Swap lines
South Korea and Malaysia renew currency swap line
Bank of Korea and Bank Negara Malaysia resume arrangement that lapsed in 2023
Indonesia and Singapore renew bilateral liquidity lines
MAS and Bank Indonesia also renew bilateral repo agreement
China sets up renminbi clearing bank in Laos
New currency clearing arrangement is China’s fifth in South-east Asia
Central banks of UAE and Egypt agree currency swap
Latest currency support move by UAE comes amid mounting pressure on Egyptian pound
Argentina increases use of Chinese currency
Authorities repay IMF in renminbi, and allow it for local current and savings accounts
Argentina applying to join New Development Bank
China renews 130 billion yuan swap line with Latin American country
Lagarde warns fragmented world could be inflationary
“Multipolarity” could also raise global co-ordination challenges, ECB president says
Global economy will be ‘anaemic’ – IMF
Inflation falling, but central banks will only reach targets over 2024 and 2025
Central banks step up dollar liquidity support
But initial auction results show little evidence of pressure on dollar funding
RBA and BoK lengthen swap deal
New swap agreement will be effective for five years
Argentina activates Chinese swap lines
Central bank says move will boost reserves but observer says it is unlikely to strengthen peso
ECB and PBoC extend currency swap deal for three years
Central banks keep the size of the swap line unchanged
US and Korea agree to set up liquidity facilities if necessary
It is still unclear whether the facilities would involve a currency swap line
Book notes: Harry White and the American creed, by James Boughton
This book offers a deeper understanding of the hugely influential IMF founder and his work, but fails to resolve espionage charges
PBoC launches renminbi reserve pool with BIS
Equivalent of $13.5 billion will be pooled by six central banks to withstand market volatility
North Macedonia makes third 25bp hike
Central bank moves to increase local currency deposits, while inflation reaches double digits
Chile signs up to IMF’s first short-term liquidity line
Revolving $3.5 billion credit will replace flexible credit line arrangement
RBI extends Sri Lanka swap line
Island nation defaulted amid debt, currency and balance of payment crises
ECB opens €10 billion swap line with National Bank of Poland
Central bank extends repo lines with non-eurozone counterparts until January 2023
Book notes: Shutdown, by Adam Tooze
A useful, wide-ranging overview, showing how health and economic policies are intimately intertwined with geopolitics
Diego Labat on policy normalisation, capital flows and tech challenges
The Central Bank of Uruguay governor speaks with Christopher Jeffery and Ben Margulies about governance, financialisation, flexible rates versus capital controls, payment upgrades and CBDCs