News
Hong Kong’s future intertwined with renminbi: Yam
In his farewell address, Hong Kong Monetary Authority’s Joseph Yam says the financial centre’s future is linked with liberalisation of the mainland
Bundesbank caps gold sales for next year at 6.5 tonnes
Germany’s central bank limits gold sales for the next twelve months at 6.5 tonnes under Central Banks’ Gold Agreement
Malaysia, Hong Kong pledge to develop Islamic finance
Malaysia’s central bank signs memorandum to develop Islamic finance with Hong Kong’s Monetary Authority
Fed will fail to land systemic risk role, Zoellick predicts
World Bank’s Robert Zoellick says Fed will not get systemic risk role, moots Treasury. Sees renminbi, euro strengthen reserve status
G20 pledges to tackle imbalances
Global imbalances take precedence over regulation in regulation in communiqué
Bank publishes payments oversight rules
Bank of England extends Core Principles in checklist for how payments systems should be run post-crisis
Volcker: narrower role would make Fed too detached
Paul Volcker says removing supervision from Fed’s ambit would risk turning central bank into “academic seminar”
Fed audit would damage economy: counsel Alvarez
Federal Reserve lawyer defends central bank against lawmakers’ attempts to scrutinise its monetary operations
IMF should move to Europe: ex research head
Simon Johnson suggests switching headquarters to Europe as means to break deadlock on quotas
Geithner optimistic on China boosting demand
US Treasury secretary Tim Geithner says China’s commitments “credible” on boosting domestic demand
Fed decision depresses markets despite positive outlook
Federal Open Market Committee sees improvement in economy, but its decision to slow purchases of mortgage-related debt hits confidence and divides analysts
Iceland cuts overnight rate, looks ahead to removing capital controls
Icelandic Monetary Policy Committee votes to cut only overnight lending rate, cites “encouraging signs”
Central banks to extend dollar swaps past October
Bank of Japan, European Central Bank, Bank of England and Swiss National Bank provide schedule for dollar operations into 2010
Bank to hold seminar to clarify QE
Bank of England invites economists and the press next week to mark six months since the start of bond purchases, denies “crisis” meeting
Denmark makes third cut in six weeks
National Bank of Denmark shaves a tenth of a percentage point of key rate
European Commission finalises regulatory fix
Commission unveils reform agenda, as proposed by De Larosière report
Canada calls time on emergency operations
Bank of Canada to unwind two crisis-fighting operations in October on signs of recovery
Norway alludes to rate hike
Executive Board vote to maintain policy rate, but suggest tightening if current trends in Norwegian economy continue
Kenya, SA hold rates, flag recovery
Central Bank of Kenya and South African Reserve Bank relatively upbeat on growth
Finland names new communications head
Chief dealer to take on the role from next month
Move beyond price stability: IMF to central banks
Monetary policy not to blame for crisis but International Monetary Fund argues bubbles possible to predict
GIC cuts Citi stake
Fortunes contrast with those of Temasek, Singapore’s other sovereign fund
British PM says Tobin tax worth a look
Controversial tax mooted by Britain’s head regulator worth consideration, says Gordon Brown, though problems with tax havens must be solved first
Korea to follow Israel’s lead and hike?
Report suggests Bank of Korea considering tightening