US dollar
Fed’s Stein highlights transatlantic risks
Jeremy Stein discusses situations that may lead to a spike in dollar funding costs for European banks operating in the US; says renewed swap lines and new regulation will help
BBA delays phase-out of some Libor rates after complaints
Less-used rates will be produced until May 2013
Belize paper evaluates value of currency peg
Research published by the Central Bank of Belize highlights export growth and steady domestic inflation aided by peg to the US dollar
Finland paper reviews major currency blocs
Bank of Finland study appraising the euro and the US dollar currency blocs says, in equilibrium, the euro bloc would be larger than at present
Barbados celebrates central bank anniversary with new banknote
Redesigned note entered circulation this month to commemorate the central bank’s 40th birthday; security features same as those found in previous currency
Central Bank of Chile holds rates as currency appreciates
Benchmark interest rate left at 5% amid international uncertainty and appreciating peso; first time currency’s gain has been highlighted since dollar-buying programme
HKMA re-appoints Standard Chartered as euro settlement institution
Standard Chartered Bank given a third five-year contract to run the euro real-time gross settlement system in Hong Kong; commended for operating the system “smoothly and effectively” since 2003
Ukrainians encouraged to hold savings in national currency
Director of National Bank of Ukraine’s Monetary Policy Department promotes hryvnia for savings purposes; tells public currency is sound and highlights uncertainty surrounding other currencies
‘Unofficial dollarisation’ raises significant stability risks, ECB study finds
Emerging markets with large holdings of ‘hard’ currency assets and liabilities are exposed to substantial stability risks and policy failure, finds ECB study
‘Not clear’ China wants renminbi to rival dollar, says CIC’s Lau
China is pushing for the renminbi to be used more widely in commerce and finance but it is unclear if Beijing wants its currency to rival the US dollar and euro, says CIC’s Lawrence Lau
Renminbi to shake up the reserves management status quo
China is unlikely to fully liberalise its currency controls during the next five years. But this does not look set to prevent the renminbi from achieving full reserve currency status. By Gary Smith
Malawi devalues kwacha to boost economy
Malawi ends peg to dollar; hopes to speed government’s efforts to restart International Monetary Fund aid programme
Renminbi could be adopted into SDR by 2015, says CentralBanking.com panellist
Latest Central Banking On Air debate asks if reserve mangers should invest more in emerging markets; panellists believe renminbi will be adopted as part of SDR with just the timescale in question
Reserve managers cling to the dollar but shun the euro, CBP survey finds
Central banks have reduced their euro reserve holdings and looked to diversify into non-traditional currencies due to ongoing eurozone tumult finds annual Central Banking Publications survey
'Heavy' gold purchases expected to continue in 2012
GFMS report says emerging economies will continue to turn to gold as they diversify reserves away from US dollar; "trivial" official sector gold sales recorded in 2011
BOJ discusses dollar funding costs through forex swaps
Bank of Japan examines US-implied swap rates amid growing concern over European banks' funding
US must get tough on China to fix imbalances, says Aliber
The US can reduce its government deficit and unemployment rate if it addresses the ‘predatory’ trading and currency policies of China and other Asian countries, says leading economist Robert Aliber
Fed official reports on success of dollar swap lines
Steven Kamin, director of the Division of International Finance at the Fed, tells Senate committee currency swap lines have helped ease dollar funding market; stresses agreements are risk-free
Zambia raises capital ratio for banks and rebases currency
Bank of Zambia reveals government decision to hike capital requirements for banks operating in the country; three zeros also to be slashed from value of banknotes
European banks still exposed to US dollar funding risks, ESRB warns
European Systemic Risk Board issues recommendations to prevent build up in US dollar funding and liquidity risk; calls for single entity to be responsible for national macro-prudential policy
CB.com panel discusses changes in reserve management functions
CentralBanking.com poses the question: What do central banks want from reserves and reserve managers? Panellists discuss how the financial crisis has altered the role of reserve managers
Carney explains Canada-US price gap narrowing
Bank of Canada governor Mark Carney discusses drivers of price differentials between the Canadian dollar and US dollar
SNB returns to profit with $19 billion gain
Swiss National Bank reports large profit for first three quarters of 2011 due to valuation gains in gold holdings and decline in foreign currency losses