Expect bumpy Chinese economic transformation, says IMF chief
Source: PTI As China shifts to a new growth model, the International Monetary Fund chief Christine Lagarde has cautioned that this transformation of the world's second largest economy is expected to be bumpy and not a smooth ride. “There will be little bumps on the road because no transition can be made absolutely smooth without any disruption, without any volatility,” Lagarde told reporters. “I think we all need to get used to this little bumps on the road in that transition process, which as I said we welcome, together with the principles of more market determined exchange rate fluctuation, for instance, which we also believe is desirable and has been called for by many economic operators for many years, actually,” she said. ...
RBI signs $1.1 billion currency swap deal with Sri Lanka
The Dollar Business Bureau The Reserve Bank of India (RBI) on Friday signed a special currency swap agreement with the Central Bank of Sri Lanka. The move is aimed at evading any impact of possible volatility in foreign exchange on the bilateral trade. The new agreement which will be valid for six months is in addition to the existing framework on currency swap arrangement for the member countries of SAARC (South Asian Association for Regional Cooperation), RBI said in a statement. As per the agreement, the Central Bank of Sri Lanka can draw up to USD 1.1 billion from RBI for a period of six months. In March this year, the Reserve Bank had already signed a currency swap agreement with the ...
