Monetary policy
Shadow banking increases need for asset purchases – ECB paper
Large non-bank financial sectors can impair transmission of monetary policy, paper finds
Central Bank of the Philippines cuts rates at emergency meeting
Emergency move brings central bank's rate cuts this year to 125 basis points
The Belt and Road Initiative 2020 Survey – A more sustainable road to growth?
The third annual Belt and Road Initiative (BRI) survey reveals that central banks view BRI investment as sustainable compared with other forms of external debt, particularly given it is often proportionally less significant. Despite growing global trade…
Bank of Canada unveils new purchasing programmes
Monetary policy report analysis shows economy could shrink by roughly 30% in Q2
Uzbekistan central bank cuts rates by 100bp
Emergency meeting loosens policy in response to pandemic and energy price fall
Sarb cuts rates to historic low
Unanimous decision comes as growth outlook and inflation forecasts revised; South Africa’s risk profile has increased
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…
National Bank of Poland cuts rates to record low of 0.5%
Central bank includes state-guaranteed bonds in its asset purchase programme
BIS paper finds little evidence of ‘liquidity trap’
Monetary policy remains effective even very close to the lower bound, economists find
Bank of Mexico lacks scope to counter Covid-19 – minutes
Officials highlight limited scope to lower rates below 6.5% without stoking inflation
Is the ESM the eurozone’s best weapon against Covid-19?
Eurobonds face economic and political hurdles, say former officials
Bank of Israel launches targeted lending operations
Central bank offers cheap loans to banks as part of Covid-19 response package; research department estimates point to major growth impact from virus
Should the Fed be next to implement yield curve control?
The Reserve Bank of Australia is now the second G20 central bank trying to control longer-term interest rates. Could the Fed be next?
The long march to global growth
Liang Tao, vice-chairman of the China Banking and Insurance Regulatory Commission, says that China’s growth is fuelling innovation and modernisation, but financial regulation and governance needs to be tightened up for China to take its place at the top…
ECB extends strategy review until mid-2021
Central bank postpones public events by six months due to the Covid-19 crisis
Amplifying the soundwaves: the evolution of social media communications
Central banks’ social media usage is on the rise, but their choice of platform is shifting more and more towards the visual
Chile cuts rates to record low 0.5%
Central bank expands banking bond purchases to $5.5 billion, GDP expected to shrink by 5% quarter on quarter
Some thoughts on CBDC operations in China
People’s Bank of China deputy governor Fan Yifei outlines why he favours an indirect approach to introducing a CBDC in China
Fed opens dollar funding to majority of central banks
New repo facility aims to ease strains caused by global flight to the safety of dollars
Turkish central bank unveils emergency measures
Turkish central bank official makes optimistic prediction despite evidence of mounting problems
Singapore eases monetary policy sharply and taps reserves
MAS flattens currency appreciation slope to zero after government unveils $34 billion stimulus
Brazilian central bank seeks power to buy government bonds
Governor Campos Neto said the central bank should be able to support markets as its peers are doing
China makes surprise rate cut to resist crisis
PBoC unexpectedly cuts the seven-day repo rate while injecting liquidity, suggesting a willingness to deploy stronger countercyclical measures
Bank of Canada launches large-scale asset purchases
Measures target market function more than monetary easing, says governor Stephen Poloz