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PBoC launches swap facility in bid to boost stock market
Financial institutions will be able to swap eligible assets with sovereign bonds and central bank bills
Israel holds rates as conflict continues
Central bank revises inflation and growth forecasts
Lower risks enable authorities to shift policy – Amro report
Asean+3 research arm says challenges remain on dollar dependency and property markets
Benchmarking
Hélène Rey on cracking the code to the global financial cycle
The dollar and financial cycle move together. For the first time, economists think they know why
Reserve Benchmarks 2024 – model banks analysis
New breakdowns reveal differences in central bank reserves management by size and economic group
Trade credit can expose firms to FX risk – BIS paper
Currency borrowers partially insulate their partners from shocks, but still pass them along supply chains
Eurozone policy transmission ‘more pronounced’ in 2022–23 – study
Banks’ increased risk perceptions underpinned swifter pass-through, says Bank of Italy research
The hidden dynamics behind China’s BoP ‘errors and omissions’
Marcello Minenna highlights the possible implications an unaccounted-for £30bn has for the PBoC
Reserve Bank of India holds interest rates
Decision comes despite weakening inflation
Campos Neto on inflation targeting, independence and the future of financial intermediation
BCB governor discusses financial autonomy, open finance, programmable Pix and deposit tokenisation
Editor's choice
Lessons learned on macro-pru policies
Tools are proving their worth although use cases vary by country; role in over-arching frameworks remains a challenge
Reserve Benchmarks 2024 report – the challenge of diversification
Central banks’ insights into portfolio make-up shine light on new and old trends
Navigating uncertainty: the impact of the 2024 US elections on emerging markets
Franklin Templeton analyses possible outcomes of the US elections, the effect on trade, foreign and domestic policies, market impact and implications for emerging market (EM) economies
How (not) to review your monetary policy framework
The Fed made some mistakes in its last strategy review. As it prepares to have another go, it could learn from other central banks
Benchmarking
Handful of central banks expanded swap lines in past year
Vast majority of swap lines offer US dollar liquidity
Inter-bank working groups
Facilitating connections between central bankers across the globe to promote the exchange of expertise and support collaboration.
Upcoming meetings include: Cyber risk management, social media in communications and upgrading forecast models.
All eyes on the Fed
The US central bank faces a challenging path to fulfil its mandated goals
Awards
Central Banking Awards 2024 ceremony honours best in field
Shirakawa receives lifetime award and Brazil is named central bank of the year
Central bank of the year: Central Bank of Brazil
The Latam central bank has pursued its mandate in an exemplary fashion, despite external pressures
Lifetime achievement: Masaaki Shirakawa
The veteran BoJ central banker called out the limits of monetary policy
Governor of the year: Andriy Pyshnyy
Pyshnyy kept Ukraine’s wartime economy stable and won vital foreign support under huge pressure
Video and Podcasts
Masaaki Shirakawa on his ‘unease’ about 2% inflation targets and lessons from Japan
Former BoJ head speaks about the need to understand banking, make contingency plans and current policy constraints
Podcast: cash in the payments landscape
Podcast: the ‘global unsyncing’
Podcast: the ECB’s collateral framework expansion
Book reviews
Book notes: Money in the 21st century: cheap, mobile, and digital, by Richard Holden
Book notes: The monetarists: the making of the Chicago monetary tradition, 1927-1960, by George S Tavlas
Book notes: Easy money, cryptocurrency, casino capitalism, and the golden age of fraud, Ben McKenzie with Jacob Silverman
Book notes: How a ledger became a central bank: a monetary history of the Bank of Amsterdam, by Stephen Quinn and William Roberds
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Navigating uncertainty: the impact of the 2024 US elections on emerging markets
Fixed income in a new era
The long and short of it: Central Banking case studies in point
Fixed income factor portfolios for institutional investors
From debate to dilemma: should reserve managers diversify when rates are high?
Building future-proof cyber security in the financial system
How advanced AI threatens banking security systems
Combatting the ever-changing cyber threats in banking
A suptech transformation: using tech to support the full supervisory lifecycle
