Central Banks
US uncertainty puts Bank of Mexico on edge
Central bank hikes rate by 50bp as uncertainty from the US threatens inflation; international fuel prices are also a concern
People: Kristin Forbes to depart BoE; Fed’s general counsel to retire
Monetary policy committee member will leave at end of term; Scott Alvarez to step down from Fed; Bank of Portugal replaces prudential supervision head; and more
Ballerina gives BoE a lesson in transformation
English National Ballet’s artistic director draws lessons from a controversial process of modernisation at her institution, in conversation with Andy Haldane
New tax measures biggest threat to Jamaican inflation
Increases in income tax threshold will impact inflation, latest report warns; exchange rate depreciation and international oil prices are also a concern
Reserve Bank of Tonga makes further tweaks to exchange controls
Reserve Bank continues to relax exchange controls, removing monthly limits and some identification requirements; IMF says central bank making progress
ECB gives green light to Italian recapitalisation law
ECB raises no objection to decree but other obstacles may remain
Charlotte Hogg to replace Shafik at BoE
BoE’s COO steps into new combined deputy governor and COO role; Minouche Shafik to move to post at the London School of Economics
BoE paper calls for international standards on 'broader co-ordination'
Credit growth in the rest of the world has a large positive effect on the probability of domestic banking crises
BoJ’s Nakaso: inflation on upward path this year
Pressure on wages, rising commodity prices and a turnaround in expectations will drive up prices, deputy says; rejects calls for rate hike
RBA to ‘pay close attention’ to housing market in 2017 – Lowe
Rent growth remains weak but vacancy rates are not high, RBA governor says; households and banks are currently taking the right approach to the environment
Fed officials emphasise risks despite improving outlook
“Risk management” approach to policy needed despite improving outlook, say Evans and Kashkari; Bullard notes balance sheet adjustment also an option for tightening
PBoC issues second warning to bitcoin exchanges
Nine platforms told to enforce AML and forex regulation if they are to continue operating within China; bitcoin price holds firm against news
UK’s PRA fines Japanese banking group for withholding information
Two arms of banking giant MUFG fall “significantly short” of regulators’ expectations, resulting in fines totalling £26.8m
Monetary aggregates useful as eurozone inflation predictor – paper
“Predictive content” of monetary aggregates has improved since 2012, ECB paper says
Esma sets out risks and benefits of DLT
Market participants should reach “clear decision” on use of technology, watchdog says
IMF gives thumbs up to Indonesia’s new monetary operating framework
Interest rate corridor and switch to new policy rate has improved monetary policy transmission, early data shows, but further reforms could strengthen framework further
RBI highlights bad debts as it holds rates
Surprise hold as committee sees “very sticky” core prices and global effects; central bank may create a ‘bad bank’ to tackle NPA problem
BIS paper tracks US and eurozone QE spillovers
Shadow rates approach helps authors show US QE spilled across borders more strongly, though impact differed between countries
Bank of Russia sets up two new regulatory departments
Responsibilities include administration regimes, managers’ qualifications and external audit
BoE’s Cunliffe sheds light on investment issues
One in five firms report constraints on credit access reduced investment, BoE deputy says, while restrictions on internal fund usage have worsened the problem
Philippines central bank enforces virtual currency regulation
Exchanges will have to apply for certificate of registration and implement specific risk management framework; central bank imposes transaction limit
Consumption shows asymmetric response to shocks – BoE paper
Households appear to respond more strongly to temporary negative shocks than positive ones, and effects are different for borrowers and savers