For several years the Chinese authorities have been taking steps to internationalise the use of the yuan.
Angry Congress members staged a walkout during Modi's address.
'Demonetisation, is in principal, a mistake, because it involves a theft -- a taking of private property by the State.' 'It is one of those bad Indian ideas that has been tried twice in the past, with two failures for the record books.' 'This cloud over the economy will probably remain as long as Modi is in power.'
Arvind Subramanian, a senior fellow at the Peterson Institute for International Economics, was informally recommended to the post by Finance Minister Arun Jaitley.
Increased demand from oil importers for the American currency and a weak opening in the domestic stock market also put pressure on the rupee.
The markets stayed on edge last week due to the endless saga of Greece's problems.
'You cannot implement such a huge exercise, which is bound to cause misery to millions, without studying every aspect of its consequences, economic and social,' notes Sherna Gandhy.
"India has become the fastest growing major economy in the world. Despite the global slowdown, we have registered excellent growth. Today, India is a bright spot in the global economy. We are seen as the engine of global growth," he said.
If the interest rate on bank deposits is linked to any external benchmark, it would jeopardise the banks' fund-raising ability. Interest rates on small savings schemes are likely to be reduced very shortly, to maintain parity. All these steps would indeed affect retired people, and particularly those dependent on interest income, says Arindam Gupta.
Going by its past experience of differences between the central bank and the finance ministry, the government might prefer a person who could bridge this gap.
Traditionally, financial institutions have operated risk functions in silos. However, the nature of unknown threats today requires industry participants to work together, says Vikram Limaye.
With his strong views on Bharatiya economics, his appointment to the RBI board may well presage interesting times, says Archis Mohan.
Faced with sluggish economic growth and dwindling exports, China on Wednesday devalued its currency for the second consecutive day.
This is a terrible situation for a growing economy to be in, and the central bank would be expected to act to correct the situation.
'Tilting at the Government in English in front of India may make him feel like Joan of Arc, but without a feel for Bharat he will merely be Don Quixote,' says S Muraleedharan, former managing director, BNP Paribas.
