News
Chan wants Canadian firms to access China through HK
HKMA chief executive says Canada should ‘leverage on’ Hong Kong’s unique access to mainland capital markets in Toronto pitch
Axel Weber slams ‘simplistic’ leverage ratio
Former Bundesbank president and now UBS chairman Weber says Basel III has not made the financial system better
Exchange launches asset-backed coins for asset managers
Asset managers will be able to trade physical assets directly with each other through new asset class dubbed ABCs, which will be tradeable on newly launched exchange Abacas
Turkish central bank acts as election prompts lira slump
Markets taken aback as president Recep Tayyip Erdoğan’s party falls short of majority; central bank measures fail to stop lira sliding to record low
Basel Committee lays out two tracks for banking book capital requirements
Consultation offers standardised option for greater transparency and comparability or tailored option to better account for regional characteristics – or a hybrid of the two
IMF deputy warns ‘leakages’ could undermine macro-prudential policy
Mitsuhiro Furusawa says macro-prudential tools could force financial activities into a less regulated sector or country, but adds little is known about benefits of ‘leaning against the wind’
Fed's Tarullo sees few signs of illiquidity in OTC markets
Fed governor says markets are in transition, while many actors are telling the Fed that it is harder to move large positions
BoE appoints Andrew Hauser to new executive director role
Head of Fair and Effective Markets Review appointed to new executive director role with responsibility over balance sheet risks, payments and banking operations
WEF panel in Africa values sound public policy over money
Outgoing African Development Bank president Donald Kaberuka says good policy crucial to development; World Bank vice-president Makhtar Diop says financing costs unfairly high
Qualified support for central clearing of repos in Australia
RBA consultation attracts general support from market participants, but respondents say benefits rely crucially on strong take-up – the same issue that ended Australia’s last repo CCP experiment
RBNZ strikes new funding deal with government
Funding agreement features small increase in core operating expenditure over the next five years and additional $51.4 million to help meet cost of issuing new banknotes
Economists expect last-minute Greek deal
With Greek finances still looking close to collapse, Central Banking asks a group of economists what the consequences of a last-minute agreement or default might be
Regulators sound warning on collateral squeeze
Report calls on regulators to fix 'structural and regulatory limitations' around collateral
IMF tells Fed to wait until 2016 to hike rates
Fund says keeping rates lower for longer would provide ‘valuable insurance’ against disinflation; encourages Fed to hold more press conferences and publish quarterly monetary policy report
WEF panel sets out plan to develop African capital markets
Rwanda governor says more domestic savings and deeper markets necessary for development; private sector participants praise integration in East Africa
PBoC takes ‘one of final steps' toward interest rate liberalisation
China's central bank allows companies and individuals to invest in CDs exempt from deposit rate cap; major move toward interest rate liberalisation, analysts say
IMF's Patrick Njoroge nominated as Kenyan governor
President picks IMF adviser Njoroge from a shortlist of five candidates, which included current and former deputy governors; name passed to parliament for vetting
Draghi warns high volatility here to stay
Government bond yields continue to climb as Draghi says ‘we should get used to periods of higher volatility’ with interest rates on the floor; ECB keeps policy unchanged
Jeffrey Frankel argues for NGDP targeting by EMs
Monetary economist says targeting nominal GDP could allow emerging and developing countries to more credibly establish a nominal anchor
IMF researchers highlight high cost of unnecessary fiscal consolidation
For countries with very low borrowing costs, allowing debt ratios to fall ‘organically’ via growth is likely to be less damaging to the economy than harsh austerity, authors say
Hungarian central bank to adopt new policy rate
From September it will use the rate on a new deposit facility with a longer maturity, to encourage banks to park funds with the government instead of the central bank
Greek governor wants surplus countries to recognise ‘toxic’ effect of austerity
Yannis Stournaras warns surplus countries must bear a share of the burden of adjustment in Europe or risk the rise of extreme political parties; says he is optimistic a deal is ‘not far away’
Nigerian central bankers accused of banknote ‘mega scam’
Six accused of taking more than $25 million worth of old banknotes that were meant to be destroyed; Economic and Financial Crime Commission says they will ‘face the wrath of the law’
Buyer sought for RBNZ securities settlement system
Reserve Bank of New Zealand looks to sell NZClear after deciding it is no longer a ‘core business'; sell-off part of payment system facelift