News
Some emerging markets still dangerously exposed to dollar debt, IMF warns
Spillovers report underscores the importance of net/gross distinction, as improvement in net debt position provides fig leaf to some countries that may be overexposed to US dollar appreciation
BIS statistics show divergent outlook for credit flows
Contraction in cross-border claims on emerging markets more than offset by growing flows to developed economies, although there are considerable disparities between countries and regions
RBI could see interest rate powers diluted by MPC proposals
Indian government publishes draft law that would establish an MPC dominated by external members; investment bank economist concerned by shortage of potential candidates
Ireland invites applications for central bank governorship
Ministry of finance calls for ‘expressions of interest’ in the post, which will be vacated by Patrick Honohan when he stands down later this year
IMF urges Bank of Japan to 'stand ready' to up asset purchases
Article IV report says Bank of Japan should improve communication and be prepared to expand easing measures, as weak policy transmission creates a ‘conundrum’
South Africa hikes rate as inflation outlook deteriorates
South African Reserve Bank lifts key rate by 25bp to 6% on a 4-2 vote; Kganyago outlines concerns over potential for a exchange rate-inflation spiral in wake of Fed hike
EBA reports shine light on variation in risk weights
Two studies aim to track down some of the reasons that risk-weighted assets appear to vary across banks with similar risk profiles, offering suggestions for supervisory action
UK’s Chaps and Crest to close later from ‘summer 2016’
Bank of England says the settlement day for the UK’s high-value payment system and securities settlement system will be extended by an hour and forty minutes from summer 2016
Wheeler hints at more easing as RBNZ cuts again
Reserve Bank of New Zealand cuts the OCR by 25bp for the second month in a row; Wheeler says further easing "seems likely" despite more favourable inflation outlook
Commodity trading advisers unmoved by liquidity concerns
The biggest liquidity snags for CTAs are in placing large orders - something which AHL and ISAM say impacts them little
EBA report identifies issues stemming from use of macro-prudential tools to date
Survey of European use of macro-prudential tools to date reveals problems of overlaps and double counting, interaction with micro tools and bewildering diversity
UK government launches plan to improve BoE governance
Bank of England Bill proposes changes to committee structure, adjustments to the Court, establishing new roles and axing old ones, and audits to assess value for money
IMF calls on East African Community to explore risk-sharing
Paper explores the nature and prevalence of asymmetric shocks in the EAC, concluding it is ‘critical’ it has shared mechanisms for absorbing them when its members form a monetary union
Apra toughens mortgage risk weights for Australian banks
Australian regulator's move to end era of low home loan risk weights helps push banks toward top quartile for capital ratio
Obama nominates Michigan professor to Fed board of governors
Obama picks Kathryn Dominguez, a top academic from the University of Michigan, to fill the second of two vacancies on the board of governors
ECB raises concerns over Greece’s draft resolution law
Hastily assembled legal opinion on draft law warns of possible detrimental effects on the Bank of Greece, including impact on independence, increased liability and ‘operational burden’
RBNZ proposes measures to boost regulatory efficiency
Consultation following ‘regulatory stocktake’ proposes refinements aimed at cutting unnecessary costs resulting from regulatory expansion in past decade
Ukraine central bank donates armoured cars to military
National Bank of Ukraine hands 90 vehicles to military, more than half of which are armoured cars previously used to transport cash, as part of project to dispose of ‘non-core assets’
Greece uses bridge loan to repay IMF and ECB
Loan received today used immediately to repay debts, while government works to unlock full bailout; Ben Bernanke joins debate with criticism of German trade surplus
Hungarian deputy quits to head commercial bank
Ádám Balog will leave his post on July 22 to become chair and CEO of MKB Bank; joined central bank in March 2013 alongside governor György Matolcsy
Obstfeld will succeed Blanchard at IMF
Lagarde praises the ‘outstanding academic credentials’ of Obstfeld as she announces his appointment as economic counsellor and director of research
First cross-border repo executed in Chinese bond market
ICBC's Singapore branch raises 200 million yuan on China's interbank bond market in first deal since PBoC scrapped limits on offshore access to $5.7tn market earlier this year
CCPs urged to implement liquidity risk charge
Quant Congress USA: liquidity charge might have exposed London Whale, academic claims
Fischer laments lack of coordination between US regulators
Fed vice-chair says most countries manage to supervise their financial systems in a more cooperative manner than in the US, but he holds little hope for change in the near future