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New Hong Kong banknotes
The Hong Kong Monetary Authority has announced the forthcoming issue of a new series of Hong Kong banknotes in 2003 and 2004. A number of advanced security features have been added to the new banknotes to enhance their anti-counterfeiting capabilities,…
Federal Reserve Board - Beige Book, September 2003
The Federal Reserve Beige Book released on 3 September said that the US economy improved in July and August but the jobs market was stubbornly weak. "Labour markets remain slack across the nation, with few reports of occupational shortages," the report…
False conceptions of the euro and the Riksbank
In a speech on 'False conceptions of the euro and the Riksbank' given on 3 September, Kristina Persson of the Sveriges Riksbank said less than two weeks remain now to the referendum that will determine whether Sweden shall introduce the euro. Adopting…
Nyberg on developments in the property market
In a speech on 'Developments in the property market' given on 2 September, Lars Nyberg of the Sveriges Riksbank said in the housing market, prices have continued to rise despite the recent economic slowdown. The market for commercial property has instead…
BOJ quietly fixing data errors
The Bank of Japan has been making corrections to its web site, the Japan Times reported. The errors were described as "minor" by BoJ officials and relates to the average outstanding reserves kept by private-sector banks at the BOJ over the past five…
Hitachi develops RFID chip for bank notes
Hitachi has developed an RFID (radio frequency identification) chip that requires no external antenna and makes possible the embedding of chips in bank notes, IDG News Service said. A Hitachi spokesman denied media reports Tuesday that the company was…
Reddy to take over as RBI chief on Saturday
YV Reddy will take up his post as governor of the Reserve bank of India for a five-year term beginning on September 6th, the RBI said Wednesday a report from Reuters said.
Bank of France's Trichet defends EU deficit rules
Bank of France governor Jean-Claude Trichet warned Wednesday that countries due to join the European Union should prepare carefully for subsequent membership of the euro zone, a report from Agence France-Presse said. He also stood by the much criticised…
RBA unmoved by growth slump, leaves rates on hold
The Reserve Bank of Australia left interest rates on hold for the 15th consecutive month on Wednesday amid the accelerating global economy, according to a report from AFR.
Norway's central bank may cut rates again
Bank of Norway chief Svein Gjedrem repeated Tuesday that inflation is likely to be below 2.5 percent over the next two years leading to speculation that Norges Bank may continue its recent series of interest rate cuts, Aftenposten reported.
One week for a deal as IMF team lands in Argentina
An IMF team arrived in Argentina Tuesday with a week to finalise a loan deal and avoid a damaging default, Reuters said. The IMF so far has been unable to convince Argentina to implement unpopular policies the fund says are necessary for a full recovery.
Fukui says no quick end to BOJ easing policy
Bank of Japan governor Toshihiko Fukui on Wednesday sought to calm the bond market, Reuters reported, saying "You can rest assured that the ultra-loose policy will stay in place as long as the CPI (consumer price index) is falling or only showing weak…
Bank of Canada lowers interest rates
The Bank of Canada lowered its target for the overnight rate by 1/4 percentage point to 2 3/4 per cent on 3 September. In its press release the Bank said since the last interest rate announcement on 15 July, inflation pressures have continued to ease.
Fukui on the situation of the Japanese economy
In a speech on the current situation of the Japanese economy given on 3 September Toshihiko Fukui of the Bank of Japan said a number of developments indicate that the Japanese economy is moving in a desirable direction, even though it continues to face…
Gjedrem: Monetary policy & the economic situation
In the speech 'Monetary policy and the economic situation' given on 2 September Svein Gjedrem of Norges Bank said that even with current interest rates at 3 percent, it remains more probable that inflation over the next two years will be lower than 2.5…
Housing assistance to RBA staff
In a press release the Reserve Bank of Australia attempts to set straight what it calls "quite misleading" references in the press to housing assistance the RBA provides to a small proportion of its staff, 3 September.
Fed Reserve Bank of St Louis Review, Sep/Oct 2003
The St Louis Fed has published the latest edition of its Review for September/October 2003. Included in the Review are articles "Institutions for Stable Prices: How To Design an Optimal Central Bank Law" by William Poole and "The 2001 Recession: How Was…
BoT bans bank securities lending to non-residents
The Bank of Thailand has modified regulations in order to help develop the country's equity market, AFX Asia reported. Commercial banks "are not allowed to lend securities to non-resident entities, in line with measures to prevent speculation on the baht…
Stiglitz: Little to gain & much to lose from euro
Joseph Stiglitz says the euro has failed its first test: Swedes may vote no to the single currency - and with good reason. With a majority of Swedes likely to vote no in the upcoming referendum on the euro Stiglitz suggests in an article in the UK's…
Buba chief Welteke praises Russian economy
Speaking during a visit to Moscow, Bundesbank president Ernst Welteke said the Russian economy is witnessing welcome improvements, RIA Novosti reported.
UAE's Suweidi wants transparent information panel
The governor of the United Arab Emirates central bank has called on the Banks information committee to show transparency and openness in its dealing with Arab and international media that will cover the joint annual meeting - Dubai 2003 in late September.
China considers offshore yuan center in Hong Kong
China may be planning to set up an offshore yuan centre in Hong Kong by the end of the year, AFX News said. There have been increased calls recently for an offshore center to be set up in Hong Kong in view of the influx of Chinese visitors to the city…
US Snow urges Beijing to let currency float
US treasury secretary John Snow said Monday that flexible rates are a prerequisite for a functioning financial system and that American firms must not be disadvantaged by China's exchange rate policies, the Financial Times reported.
Duisenberg set to miss ECB policy meeting
This weeks ECB policy-setting meeting will not be attended by Wim Duisenberg who is set to leave the Bank at the end of October. Duisenberg's move to take a back seat on policy matters has led to accusations that the ECB is rudderless, Reuters reports.