Reserves
PBoC acts to rein in renminbi depreciation
Reserve requirement makes it more expensive to short-sell yuan, the first effort by the central bank to stem the currency’s three-month slide
Central bank deputy arrested as Iran grapples with forex crisis
Vice governor in charge of forex has been “arrested and sent to jail”, state media reports
Reserves in Tunisia keep falling
Country battles high inflation and high deficits as it receives support from the IMF
Stricter forex regulations in Central Africa needed to shore up reserves – IMF
Central bank must be ready to tighten monetary policy should reserves remain below target
Shock end to euro floor avoided ‘enormous’ speculative attack, says SNB’s Jordan
Swiss central bank chairman believes sudden removal of forex controls was least bad policy option and limited reputational damage
SNB profits reach 5.1 billion francs in first half of 2018
Foreign currency positions helped push the Swiss central bank back into profit
IMF calls for Guinea central bank to cut government financing
Central bank must build up currency reserves and follow rule-based intervention strategy
Venezuela will give oil reserves to central bank and slash zeroes from currency
Central bank will have control of basin with 29 billion barrels of oil, president says
Philippines considers boosting central bank capital
Central bank announces big rise in Q1 income
Book notes: American default, by Sebastian Edwards
Edwards’ book is fascinating, well written and enjoyable, and provides an account of one of the US’s forgotten chapters of history
Central bank financing spells trouble for Guyana – IMF
Fund warns central bank financing of government could create problems for monetary policy and calls for better debt management infrastructure
Vietnam says it is “actively prepared” to intervene in forex market
Interventions have helped protect the dong’s value, but depreciation gathered pace in June
Is the pursuit of a common accounting standard for monetary gold a fool’s errand?
More consistent accounting for monetary gold could address transparency concerns and help smaller emerging economies to achieve greater independence by clarifying treasury transfers
Irish SWF set to become first to divest from all fossil fuels
Fund has in the past argued “engagement” is more effective than divestment
World’s largest SWF bars investment in four companies for guideline breaches
Companies owned by Warren Buffett among those excluded by Norges Bank board
High reserves and low yields force central banks to focus on returns – survey
Equities become more important in reserve portfolios, accounting for 90% of returns in 2017
Zimbabwe clears debt with IMF but hurdles to financing remain
IMF looks to extend debt deadline for Somalia and Sudan
Book notes: China’s Great Wall of Debt, by Dinny McMahon
McMahon is too pessimistic about the chances of China managing to get its great wall of debt under control, writes Michael Taylor, but he is undoubtedly right about the scale of the challenge
BIS paper studies evolving renminbi exchange rates
It is “premature” to declare a stable zone for the renminbi, the paper concludes
Central banks need a consistent approach to accounting for monetary gold
Kenneth Sullivan presents a case study highlighting the challenges for central banks in consistently accounting for monetary gold
SBP devalues rupee again as reserves dwindle
Two years on from its last IMF rescue package, Pakistan is again experiencing balance of payments troubles