Central Banks
Federal Reserve Board - Beige Book, January 2005
The Federal Reserve published its January 2005 Beige Book survey on Wednesday 19 January. The report said U.S. economic activity continued to pick up in most of the country in late November through early January, but Cleveland, in the manufacturing…
Finland's Liikanen on cb finance, exchange rates
In a speech on 'External financing condition, the exchange rate and policy tradeoffs for central banks' given on 26 November Erkki Liikanen of the Bank of Finland said in emerging economies with relatively large financial markets and large capital…
Bank of Canada to upgrade $10 bank note
As part of its ongoing efforts to improve the security of Canadian bank notes, the Bank of Canada announced on Thursday 20 January that it will issue a $10 note with upgraded security features beginning 18 May 2005.
Luxembourg's Juncker says ECB wrong on pact
Luxembourg finance minister Jean-Claude Juncker, speaking as the euro group's president for the next two years, said the European Central Bank is wrong to say that reforming the EU's fiscal rules would harm the euro.
Cleveland's Pianalto says rates must rise further
Sandra Pianalto, the president of the Federal Reserve Bank of Cleveland said in a speech that the Federal Reserve must be "prudent" and continue to raise short-term interest rates until central bankers are more certain that monetary policy is no longer…
OECD sees high yen as a risk for Japan recovery
The OECD said in a report on the Japanese economy published on Thursday 20 January that the sharp appreciation of the yen poses a big risk to Japan's already sluggish economic recovery, and that the Bank of Japan should remain focused on ending deflation.
Jenkins on Canada in the global economy
In a speech on 'Canada in the global economy: A look back and a look forward' given on 13 January, Paul Jenkins of the Bank of Canada said the high price of oil poses a risk to the world's economic outlook, even though oil prices have moderated in the…
IMF's Krueger on reforming economies
In a speech on 'Shared experience: What reforming economies have in common' given on 14 January, Anne Krueger of the IMF said India should tread a cautious path as far as infrastructure spending is concerned, since too much spending can trigger high…
Philadelphia Fed Business Outlook Survey, Dec 2004
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, December 2004, activity in the region's manufacturing sector continues to grow. In this months survey the participants were asked about the impact of the weak dollar on…
Fed's Bernanke on productivity
In a speech on 'Productivity' given on 19 January, Ben Bernanke of the Federal Reserve said that there is an emerging consensus that productivity growth could remain at its current elevated level.
BoJ's Fukui says exchange rate movements unsteady
Bank of Japan Governor Toshihiko Fukui said Tuesday currency exchange rate movements have become unsteady, suggesting the possibility that Japanese monetary authorities may resume intervening in the currency market.
China's reserves top US $500bn in 2004
China's foreign exchange reserves hit a record US$609.9 billion in 2004, soaring at a rate of US$206.7 billion over 2003, according to the People's Bank of China.
PBOC chief Zhou pledges on convertible yuan
China reaffirmed its commitment to allowing free movement of the yuan on the capital account, with PBOC chief Zhou Xiaochuan promising further steps this year.
Eurosystem for ex reserves down 0.7 bn
The European Central Bank said that net foreign currency reserves in the euro system fell 0.7 bln eur to 154.9 bln in the week ending 14 January.
Cleveland Fed says US trade gap may hit growth
The massive trade deficit in the United States will eventually be reversed and implies a weaker dollar and higher interest rates, a Cleveland Fed report said, warning this could quell growth unless US exports grow.
NY Fed's Geithner on risk management challenges
In a speech on 'Key challenges in risk management' given on 13 January, Timothy Geithner of the Federal Reserve Bank of New York said a set of pressing macroeconomic problems has increased the probability of shocks to global financial prices.
A higher yuan: When, not if
Sooner or later, China will have to hike its currency against the dollar, this article argues. The peg which keeps the yuan's value fixed against the greenback, has been the 'bete noire' of U.S. manufacturers, who complain that it gives Beijing an unfair…
Riksbank reallocates its gold & currency reserves
The Sveriges Riksbank announced on Tuesday it has up to the present date sold a total of fifteen (15) tonnes of gold under the renewed Central Bank Gold Agreement (CBGA), established between fifteen European central banks.
Philadelphia Fed Business Review, 4th Quarter 2004
The Federal Reserve Bank of Philadelphia has published its regular Business Review for the Fourth Quarter 2004. In "Monetary Policy and Inflation Targeting in the United States," President Anthony Santomero returns to the topic of inflation targeting,…
BOTs Nijathaworn on regional financial cooperation
In a speech on 'Regional financial cooperation: Some thoughts on the way forward' given on 28 November, Bandid Nijathaworn of the Bank of Thailand said he is confident that we can move forward more rapidly in the direction that will be most beneficial to…
Slovak central bank warns on intervention
A senior official in Slovakia's central bank said on Monday 17 January that the bank was still prepared to intervene in the currency markets to weaken the crown.
Lithuania plans to adopt euro in 2007
The Central Bank of Lithuania on Tuesday 18 January announced its intention to replace its national currency, the litas, with the euro on Jan. 1, 2007, the Baltic news service (BNS) reported.
SA's Manuel backs plan to sell IMF's gold
South Africa would back a British proposal to use International Monetary Fund (IMF) gold reserves to write off the debts of poor countries, finance minister Trevor Manuel said on Monday 17 January.
Buba's Stark says pact revamp may push up rates
Bundesbank Vice-President Juergen Stark said in an article that proposals to revamp European Union budget rules may lead to higher interest rates across the eurozone.