Bonds
The IMF’s $650bn SDR allocation and a future ‘digital SDR’
Focus is needed on widening SDR use in payments and the creation of a ‘digital SDR’, to support a large allocation of ‘official’ IMF SDRs, writes Warren Coats
SNB reserves hit Sfr1 trillion
Equity holdings now account for 23% of the portfolio
The evolution of the renminbi
Central Banking speaks to five policy-makers about their thoughts on the prominence of the renminbi within central bank reserves following its inclusion in the International Monetary Fund’s special drawing rights.
ECB bond holdings exposed to nature-related financial risks – paper
Study warns corporate bond holdings rely on ‘ecosystem services’ and contribute to biodiversity loss
BIS pays out double dividend after bumper profit
Recovery from Covid-19 handed the BIS its second-largest profit in its history
Trends in reserve management 2021: survey results
Results of the 17th annual Reserve Management Trends survey of reserve managers conducted in February and March 2021
RBA cancels market operations due to outage
Issue at third-party provider impacted central bank and several commercial banks
Riksbank to revise ethical rules after staff infringements
Employees were involved in equity transactions before monetary policy decisions
ECB could tilt bond purchases to favour greener companies – Schnabel
But sovereign bond purchases must overcome scarcity of green bonds and limits imposed by capital key
Spanish governor favours green monetary policy
Hernández de Cos stresses ECB should account for climate risks in its price stability mandate
ECB poised to clarify tapering of PEPP purchases
Analysts agree central bank views higher inflation as transitory and will maintain rate of purchases
Eurozone ‘high-yield’ firms face bond market squeeze – ECB paper
ECB could loosen conditions for buying bonds for firms hit by pandemic, economist says
New York Fed to begin SMCCF bond sales
Federal Reserve plans to offload $13.7 billion in corporate debt bought as pandemic measure
RBI doubles size of quantitative easing programme
Central bank readies additional 1.2 trillion rupee purchase programme as virus “dents” demand
Weidmann drops opposition to ‘greening’ ECB bond holdings
Bundesbank president says ECB could limit purchases of corporate bonds from some sectors
Should the Fed’s Fima facility be made permanent?
The emergency repo facility reassures reserve managers about access to dollar cash during a breakdown in the US Treasuries market
Benoît Cœuré on CBDCs, stablecoins and central bank fintech co-operation
BIS Innovation Hub chief voices concerns about the timing of stablecoin and CBDC roll-outs, fintech risks for supervisors and monetary policy, and details development plans for eight innovation locations
BoE unveils plan to ‘green’ its corporate bond-buying
Hauser says BoE will “tilt” bond purchases and might insist on full climate disclosure by issuers
Book notes: Quantitative easing, by Jonathan Ashworth
Well-documented and fairly comprehensive book for anyone, including central bankers, wanting an overview of how monetary policy has evolved in recent decades
German court dismisses challenge to ECB bond-buying
Constitutional court ends long-running challenge to asset purchase programme
Green bonds remain a challenge for reserve managers
Duration and issuance model curb investing in green market, Finland’s asset management head says
NY Fed updates Treasuries purchasing programme
New York Fed changes maturity ranges and sector weights of bond purchases
Iran’s government orders central bank to bolster stock market
Central bank ordered to sell off $200 million in assets and lift restrictions on investing
BlackRock research pushes back at concerns over bond ETFs
BIS paper had suggested ETF sponsors may have sold illiquid assets to discourage redemptions amid Covid stress