United Kingdom
PBoC approves direct trading between renminbi and sterling
The pound will become only the fifth currency that can be directly exchanged with the yuan; People’s Bank of China names China Construction Bank as renminbi clearing bank in London
Public satisfaction with Bank of England at post-crisis high
'Net satisfaction' with the way the Bank of England sets monetary policy was 31% in May, poll shows; results reflect improving economic outlook
BoE's Sharp: new shocks around the corner 'perfectly conceivable'
Richard Sharp says UK financial system's openness means unpredictable external events can have 'profound effect' on financial stability
Bank of England minutes reveal 'variety of views' on monetary policy path
Emphasise 'gradual and cautious' move on interest rates, though 'for some members' the monetary policy decision is becoming 'more balanced'
UK banks to fund ‘independent' body tasked with improving industry culture
Recommendations on conduct from former Bank of England MPC member ‘accepted' by seven major banks; new body to be launched later this year
Bush adviser appointed to Bank of England MPC
Kristin Forbes second woman to be appointed to the all-male committee of nine in two months; former member cautions over lack of labour economics experience on MPC
Carney says UK's 3% growth is not ‘escape velocity'
Bank of England governor suggests rates likely to remain at current levels for another year or until recovery is underpinned by productivity pick-up and real wage growth
BoE's new international head among senior appointments expected this month
The Bank of England has three weeks to fill seven senior positions as part of a structural overhaul that goes live on June 1
BoE's Cunliffe warns of 'sustained and powerful pressure' on UK house prices
Deputy governor for financial stability says it would be 'dangerous to ignore momentum in housing market' and cautions that new prudential measures have yet to be tested
Bank of England launches review of MPC transcripts policy
Bank of England commissions former Fed governor Kevin Warsh to review practice of destroying records and assess the costs and benefits of publishing meeting transcripts
Regulators reveal details of EU and UK stress tests
European Banking Authority and Bank of England set out the scenarios they will use in their respective stress tests later this year; ECB sets deadline for meeting capital shortfalls
Central Banking will return on April 22
Central Banking Daily News and the Central Banking Daily Briefing are closed from Friday, April 18, until Tuesday, April 22
Bank of England paper estimates effects of monetary policy
A new approach outlined in a Bank of England working paper avoids three major pitfalls in estimating monetary policy's effect on growth and inflation
Underemployment's impact on spare capacity smaller than thought, says Weale
Bank of England's Martin Weale says impact of underemployment on UK spare capacity is 'smaller than might appear at first sight'; productivity of extra 1% employment likely lower than average
UK to introduce ‘world's most secure coin', claims the Royal Mint
New £1 coin first ever to feature banknote security technology; ‘could potentially change the way coins are made in the future', UK's Royal Mint claims
BoE praises implementation of new loss-allocation rules for clearing members
Bank's first annual report on supervision of financial market infrastructure since assuming oversight responsibilities for central counterparties last April
BoE launches banknote security app
Bank of England launches an interactive application for use on mobile devices that helps the public identify security features on its banknotes
Permanent drop in UK risk-free rate suggests lower interest rates the 'new normal'
Bank of England's David Miles says lower returns on safe assets prompted by changed risk perceptions will keep bank's benchmark rate below historic average
Banks could be forced to leave UK if home regulators are found wanting
Draft rules published today by the UK banking supervisor put pressure on non-EEA countries to up supervision of banks that want to do business in London
UK Supreme Court throws out $6.5m fraud case against Central Bank of Nigeria
The UK Supreme Court today accepted an appeal from the Nigerian central bank, which was accused of facilitating a $6.5m fraud in 1986
UK government rules out 'sterling zone' with independent Scotland
Scotland will face significant challenges in setting up its own currency, establishing a currency board or joining the euro as an alternative to sterling
One in five in UK 'aware of forward guidance'
Policy may indirectly affect households' interest rate expectations and spending through media reports and effects on business spending, according to report
Bank of England says BBA could co-ordinate response to banking cyber attacks
Sweeping exercise aimed at preparing UK banks against attacks against financial infrastructure by ‘hostile nation state' also sees some firms struggle with new dual regulatory structure
Bank of England to lay off up to 100 staff
The central bank is looking to save £18 million over the next three years by making operations leaner; union representatives ‘strongly' oppose resulting redundancies