Central Banking
IMF’s Gourinchas argues ‘middle powers’ can heal global trade
Co-operation by mid-sized economies could bring hegemons to table, chief economist says
China holds LPRs for 13th consecutive month
Decision comes after governor says ‘slower, more efficient credit growth’ may be new normal
Sharon Donnery on the ECB’s great simplification push
The supervisory board member speaks about geopolitical risk, cyber threats and potential banking regulation reforms
‘Glory days’ of central banking may be behind us – Goodhart
Former BoE MPC member warns central banks will struggle to combat inflation given fiscal pressures
Bank of Russia cuts by less than expected
Governor cites pro-inflationary risks for decision to ease by 25bp rather than the anticipated 50bp
US and China advance rival digital asset policies
US bans retail CBDCs until 2030, while PBoC official calls for co-ordinated stablecoin regs
UK still paying EU ‘divorce bill’– National Bank of Belgium blog
Research shows cumulative cost of Brexit amounts to six to eight percentage points of GDP
Right now, the dollar is too big to fail – panel
Officials say greenback likely to remain dominant for foreseeable future
Nigeria should allow stablecoin innovation but manage risk – IMF
Institution sets out four steps to manage surging adoption of assets
We won’t copy UST clearing mandate wholesale in UK – BoE
Senior official also promises that any minimum repo haircuts will be calculated at portfolio level
Brazil cuts rates to 14.25% despite worsening inflation
Copom forecasts 5.2% price growth for 2026 and 3.7% by end of 2027
Switzerland and Norway hold, Czech Republic and Moldova hike
SNB says inflation uptick is temporary, while CNB and Norges Bank highlight wage pressures
Botswana holds rates, while Namibia tightens by 25bp
Southern African nations remain cautious, despite deal between US and Iran
BoE holds interest rates at 3.75%
Governor says he would respond ‘promptly’ to stronger second-round effects of Iran war
Central banks must not outsource critical thinking to AI – panel
As uses for the tools proliferate, central bankers weigh up how to use them safely and ethically
Philippines and Indonesia tighten by 25bp
BSP says inflation ‘strong’ as BI’s focus remains on rupiah
Foreign central banks can soon repo Chinese bonds, PBoC says
Experts say move is likely to increase monetary authorities’ demand for Chinese debt
Barry Eichengreen on the evolution of the global monetary order
The US monetary expert speaks to Thomas Chow about similarities between the dollar and 18th century Dutch money and why Washington has bet on the ‘wrong horse’ with private stablecoins
Fed holds rates in first meeting under Kevin Warsh
FOMC drops easing bias and forward guidance, as chair announces taskforces to improve Fed operations
More than $1.4tn of daily FX trades face Herstatt risk – BIS study
Only around a third of transactions fully eliminate settlement risk by using PvP
Trust must remain bedrock of monetary system – panel
Speakers emphasised need for regulatory alignment and common standards as payments evolve
Chile holds rates for fourth time in a row
Policy-makers say balance of risks to inflation is shifting towards equilibrium
Riksbank holds, but keeps option to hike on the table
Updated forecast builds on assumption that oil supply will begin to normalise ‘in the near term’
Uganda announces next step towards ‘cashless’ society
Central bank says limits on withdrawals are part of strategy to fully ‘digitise’ payments system