Reserves
PBoC reveals $93.9 billion drop in reserves
People’s Bank of China reveals size of drop last month, driven by intervention in foreign exchange markets after devaluing yuan; reserves sat at $3.56 trillion at end of August
Argentine reserves spared as US court overturns ruling
Central bank will not have to pay creditors out of its reserves, US appeals court rules, although the decision is not meant to allow Argentina to ‘continue shirking’ its debts
PBoC sets daily RMB fix at four-year low
Central bank move comes two days after China premier said currency was at ‘equilibrium'; one analyst expects ‘more depreciation down the road'
Renminbi ‘fix' lowered as stock market nosedives
Central bank lowers renminbi midpoint value by most since devaluation two weeks ago; some analysts point to decision to halt FX interventions on Monday
Iranian central bank should not recover assets, US government argues
The department of justice has argued in a submission to the Supreme Court that Iran’s central bank should not recover $1.75 billion in assets awarded to the families of terrorism victims
Russian governor seen dissuading private sector from large dollar holdings
Russian central bank governor Elvira Nabiullina reportedly joined prime minister Dmitry Medevev in telephoning banks and major export companies about their holdings of dollars
IMF extends current SDR basket by nine months
Fund stresses the extension does not ‘prejudge’ its decision on including the renminbi in the basket; final decision still expected this year
Zeti defends China's ‘managed convertibility' of RMB
Bank Negara Malaysia's governor says the international monetary system relies on ‘too few' reserve currencies; calls China's stock market fluctuations and cooling economy ‘short-term challenges'
RBI paper explores challenges in public debt management
Research identifies a ‘narrow investor base’ as one hurdle and considers how to encourage greater participation from retail investors in the market for government securities
Bank of Central African States floats novel way of pooling reserves
IMF urges member states in Central African Economic and Monetary Community to comply with requirement to pool FX reserves and earnings; BEAC proposes new method for achieving this
IMF leaves door open to renminbi inclusion in SDR basket
Report says renminbi is lagging behind the four currencies in the current basket, but decision is still wide open; IMF also considering extending existing arrangement by nine months
SNB losses climb to $52bn after abandoning franc ceiling
Central bank suffers heavy losses on its holdings of foreign exchange, with overall losses for the year to date rising to Sfr50 billion
PBoC opens interbank bond market to foreign central banks
Move is among the most significant towards RMB liberalisation since QFII, says StanChart's head of central banks; quotas are scrapped and central banks can register for licence through third parties
Competing theories explain drop in China’s reserves
Holdings fall $110 billion in Q1 as domestic investors look abroad and the PBoC defends the exchange rate; some analysts say ECB quantitative easing is probably the real villain
New Zealand SWF hires BMO to aid ethical push
The NZ Super Fund appoints BMO Global Asset Management to help 'global engagement programme' aimed at improving standards at the companies it owns
Central banks have 'track record' to manage new African SWFs, says World Bank expert
Ekaterina Gratcheva argued at a forum in Basel this weekend that central banks' institutional history makes them suitable managers for sovereign wealth funds
Lack of renminbi derivatives may foil currency's SDR entry
Panellists at a Sifma conference and corporate executives surveyed by Allen & Overy cite scant liquidity as a key concern for renminbi's progress
US ‘unwilling to compromise' on derivatives rules, China vice-minister of finance says
Differences in accounting practices remains an urgent issue, Zhu Guangyao argues in a new China report; contributors critical of dollar's ‘exorbitant privilege' as sole reserve currency
The rising international role of the renminbi
The global reach of Chinese investment and the renminbi have expanded rapidly over the past few years. The currency’s journey is seen by some as a reflection of China’s global ambition and expansion
Former PBoC chief explains why RMB evolution brings benefits to China and rest of the world
Dai Xianglong, former chairman of China’s National Social Security Fund (NSSF) and former president of IFF, backs the idea of the internationalisation of the renminbi and the benefits it could bring
Bank of China chairman on RMB internationalisation moving from strength to strength
The renminbi now ranks second in the world’s most-used currencies in trade finance, and its internationalisation has gone from strength to strength, says Tian Guoli, chairman of the Bank of China
PBoC’s Zhou Xiaochuan on interest rate reform and renminbi internationalisation
People’s Bank of China governor Zhou Xiaochuan speaks about the pace and timing of interest rate reform and the internationalisation of the renminbi
Yi Gang on China's new foreign exchange philosophy
State Administration of Foreign Exchange director Yi Gang discusses five changes in China's foreign exchange management as well as the long-term value of the renminbi
Noyer: IMF’s decision on SDR not politically motivated
Banque de France governor Christian Noyer acknowledges ‘symbolism’ of the IMF’s currency basket, but stressed the composition is based on technical work and not politics