News
Bank of Mexico moves policy decisions after Fed meetings
Mexican central bank delays remaining policy decisions so they fall a few days after FOMC announcements; wants to be able to react to rate hike ‘in a timely manner’
Greek PM offers concessions but backs referendum
Leaked letter suggests Alex Tsipras is willing to accept many of the latest proposals in exchange for a new bailout programme; European leaders awaiting outcome of July 5 referendum
London cements position as renminbi hub
City of London report says the UK capital saw daily RMB trades of $61.5 billion in 2014
BoE turns attention to contagion from emerging markets
UK banks’ exposure to emerging markets is a cause for concern and will be integrated into 2015 stress test scenario, BoE says in financial stability report
NY Fed’s Dudley looks to boost CCP resilience
Federal Reserve Bank of New York president praises progress in extending global regulatory regime to central counterparties but calls for more work on their ‘recovery and resilience’
Bank of England launches redesigned financial stability report
Central bank aims to convey a clearer picture of the risks facing the UK economy with a shorter, clearer and less repetitious financial stability report
Research calls on Fed to replace ‘dot plot’
Working paper published by the IMF suggests publishing a baseline forecast compiled by staff and 'endorsed' by the FOMC as a replacement for individual and anonymous projections
Non-financials may be caught by shadow bank rules
Banks warn of 'massive' impact from European Banking Authority proposals, which would limit credit lines
Eurogroup calls emergency conference as Greece turns to ESM for help
Greece asks for two-year bailout programme from European Stability Mechanism, triggering yet another emergency Eurogroup meeting; ECB’s Cœuré admits exit from the euro is now possible
New Zealand SWF hires BMO to aid ethical push
The NZ Super Fund appoints BMO Global Asset Management to help 'global engagement programme' aimed at improving standards at the companies it owns
Korea introduces RMB discount window
Bank of Korea to launch emergency liquidity facility offering Chinese currency as part of broader infrastructure push aimed at bolstering Seoul's role as RMB hub
ESRB open to revising macro-prudential intermediate objectives
European Systemic Risk Board sees scope for ‘sharpening’ some of the existing five objectives, while potentially adding others, in review of EU policy
Central banks have 'track record' to manage new African SWFs, says World Bank expert
Ekaterina Gratcheva argued at a forum in Basel this weekend that central banks' institutional history makes them suitable managers for sovereign wealth funds
Lack of renminbi derivatives may foil currency's SDR entry
Panellists at a Sifma conference and corporate executives surveyed by Allen & Overy cite scant liquidity as a key concern for renminbi's progress
Juncker tells Greece to vote ‘yes’ in referendum
European Commission head Jean-Claude Juncker calls on Greeks to vote in favour of latest proposals, urging them not to ‘commit suicide because one is afraid of death’
Greek banks shut for a week as ECB freezes emergency fund
Banks closed and ATM withdrawals capped after the ECB's governing council freezes the supply of emergency liquidity; Greek government calls referendum on latest proposals for July 5
BIS calls for new paradigm in economic policy
Annual report argues broken international monetary system and low productivity reflects failure to ‘come to grips’ with how financial and real economies interact, domestically and globally
Carney says regulations may have gone too far
It is time to ‘take stock’ of financial regulations to ensure they are not imposing unintended consequences, Bank of England governor says
Philippines central bank to implement Basel III liquidity rules
Central bank governor Amando Tetangco says local banks ready for the new rules
RBNZ to cut costs despite need to implement major new projects
Central bank plans to cut costs and use resources more effectively following tighter funding deal; strategy includes payment systems upgrade, new banknote series and first stress tests
Croatian governor: Europe has a way to go with structural reforms
Boris Vujčić points to benefits of greater labour market flexibility and easier equity financing at IIF conference; Hungarian council member stresses need for productivity growth
Schäuble says Greek outcome now '50-50'
German finance minister warns against losing the ‘remaining credibility’ of the monetary union in speech in Frankfurt; debt negotiations finely poised with IMF deadline looming
Weidmann leads support for capital markets union
Bundesbank president says bank-based and market-based finance can be ‘complementary’, while Iosco secretary-general urges Europe to move quickly
Zeti urges central banks to ‘call the shots' on financial regulation
Bank Negara Malaysia governor makes the case for giving central banks regulatory powers over financial markets during Central Banking interview