News
‘Decisive’ action needed to deflate China’s credit boom – IMF paper
Lack of reliance on foreign financing, low government debt, and state control help to mitigate effects of credit boom, but buffers should not be relied upon in the long run
Veteran economists weigh in on ‘rebuilding’ macro theory
Economists including Olivier Blanchard, Andy Haldane and Simon Wren-Lewis tackle the question of how – and whether – to save the DSGE model
Fed proposes expanding risk regime to foreign subsidiaries
New consultation suggests widening the scope of the August 2017 proposals to foreign-owned operations
Tanzania revokes licence of five banks
Rising NPLs and insufficient capital ratios in small banks source of concern, IMF says
Balancing reserves’ effectiveness and transparency
Why do countries accumulate more and more reserves if they know intervention may prove ineffective? Iris Yeung speaks to Canada’s Eric Wolfe
Bank Negara buys land to create ‘financial education hub’
The land is intended for institutions promoting research into Islamic finance
People: Bank of England official to become FCA chair
Charles Randell to take over as FCA chair in April; BoE appoints its first job sharers at executive director level; Vietnam names deputy governor; Mark Mullinix to leave Fed; and more
ECB corporate bond purchases fall to lowest level in December
CSPP is expected to rebound in January, while the ECB reduces QE to €30 billion a month
NBKR’s Abdygulov returns to top job after stint in government
Tolkunbek Abdygulov spent a brief period as deputy prime minister before resuming the central bank’s chairmanship
Macao turns to facial recognition to fight money laundering
Chinese tourists now have to verify their identities in order to withdraw cash at most ATMs in the casino hub
Angola looks to abandon currency peg
Crippled by low commodity prices, Angola’s kwanza will be allowed to float within a range, governor says
Platforms win small on Mifid day one
Some dealers stopped quoting bilaterally on smaller bond trades
Irish central bank gets major budget increase
Commission members criticise bank’s handling of tracker mortgages
Philippines admits to circulating ‘faceless’ banknotes
Printing error results in missing portraits on several banknotes; the central bank urges the public not to circulate the images on social media
Botswana chooses polymer for latest banknote launch
African nation partners with UK printer De La Rue for new banknote launch, opting for polymer to prolong life
FSB recommends global governance for UTI
FSB concludes ISO should publish and maintain the standard with additional governance from CPMI and Iosco
Argentina lifts target as inflation persists
IMF recommended keeping tighter monetary stance in latest report in December; Argentina’s move could impact central bank credibility
Complex instruments still pose systemic risks – paper
Discretion granted by financial reporting standards increases opacity and complexity, say authors
Sarb rejects nationalisation plan
Sarb says nationalising the central bank would increase uncertainty in an already “fragile economic situation”
PBoC ramps up regulations for QR code payments
Transactions made by QR code capped and reserve requirements increased, as PBoC seeks to crack down on payment risks
People: Cleviston Haynes handed full governorship
Central Bank of Barbados acting governor gets full term; delayed appointments made to Israel’s Supervisory Council; ESM confirms Mário Centeno as chair
2017: The year in review
Over the past year, the global economy regained some strength, and some central banks began to return their policy to normal; but it was not all smooth sailing
BIS issues new ‘streamlined’ stress test principles
Banks have made significant advances in stress testing since financial crisis, Basel Committee says; issues new ‘guidelines’ that focus on stress test evolution
People: RBA appoints new assistant governor
Susan Woods takes position of assistant governor for corporate services; new executive board member at Norges Bank; Central Bank of Ireland appoints director of economics