Central Banks
Greenspan, Snow seek Mutual Fund reforms
Federal Reserve Chairman Alan Greenspan and U.S. Treasury Secretary John Snow on Tuesday 18 November,in letters to the heads of the Senate and House committees overseeing the financial services industry who are holding hearings into the industry this…
IMF says no clear evidence China yuan undervalued
The IMF said on Tuesday 18 November that there is no evidence that the yuan is undervalued, according to Reuters. In a review of the Russian economy the Fund said more flexibility of the yuan, also known as the renminbi, would be in China's own interest…
No sign of U.S. inflation pressure-Fed's Santomero
There is some distance between the current level of the US economy and its potential, Anthony Santomero told the Philadelphia Estate Planning Council on Tuesday 18 November, according to Reuters. The Philadelphia Fed President also said a counter…
Economy Minister: Poland should consider zloty peg
Polish Economy Minister Jerzy Hausner has called for Poland to peg the zloty to the euro, according to EU Business. But National Bank vice president Andrzej Bratkowski said prematurely linking the zloty to the euro "risks impeding a coherent economic…
PBOC signs cooperation agreement with HKMA
People's Bank of China governor Zhou Xiaochuan and Joseph Yam, Chief Executive of the Hong Kong Monetary Authority signed a cooperation memorandum for conducting renminbi (RMB) business in Hong Kong on Wednesday 19 November, according to the China Daily.
BOC's Longworth on Inflation Targeting
In a speech 'Economic Literacy, Inflation Targeting, and Medium-Term Planning' given on 13 November, David Longworth of the Bank of Canada discusses the relationship between better economic education and a stronger economy and how an understanding of…
Is the Reserve Bank of India overstaffed?
India is a country well known for its huge population. But this article in Business Standard asks whether the Reserve Bank of India is itself overpopulated. The lower-rung jobs that form the bulk of its strength can be significantly cut down, it says.
Broaddus of Richmond Fed announces plan to retire
J. Alfred Broaddus, Jr., president of the Federal Reserve Bank of Richmond, announced on Thursday 13 November that he plans to retire on August 1, 2004, according to Associated Press. He turns 65 next July. 'It has been a great privilege to serve the…
Metcalfe named chair of St. Louis Fed's Board
The Federal Reserve Bank of St Louis has named Walter Metcalfe Jr. as chairman of its Board of Governors, with effect from 1 January 2004, reports the St Louis Business Journal. Gayle Jackson has been named deputy chair.
Baghdad's central bankers come under fire
Staff at the central bank of Iraq were evacuated on Monday 17 November while a rocket that landed close to the bank was defused, according to a report by AFP. The centre of Baghdad came under intense fire on Sunday with a report saying the central bank…
Ben Bernanke takes oath of office for new Fed term
Ben Bernanke took the oath of office last Friday, 14 November, for a new term on the Federal Reserve's Board of Governors. The ceremony was conducted by Chairman Alan Greenspan in his office and was witnessed by Bernanke's wife and children.
Sports talk, central bank style
Mervyn King is a well known supporter of English premier league football team Aston Villa. But the Bank of England Governor doesn't confine his support to the stadium. Last weeks Inflation Report presentation continued King's regular habit of making…
Canada's Dodge on Challenges and Opportunities
In a speech on 'Global Challenges, Canadian Opportunities' given on 17 November, David Dodge of the Bank of Canada said Canada has focused too much attention for too long on trade with the United States and now must look beyond North America for future…
Heikensten: Developments follow Inflation Report
Sveriges Riksbank Governor Lars Heikensten gave a speech at the Swedish Bankers' Association's meeting on 13 November. He said that international developments have largely followed the Riksbank's forecast over the past month, confirming the picture of…
Opening date of BOJ Representative Office, Beijing
The Bank of Japan will open its representative office in Beijing on 18 December 2003. As a result, there will be multiple BOJ representative offices in Asia as well as the Americas and Europe. The bank said it hopes this network of representative offices…
HKMA relocates its offices
The Hong Kong Monetary Authority (HKMA) announced on 18 November that it has officially relocated its offices to Two International Finance Centre (2 IFC). The office relocation is being undertaken in phases during the month of November.
Australia's RBA: Monetary policy can fix bubbles
Research published on Tuesday 17 November by the Reserve Bank of Australia suggests monetary policy can help to reduce asset price bubbles, according to a Dow Jones report. An active strategy, the paper says, requires judgements to be made about what is…
BoC's Dodge says he favours global trade strategy
Speaking on Monday 17 November, David Dodge said floating currencies can act as "shock absorbers" by rising and falling in response to economic conditions, according to Canadian Press. A floating Canadian dollar has provided "a real advantage" for Canada…