Bonds
Bitcoin has become ‘more equity-like’ – San Francisco Fed study
Asset’s ‘financialisation’ has helped it enter same sphere as stocks, paper argues
Basis trade loses its bite as banks move in
Returns on popular hedge fund strategy dwindle to as little as three basis points, while dealers make use of softened capital rules to replicate the trade
Financial education hits the golf course in Kenya
Central bank uses tournament to tee up domestic bond market
Bolivia’s central bank to intervene in FX market
Governor says intervention will occur during market overreactions and to accumulate reserves
Juha Park on the BoK’s updated monetary policy framework
Bank of Korea’s head of monetary policy communication says pre-Shin updates align with new governor’s thinking
Bank Indonesia governor resigns unexpectedly
Central bank cites personal reasons for Perry Warjiyo’s departure as independence concerns mount
Institutionalising change: the challenge for Argentina
Martín Redrado sets out what is needed for a meaningful and resilient new ‘charter’ for the Central Bank of Argentina
MBS convexity hedging: back with a vengeance, or ghost story?
More bonds now sit with active hedgers but market is split on whether flows can move US rates again
China allows its investors greater access to offshore bonds
PBoC ups quota as HKMA expands yuan funding and city begins trial run for gold clearing
Vanuatu holds rates and forecasts continued economic recovery
Pacific island nation’s central bank says reconstruction efforts, tourism, to drive economy
Lagarde ‘regrets’ forward guidance and Warsh plans ‘family fight’
Fed, ECB, BoC and BoE heads discuss inflation, uncertainty, AI, stagflation and independence in Sintra
Mervyn King on his career and big ‘mistakes’
The former BoE governor speaks with Christopher Jeffery about the value of transparency, lessons from the GFC, the need to track broad money and tie short-term funding to haircut collateral, and danger presented by non-banks
BIS warns of stability risks from ‘fiscal-financial nexus’
Report sounds alarm over public debt and NBFIs’ role in bond markets, as de Cos calls for immediate action
Brazil to issue up to $735m worth of panda bonds
PBoC governor welcomes announcement and pledges support to China’s partner in ‘global south’
BoJ’s June summary signals more tightening to come
Japanese board saw inflation quickening and said rates should be raised if this occurred
BSP extends relief to lenders affected by Iran conflict
Central bank allows Filipino lenders to exclude losses on peso bonds caused by market volatility
Right now, the dollar is too big to fail – panel
Officials say greenback likely to remain dominant for foreseeable future
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
Foreign central banks can soon repo Chinese bonds, PBoC says
Experts say move is likely to increase monetary authorities’ demand for Chinese debt
Markets react more to macro news in uncertain times – study
Monetary policy uncertainty amplifies bond yields’ response to data releases, BIS paper says
Zoltán Kurali on Hungary’s reserves strategy and euro adoption
Deputy governor speaks about portfolio positioning amidst geopolitical volatility, AI, CBDC and the future of the forint