Moreover, to develop a genuine regional market, in which savers and investors in the region can transact on a common set of arrangements, requires attention to harmonisation of many of these aspects of financial infrastructure. All of this is worth doing. The potential financing needs of some of the middle-income but fast-growing economies like China are very large indeed.
As the growth outlook deteriorated further and the inflation risks moderated slightly, the monetary policy stance remained unchanged at the MPC’s subsequent meetings in March and May. However, in the July meeting, the MPC decided to continue on its gradual normalisation path, and raised the repurchase rate by 25 basis points to 5,75 per cent per annum.