. with a view to simplifying the methodology for pricing of floating rate bonds ( frbs ) in the secondary market, it is proposed to use the average cut - off yield on 182 - day treasury bills, instead of the yield on 364 - day treasury bills as a benchmark rate for the frbs to be issued in future. the modalities for undertaking active consolidation of central government securities have already been finalised in consultation with the government of india. as the economy develops and financial markets become more sophisticated, market participants need better access to risk management mechanisms. thus, interest rate derivatives need to be developed further. accordingly, the reserve bank has recently issued comprehensive guidelines in respect of interest rate derivatives, incorporating the broad regulatory framework for undertaking derivative transactions. in respect of otc derivative transactions, it has become necessary to have a mechanism for transparent capture and dissemination of trade information as well as an efficient posttrade processing infrastructure to address some of the attendant risks. to begin with, the ccil is being advised to start a trade reporting platform for rupee interest rate swaps ( irs ). this reporting module would be functional by august 31, 2007 and will thereafter be available to all market participants. an anonymous order driven system for trading in interest rate derivatives ( irds ) was introduced on exchanges in 2003. banks were allowed to hedge the risk in their underlying investment portfolio while primary dealers ( pds ) were also permitted as market - makers. since then, the government securities market has undergone numerous developmental changes, including the introduction of short selling and when - issued markets. recognising the need for a robust interest rate futures market as an effective instrument for management of interest rate risk, a working group is being set up to go into all the relevant issues and to suggest measures to facilitate the development of the interest rate futures market. as the capital account is gradually opened further the reserve bank has taken several initiatives to provide a more conducive environment for the conduct of foreign exchange business. the prime concern has been to provide prompt and efficient customer service by progressively liberalising foreign exchange related transactions, removing restrictions and simplifying procedures. concomitantly, powers have been delegated to authorised dealers with a view to improving ease of transactions for the common person. keeping in view the recommendations of the committee on fuller capital account convertibility ( cfcac ), several measures have been proposed in the annual policy statement towards liberalisation of foreign exchange facilities. in order to provide greater

su ning : bankcard services for farmers in anhui province, china speech by mr su ning, deputy governor of the peoplea€™s bank of china, at the launching ceremony and press conference of bankcard services for farmers, hefei, anhui province, 12 october 2007. * * * respected vice governor mr. huang haisong, distinguished guests, friends from the media, ladies and gentlemen : good morning! in this beautiful autumn season, i'm very pleased to attend the " launching ceremony and press conference of bankcard services for farmers in anhui province ". the successful launch of the bankcard services for farmers is of great importance in the run - up of the 17th cpc congress. on behalf of the people's bank of china ( pbc ), i'd like to express our warmest congratulations on the launch of the farmers'bankcard services, and our sincere gratitude to anhui provincial cpc committee, anhui provincial government and other friends for your support to our work! our thanks also go to all those comrades who devoted themselves to this endeavor. to strengthen the work in " agriculture, rural areas and farmers " and to steadily push ahead with the construction of a new socialist countryside is a necessary requirement for the comprehensive implementation of the scientific approach to development and construction of a harmonious socialist society, and an important task to accelerate the socialist modernization drive. the pbc attaches great importance to the rural financial system, and puts it high on our agenda. the successful launch of bankcard services for farmers is an important measure for the pbc in its efforts to implement the scientific approach to development and to serve the construction of a new socialist countryside ; an effective means to speed up rural financial infrastructure construction and improve the financial services in rural areas ; and also a good way to support and guide rural financial institutions, rural credit cooperatives ( rcc ) in particular, to accelerate business innovation, uplift rural financial services and achieve a win - win situation. the launch of the bankcard services for farmers has two pre - conditions : first, large migrant workers exporting provinces ( autonomous regions or municipalities ) ; second, sound rcc integrated systems. based on these two conditions, the pbc launched the service in 13 provinces or municipalities, enabling a large number of migrant workers to access convenient, expedient and secure bankcard services, hence becoming quite popular among migrant workers and generating good socio - economic benefits. now we are delighted to see that