News
Carney discusses the “right kind” of globalisation
Governor of the Bank of Canada explains how globalisation can be harnessed to create prosperity for Canadians; says responsibility for past mistakes lay with many parties
Bank of Namibia cuts rates due to uncertain economic outlook
Central bank reduces benchmark rate by 50 basis points; says cut necessary to support economy despite inflationary pressure and “rapid” growth in consumer credit
HKMA names Huo as new PBoC advisor
Huo Yingli will take over from Mu Huaipeng as the PBoC official seconded to offer financial co-operation assistance between China and Hong Kong
MAS chairman calls for shift away from structural reform
The Monetary Authority of Singapore’s Tharman Shanmugaratnam believes there is too much emphasis on structural reform when dealing with systemic risk; calls for a change in culture and supervision
ECB hiring may not be enough to cope with workload, says Ipso chief
Union head says European Central Bank’s plan to recruit 40 additional staff to help cope with increased workload is unlikely to be sufficient
RBA refutes fresh allegations of bribery cover-up
Reserve Bank of Australia denies claims that a document was hidden from investigators; says governor Glenn Stevens did not mislead a parliamentary committee
Denmark names new governor
ATP pension fund head Lars Rohde named as new governor of the National Bank of Denmark
China is entering crisis “danger zone”, says BoJ’s Nishimura
High real estate prices and an aging demographic profile in China are reaching a stage where they could trigger a financial crisis, says Bank of Japan deputy governor Kiyohiko Nishimura
Bundesbank criticises ECB bond-buying proposals
Decision to share solvency risks should be taken by European governments not the ECB, says Deutsche Bundesbank; warns German government debt ratio likely to rise this year
BoE counters concerns raised in Fixing Libor report
The Bank of England says new laws and processes will give the central bank greater regulatory powers in the future to deal with episodes similar to Libor
Some CPI indexes inappropriate for inflation targeting, says Leyland
Royal Statistical Society vice-president Jill Leyland assesses difficulties in constructing accurate inflation indexes; says consumer price indexes will “never be far from controversy”
Japan seeks changes to Dodd-Frank extraterritoriality on swaps
The Japanese authorities have asked their US counterpart to reconsider extraterritorial rules on swaps and defer regulation of cross-border over-the-counter derivatives regulation for at least a year
Dombret urges international collaboration on regulatory reform
Deutsche Bundesbank’s Andreas Dombret wants greater international co-ordination on regulatory reform; says countries should honour their commitments
Robert Pringle’s Viewpoint: Restoring trust in finance
The financial crisis and numerous scandals have shattered confidence in banks and financial markets. What can central bankers do to restore trust in the financial system?
Korea transaction tax could halve number of derivatives transactions
Proposal for a transaction tax on futures and options could have a dramatic impact on Korea's derivatives market
Basel Committee praises progress in reducing FX settlement risk
Consultative document highlights progress made in reducing foreign exchange settlement risks; updated guidelines warn that significant risks still remain
Central Bank of Chile holds rates as currency appreciates
Benchmark interest rate left at 5% amid international uncertainty and appreciating peso; first time currency’s gain has been highlighted since dollar-buying programme
HKMA re-appoints Standard Chartered as euro settlement institution
Standard Chartered Bank given a third five-year contract to run the euro real-time gross settlement system in Hong Kong; commended for operating the system “smoothly and effectively” since 2003
Australian payments systems board debates multi-network cards
Introduction of contactless payments reignites discussion surrounding cards issued by banks with debit functionality from more than one payments network; consultation launched
Central Bank of Ireland warns over unlicensed banks
Concerns raised abroad lead Irish central bank to caution consumers against dealing with two illegal firms; both ‘banks’ have offered banking services without having the necessary licence
Central Bank of Ireland highlights varied success of aid programmes
Research note examines progress of five European countries with EU-IMF programmes towards meeting debt sustainability targets; warns Ireland is likely to miss targets
Oman and Bahrain central banks outline plans for Eid
Preparations underway for banking sector shutdown and cash demand surge during religious celebrations; both Central Bank of Bahrain and Central Bank of Oman will shut
Central Bank of Brazil celebrates Olympics handover with new coins
Two commemorative coins released this month in honour of the arrival of the Olympic flag in Brazil; images symbolising London and Rio de Janeiro feature in the designs
Malaysian growth rate exceeds target
Report published by Bank Negara Malaysia on economic developments in second quarter shows increase in growth beyond level forecast in annual report; central bank expects trend to continue