Central Banks
The transformation of China towards a modern economy
China has embarked on an unprecedented effort to stabilise growth while accelerating structural reforms towards an inclusive, sustainable, innovative and more open economy
PBoC’s Zhou Xiaochuan on interest rate reform and renminbi internationalisation
People’s Bank of China governor Zhou Xiaochuan speaks about the pace and timing of interest rate reform and the internationalisation of the renminbi
CBRC's Shang Fulin on reforming bank profit models and dealing with non-performing loans
China Banking Regulatory Commission chairman Shang Fulin discusses how China's banks will respond to major financial market reforms while also addressing issues related to non-performing loans
Yi Gang on China's new foreign exchange philosophy
State Administration of Foreign Exchange director Yi Gang discusses five changes in China's foreign exchange management as well as the long-term value of the renminbi
Minneapolis Fed begins hunt for next president
Narayana Kocherlakota will join the University of Rochester on January 1; search committee is hoping to appoint a ‘strategic thought leader’ to succeed him by the end of the year
Sponsored feature: Defining the ‘new normal’ in China
Setting ambitious targets and reaching them fast has been essential for more than three decades. But this growth-at-any-cost push is now being replaced with what China’s leaders call the ‘new normal’
Jacques de Larosière on the international monetary system and the euro
Christopher Jeffery speaks to former IMF managing director Jacques de Larosière about continuing efforts to restore the global financial system and where the future now lies for Europe
Chan wants Canadian firms to access China through HK
HKMA chief executive says Canada should ‘leverage on’ Hong Kong’s unique access to mainland capital markets in Toronto pitch
ECB paper emphasises productivity's role in export elasticity
Authors find a range of factors matter when assessing the response of exports to changes in the exchange rate, including productivity and both the type and magnitude of shocks
Noyer: IMF’s decision on SDR not politically motivated
Banque de France governor Christian Noyer acknowledges ‘symbolism’ of the IMF’s currency basket, but stressed the composition is based on technical work and not politics
Wilkins warns ‘a lot of work remains’ in implementing reforms
Canada’s senior deputy governor stresses need for coordination among regulators; suggests bilateral agreements could be useful given trend toward regional banking
Axel Weber slams ‘simplistic’ leverage ratio
Former Bundesbank president and now UBS chairman Weber says Basel III has not made the financial system better
Exchange launches asset-backed coins for asset managers
Asset managers will be able to trade physical assets directly with each other through new asset class dubbed ABCs, which will be tradeable on newly launched exchange Abacas
ECB paper examines financial exposure in eurozone
Working paper finds eurozone investors are ‘overexposed’ to securities issued within the region, more so in the case of ‘low-rating economies’
Turkish central bank acts as election prompts lira slump
Markets taken aback as president Recep Tayyip Erdoğan’s party falls short of majority; central bank measures fail to stop lira sliding to record low
Dudley expects ‘some turbulence’ when Fed hikes rates
New York Fed president highlights importance of short-term rate path for financial asset prices – something he says will reflect changes in economic outlook and financial conditions
Irish deputy sees value in ‘well-developed’ rental market
Stefan Gerlach says it is important renting is an attractive long-term proposition, as deeper rental markets help make the economy more resilient to shocks
Basel Committee lays out two tracks for banking book capital requirements
Consultation offers standardised option for greater transparency and comparability or tailored option to better account for regional characteristics – or a hybrid of the two
IMF deputy warns ‘leakages’ could undermine macro-prudential policy
Mitsuhiro Furusawa says macro-prudential tools could force financial activities into a less regulated sector or country, but adds little is known about benefits of ‘leaning against the wind’
Fed's Tarullo sees few signs of illiquidity in OTC markets
Fed governor says markets are in transition, while many actors are telling the Fed that it is harder to move large positions