The seven day repo rate in China dropped below 2.5% Wednesday, exceeding expectations.

FORBES: Don't Expect Strong China PMI Thurs

Now, as British inflation has tumbled close to German levels, so have interest rates: the Bank's repo rate is now 5.5%, compared with the European Central Bank's 3%.

ECONOMIST: The single currency

The Bundesbank cut its repo rate from 3.3% to 3%.

ECONOMIST: Surprise party

The difference in price is the repo rate.

FORBES: Kill Libor, Markets Need A New Benchmark

The Reserve Bank of India raised its repo rate to 6.75% from 6.5% as expected Thursday, but raised its inflation expectations by 100 basis points to 8% now, up from 7%, the Bank said in a press statement.

FORBES: India Inflation Outlook Sours, Commodities Blamed; Real Rates Next to Zero

Nor is the shift from direct lending to auction sure to work: for all the praise heaped upon the ECB, the spread between the ECB's repo rate and euro-denominated interbank rates is no less worrying than that in America or Britain.

ECONOMIST: A collaboration over the credit crisis

ECB's main monetary instrument will be a repurchase (repo) rate.

ECONOMIST: Euro Towers or Fawlty Towers? | The

At the same time, the RBI left the bank rate unchanged at 6%, maintaining the repo and reverse repo rates at the current levels of 4.75% and 3.25% respectively.

FORBES: Market Scan