Central Banks
Asian central banks monitoring FX volatility amid oil shocks
Indonesia, Singapore and India look to manage inflationary pressures from war in Middle East
Swiss National Bank’s profits down in 2025
Losses on FX holdings dwarfed by gold gains to enable bank to post Sfr26.1 billion profit
R* has increased globally since pandemic – NY Fed research
Higher neutral rates show government bonds might not be as liquid and safe as before, economists say
Rogoff and Pill sound warnings over inflation
Former IMF chief economist says markets are underestimating Trump’s long-term impact
People: Braddick to take charge at UK’s prudential watchdog
Plus: BoE also appoints first executive director for monetary policy
Norges Bank makes Nkr26.2bn loss on back of appreciating krone
Annual report says bank is continuing to modernise settlement system and research CBDC
Delayed hikes lessened inflation’s distributional effects – study
Poorer households would have suffered more if ECB began tightening straight after pandemic
Book notes: Before the Fed, by Jon Moen and Mary Tone Rodgers
A significant contribution to understanding private-sector financial crisis responses, relevant to today’s lender-of-last-resort function
China acts to slow yuan gains by scrapping FX forward hedge cost
PBoC to remove 20% reserve ratio as it aims for ‘reasonable and balanced’ renminbi
Less than half of central banks engaged in tokenisation work
Respondents widely consider bonds for tokenisation, among other asset class
Banxico took it easy for too long, says economist
Academic believes inflation will remain a challenge for central bank and government
ECB posted €1.3bn loss in 2025
Reserves grew by €13.6bn while central bank thinned balance sheet by €37.3bn
Bangladesh Bank chief steps down following staff revolt
Mansur says he resigned after media reports that new government was going to replace him
Central banks divided over stablecoin impact on US debt demand
Respondents offer different views on adoption paths and market dynamics
Ueda hints at further rate hikes after dovish BoJ appointments
Analysts expect board’s stance to change little after PM nominates two new policy-makers
South Korea holds policy and ups growth forecast
Bank debuts six-month forward guidance framework following expected rate stay
Monetary dominance depends on comparative advantage – paper
Money that is ‘too good’ as a store of value may not circulate, authors say
Fed governors extol AI’s ‘transformative’ potential
Waller sounds bullish note on technology, though Cook caveats optimism by warning of impact on jobs
Hong Kong taps reserves to fund infrastructure spending
Government to draw from HKMA’s investment income for first time in more than 40 years
DNB implements ‘geopolitical resilience programme’ for banks
Chair of supervision says Dutch central bank must be able to perform core tasks in ‘extreme scenarios’
Two-thirds of central banks predict CBDC adoption in 5–10 years
Stablecoin launches seen as more likely by authorities without CBDC mandate
Thailand unexpectedly cuts rates on lower growth outlook
Central bank hopes easing of policy will support SMEs, households and overall economy
RBA did not lose focus on inflation, says deputy governor
Hauser says last year’s cuts were based on assumption that price levels in Australia would be lower
Monetary policy in Asia since the pandemic
Asean+3 nations must plan to tackle ‘disturbance’, ‘structural’ and ‘radical’ uncertainty using a disciplined policy mix to preserve price stability amid global shocks, writes Dong He