India's central bank held its two main interest rates steady in a bid to tamp down inflation and defend the recently besieged rupee. However, "the Reserve Bank stands ready to use all available instruments and measures at its command to respond proactively and swiftly to any adverse development," said bank Governor D. Subbarao, addressing concerns over an economy that is also struggling.
The premium on South Korea's five-year credit default swap eased to 0.85 percentage point July 26, down sharply from 1.17 percentage point high mark at the depth of the turmoil in global markets, according to the Korea Center for International Finance. The higher premium has deterred Korean companies from issuing bonds denominated in foreign currencies since May.
Australia's central bank is expected to cut rates for the eighth time since 2011 as the nation's economy struggles forward after the end of the mining boom. Politics also hover over the decision due next week, with elections on the agenda before the end of November.