US dollar
Reserve manager of the year: Bank of Korea
The South Korean central bank has revamped its reserve operations, and adopted a proactive approach to managing risks and returns that is matched by few of its peers
Thailand eases foreign exchange rules to encourage outflows
Central bank seeks to cool down the baht, one of the fastest-appreciating Asian currencies
Bundesbank to begin investing in renminbi
Executive board member says the bank is considering investing in other foreign currencies
Angola drops dollar for euro in new exchange rate regime
Kwanza depreciates 11.5% against the dollar following regime change
Economists are misinterpreting ‘Triffin dilemma’, says BIS paper
Michael Bordo and Robert McCauley argue there was nothing certain about the collapse of Bretton Woods, but Triffin’s successful prediction led others to mistakenly reapply his theory
Cambodia shortens duration of liquid reserves ahead of election – reserves chief
De-dollarisation and lack of interbank market make forex intervention the only real policy tool left for National Bank of Cambodia
Fed finalises new market benchmarks
Three transaction-based alternatives to US dollar Libor will launch in 2018
SNB profits hit record high
Swiss franc’s depreciation and high stock prices fuel the rise in revenues in the first three quarters
BoE paper scrutinises 2016 sterling flash crash
Paper makes detailed study of the “flash episode”, concluding later price drops were abnormal
Widening exchange rate band is not a top priority – PBoC’s Zhou
Zhou makes first public confirmation he is set to retire soon; warns the country’s excessive optimism could lead to a “Minsky moment”
Birr plunges 15% as Ethiopia devalues currency
Move aims to tackle “severe” forex shortage; IMF recommends higher interest rates and more flexible exchange rate
Iraq suspends dollar payments to some Kurdish banks
Future of agreement on oil revenues unclear as country faces significant economic problems
Diversifying reserves carries major risks, warns Taiwan governor
Perng Fai-nan points to the records of Norway and Singapore’s SWFs as a warning about diversification risks; blames SWF outsourcing to asset managers for exacerbating EM volatility
Jamaica’s central bank implements next step in forex overhaul
Conducting auctions at new rate will improve transparency and efficiency of forex market, central bank says, hoping it will stem speculation and volatility
Stronger Canadian dollar weighing on policymakers' minds – Lane
Bank of Canada deputy says bank is paying ‘close attention’ to how markets respond to higher interest rates and stronger currency, which could threaten supply chains
BIS study flags ‘missing debt’ as exuberance spreads
Strong macroeconomic backdrop is encouraging risks to grow, BIS warns; new and updated datasets launched
Swift helps US real-time payments movement gain traction
The Clearing House will use Swift’s messaging software as “gateway” to new system, set to go live in 2018 after pilot phase
Zimbabwe central bank has ‘little choice’ but to increase bond notes
Research says bond-note expansion sets the country on path to de-dollarisation; rise in tobacco output and gold prices unlikely to offer sufficient liquidity relief
Liberian central bank attacks legislation as ‘forced de-dollarisation’
Central bank calls for gradual approach to prevent possible severe consequences
Bank of Mexico revises upwards its economic forecasts
Inflation is projected to return to the 3% target in 2018 and growth to be higher than expected, says governor
Philippines sees strong ‘hot money’ inflow despite currency weakness
Net inflow of foreign portfolio investments into Philippines hits six-month high, in contrast to weakness in peso
Argentine governor acknowledges rate cuts were too abrupt
Sturzenegger acknowledges central bank loosened monetary policy too abruptly in late 2016, but he says the bank still has tools to stimulate growth expanding access to credit
“What would Allan say?”
Central Banking Publications founder Robert Pringle finds pearls of wisdom in his email correspondence with the late Allan Meltzer
BoE working paper examines ‘exorbitant privilege’ benefits
Economist analyses whether the UK enjoyed the same benefits as the US when it was the pre-eminent issuer of a global reserve currency; findings show fundamental differences between the two in terms of investment patterns