Foreign exchange
US imposes sanctions on Venezuelan central bank
Trump administration attempts to close one of Maduro regime’s last sources of external financing
The IFF China Report 2019: The Belt and Road Initiative
Over the past five years, China has invested more than $70 billion in Belt and Road Initiative (BRI) countries, of which there are now in excess of 100. Leading Chinese and international policy-makers explain how BRI efforts are progressing. This section…
The Belt and Road Initiative 2019 Survey – A new driver for globalisation?
The second Belt and Road Initiative (BRI) Survey of 28 central banks reveals that they view the BRI as a major driver of globalisation, with a high percentage of respondents expecting the initiative to provide a significant boost to GDP. So far,…
The IFF China Report 2019: Redesigning the international trading and monetary system
Reform of the financial system that brought about the 2007–08 financial crisis has not gone far enough and advanced and emerging market economies must find a more co-operative way forward to ensure globalisation can continue.
The turmoil test for emerging and advanced economies
Greater integration between advanced and emerging market economies during globalisation has made both more susceptible to risk of spillover – financial contagion and volatility. As the US continues to normalise its monetary policy, deputy governor of…
Internationalising renminbi – Hong Kong leads the way
Hong Kong’s advantages in technology, talent and infrastructure make it best placed to form the primary transaction and risk management network for the overseas offshore renminbi market, argues Zhou Chengjun, IFF Academic Committee member and deputy…
Euro’s ‘heft’ has been underappreciated – BIS’s Borio
Several roles of the euro as an international currency are underappreciated, says Borio
Philippines joins local currency settlement network
Malaysia, Indonesia and Thailand created system in 2017 to ease reliance on US dollar
NBU’s Smolii speaks out about political interference
Politically powerful people in Ukraine are still trying to block economic reform, but transparency is helping, says National Bank of Ukraine governor
RBI to repeat forex swap after high demand for first operation
Second round of long-term liquidity will be on offer in late April
Turkish lira depreciates as reserves fall sharply
Forex reserves have fallen by 8% in first three weeks of March, according to central bank data
Turkey acknowledges reserves build-up necessary to stabilise lira
Currency plummeted on March 22 on weak global economic data
BIS paper studies high-frequency data on central bank intervention
Sterilised foreign exchange interventions can help to slow credit growth, authors find
IMF paper looks at central banks’ use of forex reserves
Reserves used more for liquidity than for investment in decade since financial crisis, researchers find
PBoC independence would help China’s exchange rate goals – IMF paper
Researcher recommends four China-specific policies to support greater exchange rate flexibility
Riksbank to reduce reserves and toughen ELA regime
Gold and foreign exchange assets will decline from $56 billion to $48 billion by October 2019
BoE increases euro supply and activates ECB swap line
Financial policy committee warns that no-deal Brexit risks financial instability
World is not running out of safe assets – BIS’s McCauley
Supply of safe assets can comfortably meet demand at present, BIS economist says
Fed must account for spillovers of monetary policy – Yellen
Janet Yellen reflects on Fed monetary policy and “treacherous” currency manipulation in Brookings podcast
Fourth non-bank gains BoE settlement account
Bank of England continues to level the playing field with new entrant FairFX, following FCA audit
Riksbank to transfer Skr3.8 billion to Treasury
Profits have varied widely in recent years
Renminbi reserves are still relatively small
Renminbi investments still account for a much smaller fraction of global forex reserves than China’s significance in the world economy would merit
Myanmar adds yuan and yen as trade-settlement currencies
Move comes as yuan use rises and dollar use falls, analysts say
Lifetime achievement: Zhou Xiaochuan
The former People’s Bank of China governor stands out for his high levels of integrity, intellectual rigour and bold reforms that have served the public interest in China and elsewhere