That is why the Exchange Commission recently  2  BIS Review 19/2003  agreed on a mechanism that will reduce the rate of accumulation of international reserves. This mechanism is transparent, its operation does not imply a discretional intervention in the market by the authorities, and it is also neutral with respect to the exchange rate.
However, uncertainty remains high and it is likely to be some time yet before a broad measure of confidence returns to markets. BIS Review 138/2007  5