Central Banks
PBoC’s Yi urges IMF to complete quota and governance reforms
Deputy governor of the People’s Bank of China calls on remaining IMF members to approve 2010 quota and governance reforms; US has yet to accept the changes
Europeans round on IMF as rescue plan takes shape
European policy-makers take on critics at the IMF saying the Fund’s view that matters now are worse in Europe compared with six months ago is flawed; set out a roadmap to eurozone stability
MAS surprises consensus by holding currency band
Singapore’s central bank takes a tough stance on inflation despite calls for policy softening to bolster the economy
Riksbank deputy questions the role of inflation targeting
Per Jansson, deputy governor of the Sveriges Riksbank, suggests a move away from fine-tuning monetary policy around inflation but says a shift to a higher target does not seem advisable
Top policy-makers debate Japan’s challenging road to recovery
Policy-makers gathered in Tokyo this week warn that the eurozone crisis, domestic demographic changes and high levels of government debt may thwart Japan’s efforts to bolster economic growth
Tyrie to scrutinise draft of UK’s Banking Reform bill
The UK’s Banking Reform Bill published today will undergo parliamentary scrutiny; Andrew Tyrie concerned important details are being left to secondary legislation
UK needs ‘innovative’ policy levers beyond price stability, says FSA’s Turner
Adair Turner blasts past regulatory failings and says UK must now turn to ‘innovative and unconventional’ policies; remains a leading contender for Bank of England governorship
Asmussen trumpets progress on European debt stabilisation
ECB board member Jörg Asmussen says eurozone’s progress on debt stabilisation is ahead of other developed economies, but more work needs to be done
‘Soft power’ is key to international success, says HKMA’s Chan
HKMA chief executive says soft power is central to improving international financial centres; institutions’ culture is integral in this
Italian paper evaluates stressed CDS pricing
Study by the Bank of Italy considers the performance of credit default swap pricing models under highly volatile conditions
IMF paper untangles liquidity indicators
A study by IMF staff finds price and quantity indicators can be used to separate the effects of supply and demand shocks on global liquidity; changes especially telling in a crisis
IMF meeting set to reinforce global pessimism
Governments need to take urgent policy action to capitalise on the ‘breathing space’ created by central banks. But few attending the IMF meeting in Tokyo believe law-makers are fit for the task
Final rules for D-Sibs published as FSB holds plenary meeting
Financial Stability Board meeting in Tokyo endorses publication of final framework for regulating D-Sibs; principles focus on assessment methodology and higher loss-absorbency requirements
Ukraine issues US dollar bonds aimed at retail investors
Ukraine government is issuing US dollar-denominated bonds targeted at domestic retail investors, despite previous warning by central bank director about Ukrainians taking on forex risk
Central Bank of Malaysia raids ‘Ponzi’ scheme companies
Four gold-trading companies raided by central bank amid charges they were running illegal gold-trading schemes described as ‘Ponzi’ operations, according to the Malaysian central bank
Fed’s Tarullo says Dodd-Frank requires ‘extensive elaboration’
Daniel Tarullo highlights challenges in producing details of Dodd-Frank Act regulations; suggests limits to mergers by large banks and says SEC should strengthen money market fund regulation
Hungarian officials disagree over source of inflation
The Monetary Council of the National Bank of Hungary was divided over latest interest rate decision; could not agree on root cause of higher-than-expected inflation
BoJ deputy champions regional regulation
Kiyohiko Nishimura questions how to best spread a regulatory framework across the globe; says regional heterogeneity is an important consideration
Peru paper compares regional and national inflation
Central Bank of Peru study asks whether regional inflation is an accurate measure of the national situation; considers future of inflation-targeting in the country
Moderate economic expansion reported in Fed’s Beige Book
Survey of economic conditions in Fed districts finds moderate increase in economic activity; New York district bucking trend
PBoC repo activity does not signify a major shift to open market operations
Substantial market intervention by the People’s Bank of China during the past few months does not signify a policy shift to open market operations – at least, not for now – says Hui Feng