The debate was only about the appropriate strategy – sequencing and timing, in particular – for transitioning to full capital account convertibility. China and India •  Let me invoke the example of India. Moving towards full capital account convertibility has always been our policy goal.
The only variable was the road map for getting there which, it was agreed, should be redefined from time to time, consistent with the evolving situation. There was also general agreement that we should start with floating the exchange rate and decontrolling interest rates, and finish with the capital account, on the rationale that this strategy will best preserve macro stability.