International
Bank notes: October to December 2025
A round-up of news and salient issues that have affected central bankers in the past three months
IMF opens third China office in Shanghai
Institution and PBoC say new hub will conduct research into Asia-Pacific’s emerging economies
The prospects for retail CBDCs
Open instant payments systems offer a quicker route to financial deepening, for now
BIS probes ‘exceptional’ FX activity around April shock
Triennial survey would likely have shown less dramatic shift without tariffs, economists find
Saudi fund leaves $3bn in Pakistan’s central bank for another year
Deposit accounts for around a fifth of SBP’s dollar reserves
People: Former DNB chief Knot joins Systemic Risk Council
Plus appointments at BIS Innovation Hub and Turkish central bank
Alexandre Tombini on LatAm resilience and growth amid uncertainty
The BIS Americas head speaks about the impact of the US tariffs, building resilience amid uncertainty and fostering inclusion through digital payments
Gold and bitcoin buys triggered Tether downgrade, says S&P
Agency explains why it gave world’s largest stablecoin its lowest rating for stability
Climate and fragmentation are key risks, say deputy governors
Officials from EMEs in Africa and Americas outline concerns at Autumn Meetings
Argentina and the fear of floating
Economists believe the country’s authorities must fully liberalise the peso before it is too late
Cryptogeddon: a user’s guide for central banks
How might monetary authorities react if a digital asset crash destabilised the financial system?
CNB digital asset portfolio is about real learning, says Michl
Governor says bank is not looking to simulate reality but ‘touch it’ with experimental bitcoin holding
BIS paper proposes simpler Basel capital framework
Authors say ‘capital stack’ is too complex and does not provide enough resilience to some shocks
Lagarde says talk of AI bubble misses ‘bigger picture’
ECB president, a former AI sceptic, now believes not embracing it could ‘jeopardise Europe’s future’
Advancing sustainability post-COP29
The Central Bank of Azerbaijan is striving to assist the domestic and international transition to a greener economy, writes its governor, Taleh Kazimov
ECB moves to link Tips with India’s UPI and Nexus
Connection with Nexus still hinges on ECB exploring potential ‘feasibility’
De-dollarisation is neither myth nor the whole story – panel
Reserve managers tell Autumn Meetings they are unconvinced by stablecoins
More independent central banks hold fewer dollars – research
De-dollarisation benefits Singaporean and Korean currencies, while Australia’s and China’s lose out
People: Bostic to step down from Atlanta Fed
Plus new appointments in Botswana, Estonia, Slovakia, Singapore and at BIS
What lies beneath China’s SDR proposal?
Experts discuss whether the PBoC’s vision for an SDR-led international monetary system would represent a ‘monetary straitjacket’ or an ideal ‘dollar replacement’
No Fed G-Sib buffer reform in 2025, say experts
Recalibration of method 2 seen as more likely than its abolition; banks resist daily averaging