China
People’s Bank of China promotes assistant governor
People’s Bank of China bulks up senior management team; adding second new deputy governor in as many months
Bank of Finland paper analyses Chinese monetary policy
Discussion paper assesses the use of non-market monetary policy in China; finds policy tools are effective at controlling inflation but this depends on source of economic shocks
China growth slows for sixth consecutive quarter
Figures published by National Bureau of Statistics of China show year-on-year GDP growth of 7.6% in second quarter of 2012; growth has been steadily slowing since beginning of 2011
Markets recoil as major central banks ease policies
Chinese, European and UK central banks take monetary policy action; moves leave no doubt about gloomy global economic picture as eurozone stock markets fail to rally
China moves to promote offshore renminbi trade
HKMA welcomes new Chinese government measures to support growth of offshore renminbi business in Hong Kong; central banks buy $315 million of offshore renminbi bonds
MAS agrees establishment of office in China
Monetary Authority of Singapore will open a representative office in Beijing after settling on a deal with the People’s Bank of China; third overseas office for MAS
Brazil and China agree currency swap and deepen cooperation
Central Bank of Brazil announces agreement with China Banking Regulatory Commission to enhance exchange of information; governments agree to currency swap
PBoC hires banker as deputy governor
Top executive leaves Agricultural Bank of China to become deputy governor at the People’s Bank of China; brings total number of deputy governors to four
IMF paper discusses renminbi internationalisation
Working paper considers historical conditions leading to international use of currencies; finds that conditions in China suggest gradual internationalisation of renminbi
OECD laments fragile, uneven global recovery
Economic Outlook predicts slower GDP growth across OECD countries in 2012; discusses delicate recovery around the world
Renminbi to shake up the reserves management status quo
China is unlikely to fully liberalise its currency controls during the next five years. But this does not look set to prevent the renminbi from achieving full reserve currency status. By Gary Smith
IMF research examines impact of China on commodity markets
International Monetary Fund working paper examines impact of aggregate activity in China on commodity markets; finds Chinese activity impacts majorly on oil markets
Lagarde calls for ‘gradual’ austerity moves
Lagarde calls for gradual and country-specific approach to austerity; says supply-side measures needed to achieve sustainable growth
Carney calls for competitiveness gains to drive exports
Governor of the Bank of Canada calls for exporters to improve competitiveness; says there must be a focus on exporting to emerging economies
City’s top brass throws weight behind London RMB initiative
London will become the next offshore centre for RMB trading, vows UK chancellor George Osborne; BoE's Bailey supportive of initiative
IMF working paper examines China’s current account imbalances
IMF working paper concludes that total rebalancing has not occurred in Chinese economy as domestic imbalances increase and external imbalances fall
PBoC decision to widen trading band welcomed
Chinese central bank announces “enlarged” floating band of renminbi trading prices against the US dollar; analysts and IMF welcome decision
Prasarn confirms Thai participation in Chinese markets
Bank of Thailand governor hails economic links between China and Thailand as central bank opens first Chinese office
Bank of Thailand opens representative office in Beijing
Thai central bank opens office in Beijing; third foreign representative office aimed at developing “understanding” of China’s economic developments
China raises QFII quota by $50bn to $80bn
Chinese authorities more than double the investment quota available to approved foreign institutional investors wanting to invest directly into China’s restricted financial markets
IMF research finds exchange rate variations affect exports
International Monetary Fund study of renminbi fluctuations finds that variance in exchange rate impacts on exports of neighbouring developing economies
Finnish research finds Chinese growth is restricted by capital constraints
Bank of Finland research finds that despite reforms, borrowing restrictions continue to dampen growth prospects for Chinese corporations
IMF working paper suggests financial sector reform key to rebalancing Chinese economy
Reforms that lead to real interest rates rising and appreciate the real effective exchange rate would contribute to rebalancing growth in China toward private consumption, finds IMF research
China and Mongolia double currency swap arrangement
Chinese and Mongolian central banks agree supplementary currency swap arrangement that doubles the amount of currency at stake under the deal