Capital
Repos key to post‑Covid balance sheet reduction – RBNZ
Assistant governor says further repo growth will support monetary policy, liquidity, capital markets
De-dollarisation no guarantee of EM policy autonomy – study
Sarb paper argues sound domestic fundamentals are more crucial than lowering dollar usage
New Zealand tightens policy as inflation remains above target
RBNZ says currently ‘lacklustre’ growth likely to accelerate after carrying out expected hike
The ECB’s geopolitical stress test needs a price
Only a market can say how much it should cost to insure against losses from a geopolitical risk event, and none exists, argues academic
Bessent believes BoJ will act in support of yen
‘I have information that the market doesn’t have,’ US Treasury secretary says
Tonga holds rates amid ongoing monetary policy reform
Pacific island’s central bank says inflation is running hot due to external price shocks
Philippines tightens policy as inflation fight continues
Analysts believe decision marks end of BSP’s current policy cycle
BoK delivers second consecutive rate hike
Central bank forecasts stronger growth as inflation remains above target
Financial inclusion improving in Tajikistan, says World Bank
Country head says institution’s partnership with central bank is also improving corporate governance
Exim shutdown stymied US firms’ export earnings – paper
Shutting down export credit agency led to large capital misallocation, Atlanta Fed researchers say
Taxing unrealised gains could support financial stability – study
BoE paper finds conventional capital gains tax cuts historically increased asset price volatility
Three veterans join Central Banking advisory board
New members have held top roles in Asia, Europe and the US
Book notes: The banker who made America, by Richard Vague
This well-researched book makes a strong case that without the efforts of Thomas Willing, the US war of independence may well have been lost
Brazil’s central bank shuts down two lenders
Move comes amid broader clean-up of country’s weakest financial institutions
ECB finds gaps in geopolitical stress-testing frameworks
Current methods fail to properly capture impact of geopolitical stress on liquidity
SNB welcomes ‘too big to fail’ reforms
Switzerland moves to close Credit Suisse-era gaps with new banking regulations
Argentina eases bank dollar lending to companies
Authorities roll back post-2001 guardrails in effort to boost credit and economic growth
Resolution reforms may cut credit supply – CEPR paper
Easier requirements on smaller US banks helps reveal impact of ‘living wills’
PBoC appoints Deutsche Bank as a renminbi clearing bank for Europe
China’s central bank reiterates pledge to internationalise RMB as part of its five-year plan
New York and Dallas Feds to launch private credit survey
Firms with over $50 million invited to discuss lending standards and monetary policy implications
Working group minutes: macro-pru calibration challenges
Many central banks are struggling to get enough data, particularly on borrowers
BoE’s crisis lending plan hits buffers
Scepticism greets regulator’s proposal to increase releasable leverage capital buffers
Joint US-Japan FX intervention could advance BoJ tightening
Experts say tighter policy needed to lock in yen gains over the long term
BoJ holds as yen and won both rise on suspected interventions
Japan’s central bank more hawkish than at previous meetings as it keeps rates at 1%