Trade
Central banks must focus on comms – Bank of Finland panel
Institutions need to concentrate on anchoring inflation expectations, governors say
FX turnover surges 28% to nearly $10 trillion a day – BIS
Triennial survey finds euro has overtaken dollar in OTC interest rate derivatives market
Central Europe’s central banks hold rates
Switzerland, Czech Republic and Hungary keep policy steady
Fiscal dominance: are central banks about to be Trumped?
Jagjit Chadha highlights the danger of an ‘upper bound’ on interest rates as fiscal strains grow
Eurozone consumers shifted habits after tariffs – ECB survey
More financially literate citizens stopped buying US goods, consumer expectations survey shows
BoJ holds policy as expected and plans to sell ETF and J-Reit assets
Two board members vote for hike, but all agree on sales that economists say will help normalise policy
Dollar dominance amplifies transmission of US shocks – study
Bank of Korea research recommends promoting South Korean bonds and internationalisation of won
The weaponisation of payments
Central banks must integrate geopolitical resilience into their payment oversight, argues Biagio Bossone
‘Liberation Day’ triggered demand for dollar-backed stablecoins
Researchers find effect was stronger in countries subject to higher US tariffs
Malaysia holds policy after sanguine economic forecasts
Central bank says trade uncertainties remain but have abated somewhat
Lagarde says US-EU deal lowered uncertainty ‘considerably’
ECB president voices concern over Fed independence, French debt
Thai central bank warns country’s SMEs vulnerable to US tariffs
Bank of Thailand monetary policy committee signals further easing likely, minutes show
The next step for Africa’s digital economy: fast, inclusive payments
Central banks should lead policy for a payments transformation that benefits all levels of society, argue Jean Pesme and Michael Wiegand
On the eve of the Fed’s framework review
Experts speak about the Fed’s monetary strategy review, including the role of flexible average IT and the need to better communicate policy trade-offs
Riksbank holds rates, signals one more cut possible in 2025
Lacklustre economic activity and higher-than-expected inflation fail to convince bank to cut
New Zealand cuts policy rate as economic recovery ‘stalls’
Central bank cuts policy rate 25bp saying global uncertainty caused economic slowdown
Thailand and China renew bilateral currency swap agreement
Central banks agree to exchange up to 70 billion Chinese yuan over five-year period
Norges Bank strikes hawkish tone with rates hold
Inflation “in line” with June projection and two cuts still on table for this year, central bank says
China to continue consumption push with loan interest subsidies
PBoC says plan aligns with government policy to increase consumer spending
Investor sentiment now back at pre-tariff level – BIS study
However, authors warn that accommodative conditions could reverse at any time and trigger disruption
Australia cuts rates by 25bp as expected
RBA governor says inflation within target, as bank’s forecasts assume further cuts
Foreign open-end funds threaten financial stability – BoJ study
Researchers say external crises could lead to large outflows from vehicles investing in Japan
Bailey, the IMF and the fundamental asymmetry problem
The IMF must address sovereign asymmetry and transform surveillance into a tool for mutual accountability, argues Biagio Bossone
Trump’s tariffs and the emerging market economies
Steve Kamin says EMEs are likely to escape the worst outcomes from capricious and chaotic trade policy