Bonds
MAS launches asset tokenisation and DeFi project
First pilot on bond transactions will involve state-owned firms and JP Morgan
Sovereign green bonds: the reserve portfolio’s panacea?
German, Swedish, Danish and UK debt managers speak to Victor Mendez-Barreira about ‘twin bonds’ and other efforts to solve green bond liquidity concerns
Eurosystem’s bond holdings may hamper market functioning – paper
Asset scarcity caused by Covid-19 emergency programme has lowered repo rates, researchers say
Ukrainian debt holders brace for restructure
Investors could see a 40% haircut on the bonds, though final figure will depend on complex talks
Book notes: A full-value ruble, by Kristy Ironside
Soviet experience shows MMT worked, only with far more challenges and downsides than promoters envisioned
War in Ukraine raising eurozone stability risks, says ECB
Non-bank sector vulnerable to higher interest rates, financial stability review finds
ECB paper examines eurozone bond financing
Researchers present “first comprehensive study” of rise in bond financing over last 20 years
How to stop stablecoins from hoarding precious collateral
Repo markets expert and crypto bank chief exec think Fed reserves are the right answer
Japan reinforces yield curve control
Yen falls after MPC commits to daily purchases of Japanese government bonds at 0.25% yield
Reserve managers stick to asset diversification
Higher yields not prompting central banks to abandon investments in less conventional asset classes
PBoC announces policies to help pandemic-stricken economy
Package of 23 measures echoes actions taken in 2020
Fed’s asset selloff may start in May, Brainard says
FOMC minutes show consensus for “balance sheet runoff at a coming meeting”
Is a bond market crisis imminent?
Central banks need careful action and a good dose of luck if they are to avoid financial instability
Presidential ally obtained funds from Zimbabwe central bank
RBZ exchanged Treasury bills at inflated rate as part of giveaway, investigation finds
Central bank of the year: Bank of Korea
South Korea’s central bank was the first developed-world central bank to tighten policy to address inflationary risks
Lifetime achievement: Stanley Fischer
Fischer has had a profound impact on monetary economics and central banking during his prolific career
Yen drops as BoJ defends yield curve target
Bond operations send Japanese currency to seven-year low against the dollar
Honduras central bank warns on bitcoin again
Central American country will not follow El Salvador in making bitcoin legal tender, BCH says
Global markets: HSBC
The bank’s long-term commitment to clients and its wide range of expertise shone in 2021 as central banks navigated the aftermath of the Covid-19 shock
China holds loan prime rates
One-year remains at 3.7% and above five-years at 4.6%
Putin nominates Nabiullina for third term as she announces emergency QE
Bank of Russia to buy unspecified amount of sovereign bonds as governor pledges control of inflation
Riksbank’s pandemic QE eased financing conditions, says research
Swedish central bank’s purchases boosted equities, depreciated krona and cut bond yields
Bank of Israel reserves decline on falling equities
Total reserves decline from $208.7 billion in January to $207.1 billion at the end of February
Latin American dollar debts could cause systemic risk, paper says
Authors say the Fed risks a major policy mistake if it ignores the wider impact of tighter US policy