News/Financial Stability
PBoC asks banks to lower maximum deposit rates
Recent data suggest consumption demand remains weak despite lifting of Covid-19 restrictions
Defaults, reduced growth and less lending ahead, Fed says
Recent bank failures were caused by poor risk management, report finds
China and Hong Kong set to launch Swap Connect
New trading link will make it easier for foreign investors to hedge interest rate risks
Russian governor Nabiullina warns of future hikes
Bank will raise rates if structural deficit rises, while labour market is “complicated”, governor says
Regnology cements regtech-suptech dominance with Metadata acquisition
Series of bank collapses underscores need for timely data on firms’ regulatory metrics
FDIC calls for reform of US deposit insurance
Congress should change law to allow greater coverage for firms’ payment accounts, Gruenberg says
JP Morgan buys First Republic in weekend rescue deal
US suffered “a bit of complacency” on banking regulation, says IMF chief
Atlanta Fed clarifies contingencies ahead of hurricane season
Outages could affect bank supervision, discount window, cash, cheque and ACH processing
First Republic Bank at risk of collapse after deposit flight
Shares in US bank plummet as scale of outflows becomes clear and rescue options remain obscure
Fed triennial study shows rapid growth in electronic payments
ACH payments contributed to 90% of non-cash payment value increases in three years
PBoC and MAS join forces to promote sustainable finance
New task force will work to align green taxonomies in China and Singapore
CBDC could increase financial instability, Fed’s Bowman warns
Retail CBDC would not improve payments or financial inclusion, she says
Immigration decline hurts growth and inflation prospects – Fed research
Dallas Fed VP says “absolutely” a link between low immigration and rising inflation
BoE prepares shake-up of UK deposit insurance
Proposals aim to boost efficiency of payouts, as Bailey hints limits could be raised
Stagnant US bank numbers ‘concerning’ – Fed’s Bowman
Governor argues regulation be loosened for bank formation, not tightened for mergers
Carstens calls for return to ‘region of stability’
Short-term thinking has led to increasingly painful trade-offs for policy, BIS chief says
ECB supervisory regime needs change – report
Current approach is “too capital-centric” and needs to be streamlined, says panel
Global recession possible, Canadian governor warns
Tiff Macklem says firms are still raising prices excessively
US banks still vulnerable to interest rate risk, IMF warns
“Supervisory lapses” appeared to be a factor in recent collapses, as many institutions remain exposed
Geopolitical risks set to fuel financial instability, IMF says
Report urges supervisors to integrate this factor into their stress tests
Central banks need non-bank liquidity ‘toolbox’, says IMF
Fund says central banks should act as lender of last resort to systemically important non-banks
China and Brazil set up infrastructure for renminbi clearing
Move comes as renminbi overtakes euro as Brazil’s second largest reserve currency
BoE paper explores ‘anatomy’ of gilts crisis
Detailed account of crisis reveals contagion, concentrated risk and role of wider market players
SVB collapse threatened banks across the US – Fed’s Barr
“Full extent” of bank’s vulnerability was not clear to supervisors until the run, vice-chair admits