Central Banks
Kuroda confident of hitting inflation target
Bank of Japan governor Haruhiko Kuroda says economy is following the path to 2% inflation ‘as expected’; fellow board member Takahide Kiuchi has ‘more cautious outlook’
Carney unveils major BoE shake-up
‘Minouche' Shafik to become BoE's first deputy governor for banking and markets, replacing Paul Fisher on MPC; external MPC member Broadbent also made deputy governor
Colombian paper finds wholesale funding can increase financial sector fragility
Monitoring credit funding sources could provide an additional tool to warn against banking disruptions, paper shows
German court rejects challenge to ESM legality
Constitutional court backs Germany’s participation in European Stability Mechanism; Basel Committee rules that banks do not have to hold capital against ESM bonds
ECB paper sees merits in fiscal activism at ZLB
Research calls for a policy-maker who cares more about stabilising inflation, relative to government spending, than the private sector when nominal interest rates are at zero lower bound
Bank of Mozambique wins IMF praise for anchoring inflation as economy takes off
IMF mission finds the Mozambican central bank is containing rapid credit growth and inflation as the economy grows amid heavy government investment
Central banks have ‘irreducible’ role in financial stability
Reserve Bank of Australia assistant governor Malcolm Edey says central banks are entwined with financial stability whether or not they have formal prudential powers
An alternative vision of the Old Lady
The Bank of England needs a structure that ensures the preeminence of professional central bankers rather than theoretical economists
ECB reveals plans for supervisory board minutes
Danièle Nouy says the supervisory board will submit a record of proceedings to the European Parliament on a quarterly basis
BoE praises implementation of new loss-allocation rules for clearing members
Bank's first annual report on supervision of financial market infrastructure since assuming oversight responsibilities for central counterparties last April
Crimea establishes its own central bank
Crimea, which voted yesterday to leave Ukraine to join the Russian Federation, has established a central bank to see it through a transitional period of independence
PBoC doubles reminbi trading band
The People's Bank of China announced this weekend it will double the renminbi's trading band to let it fluctuate 2% either side of the bank's daily reference rate
More bank capital means banks lend more, paper finds
More capital means more credit - but greater supervisory capital constraints mean bank credit grows more slowly than when banks are less constrained
World should brace for impact of rising Chinese exports, report warns
Array of ‘major problems’ afflicting the Chinese economy is likely to require renminbi devaluation, with knock-on effects for the rest of the world, research warns
Federal Reserve banks earned $81.4 billion in 2013
Total assets as of December 31 were $4tn, an increase of $1.1tn on the previous year; holdings of Treasuries and mortgage-backed securities up $550bn and $585bn respectively
Bail-in rules the 'bedrock' of European banking union, says BoE's Cunliffe
Head of the UK's Prudential Regulation Authority also cautions that despite far-reaching reform efforts, regulators would struggle to resolve 'a failing global giant'
Fate of renminbi market contingent on Chinese authorities’ resolve
Central bank officials from the UK and continental Europe agree the internationalisation of the Chinese renminbi is contingent on progress of Chinese reform
BoE’s Haldane underscores need for ‘ambidextrous’ policy
Executive director says it is too much to expect ‘one-handed’ policy to keep control of the economy, instead recommending monetary and macro-prudential policy work in tandem
Riksbank deputy flags danger of leaning against the wind
Karolina Ekholm says use of monetary policy to lean against high indebtedness has created deflation while doing little to solve the debt problems
Draghi calls for 'good' form of bank deleveraging
By encouraging creative destruction in the banking sector, the ECB facilitates creative destruction in the wider economy, Draghi tells Vienna crowd
HKMA rebukes UBS over attempts to rig Hibor
Hong Kong central bank finds six traders at UBS tried to influence the bank’s Hibor submissions between 2006 and 2009; demands remedial action
Reserve managers ‘obsessed' with short-term results, says Passacantando
Former Bank of Italy managing director says central bank reserve managers should take a longer-term view with their investment decisions
Reserve managers stress importance of portfolio transparency
Public report offering detailed disclosure of investment decisions results in reserve managers having 'little to fear', says the Central Bank of Colombia's Marco Ruiz