Central Banking
IMF assessment highlights China’s frailties in financial system
IMF’s first Financial Sector Assessment Programme in China says country must move towards more liberal financial system
Singapore’s Tai on deepening Islamic capital markets
Monetary Authority of Singapore executive director Tai Boon Leong says wider range of products will help deepen Islamic capital markets
British bankers disagree over ring-fencing
Controversial proposals for reform of UK banking system spark dispute among representatives of ‘big four’ banks; disagree over ring-fencing option
Sovereign spillovers normalised Asian spreads, says IMF study
Fund paper attributes volatility in Asian sovereign debt markets during crisis to sovereign risk spillovers
ECB study measures impact of corridor width on monetary policy
European Central Bank paper shows width of standing facility corridor has significant impact on volatility of short-term interest rate
Beige Book signals slowdown in some districts
Federal Reserve reports deceleration in economic activity in four of 12 districts
Philly Fed’s Plosser: weaker growth levels likely, but no cause for QE3
President of Philadelphia Fed sees monetary policy as limited in reviving a US economy hit by a supply shock; says personal hurdle for QE3 “very high”
IMF race: Colombia backs Carstens, Lagarde ‘confident’
IMF leadership campaigns continue; Mexico central bank chief receives Colombia backing, Christine Lagarde is 'confident' following meetings with China
BoE, ECB hold their fire
Bank of England and European Central Bank leave rates unchanged; Trichet speech hints at impending hike
ECB backs Draghi to head central bank
European Central Bank governing council supports nomination of Bank of Italy governor Mario Draghi to head eurozone central bank
Germany’s Schäuble calls for bond swap on Greek debt
Trichet has some sympathy in Vienna Initiative-style arrangement for Greece; German finance minister calls on ECB to go one step further with swap deal
Commitment to bailout package 'imperative': Bank of Portugal
Bank of Portugal May Financial Stability Report says compliance to €78 billion financial rescue package will prove less costly to society in long-term
Thieves seize 500,000 pesos from Argentina coffers: reports
Central Bank of Argentina robbed of 500,000 pesos' worth of withdrawn bills, say reports; central bank declines to comment
Central bank liquidity would help CCPs in distressed situations: BIS paper
BIS weighs in on CCP central bank liquidity access debate
Philippines launches next leg of public education programme
Central bank wants the public to be able to make “well-informed economic and financial decisions”; also opens new building in Dumaguete City
Finland to close two cash distribution offices
Bank of Finland says it will shut its Tampere and Kuopio offices as cash distribution services are outsourced to private sector
Macedonia replaces governor
Dimitar Bogov, formerly vice-governor, takes over as governor of the National Bank of the Republic of Macedonia
Bank of Israel study reviews success of new pension scheme
Bank of Israel paper shows evidence of rise in savings contributions in response to new pension law in Israel
IMF study on financial frictions in EMEs
Fund paper shows developing economies are more exposed to financial frictions than emerging markets
Noyer expects euro area growth to weaken
Banque de France governor Christian Noyer says euro area growth may slow in coming quarter due to scars left on economies from crisis
NY Fed’s Dudley urges collaboration in tackling global imbalances
New York Federal Reserve president William Dudley says imbalances in growth between United States and emerging economies are unsustainable in long term
Sweden’s Öberg calls for Riksbank to merge with regulator
Riksbank first deputy governor Svante Öberg says merging central bank with Finansinspektionen will aid task of safeguarding financial system
Private sector involvement in Greece may be harmful: ECB’s Bini Smaghi
European Central Bank executive board member Lorenzo Bini Smaghi says private sector involvement is fraught with complications
Central Bank of Iceland paper on exchange rate regimes
Central Bank of Iceland study says floating exchange rate regimes provide little benefit to small, rich economies like Iceland