Trade
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
Bank of England floats ‘quasi-IMA’ in FRTB standardised method
Dealers welcome new route to capitalising residual risk, but it could fragment global ruleset
Sri Lanka holds rate as US tariffs loom
Central bank keeps policy rate at 7.75% amid domestic economic and global trade uncertainties
BoC survey finds ‘buy Canadian’ trend amid tariff threats
More than half of respondents plan to spend less on US goods and avoid holidaying below 49th parallel
Regional trade key for Africa’s growth – BIS bulletin
Closer ties between states will help shield continent from US tariff shocks, researchers say
Judy Shelton on gold, tariffs and where the Fed went wrong
The potential successor to Jerome Powell discusses why she thinks the Fed is too powerful, why her stance on gold is not a ‘crank’ position, and why she feels events have vindicated her and president Trump on the need for rate cuts
The battle for the future of central banks
Inflation-targeting institutions must not simply defend against overt interference, they must also resist a sly erosion of their authority, writes Biagio Bossone
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
Economists say rate cuts unlikely to solve China’s deflation woes
CPI grows slightly, but production price index posts largest year-on-year decline since 2023
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
Fragmentation could lead to deflation in eurozone – panellist
Chinese and European exports are converging, firms need to decide between resilience and efficiency
Closer eurozone integration vital in today’s world – ECB paper
Competition from China and US tariffs cited among reasons for closer co-operation between members