In terms of capital markets, interest rate liberalization and a more market-oriented exchange rate are central.

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This exchange rate liberalization has continued and while the ruble is not a freely floating currency, it is much closer to being one that it was in the past.

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There was also some interest-rate liberalization as Chinese banks are now allowed to lend at a discount of up to 20% below the benchmark, compared with a previous floor of 10%.

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