China
IMF calls for fiscal consolidation in anticipation of next crisis
As global financial conditions tighten, emerging economies record higher corporate and sovereign debt
PBoC cuts RRR as markets plummet
Trade war fears trigger instability in Chinese markets
EU countries to build payments link with Iran
“Special purpose vehicle” designed to allow “legitimate business” with Iran, despite US sanctions
PBoC launches first phase of blockchain trade financing platform
Platform could help increase access to finance for SMEs while improving trade networks between Macao and Hong Kong
China’s ‘big five’ banks highly inefficient – Bank of Finland paper
Biggest lenders suffer from persistent inefficiency, researchers say
People: Chinese and Turkish central banks each gain new deputy governors
Bank of England director to lead Irish central bank financial stability department; and more
Chinese banks boost lending, official figures show
Overall credit supply grows year-on-year but is outpaced by increase in bank lending
Ex-PBoC governor says renminbi internationalisation is long-term project
Future is "promising", despite signs of stagnation
James Bullard on 2% rates, tariffs and Fed leadership
The president of the Federal Reserve Bank of St Louis speaks about the impact of US trade policies, the disruption to the banking industry from Silicon Valley, shrinking the Fed balance sheet and the potential for agent-based modelling
People: China names new vice-governor
China appoints Liu Guoqiang as vice-governor; MAS establishes governance council, Ireland’s central bank gets new director for supervision; and more
PBoC acts to rein in renminbi depreciation
Reserve requirement makes it more expensive to short-sell yuan, the first effort by the central bank to stem the currency’s three-month slide
China’s weakening data triggers stimulus action
PBoC official complains the central bank was having to act alone
People: Olli Rehn enters office as Bank of Finland governor
PBoC governor joins G30; new board members appointed at Barbados’ central bank; and more
PBoC warns businesses not to reject cash
Businesses are being given one month to rectify their practices
PBoC seeks to reassure bond investors amid default concerns
Pan Gongsheng says the central bank has not seen any “special abnormalities”
Book notes: China’s Great Wall of Debt, by Dinny McMahon
McMahon is too pessimistic about the chances of China managing to get its great wall of debt under control, writes Michael Taylor, but he is undoubtedly right about the scale of the challenge
PBoC cuts RRR amid growing instability
The move will release $108 billion amid concerns on the slowing economy and trade disputes
People: China appoints new monetary policy committee
IMF’s general counsel retires; Czech National Bank appoints new comms director
China eases restrictions on foreign investors
New rules allow qualified foreign investors to move funds more freely out of China, a step forward on capital account liberalisation
BIS paper studies evolving renminbi exchange rates
It is “premature” to declare a stable zone for the renminbi, the paper concludes
PBoC accepts lower-grade and green bonds as collateral
Central bank’s move may indicate a shift of emphasis in setting monetary policy
Book notes: Edge of chaos, by Dambisa Moyo
John Chown applauds Moyo’s analysis of how the current democratic framework is failing
PBoC’s Yi dampens market excitement on liberalisation
China rolled out series of liberalisation measures in recent months, but further action will only be gradual, says central bank governor
China opens onshore market to foreign investors
MSCI adds Chinese shares to its emerging markets index for the first time