Indeed, the emerging and developing countries, led by China, have delivered a strong growth performance in recent years, accounting for about 80 percent of global growth since 2010 (measured in purchasing power parity terms) 1. This pattern began to change in mid-2014 with weaker trade volumes and slower growth in emerging markets – and especially in China, Russia, Brazil and South Africa.
Currently a 20 basis point cap applies when a fee is expressed in percentage terms and a cap of 15 cents applies when the fee is expressed in terms of cents. The Board sees a case to lower this 15 cents cap.