The government has encouraged large oil exporters to accept the rupee to settle trades, while the RBI has allowed banks in 18 countries to open special accounts to settle transactions in rupees. But progress on turning the rupee into a hard currency has been slow so far.
Some officials in the Chinese government are so desperate to get their desired narrative across that they have started to disregard basic principles, an approach which may carry a high cost in the long run.
Fed is not yet at that point of lowering interest rates, Bowman says The Federal Reserve is not yet at the point where it can start gradually lowering interest rates, Federal Reserve governor.
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