatory roundup: RBI rolls back emergency currency stabilisation
The Indian central bank is reversing emergency measures in place since July; Vietnam is using value-added tax rebates to encourage exports; and the Shanghai free trade zone will shake up the market share of offshore renminbi centres
India’s central bank eases on emergency rupee measures
The Reserve Bank of India (RBI) further rolled back emergency the currency stabilisation measures that were began in July on October 7. The central bank reduced the Marginal Standing Facility rate, the short-term rate by which financial institutions can borrow from the central bank, to 9% from 9.5%. Additional liquidity was also provided. The rupee has appreciated since late-August, boosted by the India’s steps to attract inflows of the US dollar.
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