Speaking to the Financial Times, Duvvuri Subbarao, the newly appointed head of India's central bank, said that central bankers and finance ministers in the region had been struck by the “synergistic impact” of co- ordinated action among the Group of Seven leading nations.

“I think [greater co-ordination] would be helpful especially in times of crisis like this. Although there is no institutional arrangement spanning Asia, there are informal arrangements. Some of the governors have been courteous enough to call me and let me know of their action,” he said.

While Mr Subbarao backed regional institutional frameworks to tackle falling markets, he warned that having too many could be counterproductive and lead to “institutional overload”.