The impact of Fed tapering and associated capital outflows has been felt on the long term bond yields, which at one stage had increased by about 200 basis points, but have since moderated somewhat. This is not surprising, as tapering has more to do with the long end of the yield curve than the short end.
Fortunately, none of the BRICS countries have had a need to call upon the CRA to date. A number of new initiatives are being discussed under the BRICS agenda, with a view to furthering the work already undertaken and cementing the progress that has been made to date. More details will emerge at the BRICS summit later this year.