Central Banks
Renminbi as a reserve currency
China’s renminbi is gaining traction as a global currency, which will pave the way for a multiple global reserve currency system. Discussed here by John Zhu, economist, Greater China, HSBC
Evaluating enhancements to reserve management
David Smart, managing director of strategic advisory, sovereign & institutional funds, Franklin Templeton Solutions, discusses developments in reserve management over the past 25 years
Emerging market governors favour Fed policy normalisation, says MAS’ Menon
MAS head Ravi Menon says most emerging market central banks want to see the Fed normalise policy, China is at an inflection point and Singapore could lose out from new OTC derivatives rules
MAS' Ravi Menon on Fed policy, China and global regulation
Monetary Authority of Singapore head speaks about Fed policy normalisation, China’s economic trials, global regulatory reforms, macro-prudential policy challenges and regional economic integration
Fed survey says 40% of US households still struggling to make ends meet
A third of respondents said they were ‘somewhat or much worse off' than before the financial crisis, while a fifth are spending more than they earn
Central Bank of Hungary buys $1.8m vacation home
Rural ‘castle hotel' boasts swimming pool, beer pavilion and a bowling alley; will be used for ‘recreation purposes' by staff and create local jobs, bank says
Time for clock synchronisation – regulators
Global regulators assess the need for a central reference clock to aid investigations into alleged abuse of financial markets
Minneapolis Fed paper challenges New Keynesian ‘liquidity trap'
New model challenges dominant view of post-crisis monetary policy, claim Minneapolis Fed economists
Bank of Japan expects inflation to remain short of target for ‘some time'
BoJ policy board votes to continue expanding monetary base by ¥60-70 trillion annually; effects of recent decline in demand ‘expected to wane gradually'
Mexico’s Carstens hails Fed’s communication on tapering
Augustin Carstens says Fed has ‘gone out of its way’ to spell out timing and dangers of adjustment; calls on Europe and Japan to ‘depend less on monetary policy’
Agustín Carstens on Fed policy, shadow banking and Mexico's economic strengths
Agustín Carstens, governor of the Bank of Mexico, speaks about the work of the IMF, tackling shadow banking and how Mexico has kept a strong economic position in the midst of the financial crisis.
Sovereign wealth fund could help Macao overcome gambling dependency, IMF says
Central bank could manage new sovereign wealth fund as Macao authorities seek higher return on booming reserves; IMF encourages idea in staff report
ECB hiring consultant to help design ABS programme
Mario Draghi says the preparations towards buying asset-backed securities are being made ‘with the expectation we will take action in this field’
Ireland working paper examines effect of ECB policy on interbank repo market
Research by economists from Central Bank of Ireland, New York Fed and Barclays Capital finds some substitution effect between official auctions and repo market activity
Bank of Albania reviews procedures after employees steal $6m in cash
Governor remains in post despite public demonstrations over the theft of more than $6 million in Albanian banknotes by central bank employees
IMF paper considers corporate governance reform in Japan
IMF researchers say corporate governance reform could help ‘unstash the cash’ held by Japanese firms and improve the economy’s growth potential
Malaysian deputy targets 'distortions’ in payments market
Muhammad bin Ibrahim says ‘more needs to be done’ to correct price distortions that he believes are holding back electronic payments in the country
People: New chief economist at ADB; BoE insurance director departs
Columbia University’s Shang-Jin Wei joins the Asian Development Bank as chief economist; Julian Adams leaves the BoE; HSBC names new point man for central banks in Asia; and more
(Too) great expectations for macro-prudential?
Macro-prudential policies are a welcome response to the financial crisis, but not necessarily in their current incarnation. BIS economics head Claudio Borio highlights their limitations