Central banks can help promote reference rate choice, says BIS report


Central banks should continue to support the development of well-functioning money markets and promote the use of additional reference rates – notably overnight rates – according to a report published by a Bank for International Settlements (BIS) working group today.

The group – chaired by Hiroshi Nakaso, who will become a Bank of Japan deputy governor this week – says it is in the "genuine interest" of central banks to ensure reference rates are used in a way that supports an efficient and

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