News
PBoC chief economist sees ‘very low’ risk of hard landing
Ma Jun argues slowdown in investment will be offset by services and health care spending; describes Hong Kong-Shanghai ‘stock connect' programme as 'major breakthrough'
Fischer says Fed ‘better think about’ international spillovers
Fed vice-chair says international effects of monetary policy ‘spill back’ on to the US, and the central bank cannot make ‘sensible’ choices without taking them into account
Basel Committee toughens bank governance principles
Principles aim to instil stronger risk governance in banks, after FSB peer review identified room for improvement; focus on responsibility of boards and ‘three lines of defence’
Bank of Canada will consult public on future banknote designs
Bank of Canada launches a nationwide consultation on banknote design principles, after a report concluding that Canadians should have increased participation in the process
Carstens says EMs should look inwards to engineer growth
Bank of Mexico governor warns developed economies will grow below potential for a 'relatively long period’; Lagarde would 'do belly dancing' if it got US to approve new IMF governance
ECB to release assessment results on October 26
European Central Bank will publish results from asset quality review and stress tests later this month; Draghi says ‘further efforts will be needed’ from some banks
National Bank of Angola separates financial regulation from supervision
Central bank is restructuring its operating model, making a ‘clear separation between the exercise of developing standards and the role of monitoring [their] implementation’
BoE lifts lid on Scottish independence contingency plan
Plan warned of ‘potential instability’ from use of pound north of the border; central bank prepared emergency liquidity and clear communication strategy in run up to vote
Lars Rhode ‘firmly convinced’ by merits of banking union
The National Bank of Denmark wants to join the banking union, while the government is still assessing the consequences; Danske Bank chief economist supports wait-and-see approach
Draghi distinguishes ECB forward guidance from Fed and BoE variants
ECB president compares forward guidance across major central banks; channels John Maynard Keynes and warns that ‘without reform, there can be no recovery’
People: William English switches Fed roles; Argentina central bank adds new senior staff
William English will step down as director of the Fed board’s division of monetary affairs, but will remain as adviser; Central Bank of Argentina gets new director and general manager
Fed minutes reveal growing rifts over forward guidance
Minutes show increased debate over whether forward guidance is being used correctly; two dissenters object to phrasing of policy statement
Portuguese governor calls for powers to act ‘just in time’
Carlos Costa argues that legislative changes are necessary to give national supervisors greater agility when it comes to intervening in failing banks
SNB speaks out against 'gold initiative'
Swiss National Bank rejects proposals to prevent it from selling gold; Jean-Pierre Danthine argues that ‘currency reserves that cannot be sold are not truly reserves’
People: RBI names three new executive directors; Former vice-governor returns to Bank of Portugal
Reserve Bank of India promotes three new executive directors and reshuffles portfolios; João Costa Pinto rejoins Bank of Portugal; Rafi Melnick departs Bank of Israel
New York Fed’s Potter fleshes out normalisation plans
Vice-president responsible for open market operations gives details on how the Fed will use interest on excess reserves and reverse repos to raise its interest rate
Former Argentine governor under federal investigation
Juan Carlos Fábrega is under investigation from a federal prosecutor, accused of corruption and connections in the black market
Bank of Russia sells $1.4 billion to prop up ruble
Central bank intervenes in foreign exchange market to support currency as it continues to slide against the US dollar; commentators split over prospect of rate hike
IMF calls for ‘modified pari passu clauses’ in new international sovereign bonds
Executive board supports contractual reforms making process of sovereign debt restructuring ‘more orderly’; Staff paper outlines stronger collective action clauses
Ekholm leaves Riksbank for post in finance ministry
Dovish deputy quits her term early to become state secretary to Sweden's new finance minister; vocal critic of central bank's ‘lean against the wind' policy
Basel Committee finds banks’ op risk frameworks lacking
Review finds systemically important banks have made ‘insufficient progress’ in implementing op risk principles; Committee outlines recalibrated versions of its op risk capital models
Central Bank of Ireland proposes lending restrictions
Irish central bank proposes three ‘speed limits’ on banks’ mortgage lending, as it looks to create a ‘stable and well-functioning’ market
Rates: BoJ maintains pace of asset purchases; RBA holds steady
Bank of Japan continues pace of asset programme despite some dissenters; RBA holds rates with growth persisting below target and signs of spare capacity
IMF's Blanchard warns macro-prudential tools ‘may not be up to the task'
Chief economist outlines benefits of debt-financed infrastructure projects in the eurozone at opening of IMF and World Bank annual meeting