Vietnam
State Bank of Vietnam governor steps down to take senior party role
Vietnam government assigns SBV governor to new party role, without announcing his successor
World Bank grants Vietnam $6.2 million Covid-19 aid
Central bank deputy says support is ‘meaningful and necessary’ as virus returns to country
Fears rise over breakdown in Basel and IFRS standards
Bretton Woods institutions worried about growing divergence in capital and accounting standards as credit impairment tsunami looms; US and many emerging economies skirting the rules
People: Sandra Boss quits BoE roles to join BlackRock
Prudential committee member to join asset manager; Coeuré to head committee on Covid-19; State Bank of Vietnam appoints new director-general
Transfer season
Trade frictions with the US have caused a mass industrial transfer to China’s neighbours. Zhou Chengjun, IFF Academic Committee member and inspector of the Macro‑prudential Policy Bureau of the People’s Bank of China, says that shouldn’t stop China…
Major economies already engaging in ‘currency wars’ – former IMF chief
De Larosière floats new commodity-based exchange rate regime; says “trust” is key to avoiding “beggar-thy-neighbour” policies
Book notes: The art of economic catch-up, by Keun Lee
Rather than merely catch-up, the book offers countries advice in making a sea change in their economic statuses
BSP governor rules out Philippines involvement in Asian currency war
Rate cuts by Central Bank of the Philippines due to ‘domestic factors’
PBoC is navigating into uncharted waters on RMB
Beijing and its central bank need to think carefully and act responsibly as the renminbi is steered into uncharted waters
Three Asian central banks rebuff US claims of currency manipulation
Singapore, Malaysia and Vietnam respond to being placed on US Treasury watch list
People: Ghana’s Addison to chair Ecowas governors
Thailand appoints assistant governor; Vietnam announces deputy payments director
People: Nellie Liang withdraws from Fed nomination; World Bank chief resigns
Trump nominee had played a key role in setting up the Fed’s stress tests; Kim was due to leave World Bank presidency in July 2022; further appointments in UK, Vietnam and Ghana
Vietnam continues with payment card upgrades
Banks must phase out magnetic strip cards by 2021
Vietnam allows renminbi payments in border areas
Renminbi payments designed to cut risks and boost trade
Vietnamese government orders tougher capital ratios for banks
Banking modernisation plan pledges increased central bank independence but is short on details
Vietnam says it is “actively prepared” to intervene in forex market
Interventions have helped protect the dong’s value, but depreciation gathered pace in June
Vietnam jails former deputy governor for negligence
Conviction comes as government cracks down on alleged corruption in banking sector
Vietnamese ex-deputy governor stands trial for negligence
Former deputy governor failed to prevent $655m fraud, authorities say
Philippines toughens rules on crypto-exchanges
Philippines is one of the few central banks to adopt formal regulations on crypto-asset exchanges
People: South Korea’s Juyeol Lee nominated for new term
South Korean president nominates Lee for fresh four-year term; SNB’s Wiedmer steps down; State Bank of Vietnam appoints new banking supervisors
State Bank of Vietnam seeks to rein in credit growth
Target of 17% credit growth this year to contain risks
People: Bank of England official to become FCA chair
Charles Randell to take over as FCA chair in April; BoE appoints its first job sharers at executive director level; Vietnam names deputy governor; Mark Mullinix to leave Fed; and more
Vietnamese government criticises central bank
Anti-corruption agency denounces inadequate banking supervision
Vietnamese central bank cuts rates, despite IMF credit warning
Decision contradicts IMF advice to keep monetary policy on hold to contain rapid credit growth, but growth and inflation have disappointed