Asian stocks jumped today as India installed a new central bank governor with ambitious plans to stabilise the falling rupee and support the banking sector.
Governor Raghuram Rajan unveiled a raft of support measures designed to stem the depreciation in India's currency, which has fallen 17% since the start of the year. Rajan, formerly chief economist at the International Monetary Fund, took on his new role on Wednesday. He wil aim to stimulate India's economy through the banking sector, boosting lending to businesses and making it easier for banks to open branches. The Reserve Bank of India will also provide swaps for banks’ foreign-currency deposits that Bank of America Merrill Lynch estimates will boost India’s reserves by $10bn, accor...
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