China
Closer eurozone integration vital in today’s world – ECB paper
Competition from China and US tariffs cited among reasons for closer co-operation between members
HKMA taps GenAI to monitor shadow banking risk
News headlines, social media and bank earnings calls all followed using in-house tools
Geopolitical ructions and the role of the dollar
Implications of the new US administration’s policies for the international monetary system and central banks
Book notes: Our dollar, your problem, by Kenneth Rogoff
An excellent overview of the evolution of the world economy during the last seven decades, and a warning against complacency
PBoC to increase ‘intensity’ of policy adjustments
Bank to retain “moderately loose” stance while targeting stable growth and reasonable prices
China holds key lending rates as expected
Central bank keeps one- and three-year LPRs at 3% and 5% respectively
MNB governor signs co-operation agreement with PBoC
Hungary can “especially” rely on Asian partners amid global uncertainty, governor says
PBoC’s Pan outlines vision for multi-currency international order
Governor describes SDR-based system in which major currencies would “co-exist and compete”
Trade trends favoured China over US even before tariffs – study
St Louis Fed research shows long-term re-anchoring of countries’ trade links between 2002 and 2022
A fractured monetary system
US policy is encouraging a transition away from a dollar-led, rules-based order
Reflections on the international financial situation
Former IMF head Jacques de Larosière writes that markets are blind to Trump's policy shocks that are fragmenting the monetary ‘system’, causing strain in the eurozone and may result in stagflation
Weaponisation of reserves likely to spur de-dollarisation – survey
Freezing of Russian assets will have “significant consequences”, reserves managers say
Maurice Obstfeld on the trade war’s damage to the monetary system
The former IMF chief economist speaks about Trump’s chaotic economic policies, the erosion of Fed independence and dollar stability, difficult policy trade-offs for central banks, and the threat to the Bretton Woods institutions
US has got what it wanted from Basel, say former regulators
Process has been "essentially driven" by US interest, says former Fed vice-chair
Book notes: Smart money: how digital currencies will win the new Cold War, by Brunello Rosa with Casey Larsen
This alarmist book, although lacking nuance, provides a lucid account of how CBDCs could play a decisive role in geopolitical dominance
Brazil and China agree currency swap line
BCB says it is in talks to establish similar arrangements with other central banks
PBoC cuts rates and lowers reserve requirement ratios
China delivers major round of stimulus measures before opening trade talks with US
‘This is not a wobble’: Brunello Rosa on the path to de-dollarisation
Digital currencies will play a central role as China challenges US hegemony, says economist
PBoC to help Chinese firms boost overseas investment
Central bank to facilitate yuan internationalisation amid external uncertainty, deputy governor says
Inside the week that shook the US Treasury market
Rates traders on the “scary” moves that almost broke the world’s safest and most liquid investment
PBoC backs state fund’s efforts to stabilise stock market
Chinese central bank also fixes currency at lowest level since September 2023
PBoC tweaks lending facility as framework reform continues
Chinese central bank phases out MLF’s role in monetary policy by allowing dynamic pricing
China holds loan prime rates again
PBoC stays put while government works to boost consumption
Obituary: Liu Hongru, 1930–2025
Former PBoC deputy governor left influential legacy in China’s modernisation of banking and finance