Central Banks
China official mulls freer hand for central bank
According to this article from the Financial Times, published Friday 28 July, a People's Bank of China official has suggested policy making could be more effective if the central bank had more autonomy.
Kohn says Fed policy lags may be shorter
The communication of interest-rate moves during the Fed's latest tightening campaign may mean their impact on the economy will be felt more quickly than otherwise, a top Fed official said in a letter released on Friday 28 July.
RBNZ leaves OCR unchanged at 7.25 per cent
The Reserve Bank of New Zealand announced Thursday 27 July that the Official Cash Rate (OCR) will remain unchanged at 7.25 per cent. Reserve bank governor Alan Bollard said: "Recent economic developments have been broadly in line with our June Monetary…
Minutes suggest smaller rate cuts in Brazil
Brazil's central bank said Thursday 27 July it sees a "low probability" of inflationary pressures in the coming quarters, but interest rate cuts may need to be smaller to avoid a pickup in inflation.
BoJ 'very careful' about drastic rate hike-Yosano
Japan's Economic and Fiscal Policy Minister Kaoru Yosano said Thursday 27 July the Bank of Japan is "very careful" about implementing credit tightening too drastically.
PBOC's Yu to stay in post until replaced - report
Yu Yongding, whose term is due to end this month, will remain in his post until a replacement is found, an official in the news department of the People's Bank of China told Dow Jones on Thursday 27 July.
Comment: Transparency in EU bond markets
As a rule, transparency in government activities, in regulation and in financial markets is encouraged and regarded as a positive thing. But when it comes to the way governments sell bonds, the authors of a recent study suggest that increasing…
BoE's Gieve on financial system risks in the UK
In the speech 'Financial system risks in the UK - Issues and challenges' given on 25 July Sir John Gieve of the Bank of England said the probability of a contagious financial crisis may have fallen but its impact, if it ever happened, could be more…
BoJ's Suda sees 'gradual' rate rises
Bank of Japan policy board member Miyako Suda repeated Wednesday 26 July the central bank's view that future rate increases would be 'gradual' if the economy continues to show sustained growth.
Comment: RBI sounds warning call
The Reserve Bank of India (RBI) raised interest rates by 25 basis points on 25 July. The central bank warned that the higher oil prices were having a "permanent" effect. Rapid credit growth and rising risk-premia were also top of the list of concerns…
Mersch on monetary policy-making in the euro area
In the speech 'Monetary policy-making in the euro area' given on 28 June Yves Mersch of the Central Bank of Luxembourg said since the introduction of the euro, inflation rates averaged slightly more than 2% in the euro area.
ECB paper on fiscal policy in a monetary economy
The ECB Working Paper "Fiscal policy in a monetary economy with capital and finite lifetime" develops a dynamic stochastic general equilibrium model with nominal rigidities, capital accumulation and finite lifetimes.
First woman appointed to Bank of Spain's board
The new governor of the Bank of Spain, Miguel ngel Fernandez Ordoez, has appointed the first woman to the bank's board.
Bernanke's fluid inflation tone bemuses Wall St.
Federal Reserve chairman Ben Bernanke seemed remarkably unruffled last week by recent signs that inflation is accelerating, according to this article by Reuters.
Mozambique appoints new central bank governor
The President of Mozambique, Armando Guebuza, on Monday 24 July nominated Ernesto Gove to be the new governor of the Bank of Mozambique.
China needs large FX holding, says SAFE
China's economic conditions make it necessary for the holding of large levels of foreign exchange reserves, the official Shanghai Securities News reported Tuesday 25 July, citing Wei Benhua, deputy director of the State Administration of Foreign Exchange.
Comment: Central bank governance
Seigniorage revenues have become more important to central banks as many of these institutions are feeling the squeeze financially. How these revenues are spent depend critically on sound governance structures and independence. These are the conclusions…
Changes to RBNZ's Bond Lending Facility
In consultation with the New Zealand Debt Management Office, The Reserve Bank of New Zealand announced Friday 21 July that, as from Monday, it will make the following changes to its Bond Lending Facility.
Lebanon's Salameh says currency 'stable'
Lebanon's currency is stable and its banks' reserves remain liquid despite the ongoing Israeli bombing campaign, the central bank governor said in an interview with Britain's Financial Times newspaper published Monday 24 July.
China may tighten policy more - report
China will tighten policy more aggressively if measures already taken fail to cool the red-hot economy, a central bank official said in remarks published on Monday 24 July.
ECB paper on the impact of policy decisions
The ECB Working Paper "The impact of ECB monetary policy decisions and communication on the yield curve" analyses high-frequency changes in the euro area money market yield curve on dates when the ECB regularly sets and communicates decisions on policy…
Monetary policy rules in the pre-EMU era
The ECB Working Paper "Monetary policy rules in the pre-EMU era: Is there a common rule?" analyses the period 1993 to 1998 saying there is no clear agreement regarding the monetary policy pursued in the member countries during the convergence process.
Roseman on coin and currency issues
In testimony 'Coin and currency issues' given on 19 July Louise Roseman of the Division of Reserve Bank Operations and Payment Systems said a law requiring the Treasury Department to issue new Presidential $1 coin designs every year may not foster…
ACU calls for new members
The Asian Clearing Union (ACU) concluded its two-day technical committee meeting Wednesday 19 July calling for the admission of countries beyond the ESCAP Asia/Pacific region.