News
PBoC steps up easing with another rate cut
China’s central bank cuts interest rates for the second time in less than four months, in a sign it is becoming more aggressive in combating economic weakness
BoJ’s Nakaso: More to be done to anchor expectations
Deputy governor points to ‘green shoots’ with regard to inflation and wage expectations but warns more work must be done to anchor them at the 2% target
First CPMI-Iosco peer review finds gaps in trade repository principles
Peer review of Principles for Financial Market Infrastructures in Europe, Japan and the US finds jurisdictions have made good progress with CCPs, but gaps remain among trade repositories
RBI official says India corporates need to increase forex hedging
Potential US rate rise puts rupee depreciation back on the table; executive director at RBI raises concern over corporate balance sheets
HKMA tightens housing rules as ‘buoyancy’ returns
Norman Chan points to ‘notable increases in prices and transaction volume’ as he unveils changes to the HKMA’s macro-prudential policies
Kazakh central bank expects to hit inflation target if oil averages $50 or $60
National Bank of Kazakhstan publishes two forecasts with different assumptions about oil price; plans to limit market volatility by expanding monetary instruments
Hryvnia back from brink despite central bank U-turn
Central bank manages to stem Ukrainian currency’s free-fall despite adding to market chaos with volte-face on foreign exchange controls; two failed banks enter liquidation
BoE revamps market intelligence approach
New approach to include greater transparency and a new executive committee to oversee market intelligence, following concerns flagged by Grabiner Report
Greek governor calls for reform and coherent growth plan
Yannis Stournaras urges government to honour Greece’s commitments and reach a prompt agreement with its European partners, then focus on creating sustainable growth
IMF research looks to jumpstart market for Italian NPLs
Nadège Jassaud and Kenneth Kang discuss their strategy for fostering a market for non-performing loans with Central Banking, stressing the need for ‘decisive action’
Draghi defends Greek waiver decision in heated parliament session
ECB president defends bond-waiver decision and dismisses ‘popular mistakes’ over the disbursement of profits, having to raise his voice over heckling from MEPs
Climate change on BoE research agenda
Bank of England says research could examine how central banking can ‘play a role’ in addressing systemic environmental risks; conference panellists consider issue
BoE panellists: Central banks need better understanding of policy interactions
Policy-makers are already having to cope in practice with a ‘tripartite’ mandate while research struggles to catch up, raising the possibility of dangerous blind spots
BoE unveils wide-ranging research agenda
‘One Bank’ research agenda seeks to shake up the status quo and help theory catch up with the practice of new central bank mandates and looming challenges
Haldane wants to turn economic methodology on its head
BoE chief economist turns away from deductive methods and towards mining big data in search of correlations, but former ECB research director warns him to temper his enthusiasm
Yellen defends relationship with White House
Fed chair tells congressional committee she did not discuss monetary policy with Treasury secretary or executive branch of government, when quizzed on ‘near-weekly’ meetings
State Bank of Pakistan mulls new target rate
New proposals aim to establish a new ‘target rate’ within the existing interest rate corridor; advisory committee on monetary policy will decide whether to adopt them next month
Poloz calls for ‘reinvention’ of central banking
Bank of Canada researching changes to its inflation targeting regime; Poloz asks how best how to incorporate financial stability into framework and avoid ZLB episodes
Lagarde raises doubts over Greek reform package
Troika institutions give Greek bailout package the go-ahead, but IMF managing director says current reform framework ‘is not conveying clear assurances’ in many areas
Yellen sheds light on lift-off communication
Fed chair discusses how the Federal Reserve will communicate its thought process on policy normalisation; rejects FOMC reform and Audit the Fed bill in congressional hearing
Israel and Turkey cut rates, hinting at further easing
Bank of Israel eases with one eye on the appreciating shekel; Turkey stands by its ‘cautious’ stance on interest rate cuts with 25bp reduction
Carney defends eurozone comments
Parliamentary committee questions appropriateness of BoE governor calling for fiscal union in Europe; Carney admits authorities outside eurozone were keen for him to make the comments
Clearing houses face privacy law concerns
US reporting requirements could force CCPs to break national privacy laws
UK regulators flesh out proposed punishments for bankers
Consultation papers set out details of how presumption of responsibility will work in practice, including narrowed scope, and seek to extend greater protections to whistleblowers