Central Banks
Bailey ‘remains to be convinced’ about retail CBDCs
BoE governor adds that stablecoins must “pass the test of singleness of money”
China holds key lending rates as expected
Central bank keeps one- and three-year LPRs at 3% and 5% respectively
Working group minutes: a phased approach to 24/7 RTGS
Longer hours imply risk trade-offs and need to overcome resistance from banking industry
Norway, Sweden and Switzerland cut, while Moldova holds
Swiss and Nordic banks ease policy by 25bp
Brazil raises policy rate to 15% and signals ‘prolonged’ hold
BCB makes seventh consecutive hike; inflation trends downwards but still above target
UAE and China to enhance cross-border payments
Emirati central bank signs MoU with Cips to streamline bilateral financial transactions
MNB governor signs co-operation agreement with PBoC
Hungary can “especially” rely on Asian partners amid global uncertainty, governor says
Fed maintains wait-and-see approach with rate hold
Powell ignores Trump’s calls for easing amid president’s continued insults
BoE holds rates, as three MPC members call for cut
Dissenting policy-makers highlight labour market weakness and lower pay growth
Philippines cuts policy rate by 25bp
Central bank points to improved outlook for inflation, as well as threats to growth from global events
Kenya to extend RTGS system’s daily operating hours
Central bank says Kepps system will move from seven hours a day to 12 from July 1
Payments Benchmarks 2025 report – cross-border connections
Benchmarks highlight progress on instant payments, ISO 20022 adoption and bilateral links
Chile holds rates at 5% again
Inflation slows and growth exceeds expectations, though war in Middle East adds uncertainty, BCCh says
Bank of Namibia holds policy rate at 6.75%
Central bank maintains cautious stance as inflation eases and growth continues
US Senate passes ‘Genius Act’ to regulate stablecoins
Regulators express concerns over stability risks; senator says bill could trigger “next financial meltdown”
Eurosystem launches unified collateral management system
Operated by four central banks, ECMS replaces 20 systems previously operated by national authorities
BoE seeks balance in regulating financial innovation
Prudential supervisor outlines hands-off approach for AI but tight rules for crypto
Indonesia holds rates
Central bank says it considered inflation and uncertain global outlook when making decision
PBoC’s Pan outlines vision for multi-currency international order
Governor describes SDR-based system in which major currencies would “co-exist and compete”
Climate risk could affect both financial and price stability – BdF’s Dees
Head of French central bank’s climate economics unit says monitoring climate risks is vital for fulfilling primary mandate
Overvalued US stocks weaken FCIs’ signal effects – ECB research
Policy-makers should not be blinded by inflated equity prices, authors say
Basel Committee on right track with climate framework – expert
Outline for voluntary environmental risk disclosure “pragmatic”, former central bank official argues
Central banks boost gold buying to diversify reserves – survey
Monetary authorities expect dollar holdings to decline, WGC finds