The bank cut commercial banks' statutory reserve requirement from 13.5% to 4% and reduced the bank's three-month intervention rate by 400 basis points to 7%.

CNN: ASIANOW - TIME Asia

Take its recent attempt to defend the currency by raising the statutory reserve requirements to as high as 40%. (This unwise move has the IMF's fingerprints all over it.) It merely restricts the amount of local currency available for changing into foreign currency, thus artificially containing incipient capital flight.

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Unlike most other central banks, however, the Federal Reserve does not have general statutory authority to oversee these systems.

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