China
Chinese draft law sets up financial stability fund
New government committee would oversee financial stability as concerns grow
Lifetime achievement: Stanley Fischer
Fischer has had a profound impact on monetary economics and central banking during his prolific career
Global markets: HSBC
The bank’s long-term commitment to clients and its wide range of expertise shone in 2021 as central banks navigated the aftermath of the Covid-19 shock
Liu He intervention helps calm Chinese markets
Authorities promise easier policy as economy hit by Covid outbreak and Russia-Ukraine war
PBoC to fine Tencent over AML breaches, report says
Nationwide crackdown on money laundering announced in January
Book notes: Shutdown, by Adam Tooze
A useful, wide-ranging overview, showing how health and economic policies are intimately intertwined with geopolitics
Digital money and central banks
Central banks must reflect on the monetary policy, regulatory and financial stability implications from crypto assets, stablecoins and CBDCs to stay relevant in the digital age of money
Hong Kong recovery expected to slow – IMF
Fund warns of risks including exposures to Chinese real estate and further supply disruption
Markus Brunnermeier on the need for CBDCs
The Princeton academic co-authored a paper for the European Parliament exploring the potential pitfalls of CBDCs. But they are still needed, he says
PBoC keeps key rate on hold
MLF rate stays at 2.85%, as investors turn attention to second rate move next week
IMF warns Chinese economic recovery ‘lacks balance’
Focus on investment has set back progress towards “high-quality” growth, fund says
IMF pares back forecasts as world faces ‘multiple challenges’
Omicron variant, supply disruptions and inflation threaten to hold back recovery, says Gita Gopinath
People’s Bank of China continues rate cuts
Cuts follow weaker growth figures as deputy governor promises stable credit growth
PBoC cuts rates as Xi warns against ‘rapid tightening’
Quarterly GDP growth hits lowest rate in 18 months as Xi calls for international policy co-operation
People: Brazil’s Campos Neto comes down with Covid
Acting governor in Lesotho; Auer to head Eurosystem Innovation Hub; and more
2021: The year in review
The year has seen central banks switch from recovery mode to battling inflation. Central Banking looks back at the stories that made the biggest impact in 2021
Myanmar and China to use renminbi for cross-border trade
Reports indicate that authorities will pilot settling small-scale trade transactions in yuan
PBoC cuts reserve requirements
But easing measure partially offset by withdrawal of other liquidity support
Book notes: Empire of silver, by Jin Xu
A useful introduction to China’s monetary history, focusing on the last 1,000 years, but not the easiest of reads throughout
PBoC hints at tilt to easier policy as growth slows
Third-quarter monetary policy report tweaked phrases, downplaying opposition to easy policy
Chinese governor says CBDC must balance privacy and anti-crime measures
Yi says PBoC will collect “minimum amount of information” as police report first CBDC-related arrests
China sets up $31 billion financing facility for ‘clean coal’
Move comes after PBoC excluded coal projects from eligibility for 'green bonds' finance
UK and China renew bilateral swap line
350 billion yuan swap line extended for a further five years
PBoC launches carbon-reduction monetary policy facility
Facility will offer low-cost loans for private firms investing in green projects