China
Chinese house prices overvalued in some places: HKMA research
Hong Kong Monetary Authority study shows prices outstrip fundamentals in some market segments; points to importance of early warning mechanism
Nigeria stands by Sanusi’s government barbs
Central Bank of Nigeria maintains governor Sanusi Lamido Sanusi’s assertion that legislative branch absorbs quarter of all government overheads; comments spark anger from politicians
ECB's Constâncio heralds dawn of Seoul consensus
European Central Bank’s Vítor Constâncio says state intervention during banking crisis marked end of Washington consensus; vice president heralds dawn of Seoul consensus
Chinese sovereign debt to be issued using HKMA platform
Hong Kong Monetary Authority and China’s finance ministry reach agreement to allow issuance of renminbi bonds using central bank tendering platform
HKMA, PBoC react to QE2
Hong Kong Monetary Authority and People’s Bank of China counter Fed’s quantitative easing programme with regulatory and monetary policy measures
HKMA’s Yue on offshore renminbi business in Hong Kong
Hong Kong Monetary Authority deputy chief executive Eddie Yue says development of offshore renminbi business will continue to boost Hong Kong financial services industry
St Louis Fed: Chinese house prices have minimal effect on savings rate
St Louis Federal Reserve study says rising housing prices in China do not explain the high savings rate of households
RBA: China’s thirst for commodities driven by global export market
Reserve Bank of Australia study says China’s demand for resources is largely driven by developments in international not domestic markets
Focus on trade rather than stimulus: business leaders to G20
International Chamber of Commerce honorary chair Victor Fung calls on G20 to focus on boosting international trade rather than monetary stimulus to raise growth; currency tensions expected to feature heavily at Seoul Summit
India’s PM backs QE2
Backing from Manmohan Singh follows attacks from other emerging markets
Finland finds limitations in China’s monetary policy
Bank of Finland study finds China’s monetary policy strongly influences asset prices but not household consumption
King demands collaboration
Bank of England governor Mervyn King says countries must reach collective solution over global imbalances or risk crippling the global economy through protectionist policies
ADB launches landmark renminbi bond in Hong Kong
Asian Development Bank launches ground-breaking international renminbi bond in Hong Kong; Hong Kong Monetary Authority’s Peter Pang hails likely effects on renminbi trade, settlement
Yilmaz: Turkish economy booming
Central Bank of the Republic of Turkey governor Durmuş Yilmaz says growth in Turkey outpaced most emerging markets in second quarter
US Treasury stalls on decision to name China ‘manipulator’
US Treasury says it will delay publication of report on exchange rates until after G20 gathering in Seoul
RBNZ reports NZ$111m loss
Reserve Bank of New Zealand makes loss after appreciation in New Zealand dollar, slashes dividend payment to government
PBoC proposes technological solution to address labour-driven inflation
People’s Bank of China monetary policy report says higher productivity will address rising labour costs
Take responsibility: ECB’s Bini-Smaghi to EMEs
European Central Bank executive board member Lorenzo Bini-Smaghi says emerging markets seeking bigger global role must take responsibility for imbalances
IIF calls for accord to fix imbalances
Institute for International Finance (IIF) says major economies must broker agreements on critical macroeconomic and exchange-rate issues
Meirelles flags travails of financial reform
Central Bank of Brazil governor Henrique Meirelles says reform must be unified; Chinese, Indian ambassadors note shortcomings of G20
IMF makes FSAPs compulsory
Fund says 25 countries with systemically important financial sectors will be required to undergo check-ups every five years
Bank of Thailand opens shop in China
People's Bank of China says Bank of Thailand's new representative office in Beijing will aid cooperation
More than half of Hong Kong banknotes held outside territory
Hong Kong Monetary Authority research cites increased integration with mainland and popularity of Macao as factors
Beijing makes two changes to MPC
People’s Bank of China deputy governor Du Jinfu and Industrial and Commercial Bank of China president Jiang Jianqing will join advisory Monetary Policy Committee