Central Banks
EU should create ‘virtual’ post-Brexit replacement for City of London – Bundesbank official
Future financial centres may not need “physical proximity”, Wuermeling says
Singapore to step up consumer protection on e-payments
Banks must offer users better protection measures, but users could also face fines for recklessness or carelessness
People: Tunisian governor resigns; EFSF appoints chairman
Governor Ayari quits after Tunisian prime minister initiated the process to replace him; EFSF picks new chairman; European Commission proposes new chief for Systemic Risk Board
Sama enables blockchain for cross-border payments
Pilot with Ripple will allow domestic banks to settle payments across the xCurrent network; payments infrastructure based on the Interledger Protocol
Higher inflation in the US pushes up yields
The headline consumer price index rose by 2.1% year on year
BIS’s Carstens sees danger in rapid technological change
General manager says supervisors should ensure the banking system remains resilient amid numerous challenges to traditional business models
Credit constraints hits smaller eurozone firms’ investment – Spanish paper
Researcher finds credit constraints have less impact on working capital and growth
China feels tighter financial conditions ahead of new year
Record-breaking bank loans contrast with slower broad credit growth, amid shift away from shadow banking
Implementing a holistic and dynamic risk budget
The National Bank of Denmark has implemented a dynamic risk budget that takes the bank’s unavoidable policy risks as the point of departure. The new approach has led to a reassessment of investment exposures and how they are rebalanced over time and…
RBA paper proposes new method of mapping the banking network
“Density-based” approach helps overcome shortcomings of other methods, authors say
People: Caruana nominated for Spanish commercial bank’s board
Qatar appoints deputy governor and Ukraine announces new onsite inspection head
Riksbank leaves rates unchanged as inflation remains contained
Deputy governor Henry Ohlsson dissented and advocated raising rates by 25 basis points
Mester advocates continuing 2017 rate path this year
Cleveland Fed president says the current policy balances inflation and growth risks
RBI launches tougher rules on non-performing loans
Overhaul of framework for dealing with stressed assets is latest step in central bank’s push to clean up financial sector
Angolan banks given new forex responsibilities amid shortage
Requests for foreign currency now must be submitted to commercial entities instead of central bank, with the exception of large imports of food and medicines
Brexit ‘surprises’ could delay rate hikes, IMF says
If negotiations affect wage growth or “depress demand”, the BoE could make monetary policy more expansionary, staff say
Eurozone needs structural reforms to realign real exchange rates – Italian paper
Real exchange rate misalignments persist for longer in eurozone, researchers say
Powell faces balancing act as normalisation proceeds
New Fed chair likely to continue policy normalisation even as market volatility tests his resolve
World Gold Council launches gold accounting framework
Guidance aims to help central banks harmonise the treatment of gold in their accounts in a way that meshes with broader reserves accounting