News
BoE’s McCafferty breaks ranks in first new-style monetary policy meeting
BoE holds first monetary policy meeting under new setup and launches new format for policy communications, including inflation report redesign
Ruble plummets on Fed rate hike expectations
As speculation on the timing of a Fed rate hike heats up, emerging market currencies are tumbling
Bundesbank’s Buch casts doubt on Greek debt relief as talks end
Deputy president takes stance at loggerheads with IMF as latest round of negotiations draws to a close; Greek finance minister strikes upbeat note
Hungarian council reflects on gradual pace of rate cuts
Several council members suggest the Central Bank of Hungary was able to make a series of ‘cautious reductions’ in the interest rate because it had gained credibility
Bank of Central African States floats novel way of pooling reserves
IMF urges member states in Central African Economic and Monetary Community to comply with requirement to pool FX reserves and earnings; BEAC proposes new method for achieving this
IMF leaves door open to renminbi inclusion in SDR basket
Report says renminbi is lagging behind the four currencies in the current basket, but decision is still wide open; IMF also considering extending existing arrangement by nine months
IMF paper warns Japan’s QQE may hit the buffers in 2017
Bank of Japan may have to look for new forms of monetary stimulus as it runs up against a shortage of government bonds, which could begin to distort markets
UK payments regulator evaluates efforts to improve access
Banks and payment systems now expected to be more transparent about criteria for access; regulator says this is now bearing fruit, but the real tests are yet to come
Fresh delay will push EU-US CCP row into September
Decision had been expected in July; dealers sceptical new timeline will hold
RBI and government reach ‘broad consensus’ on MPC
Raghuram Rajan says the central bank and government have found common ground on the shape of the monetary policy committee; RBI holds rates and nudges down inflation forecast
Libor rigger Hayes jailed for 14 years
Tom Hayes found guilty of manipulating Libor while at UBS and Citi
Argentine economists offer alternative to DSGE model on macro and financial interactions
BIS working paper sets out a structural model augmented with a financial sector, which the authors say is more practical in many ways than DSGE models
IMF warns on sanctions impact as Russia cuts rates
Article IV report highlights problem of high inflation and low growth, coupled with financial instability resulting from sanctions, and calls for rate cuts to continue at a 'prudent pace'
Fed communication driving Trinidad and Tobago policy
Trinidad and Tobago MPC cites Fed guidance on interest rates as the ‘most influential factor’ in its decision to tighten monetary policy
New trading book QIS tackles correlation gripes
Changes proposed for correlation, exotic derivatives and hard-to-model risks
People: Board changes at PRA; Rodriguez to lead Fed’s ‘faster payments’
Four new board directors to start at PRA, Fed gives Sean Rodriguez lead role for ‘faster payments’, CNB names new head of communications and more.
FSB holds fire on non-bank G-Sifi designation amid backlash
Organisation to delay decision on whether asset managers should be included in designation of systemic ‘non-bank non-insurers’ after consultation attracted widespread criticism
China market turmoil shouldn't affect SDR decision, Lagarde says
IMF chief defends Chinese government efforts to prop up stock market, praises reform tempo at first-ever virtual press conference
SNB losses climb to $52bn after abandoning franc ceiling
Central bank suffers heavy losses on its holdings of foreign exchange, with overall losses for the year to date rising to Sfr50 billion
BoE unveils plans for enhanced data gathering
Central bank hopes improved data gathering will allow it to produce more accurate interest rate benchmarks, and inform financial and monetary policy work
Greek swaps contract drama continues
Ongoing controls mean some end-user payments are more than a month overdue
MAS enlists financial leaders to 'co-create' industry policies
Advisory panel comprising 26 industry leaders will provide "insights and experience" to central bank efforts aimed at making Singapore's financial sector more competitive
Fed leaves door open for rate hike
FOMC statement offers hints that the US labour market is reaching a position where a hike could be possible, indicating interest rates are still expected to rise this year
IMF laments lack of progress on global imbalances
Fund calls on both surplus and deficit economies to redress imbalances, arguing this would support global demand management and growth