Currency
Political turmoil rattles Turkish lira carry trade
Echoes of March crackdown that sparked market rout leave traders on alert
Dollar dominance amplifies transmission of US shocks – study
Bank of Korea research recommends promoting South Korean bonds and internationalisation of won
How FX pricing is adapting to Trumpian markets
Dealers are tying pricing engines to new signals in effort to cope with out-of-the-blue moves
China and eurozone renew €45 billion liquidity line
ECB says three-year swap deal will protect against disruptions in renminbi market
Digital yen is not a given, says BoJ official
Japan’s central bank is focused on studying CBDCs but does not feel pressure to issue one
South Korea planning to revive paused CBDC programme
Bank of Korea’s Rhee says CBDC may be used to distribute government subsidies
Bank notes: July to September 2025
A round-up of news and salient issues that have affected central bankers in the past three months
Book notes: King dollar, by Paul Blustein
A well-researched overview of the position of the US currency, providing an optimistic view on the future of ‘king dollar’.
China to discuss stablecoins at cabinet level – report
Experts say allowing stablecoin issuance in mainland China unlikely to speed up yuan internationalisation
SNB opens poll on altitude-themed banknotes
Central bank asks public for views on designs based on Switzerland's ‘unique topography’
BoK governor expresses confidence in finance minister
Rhee’s comments follow apparent discord between bank and government over digital assets policy
HKMA stablecoin regulations take effect amid ‘market euphoria’
Markets eye further gains as Hong Kong’s de facto central bank tries to damp down ‘bubble-like trend’
Central banks’ CBDC sentiment can prove contagious – BIS study
Authors say Fed and ECB’s positions on digital assets affect how the currencies are perceived elsewhere
HKMA chief tries to temper stablecoin expectations
Yue says territory’s regulations will be tight and short-term profitability for first issuers is not guaranteed
Book notes: Beyond banks, by Dan Awrey
The book proposes thoughtful reforms to establish the same reliability for new monetary IOUs as currently exists for bank IOUs
ECB opens second round of banknote design competition
Artists invited to submit ideas related to culture and the natural world
Book notes: Central banking at the frontier, by Thammarak Moenjak
This well-structured book provides a comprehensive overview of the challenges digitalisation poses for finance and includes possible actions for central banks
Austria boosts rural access to cash with 120 new ATMs
Central bank provides cash machines to communities with at least 500 inhabitants
Hong Kong intervenes once again to protect currency peg
Intervention is HKMA’s second at weak end of HKD/USD band in less than a week, with more likely
The future of money
Central banks may require more flexible inflation targets and facilitate wider payments interoperability to maintain trust and the ‘singleness’ of money. By Sethaput Suthiwartnarueput
Hong Kong intervenes to protect currency peg
HKMA sells US$1.2 billion at HK$7.85 to the dollar as local currency hits weak end of FX band
Recollections may differ on Weimar hyperinflation – ECB blog
Author says first-hand accounts suggest episode was less traumatic than politicians would later claim
Bailey ‘remains to be convinced’ about retail CBDCs
BoE governor adds that stablecoins must “pass the test of singleness of money”
PBoC’s Pan outlines vision for multi-currency international order
Governor describes SDR-based system in which major currencies would “co-exist and compete”