Reserves
Debt repayment problems have ‘severe consequences’ on consumption, paper finds
Quarterly consumption 30% lower when debt repayment problems arise, research suggests, while recovery after the arrears is smaller than the initial decline
Jamaican officials point to management plans as debt falls
Jamaica set to reduce debt-to-GDP ratio to 125% in pursuit of 90% target; officials from central bank and debt management branch welcome changes in past year
Ukrainian central bank faces ‘difficult balancing act’
Ukraine’s central bank has boosted its foreign exchange reserves but faces high inflation and unemployment, a ‘weaker-than-expected’ recovery and possible currency pressure
Bundesbank over halfway towards gold repatriation goal
Deutsche Bundesbank repatriated 210 tonnes of gold in 2015, it says; 41% of gold reserves now housed in Frankfurt
Reserve accumulation can be inflationary, ECB paper says
Working paper examines the allocation of special drawing rights in 2009 to separate out the inflationary effects stemming from an increase in the monetary base and moral hazard
Reserve manager of the year: National Bank of Denmark
The National Bank of Denmark's new risk budget-based investment strategy stood up well to the unprecedented flows of funds into and out of the country in 2015.
Global custodian of the year: Northern Trust
As the custody and asset servicing provider wins new business in an expanding list of territories, clients praised its technological capabilities and regulatory nous
Asset manager of the year: State Street Global Advisors
SSGA has helped official institutions to address a complex policy context at a high intellectual level while continuing to offer technically excellent investment services around the world
Paper studies central bank risk and return over 175 years
Research uses the National Bank of Denmark as a case study, exploring how its balance sheet and profit from financial items evolved between 1839 and 2014
RBI sheds new light on debt management strategy
Central bank unveils more detailed approach to communicating debt management plans, laying out a medium-term strategy that will be updated each year
TPP countries strike deal against currency manipulation
The 12 member states of Pacific free trade deal sign declaration vowing comprehensive disclosure of foreign exchange data; new group will ensure members abide by rules against competitive devaluation
RBA reduces share of euro in reserves
Australian central bank cuts euro holdings by 10% while nearly doubling RMB share of reserve portfolio; running yield ‘very low' at 0.2% at end-June, annual report says
Renminbi now fourth most-used world payment currency
The Chinese currency overtakes the yen with a share of 2.79% in global payments by value
BIS paper uncovers new evidence on FX reserve and capital flow link
Paper argues role of domestic investors is key to properly understanding how foreign exchange reserves can dampen volatile capital movements
IMF reveals Cofer submitters but scraps advanced-emerging breakdown
Fund reveals 96 economies submitting their reserves breakdown to the Cofer database, in the name of transparency – but axes breakdown of advanced/emerging economies for fear of revealing too much
Philippines reserves up by $100m in second quarter
Drop in net foreign lending prompts balance of payments surplus to surge by 145% year-on-year; FDI increases by $424 million, slightly lower than Q2 2014
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'