Incidentally, the modern forex clearing operations proposed in India are pioneering, outside of America and Europe, with Hong Kong becoming operational last year. There will be enormous savings in time and cost of intra bank forex transactions in India. Corporates, mutual funds etc. can operate in the repo market, i.e., access or provide collateralised liquidity for the very short term, with all safeguards.
It was only after some stabilisation was reintroduced in East Asia and after the collapse of the Russian economy was discounted in the financial markets, and after a credible international financial rescue package was put together for Brazil, that markets calmed down again. The South African financial markets were quick to follow.