Asia-Pacific
Thai governor advises banks to get fintech-based vaccine
Fintech can help build “immunity” to financial shocks, says Santiprabhob, urging banks to use data to improve risk management
People: South Korea’s Juyeol Lee nominated for new term
South Korean president nominates Lee for fresh four-year term; SNB’s Wiedmer steps down; State Bank of Vietnam appoints new banking supervisors
Indonesian deputy nominated for governor’s role
Perry Warjiyo needs confirmation by lawmakers
The winners of the 2018 Central Banking Awards
Bank of Canada wins Central Bank of the Year, Lesetja Kganyago picks up Governor of the Year and Perng Fai-nan receives Lifetime Achievement Award; 16 more awards unveiled
Reserve manager of the year: Bank of Korea
The South Korean central bank has revamped its reserve operations, and adopted a proactive approach to managing risks and returns that is matched by few of its peers
Singapore seeks infrastructure investment boost
MAS and ministry of trade and industry to set up an infrastructure office to encourage local and international firms to build Asian infrastructure
Singapore and Malaysia to set up stock market link
The two markets have a combined market capitalisation of more than $1.2 trillion and 1,600 publicly listed companies
Taxes putting pressure on investment in India – RBI’s Patel
Reserve Bank of India leaves interest rates on hold, expressing concerns that latest budget threatens to push inflation out of target zone
Bank Negara makes first rate hike since 2014
Bank Negara Malaysia is the first South-east Asian central bank to hike rates this year
Rebased ‘Maddison’ data reshapes economic history
New approach to measuring GDP per capita generates fresh insights from the long-run growth database
Bank Indonesia launches joint initiative as rice prices bite
Indonesian central bank and government announce joint measures to control inflation arising from food price volatility
People: PBoC deputy appointed vice-mayor of Beijing
First woman nominated as deputy governor at the Bank of Mexico; Kganyago bags IMF job; Sarb gets new MPC member
Lifetime achievement award: Perng Fai-nan
Pre-emptive financial reforms combined with flexible monetary and forex policies have enabled Taiwan’s veteran governor to provide economic stability, even during turbulent times
BIS paper explores effects of global factors on inflation
Authors find impact of global factors is mainly temporary, but the effects appear more significant for countries without long-established inflation targets
‘Decisive’ action needed to deflate China’s credit boom – IMF paper
Lack of reliance on foreign financing, low government debt, and state control help to mitigate effects of credit boom, but buffers should not be relied upon in the long run
Balancing reserves’ effectiveness and transparency
Why do countries accumulate more and more reserves if they know intervention may prove ineffective? Iris Yeung speaks to Canada’s Eric Wolfe
Bank Negara Malaysia issues new digital currency regulation
Proposed regulation aims to hold digital exchanges to a higher standard of transparency, while ensuring they identify any AML/CFT risks that may arise
MAS expands consumer debt management toolkit
New measure caps “unsecured credit” that banks can offer indebted borrowers; it is a “pre-emptive measure”, says MAS official
Credit no longer supporting Chinese growth – research
China’s economy has become “saturated with credit”, argues IMF research paper, with fiscal stimulus primarily boosting manufacturing
National Payment Gateway launched in Indonesia
New national platform to consolidate fragmented infrastructure, reducing costs and improving efficiency
Malaysia’s Ibrahim warns of costs of not turning digital
Bank Negara governor outlines plans to push consumers towards e-payments, as the cost of cheque processing weighs on the economy
Diversified export markets may offset Mexican Nafta showdown
Bank of Mexico sees a failure to renegotiate the trade deal as the biggest risk to the economy
‘Paradigm shift’ needed for S Korea, warns IMF paper
Authors say “big push” is needed toward implementing social protection and “greater” economic freedoms
Cambodia launches first phase of payment inclusion network
New network will allow customers greater access to financial services through ATMs and POS to make interbank transactions