China
China’s rebalancing on hold as growth falters – IMF paper
Rebalancing is expected to continue in 2019, but income inequality and leverage could prove an issue
Lagarde calls for an end to trade tensions
IMF chief says countries should ‘fix’ global trade system, not ‘destroy’ it
Chinese banks fail tests as PBoC warns of ‘grey rhino’ risks
Half of banks failed the most severe stress tests; central bank says transition to new economy might unleash unexpected risks
Dollar strength drives yuan to lowest level in a decade
Higher US rates are narrowing interest rate differential as Chinese growth weakens
Sino-Japanese political optics right for $30bn swap and Tokyo RMB clearing
BoJ and PBoC agree local currency swap line after long delay; Bank of China set to be RMB clearer in Tokyo
PBoC moves to boost lending amid trade tensions
Efforts towards deleveraging are being put on ice as the economy slows
China’s exchange rate poses major challenge to fairer trade – US Treasury
Renminbi has fallen by 6.25% against US dollar in 2018, reserves have declined by $74 billion
Chinese governor stresses trade risks at IMF meeting
Yi Gang says protectionism has already damaged global business confidence
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