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Germany against gold sale to fill budget holes
Conservatives in German Chancellor Angela Merkel's ruling coalition remain opposed to using central bank gold reserves to fill budget holes, a senior lawmaker was quoted as saying on Wednesday 14 December.
Central bankers are not magicians says BoE's King
Bank of England governor Mervyn King said in an interview with a Swedish newspaper published on Wednesday 14 December that central bankers cannot do magic tricks and politicians shouldn't make comments about the monetary policy of independent central…
Fed raises rates, tweaks statement
The Federal Open Market Committee decided on Tuesday 13 December to raise its target for the federal funds rate by 25 basis points to 4-1/4 percent. In its statement the FOMC removed the term 'policy accommondation' but suggested rates could rise further…
Brazil announces intention to repay IMF debt
Brazil announced on Tuesday 13 December its intention to make an early repayment of its entire outstanding obligations to the International Monetary Fund amounting to SDR 10.79 billion (about US$15.46 billion).
Gold is more than a hedge
According to this article published on Monday 12 December, the latest idea to grip the markets is that gold is poised to become the world's fourth major currency.
New York Fed's Economic Policy Review, Dec 2005
The Federal Reserve Bank of New York has published the December 2005 edition of its Economic Policy Review. The articles in the latest edition were presented at a conference organised by the Federal Reserve Bank of New York in April 2005, "Urban Dynamics…
Bank of Canada Financial System Review, Dec 2005
The Bank of Canada has published its semi-annual December 2005 Financial System Review. In general, the financial health of Canadian financial institutions, households, and non-financial corporations remains robust.
Accounting, risk management, prudential regulation
The BIS has released the Programme from its "Accounting, risk management and prudential regulation" Workshop held on 11-12 November in Basel.
RBA's Stevens on Asia's financial system
In a speech to the 18th Australasian Finance and Banking Conference 2005 given on 14 December Glenn Stevens of the RBA said the development of Asia's financial system had not kept pace with its rapidly accelerating economies.
Comment: Islamic banking - progress and hurdles
Recent IMF research puts the number of Islamic financial institutions worldwide above 300, having risen from only one in 1975. The total assets of these institutions, growing at 15% a year, have reached an estimated $250 billion.
Xiaochuan expects less pressure on yuan move
China's central bank governor Zhou Xiaochuan said he expects less pressure for a yuan revaluation next year, as China will move to cut its trade surplus.
EU confirms legal action against Italy
The European Commission confirmed in a statement on Tuesday 13 December that it has decided to start legal action against Italy over the involvement of the Bank of Italy in the takeover battle for Banca Antonveneta.
Fed may remove 'accommodation' phrase
The Federal Reserve may say monetary policy is no longer stimulating the economy after it is expected to raise interest rates Tuesday 13 December for the 13th time, according to over half of Wall Street's largest bond trading firms surveyed by Bloomberg.
US Treasury official calls for China FX action
A US Treasury official said on Monday 12 December that China should act on its pledge to make its currency regime more flexible.
ECB introduces cartoon kit
Jean-Claude Trichet, President of the European Central Bank, launched a new information kit entitled "Price stability: why is it important for you?" on Monday 12 December.
Russia changes gold reserves publication rules
In January 2006 details of Russia's gold reserves will be published on the basis of gold evaluations according to quotes by the Central Bank of Russia, the bank's external and public relations department said.
RBA's Macfarlane on recent economic developments
In the speech 'Some observations on recent economic developments' given on 13 December, Ian Macfarlane of the Reserve Bank of Australia said the Australian economy is more resilient and able to adjust to economic shocks as global interest rates rise…
Canada's Dodge on inflation targeting
In the speech 'Our approach to monetary policy: Inflation targeting' given on 12 December David Dodge of the Bank of Canada said the BoC must set interest rates looking at the country as a whole and not get caught up in growth rates that vary from region…
Philadelphia Fed Business Review, 3rd Quarter 2005
The Federal Reserve Bank of Philadelphia has published its regular Business Review for the Third Quarter 2005. The latest edition includes articles titled, The changing patterns of payments in the United States, The economics of asset securitization, and…
BIS's Knight on developing corporate bond markets
In the speech 'Sharing experiences in developing corporate bond markets' given on 17 November Malcolm Knight of the BIS argues that a robust financial system requires a diversity of financing channels, in which banks and fixed income markets compete in…
Word junkies get ready for a fix from the Fed
According to this article published on Monday 12 December, while there is little doubt the Fed will raise the funds rate by another 25 basis points to 4.25 percent on Tuesday, the main issue is the language of the statement.
Comment: Gold soars
Gold prices soared to new highs on Monday 12 December, bringing this month's gain for the precious metal to 9%. Only a month ago gold traded at $470. What does the future hold for bullion and what role will central bankers play in this?
Bank of England defends communication
A study published by the Bank of England on its communications on Monday 12 December that financial markets show the strongest reaction to minutes of its MPC policy meetings and the quarterly Inflation Report.
China 's FX reserves may reach $1 trln
China's foreign exchange reserves will exceed 1 trillion US dollars eventually, economist and People's Bank of China adviser Yu Yongding said.