China
Russian and Chinese central banks sign MoU
The governors of the Russian and Chinese central banks sign memorandum of understanding; will now be able to issue bonds in each other’s markets
IMF reforms approved by US Congress
Christine Lagarde and the People’s Bank of China welcome the approval of the US Senate for quota and governance reforms at the IMF, agreed by the board in 2010
Global value chain key to realising growth potentials, says Sri Lanka governor
Mahendran says Sri Lanka has not integrated fully into the international value chain; former World Bank chief economist Lin discusses ‘new’ structural economics
New renminbi index shows ‘relative’ strength of currency
Body run by the PBoC publishes index showing movement of renminbi against 13 other currencies; looks to steer market focus away from solely the dollar rate
PBoC confirms Korea on track to issue first sovereign 'panda bond'
Korean government authorised to raise 3bn yuan in interbank market, China's central bank confirms; Seoul reportedly marketing bond during China roadshow this week
RMB now second most used payments currency between China and Japan
The Chinese currency more than doubles share of payments between China/Hong Kong and Japan in two years, eclipsing US and Hong Kong dollars while yen retains number one spot
PBoC deputy governor says reforms will continue beyond SDR inclusion
Yi Gang welcomes IMF decision on SDR, says China will not ease off on reforms; inclusion was seen as inevitable in recent weeks, but Central Banking poll highlights earlier uncertainty
IMF reveals weights of new SDR basket
Renminbi to account for 10.92% of basket from its inclusion next year; executive board approves change in formula
IMF approves renminbi as SDR currency as questions raised on hedging
Lagarde reveals executive board's decision to include renminbi in basket; inclusion raises questions on whether to hedge exposure to Chinese currency
China permits central banks to trade forex derivatives based on Isda agreements
China allows derivatives trading based on international standard agreement for the first time; applies only to sovereign investors and foreign exchange derivatives
RBA’s Kent sees positive side to Chinese readjustment
China’s economic rebalancing is likely to bring benefits to Australia’s economy as well as costs, Reserve Bank of Australia assistant governor says
Challenging crosscurrents from divergent monetary policy
Divergent monetary policies around the world and challenges linked to China’s economic rebalancing present central bankers with some opportunities as well as numerous threats
Christopher Pissarides on QE, the eurozone and economics
The Nobel economist tells Chris Jeffery why events in Europe have undermined neoclassical beliefs, QE is an optimal policy tool and Cyprus should not have joined the euro
RBNZ: Auckland housing risks have increased
New Zealand central bank warns Chinese slowdown could affect banks' funding costs as house prices-to-income ratios rise to record highs; effect of macro-pru rules ‘too early to judge'
Zhou expects RMB to account for one-third of global payments in 2020
PBoC governor outlines economic objectives over coming five years in sweeping article; looks to 'phase out' quota system and improve reserve management
PBoC monetary policy reform could be 'trial and error', economists warn
The Chinese central bank wrapped up a two-decade long interest rate liberalisation process last month – now the hard job begins
China confirms launch of QDII2
Scheme allowing Shanghai-based individuals to invest overseas agreed in meeting chaired by Premier Li Keqiang this week
Bank of England expands swap line with China
The BoE and PBoC strike a deal to increase the swap line to RMB350bn and extend it by three years; seen to support London as an offshore centre
US softens discourse on renminbi ahead of SDR review
Treasury drops 'significantly undervalued' reference in flagship report to Congress on foreign exchange rate policies ahead of IMF review next month
Renminbi now fourth most-used world payment currency
The Chinese currency overtakes the yen with a share of 2.79% in global payments by value
Chinese slowdown could be harder than many economists think, paper argues
Chinese potential growth could be lower and its coming slowdown harder than many think; growth could slow to 5% annually by 2020, says French working paper
China launches cross-border payments platform
Heavily anticipated China International Payment System goes live, with StanChart and ICBC Singapore announcing successful transactions on new platform
IMF reveals Cofer submitters but scraps advanced-emerging breakdown
Fund reveals 96 economies submitting their reserves breakdown to the Cofer database, in the name of transparency – but axes breakdown of advanced/emerging economies for fear of revealing too much
Taiwan cut seen as start of easing cycle
Prompted by negative inflation and stalling growth amid China slowdown, the central bank cuts rates for first time since 2011