News
PBOC unveils new currency policy committee
The People's Bank of China has unveiled its new currency policy committee, the Xinhua news agency reports. The committee will be chaired by Zhou Xiaochuan, governor of the Bank, with 12 other high-ranking economic and financial officials making up the…
No serious SARS impact on financial sector: PBOC
The People's Bank of China has said there is no indication of a severe impact by the SARS virus on China's financial secto, according to a report by the People's Daily.
Minneapolis Fed president upbeat about economy
Gary Stern of the Minneapolis Fed said he thinks there is a low probability of deflation in the US, but would not rule it out, according to Associated Press. The problem in Japan, he said, is inadequate growth of the money supply and allocation of too…
C bank governors to attend ACU meeting
Central bankers from the eight members of the Asian Clearing Union will meet to discuss the future of the union and admitting new members, according to NDTV The objectives of ACU include conservation of Forex and the promotion of monetary cooperation…
MPC recruit Lambert urges UK Treasury drop secrecy
The most recent member of the Bank of England's monetary policy committee called for openness and transparency in the selection process of appointees to the MPC when facing the Treasury select committee on Monday 16 June, according to a report by the…
Japan's support for inflation targeting grows
Minutes of the Bank of Japan's April meeting published on Monday 16 June showed that at least two of the BoJ's nine policy board members favour the introduction of a "reference rate of inflation" to halt deflation, according to a report in the Financial…
Banco de Mexico sues over loans
The central bank of Mexico announced on Monday 16 June that it had sued four of the country's largest banks to release information related to bad loans during the mid-1990s peso crisis, according to Reuters.
New governor of Bulgarian national bank by Friday
Bulgaria's parliament is now expected to name the new governor of the central bank by the end of the week, according to Novinite. The further delay stems from the need to find a third candidate as "two candidates for Governor is no choice at all," the…
ECB's Issing not worried by euro rise - Report
Rather than being overvalued the euro is, in European Central Bank chief economist Otmar Issing's view, "above all" a correction of its previous undervaluation, he told Der Spiegel magazine.
Rate commitment could hit Fed credibility-Broaddus
Richmond Fed president Alfred Broaddus has warned the Federal Reserve may lose credibility if a commitment to hold interest rates down to fight deflation becomes difficult to maintain due to an unexpected shift in the economy's fortunes, according to…
Iraq shadow over the BIS?
Some European central bankers are said to be unhappy with the recent appointment of Roger Ferguson as head of the Financial Stability Forum. It is not that Ferguson is thought to lack qualifications for the job - quite the contrary, there is much respect…
Shift at the FSF
But so far as the FSF goes, there is more to the criticism than sheer old European bloody-mindedness. The appointment does signal a shift.
Basel bunkum
No one understands the new Basel accord. Grown men are reduced to tears when they try. There are simply too many details for any one person to digest. But it is troubling indeed to learn that people don't even seem to understand how it was arrived at in…
Trichet brings SDRM down to earth
The IMF's much-vaunted Sovereign Debt Restructuring Mechanism is the latest casualty in a string of apparently wasted efforts in attempting to find some way to save the world from the terrors of sovereign default. But a few months ago Banque de France…
Duisenberg soldiers on
No central bank takes kindly to politicians tampering with their business, and the ECB is no exception. In advance of its long-awaited rate cut this week, the ECB was told by Belgian finance minister Didier Reynders to be more active: "It is about time…
Duisenberg soldiers on
No central bank takes kindly to politicians tampering with their business, and the ECB is no exception. In advance of its long-awaited rate cut this week, the ECB was told by Belgian finance minister Didier Reynders to be more active: "It is about time…
Estonia re-appoints central bank council chairman
Mart Sorg has been reappointed chairman of the council of the Bank of Estonia, for a second term, Estonian Television reports. Sorg said he intends to hold a balance of political forces in the new council.
Court to seal fate of ECB heir apparent Trichet
Bank of France governor Jean-Claude Trichet will find out on Wednesday 18 June if he has been cleared or found guilty in a banking fraud trial, according to a Reuters report. The verdict will have implications for the succession as president of the ECB…
RBI ED quits over Udeshi's elevation
After the appointment of KJ Udeshi as the first woman deputy governor of the Reserve Bank of India, the executive director of the RBI, KL Khetrapal resigned from his post, according to the Economic Times. Sources said Mr Khetrapal was unwilling to report…
RBI's Jalan hails India's monetary policy
Despite drought and the global economic slowdown India's economy remains fast growing with its monetary liberalisation policy being adopted by other nations in the Asian region, Reserve Bank of India Governor Bimal Jalan said, according to a report by…
HKMA to establish Credit Reference Agency
The Hong Kong Monetary Authority announces plan for establishment of Commercial Credit Reference Agency in Hong Kong, 16 June.
Bundesbank dampens rate cut speculation
Bundesbank chief Ernst Welteke poured cold water on further ECB rate cut talk on Monday 16 June, according to AFP, suggesting it was now up to governments and politicians to get their economies in order.
Bank of Israel: Inflation expectations fell in May
The Bank of Israel said on Monday 16 June that Israel's M1 money supply totalled NIS 31.7 billion in May, a 0.9% rise from the preceding month, according to Globes report. It also reported that inflation expectations have fallen for the last three months.
BOC head quits posts in H.K. amid inquiry
Former chief executive of Bank of China's Hong Kong unit, Liu Jinbao, has stepped down from his positions at the Hong Kong Stock Exchange and at the Hong Kong Monetary Authority as its exchange fund advisor, Bloomberg reports.