By Vidya RanganathanSINGAPORE (Reuters) - The bold monetary experiment that the Indian and Chinese central banks engaged in this year might one day be hailed as a success. So far, the result has been unprecedented market volatility and little else.Both central banks targeted interbank rates to control the supply of money, aiming for a more surgical monetary tool than orthodox bank reserves or policy interest rates.The People's Bank of China (PBOC) and the Reserve Bank of India (RBI) were worried that sticking with traditional policy rates or bank reserves would have had a greater impact on ...
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