Central bank independence in the spotlight as Indonesia joins EM currency ‘panic'

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Bank Indonesia (BI) today became the latest major emerging market central bank to unveil new measures aimed at shoring up the value of its currency, as the wave of capital that quantitative easing sent washing over the developing world began rushing back to the US.

Late yesterday, the Central Bank of Brazil said it would offer up to $55 billion to the end of this year to back its promise earlier this week that it would provide currency hedging for market participants to take some volatility out

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