Central Banks
Lowe says RBA is closely monitoring China’s shadow banks
Interconnections mean trouble in Chinese markets would likely spill into Australia, governor says
Dudley calls for ‘aggressive action’ on benchmark reforms
Failure to move to new framework before 2021 could create “large-scale disorder”
Jamaica’s Wynter says more “robust” rate cuts could be on horizon
Monetary policy has so far been ineffective in preventing inflation from falling below the target, Bank of Jamaica governor says
Belize must act to escape cycle of defaults – IMF staff
The country has completed a third debt restructuring in a decade, but IMF research says fiscal consolidation is needed to put debt on a “clear downward trajectory”
US House passes deregulation bill with bipartisan support
Once President Trump signs it, measure will relieve some regional banks from stricter requirements
Nominal exchange rates can be forecast on ‘back of a napkin’ - ECB paper
Flexible exchange rates in advanced countries have two regularities, researchers find
Book notes: Unelected power, by Paul Tucker
Tucker’s well-argued text sets out a set of principles for those in unelected positions of power to ensure they continue to act for the benefit of the general public, but Reddell says it is a shame more attention is not paid to smaller central banks
Philippines central bank launches reorganisation
The effort will take 12 months to complete and includes the creation of new functions
Bank of Ghana cuts rates as economy stabilises
Central bank lowers interest rates to 17% as inflation moderates to the middle of the target
Higher interest rates prove a challenge for reserve managers
Argentina has lost 14.3% of its reserves since late April trying to defend the peso; central banks can employ accounting methods to handle turbulence, expert says
ECB welcomes draft Cyprus law changing governance of central bank
But ECB advises government to resolve confusion over reserve levels
Structural measures are boosting competition – Bank of Israel report
The banking supervision department is looking to increase competition in the banking sector
BoE MPC split on publishing rate forecasts
Jan Vlieghe argues current system is “unnecessarily complex”, but Carney is sceptical
Bostic sees US economy close to jobs and inflation targets
Even with higher rates, the Fed president forecasts inflation “to run a bit above” 2% target
Constancio says EU countries are ‘moving the goalposts’ on risk sharing
ECB vice-president says sovereign bonds should have positive risk weightings
Malaysian central bank to take part in 1MDB investigation
Lead roles in probe taken by former attorney general and anti-corruption officials
BoE paper studies ‘multiplex’ network model of derivatives market
Low liquidity buffers can lead to significant spillovers for some firms, authors warn
Argentina rescue advances as emerging markets suffer outflows
IMF backs Argentinian reform process as it prepares to supply emergency funding; emerging market central banks intervene to stem currency slide