China
PBoC looks into narrowing interest rate corridor
Central bank elaborates on recent changes to monetary policy framework
US’s indirect reliance on Chinese goods rises – NY Fed research
Study finds country’s largest partners are importing increasing amounts of goods from China
Sovereign debt in default fell by 1% in 2023 – BoC study
Research finds shift in lending away from Paris Club creditors towards China
PBoC stops injecting short-term liquidity
Decision adds to central bank’s recent efforts to tame rally in long-term government bonds
PBoC adviser calls for more expansionary economic policies
Monetary policy committee member advocates stronger measures to alter market expectations
Policy-makers report progress in CBDC exploration
Central banks generally see promise in digital currencies, though one is halting research
Asia’s central bankers bullish over cross-border payments
Policy-makers at Asia Summit also spoke of gradual pick-up in use of local currencies
Malaysia is latest country to seek Brics membership
However, uncertainty remains over whether Saudi Arabia will join emerging economies bloc
Eddie Yue reappointed as head of Hong Kong Monetary Authority
Chief executive says HKMA will promote stability amid “complex” economic and geopolitical environment
PBoC unexpectedly cuts key interest rate
MLF rate’s 20bp reduction is largest decrease since 2020
PBoC cuts suite of key interest rates
Move follows weaker-than-expected Q2 growth and policy meeting by Communist party
IMF warns of slowing disinflation path
Higher interest rates in advanced economies could trigger “harmful spillovers”, chief economist warns
PBoC’s new policy tool may have little impact, analysts say
Adding new open market operations does not mean major change to policy framework, say economists
PBoC holds key rate despite uneven economic recovery
Central bank likely to keep MLF rate unchanged before Fed cuts rates, analysts say
China and Kazakhstan to co-operate on CBDC research
The two Asian central banks set to carry out joint research and training
PBoC to start additional open market operations
Move could increase importance of seven-day reverse repo rate, some analysts say
Book notes: Bucking the buck: US financial sanctions and the international backlash against the dollar, by Daniel McDowell
A timely and well-documented book about the weaponisation of the US dollar
BNM’s Rasheed on inflation, growth and currency performance in emerging markets
Bank Negara Malaysia’s governor speaks about balancing inflation and growth, supporting the ringgit, multilateral currency settlement and greening Islamic finance
PBoC to start borrowing government bonds as yields fall
Analysts expect central bank to sell in secondary market to stabilise yields
Half of central banks regularly review monetary framework
Vast majority conduct reviews but many are ad hoc
PBoC and RBI have highest-ever gold holdings, WGC says
PBoC paused gold purchases in May for first time since November 2022
PBoC holds key lending rates
Market-based lending rates remain unchanged as economic data remains mixed
PBoC overhauls monetary policy framework
Central bank aims for clearer policy rate, bigger role for bond trading and use of “structural” tools
PBoC holds key rate for tenth consecutive month
May data shows continued property downturn and improvement in retail sales and industrial production