Foreign exchange
Tobias Adrian on the integrated policy framework amid tariff shocks
The IMF’s financial counsellor speaks about policy reaction functions to supply and demand shocks, scenario-based analyses, Treasury market dynamics and emerging market resilience
IMF praises Nigeria’s FX reforms
Fund’s article IV review also calls on central bank to introduce disinflation path
Central banks of China and Brazil pledge deeper financial ties
PBoC and BCB commit to bilateral currency swaps and “financial strategic co-operation”
Boris Vujčić on Croatia’s economic journey, the digital euro and the Governing Council
The Croatian National Bank (HNB) governor speaks with Christopher Jeffery about managing financial risks, the pros and cons of euro adoption, payment system reform and the use of real-time data
Geopolitical ructions and the role of the dollar
Implications of the new US administration’s policies for the international monetary system and central banks
Hong Kong intervenes once again to protect currency peg
Intervention is HKMA’s second at weak end of HKD/USD band in less than a week, with more likely
IMF disburses additional $500m to Ukraine
Central bank governor welcomes “positive news from Washington” as country passes latest EFF review
Hong Kong intervenes to protect currency peg
HKMA sells US$1.2 billion at HK$7.85 to the dollar as local currency hits weak end of FX band
FX hedging behind April’s dollar slide – BIS bulletin
Treasury sell-offs not correlated with greenback’s depreciation, authors argue
Paraguay’s Carvallo Spalding on resilience and cutting its inflation target
The Central Bank of Paraguay (BCP) governor speaks about lowering the inflation target to 3.5%, opening up to foreign investors and promoting inclusion through digital payments
Handful of central banks have bilateral payment links
Projects are nascent and growing, but some countries seek multilateral links instead
BoK expresses ‘grave concern’ over Korean economy
Governor says stimulus needed, but cautions against expecting too much from rate cuts
A fireside chat with BIS head Agustín Carstens
The lifetime achievement award-winner speaks with Chris Jeffery about how experiencing inflation shaped his career, gaps in economic theory and macro-pru governance, the future of money and the importance of international co-operation
Argentina gets reserve boost with $2 billion repo deal
BCRA also introduces measures to strengthen control over money supply
NBP’s Juliusz Jabłecki on geopolitics, bitcoin and gold
Director of financial risk management department talks tactics versus strategy, operations following the outbreak of war in neighbouring Ukraine, FX interventions and independent risk-taking
Is the central bank gold rush over?
Has gold become too expensive to offer value as a diversification asset amid geopolitical turbulence?
Maurice Obstfeld on the trade war’s damage to the monetary system
The former IMF chief economist speaks about Trump’s chaotic economic policies, the erosion of Fed independence and dollar stability, difficult policy trade-offs for central banks, and the threat to the Bretton Woods institutions
BIS’s Shin points to ‘profound structural shift’ in global markets
‘Hidden’ $113tn FX swaps market reflects sovereign bonds’ ascendency
Ukraine’s Andriy Pyshnyy on the US minerals deal, ongoing reforms and post-war plans
The National Bank of Ukraine’s governor speaks about managing inflation, financial sector reform, FX reserves, international aid and actions in the event of a peace deal
Hedge funds burned as Hong Kong dollar bets implode
However, market participants still seem satisfied with the HKMA’s commitment to defending currency peg
What drove the Taiwan dollar surge?
Foreign speculators, carry unwinds and central bank inaction fuelled the 10% move, not just life insurers, say traders
Taiwan says currency surge unrelated to trade talks with US
Rumours of “Mar-a-Lago accord” causing NT$ appreciation are “false”, central bank says
‘This is not a wobble’: Brunello Rosa on the path to de-dollarisation
Digital currencies will play a central role as China challenges US hegemony, says economist
BIS, ECB, BoE develop synchronised cross-border FX transactions
BIS says Project Meridian FX reduces liquidity, credit and settlement risk