US dollar
ECB offers euros to non-eurozone central banks
Eurep facility aims to reduce international risks spilling over to eurozone, ECB says
CGFS report offers policy advice for coping with dollar funding strains
BIS committee gives advice amid “major changes” in the structure of global dollar funding markets
Israeli governor reflects on response to Covid-19
Bank of Israel started government bond purchases and dollar-shekel swaps to boost liquidity
Appetite for renewed Fed dollar swap lines in doubt
With up to $300bn of positions nearing expiry, some say FX swap market can meet banks’ funding needs
Euro carves out role as currency of choice for green finance
ECB report finds overall internationalisation of the currency was “stable” in 2019
Chilean central bank requests access to NY Fed’s repo facility
Central Bank of Chile also seeks to expand renminbi swap line with PBoC
Central banking enters a new era
Central banks face a delicate balancing act to preserve their reputations as they evolve into ‘buyers of last resort’ and some of their actions appear functionally equivalent to ‘monetary financing’
Stress levels rising: investment funds and the Covid-19 shock
Extreme market stresses due to Covid-19 are underscoring the central role non-banks play in crisis contagion, as in 2008. Were regulators better prepared this time?
The complex art of reserve management
The coronavirus lockdown represents another inflection point for central banks seeking to optimise the management of their $12 trillion in FX reserves
Swedish financial stability risks rising, Riksbank says
Without new policy measures, banks’ losses may hamper credit supply, Riksbank warns
Qatar bolsters Turkey’s shrinking reserves
Agreement sees Qatar add $10 billion to Turkey’s reserves via swap agreement
Podcast: Financial innovation and stability in the US
In the latest episode of the FedSpeak podcast, the Atlanta Fed’s Larry Wall discusses stablecoins, reserve currencies and credit loss accounting through the lens of financial stability
Bank of Israel reserves rise by 5.6% in April
Government transfers from abroad boost central bank’s reserves portfolio by almost $6.5 billion
US MMFs transmitted Covid-19 stress to banks – BIS research
Banks outside the “epicentre” of the dollar squeeze still felt the effects, researchers say
Zimbabwean central bank cuts rates and attempts currency controls
RBZ loosens policy as IMF predicts massive contraction in GDP for already-weakened country
Is SDR issuance the best way to support low-income economies?
Economists and policy-makers are increasingly discussing the option as a way to boost liquidity in the fight against Covid-19
Charted: rush for dollar liquidity fades
Figures from central bank dollar repo facilities show waning demand, but outstanding swaps still high
Libra’s Disparte on big tech’s move into digital currency
Libra Association vice-chair Dante Disparte speaks about the decision to abandon a multi-currency reserve, stress-testing a global payment network and how the Facebook-backed body still has 3 billion customers in its sights
IMF launches new dollar emergency liquidity facility
Facility could fill “critical gap” left by central bank dollar swap lines, senior IMF official says
Fed’s balance sheet increases by 50% since March
Total assets now just shy of $6.4 trillion, a new record high
Financial resilience may be tested further by Covid-19 – IMF
“Sudden stop” in credit markets could feed back to real economy, and requires a “forceful response”
Transfer season
Trade frictions with the US have caused a mass industrial transfer to China’s neighbours. Zhou Chengjun, IFF Academic Committee member and inspector of the Macro‑prudential Policy Bureau of the People’s Bank of China, says that shouldn’t stop China…
Indonesia gains ‘second line of defence’ from $60 billion Fed repo
Bank Indonesia secures repo with NY Fed to boost dollar liquidity and shore up rupiah
Israeli reserves fall sharply on dollar liquidity provision
Central bank’s portfolio decreases by $5.1 billion in March