] In terms of the former, two important developments have
] recently emerged. Last Tuesday, the Reserve Bank of India
] stated that it was "exploring the option of replacing a
] part of the central bank's investment in short-term U.S.
] securities with European gilts." For those who don't
] know, the Reserve Bank of India has a growing cash hoard
] of around $107 billion these days, making it roughly the
] sixth-largest holder of foreign currency reserves.