News
US's Snow calls for more yuan flexibility
US Treasury Secretary John Snow said in testimony to the Senate Finance Committee at the Capitol on Thursday 6 October that he would ask China to increase currency flexibility.
Almunia sees better eurozone growth by year end
European Union Commissioner for Economic and Monetary Affairs Joaquin Almunia spoke on Thursday 6 October of his confidence that the eurozone will return better growth figures by the end of the year, than had been recorded recently.
RBI's Reddy urges firms to disclose fx exposure
India's central bank governor called on companies to make more disclosures on their exposure to foreign exchange and derivative products on Friday.
BSP launches 'Save your money in banks' campaign
When you deposit your money in banks, they will nurture your money to grow, making it also work for you. This was the claim of the Bangko Sentral ng Pilipinas (BSP) in its campaign for bank savings, according to information gathered by the Philippine…
NY Fed welcomes derivatives markets commitment
The Federal Reserve Bank of New York said on Thursday 6 October it welcomes the initial commitments made by fourteen major market participants to improve the infrastructure that supports the credit derivatives markets.
ECB backs Bank of Italy reform plan
The European Central Bank endorsed Italy's draft legislation to limit the term of the governor of the Bank of Italy from life to a single seven-year term on Thursday.
PBOC's Zhou sees trade friction ahead
China's central bank chief Zhou Xiaochuan said in an interview that he expects trade friction to worsen this year.
ECB's Weber says globalisation lowers inflation
European Central Bank Governing Council member and Bundesbank President Axel Weber said on Tuesday 4 October that globalization tends to lead to lower inflation.
IMF's Deppler suggests German economic coalition
In an interview with Frankfurter Allgemeine Zeitung, IMF European Department Director Michael C. Deppler said that a grand coalition would be best suited for determining a single economic policy in Germany.
Buba's Meister regrets US delay on Basel II
A European Central Bank official responsible for bank oversight, Bundesbank board member Edgar Meister, said on Wednesday 5 October that the delay in implementing parts of Basel II in the US was regrettable.
Forex volatility a concern for RBI
The Reserve Bank of India is concerned about volatility in the rupee's exchange rate, RBI deputy governor Rakesh Mohan said on Wednesday 5 October.
Venezuela transfers $20 bn reserves to BIS
Venezuela has transferred $20 billion worth of its reserves to the Bank for International Settlements in Switzerland, Venezuela's central bank director Domingo Maza Zavala was quoted as saying, confirming comments by President Hugo Chavez last week.
Canada's Dodge says G7 wary of global deflation
The G7 needs to move swiftly to correct global imbalances in savings and investment or face the risk of worldwide deflation within ten years, Bank of Canada governor said on Tuesday 4 October.
Eurosystem currency reserves down
The European Central Bank said net foreign currency reserves in the eurosystem decreased by 0.7 bln eur to 165.4 bln in the week ending 30 September.
IMF's Rato offers condolences on bombings
International Monetary Fund Managing Director Rodrigo de Rato made a statement on Sunday 1 October expressing his deepest condolences at the terrorist attack in Bali.
Atlanta's Guynn says Fed work not done on rates
Atlanta Federal Reserve President Jack Guynn said in an interview on Monday 3 October that the Federal Reserve's 15-month interest rate hike campaign still has "a way to go" before completion.
Wellink warns against protectionism over China
Dutch central bank President and ECB Governing Council member Nout Wellink said Monday 3 September that European countries shouldn't resort to protectionism as a response to increased competition from China.
BoJ's Haru sees chance to lift super-loose policy
Hidehiko Haru, one of the Bank of Japan's nine policy board members said the BoJ sees the possibility of lifting its four-and-half-year long ultra-loose monetary policy in early 2006, but cautioned that the move would not be rushed.
IMF official calls for BOJ to 'be cautious'
A senior International Monetary Fund official on Monday 3 September urged the Bank of Japan to "be cautious" about ending its quantitative credit easing policy.
Bank of England rejects BCCI settlement offer
The Bank of England said on Tuesday 4 October that it had rejected a recent approach to settle a £1 billion lawsuit involving the collapse of Bank of Credit and Commerce International (BCCI).
OCC says US derivatives volume tops $96 trillion
Derivatives held by U.S. commercial banks increased by $5.1 trillion in the second quarter of 2005, to $96.2 trillion, the Office of the Comptroller of the Currency reported on Friday 30 September in its quarterly Bank Derivatives Report.
ZABG illegally acquired bank assets
The Reserve Bank of Zimbabwe's economic turnaround strategy was dealt a severe blow recently when a Supreme Court ruling found that its "Zimbabwe Allied Banking Group" (ZABG) had illegally acquired assets from collapsed commercial banks.
ECB's Tumpel-Gugerell on euro payments area
European Central Bank executive board member Gertrude Tumpel-Gugerell said foreign banks will take the leading role in restructuring the European banking sector if domestic banks move too slowly to create a single eurozone payments area.
Wrong time to cut funds target says BOJ's Nakahara
Bank of Japan policy board member Shin Nakahara said in a speech on Monday 3 October that it would be inappropriate to lower the BOJ's funds target now, and that the threshold for ending its superloose policy framework was not low.