June 12: Limit on foreign investment in government dated securities raised by $ 5 billion to $ 30 billion. July 8: Banks were prohibited from proprietary trading in the currency futures / exchange traded currency options markets. [Proprietary trading in ETCD market was allowed within banks’ net open position limit and any limit imposed by the exchanges on June 20, 2014.]
China’s growth stabilised with help from stimulus policies, and commodity prices stopped falling and even registered gains. Meanwhile, risks emanating from the Brexit convinced the world’s largest central banks to either ease policy or delay further tightening. The net result was an appreciating trend in emerging market currencies.