China
HKMA’s Chan happy with pace of renminbi internationalisation
Norman Chan accepting of need to test the offshore market with step by step internationalisation of renminbi; urges banks to get ready for trade using Chinese currency
Hong Kong regulator moves to authorise renminbi products under RQFII
Hong Kong regulatory platform ready to approve RQFII products; China’s central bank says priority to be given to Hong Kong-based subsidiaries of mainland banks and fund managers
China moves closer to renminbi inclusion in SDR
Comments by Chinese officials hinting renminbi will be fully convertible by 2015 open door to inclusion of currency in IMF’s special drawing rights basket
The future of central banking: CB.com panel
Robert Pringle moderates a panel assessing the future of central banking in a post-financial crisis world
Central banks’ flight to safety in reserve holdings continues
Reports continue to emerge from around the world of central banks diversifying their foreign currency reserves and adding to gold holdings
‘Astronomical’ Chinese reserves under scrutiny: Fed paper
Federal Reserve Bank of St. Louis working paper highlights drawbacks to current global-imbalance literature when trying to assess situation in China
Capital inflows must be better monitored: BoJ paper
Bank of Japan study says framework to monitor capital inflows must be improved to reflect increase in volume
PboC adviser calls for urgent reform in the West
People’s Bank of China adviser Li Daokui says Europe and the US must introduce further reforms to address their chronic economic problems
ING’s Gupta: Yuan to become reserve currency in two years
ING Investment Management Asia’s CIO believes the yuan will become a reserve currency within the next two years driven by the ongoing debt problems in Europe and the US.
Bank of Finland paper assesses China’s two-track system
Bank of Finland study explains why monetary policy in China uses a combination of price and quantitative instruments
Financial interlinkages are uniform across Asia region: BoJ paper
Bank of Japan study shows links between Asian nations and global stock markets appear to be homogeneous across countries
Chinese inflation hits new high
The National Bureau of Statistics says consumer price inflation in China rose to 6.5% in July, its highest level since June 2008
Good luck played role in post-crisis recovery: BIS paper
Bank for International Settlements study says combination of good policies and good luck led to variation in macroeconomic performance of countries
‘Now is the time’ for China to end dependency on dollar, says former official
Former member of the monetary policy committee of the Chinese central bank says China must end dependency on dollar; advises immediate renminbi ‘float’
Last-minute US debt ceiling rise leaves world reeling
Debt ceiling deal will not restore investor confidence immediately; China still looking to diversify reserves away from dollar; credit ratings agencies cautiously affirm top ratings
China focus remains on inflation fight
Prudent monetary policy to continue, says central bank; fighting inflation is still top priority
Asian Development Bank encourages regional policy cooperation
The Asian Development Bank wants to see increased regional policy cooperation to ensure more balanced and sustained growth in emerging East Asia
CIC adopts more bullish investment strategy
China Investment Corporation 2010 Annual Report shows major shift in sovereign wealth fund's investment strategy towards equities and alternative assets
Renminbi will not be ready to join SDR in 2015: CentralBanking.com panel
Panellists tell Robert Pringle they believe 2015 will be an important year in the internationalisation of the renminbi; currency will not be included in reweighting of SDR
Policymakers can mitigate post-crises unemployment effects: Turkey’s Başçı
Central Bank of Turkey governor Erdem Başçı says declines in employment during crises can be reduced by introducing policies to ease firms’ borrowing costs
Germany and China heighten cooperation
People’s Bank of China and Deutsche Bundesbank meet in Frankfurt to discuss financial stability and trade partnership; China stresses confidence in euro area
China insists local government debt is ‘manageable’
People’s Bank of China dismisses claims local government financing vehicles owe 14 trillion yuan; says risks from the debts are manageable
New lending rules for Chinese SMEs overlook deeper structural issues in credit market, say analysts
China Banking Regulatory Commission introduces new measures to boost lending to small businesses; analysts say real problems lie in regulatory framework that favours the state sector