United States
Foreign banks get temporary respite from China’s new ‘Volcker rule’
Foreign banks in China greet decision by China Banking Regulatory Commission to postpone new rules on onshore non-hedging business with relief
Markets respond positively as Bernanke says US is ready to act
Federal Reserve chairman Ben Bernanke says US has a “number of ways” it could ease financial conditions if necessary; markets respond postitively
St Louis Fed paper on US monetary policy and global output gaps
St Louis Federal Reserve study says there is not sufficient empirical evidence to suggest US monetary policy should focus on global output gaps
Basel and Dodd-Frank create arbitrage potential, say analysts
Removal of credit ratings under Dodd-Frank will create arbitrage opportunities – and is already being exploited by some US banks, research claims
US will resolve debt crisis by August 2: Obama
President Barack Obama says failure to raise the US debt ceiling would be “not acceptable”
Fed extends temporary dollar swap lines again
Canada, UK, Switzerland and ECB prolong arrangements; Japan to decide soon
Regulation reform dominates British Bankers’ Association conference
Regulatory reform causing concern for all involved; any changes made must be the right ones, say speakers at the BBA Annual International Banking Conference
NY Fed’s Dudley on development of bank stress tests
New York Federal Reserve president William Dudley says development of stress tests is an ongoing process
Financial institutions scramble to avoid Sifi label
Federal Deposit Insurance Corporation detects “absolutely no interest” from any financial institution in being named a systemically important financial institution
Fed less positive but leaves rate unchanged
FOMC statement less optimistic than last month's; in second-ever press conference, chairman Bernanke faces questions on Greece
Chile governor warns on Europe and US
Central Bank of Chile governor says Europe in “trouble” and US at risk of waking up from “lethargy” too slowly
IMF warns European contagion is resurfacing
IMF Global Financial Stability Report highlights growing concern over debt sustainability of European periphery countries; advanced economy downward growth revision signals two-speed recovery
BoJ’s Nishimura highlights demography link to asset bubbles
Bank of Japan deputy governor Kiyohiko Nishimura says asset market bubbles are correlated to demographic changes
Australian regulators suggest clearing exemption for FX
Reserve Bank of Australia discussion paper commits to harmonising rules with US and Europe
IMF managing director saga continues
IMF rebukes New York Times for article on Fischer; Strauss-Kahn’s immunity pleas revealed; candidates continue battle for international support
IMF paper on GCC equity market spillovers
Fund study says Gulf Cooperation Council equity markets were exposed to US and regional losses during crisis
Bernanke warns Congress on fiscal deficit
Fed chairman warns limiting debt ceiling self defeating, says US must choose between “careful and deliberative process” of financial policy change or “much more painful” crisis response
Risk & Return Brasil: Supervisors need to be more curious, says Donizeti
Authorities should put less faith in numbers and what they are told by banks, says top Brazilian supervisor
US dollar leading currency peg: ECB paper
European Central Bank study shows US dollar continues to dominate as most used exchange rate currency anchor
Beige Book signals slowdown in some districts
Federal Reserve reports deceleration in economic activity in four of 12 districts
BIS data highlights US banks’ exposure to Greece
Bank for International Settlements data reveals United States’ heightened “potential exposure” to Greek default
Exit strategy communication key: Philly Fed’s Plosser
Philadelphia Federal Reserve president Charles Plosser says clear communication of Federal Reserve policy will be essential to exit strategy
US banks at risk of downgrade following Dodd-Frank
Credit rating agency Moody’s launches review of eight banks’ ratings after legislation makes uncertain implicit promise of government support in event of failure
Yellen sees signs of exuberance in corporate debt markets
Comments highlight Fed’s methods for monitoring imbalances; rate hikes “last resort” to tackle financial excess