US dollar
BoE to consult on Sonia clearing mandate
Long-dated Sonia swaps set to lose clearing exemption as liquidity shifts from Libor
Brazil ramps up FX interventions to defend real
Governor Campos Neto says fall “is not justified by fundamentals”
Central Bank of Argentina calls for investigation of IMF agreement
Fund granted South American economy over $57 billion in 2018, its largest-ever package
Stablecoin issuer agrees to settle lawsuit over ‘deceptive’ trading practices
New York attorney general accuses Tether of lying about the backing of its crypto asset with US dollars
ECB profit falls by 30% in 2020
Decrease is mainly due to lower Treasury yields reducing income on dollar portfolio
Book notes: The political economy of the special relationship, by Jeremy Green
Unsatisfactory story about the decline and resurgence of the UK’s importance in the global financial system
Bank of Mexico moves to counter controversial cash law
Financial inclusion proposal follows draft legislation to make central bank buy up spare US dollar cash
Ulrich Bindseil on the launch of the digital euro
The ECB’s director-general for market infrastructure and payments speaks about the functionality, tiering approaches, privacy policies, ledger technology and ecosystem impact of the eurozone's planned CBDC
Riksbank extends swap agreement with Fed
$60 billion line set up in response to Covid-19 extended until end of September 2021
Mexican president seems to make U-turn on central bank law
Bank of Mexico says draft cash law would endanger its independence
Bank of Israel announces major increase in FX interventions
Central bank announces FX spend in advance for first time and pledges 40% increase
Book notes: The currency cold war, by David Birch
Pleasant and interesting read on whether digital money will jeopardise the US dollar’s dominant role in global trade and finance
US Fed facility bought Libor bonds with ‘weak’ fallbacks
Industry figures express surprise over purchases linked to doomed benchmark
Bank of Lithuania paper explores spillovers of US policy uncertainty
Authors find “significant recessionary and deflationary effect” and synchronous response worldwide
Bank of Israel increases FX interventions to tame shekel
Central bank’s foreign reserves reach new record level
Argentinian central bank puts cap on imported luxury goods
BCRA bids to preserve foreign currency as international reserves decline to $39.4 billion
Turkish central bank led global gold sales in November
WGC says higher local demand boosted gold trading between banks and CBRT
SNB still ready to depreciate franc despite US condemnation
Swiss central bank stands firm after US Treasury labelled Switzerland a currency manipulator
Fed’s dollar swap lines and ‘Fima’ facility to run nine more months
FOMC keeps main policy tools on hold, but shifts guidance on asset purchases
Whither the age of ‘magic money’?
EME central banks are more exposed to changes in geopolitics, climate, demography, technology and inflation at a time when monetary theory is running well behind central bank practice
New Isda ‘fallbacks’ critical to making Libor transition a ‘non-event’
New protocol and supplement offer a transition away from Libor rates in 2021, despite CFTC saying 2,400 companies still exposed and Fed extending some US libor contracts until mid-2023
Colombia draws on IMF’s FCL funds for first time
Government resorted to $5.4 billion drawing to help meet higher pandemic financing needs
Powell, Lagarde and Bailey express caution on CBDCs
Jay Powell says Fed must get any future CBDC right, rather than “being the first”
Asia issues the most banknotes by volume and value
Asian central banks issue 62.3 banknotes worth $1,852 per person