That is, that there are very large and increasing capital inflows, which put continuing upward pressure on the exchange rate. Following the reasoning I have outlined so far, the proper response to this is to allow the exchange rate to appreciate.
We are also addressing mark-up and last look. We are aiming to provide language around what it means to participate in the market as principal rather than agent. In these areas we intend to describe what is good practice as well as what is not good practice.