South Korea
Bank of Korea finds slight increase in North Korean GDP for 2011
Estimates by Bank of Korea suggest North Korean GDP grew by 0.8% in 2011; represents first year of positive growth since 2008
Bank of Korea governor on adaptation to global environment
Choongsoo Kim delivers speech arguing that central bank must adapt to global economic environment; highlights importance of growing policy interdependence
Bank of Korea to invest in renminbi in 2012
Head of reserve management Heung Sik Choo confirms Bank of Korea will make first investments in Chinese renminbi this year
Korean government issuers unlikely to benefit if sovereign is upgraded – Moody's
Government-related issuers not likely to be upgraded alongside Korean sovereign as rating agencies place more weight on underlying credit fundamentals
Korea braces for higher oil prices
Bank of Korea governor holds economic review with leading academics and others; group discusses rising oil prices
Asean+3 safety net needs more firepower
The regional liquidity safety net in Asia created via the Chiang Mai Initiative is still small and needs a more aggressive pre-emptive mandate if it is to head off crises before they occur
Asia to develop emergency financial stability safety net
Charles Adams and Lei Lei Song chart the development of the Chiang Mai Initiative Multilateralization and explain three ways to develop Asia’s liquidity support mechanism
Bank of Korea announces new policy board members: reports
Reports say Park Won-shik, a deputy governor at the Bank of Korea, is the first new member of the monetary policy board; several more to come
Central banks bought close to 440 tonnes of gold in 2011
World Gold Council unveils report showing large central bank gold purchases in 2011; emerging economies lead the way in rebalancing their reserves to include more of the precious metal
Financial taxes can bolster macro-prudential policy, says IMF paper
Fund study shows counter-cyclical tools should be incorporated to enrich the broader macro-prudential policy framework in Korea
South Korean won slips following Kim Jong-il’s death
Death of North Korean leader causes South Korean won to hit two-month low against dollar and sterling; world waits to see how youngest son will handle succession
South Korea takes heed of US sanctions on Iran
US Senate passes bill containing strict new sanctions affecting Central Bank of Iran; South Korea government warns businesses of implications
European uncertainty reflected in central bank decisions worldwide
Germany, Austria, India and South Korea lower growth estimates as a slew of countries hold interest rates; world looks on and waits to see if Europe can agree a solution to the sovereign debt crisis
FSB Asia Regional Consultative Group holds first meeting
Asian regional consultative group gathers in Korea to exchange views on key financial stability issues
Industry praises expansion of South Korea’s currency swap arrangements
Senior executives of large enterprises praise Bank of Korea for expanding currency swaplines with Japan and China; industry concerned about slowdown caused by eurozone crisis
Korea governor selection process under fire
Politician takes on president’s ability to choose governor of the central bank board; wants to see candidates face parliamentary confirmation hearings
Price stickiness reduces productivity gains and job creation: Bank of Korea paper
Bank of Korea says less rigid prices and more elastic demand can heighten effects of productivity on job creation
Korea and China renew currency swap deal early
People’s Bank of China and Bank of Korea agree to renew and expand currency swap arrangement; also discuss converting swap currencies into reserves
Japan and South Korea reinforce yen-won swap agreement
Bank of Japan and Bank of Korea increase size of bilateral yen-won swap arrangement tenfold; Japanese government also expands swap agreement with South Korea
Bank of Korea holds economic review meeting
Governor Kim Choongsoo meets with heads of institutions and scholars; domestic financial markets ‘overreacting’ to changes in external conditions
South Korea advertises for new reserve manager
Bank of Korea seeks reserve manager; follows first gold purchase for years this summer
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
Taiwan denies controlling exchange rates
Central bank issues “clarification” of the “managed floating exchange rate regime” in place in Taiwan
Korea passes revision to central bank legislation
Greatly enhanced financial stability responsibility awaits the central bank; large-scale reorganisation of staff will happen