China
Robert Pringle's Viewpoint: The global finance system is in bad need of repair
Muddling through is not enough: neglect of global money can trigger political earthquakes that sweep away any chance of reasonable debate and compromise
Bank of Finland’s Honkapohja advocates ‘cautious and gradual’ approach to deregulation
Central bank board member offers lessons for China from Nordic experience with financial deregulation, and advocates a cautious approach over a ‘big bang’
PBoC highlights ‘rapid’ growth of electronic payments
Quarterly report on payments in China says electronic payments, particularly mobile payments, grew significantly in Q3
PBoC closes in on liberalisation with deposit insurance plan
Central bank moves closer to deposit rate liberalisation with proposals for deposit insurance fund, aiming to improve ‘discipline’ in banking sector and encourage smaller banks to compete
Bank of Finland paper sees inefficiencies driving China’s internet finance
Boom in internet finance presents stability risks and appears to be the result of inefficiencies in the existing financial system; authors recommend market-based reforms to redress the balance
PBoC action ‘lays foundation’ for liberalisation
Central bank emphasises movement towards interest rate liberalisation, saying last week’s rate cut was designed to combine financial reform and monetary policy
PBoC cut fails to impress but more action on the cards
Economists say first cut in two years likely to have weak effect at best, but PBoC may have to take stronger action going forward as economy worsens
Bundesbank’s Nagel wants Frankfurt clearing house
Executive board member details benefits to German economy from having an RMB clearing bank, and sets out plans to form a clearing house in the future
RBA strikes clearing deal with PBoC
Australian authorities agree clearing arrangements and RQFII quota with Chinese counterparts; announced in wake of G-20 summit and follows similar Canadian deals
PBoC sheds light on opaque liquidity measures
Central bank confirms injection of billions of renminbi via new ‘medium-term lending facility’ as part of efforts to offset weaker foreign exchange inflows
China and Canada sign deal to set up first RMB clearing bank in North America
Countries also agree on $8.2 billion RQFII quota as part of major bilateral trade initiative; PBoC also signs MoU with Bank Negara Malaysia to set up RMB clearing bank in Kuala Lumpur
Shanghai-Hong Kong Stock Connect to go live next week
Securities regulators unveil final launch date after delays upset markets last month; scheme will allow direct trading of Chinese and Hong Kong stocks within certain limits
Central Bank of Argentina borrows $814m through China swap line
Argentina’s central bank has activated is currency swap agreement with China, and will receive the equivalent of $814 million in a move that will boost its currency reserves
Ex-HKMA chief: China may punish Hong Kong for protests
Joseph Yam warns Hong Kong might be sidelined as a financial centre if protests continue, as Occupy Central movement enters its second month on the streets of Hong Kong
China, India, among founders of Asian Infrastructure Investment Bank
Twenty-one Asian countries establish a new institution to aid infrastructure development in the region, which will be fully operational by the end of 2015
Dollar and renminbi can coexist as global currencies, Eichengreen says
Bank of Korea paper finds that ‘networks are open and several international currencies can coexist’, suggesting the dollar and the renminbi will share the role in the future
Amro revamped in agreement struck at IMF meetings
Macroeconomic Research Office will become an international organisation when agreement is ratified, 'contributing further to regional financial stability'
Zhou backs Chinese growth target in face of slowdown
PBoC governor says Chinese economy is on track to hit growth target of 7.5% in 2014, despite drag from the housing market; central bank deploys measures to boost real estate sector
PBoC chief economist sees ‘very low’ risk of hard landing
Ma Jun argues slowdown in investment will be offset by services and health care spending; describes Hong Kong-Shanghai ‘stock connect' programme as 'major breakthrough'
BIS paper investigates factors behind birth and death of benchmarks
Working paper studies ‘benchmark tipping’, finding that although many government rates are being displaced by private benchmarks, China and Brazil may develop new government bond futures markets
Bank of Lithuania invests $100 million into Chinese capital markets
Central bank becomes one of the first in Europe to invest in Chinese securities, as part of a new investment policy seeking higher returns
IMF flags up uneven application of shadow banking regulations
Report finds ‘indications of increased market and liquidity risk' in sector; China ‘stands out and warrants particular monitoring'
BIS paper unveils refined measure for Chinese inflation
Joint effort by economists at the BIS and People’s Bank of China yields new measure of Chinese inflation, which authors say addresses issues with headline and core measures
Zhou may be replaced as PBoC governor, says WSJ
Wall Street Journal suggests the Chinese leadership is considering replacing Zhou Xiaochuan, who was only reappointed last year, with Guo Shuqing