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India Central Bank Downplays Odds of Early Rupee Convertibility

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An Indian central bank official downplayed the chance of early progress in making the rupee fully convertible as China seeks a bigger international role for its currency.

While there’s “no escape” from moving toward making the rupee fully tradable against other currencies, India still needs to do more to control government spending and inflation before it’s ready, according to a speech by G. Padmanabhan, a Reserve Bank of India executive director. It was posted on the central bank’s website on Monday.