The main argument in favour of this view is that India must maintain its global “competitiveness”, particularly in relation to China which has a fixed exchange rate with the dollar and whose currency has been depreciating along with it.
I also salute this institution on its 20th anniversary of existence and for the role that it has played in Fiji’s economic development. Once again, my warm congratulations and all the very best in your future endeavors. Vinaka vakalevu. BIS central bankers’ speeches  3