Financial institutions’ expansion and information technology development have enabled them to provide financial services globally. Cross-border M&A activities have increased tremendously both in terms of size and speed and blurred the nationalities of financial institutions. Learning international experiences and adopting international best practices is one of the important principles in China’s reform and opening-up.
South Africa’s policy rate was also lowered, although we were less aggressive than other emerging markets in dealing with these inflows as we did not at any time feel it necessary to intervene in the exchange rate market nor were any capital controls imposed.