India's balance of payments swings to a $45.4bn surplus as NRI deposits of $83bn rebuild the reserves the RBI has been draining.

India's external accounts and the RBI's domestic liquidity operations are the same balance sheet, and August resolved them in opposite directions: the overall balance swung to $45.4bn from −$5.6bn a year earlier, with net NRI deposits of $83bn against $1bn, while the RBI's FX risk reserve FAQs now put a defined cost on carrying open rupee-dollar positions. Italy's debt stock of €3.2trn and non-resident holdings of €1.17trn describe the other side of the same trade — a sovereign whose investor base has shifted abroad, with €586.76bn maturing inside a year and an average residual maturity of 7.8 years. The Bank of Spain's upward revisions to growth and inflation, and the Bank of England's proposal to let CCPs take bank letters of credit as initial margin, both loosen a constraint that had been binding: the first on the ECB's easing path, the second on the cash and gilts non-financial clearing members must hold.