Economics
People's Bank of China: Statement on exchange rate
The People's Bank of China released a statement on Thursday 21 July following the announcement that it is revaluing its currency and scraping the yuan's decade-old peg to the dollar in favour of a basket of currencies.
Japan welcomes China yuan decision
Japan welcomed China's decision on Thursday 21 July to end its currency's peg to the U.S. dollar and other Asian officials said they were closely watching developments.
Malaysia scraps ringgit peg to the dollar
Bank Negara Malaysia announced Thursday 21 July that it is scrapping the ringgit's seven-year old peg to the dollar and moving to a managed float against a basket of currencies with immediate effect.
OECD Secretary-General pleased by China move
OECD Secretary-General Donald Johnston made a statement in reaction to China's announcement Thursday 21 July to remove its currency's fixed peg to the US dollar.
China repegs yuan to basket of currencies
The People's Bank of China (PBoC) said on Thursday 21 July that it has scrapped the yuan peg to the US dollar and repegged the Chinese unit to a basket of trade-weighted currencies.
CBI begins 45th annual general assembly
The 45th annual general assembly of the Central Bank of Iran (CBI) commenced in Tehran on Thursday 21 July with President Mohammad Khatami presiding over the session.
SARB's Mboweni on a land of hope and opportunity
In the speech 'South Africa: A land of hope and opportunity' given on 22 June, Tito Mboweni of the South African Reserve Bank said central bank governors have to demonstrate at all times their commitment to the independence of central banks from…
Liebscher on financial services in Austria
In the speech 'Overview of financial services in Austria' given on 17 June, Klaus Liebscher of the Austrian National Bank said Basel II is regarded a necessary instrument to meet the fundamental changes in the banking industry.
Bank of Estonia - Annual Report 2004
The Bank of Estonia has published its Annual Report for the year ended 2004. The main factors affecting the global economy over the year were highly volatile oil prices, which repeatedly reached historic highs, and continued extensive imbalance in major…
Zimbabwe rules out flexible exchange rate
Zimbabwe's central bank governor Gideon Gono said on Wednesday 20 July that the country will not liberalise the exchange rate soon because of widespread indiscipline in the economy.
China's central bank sees controlled forex reform
The People's Bank of China has said in a statement that reform of the yuan exchange rate will be a controlled and gradual process to be carried out by China alone.
Deutsche Bundesbank Monthly Report, June 2005
The Deutsche Bundesbank published the English version of its June 2005 Monthly Report on 18 July. The report said trade restrictions imposed against China could not be the right answer, as industrial countries derive large advantages from such trade.
BIS's Knight on the year 2004-05 in review
In the speech 'Activities of the Bank: the year 2004-05 in review' given on 27 June, Malcolm Knight of the BIS said the legacy of 75 years of central bank cooperation is remarkably strong.
PBOC official suggests monetary easing idea
A senior Chinese central bank official has said that commercial lenders should ensure that funds continued to flow to healthy companies.
Greenspan says economy coping well despite oil
Federal Reserve Chairman Alan Greenspan has said that high oil prices could hamper -- but not derail -- economic growth in the United States this year.
Bank of Japan Monthly Report, July 2005
The Bank of Japan published the English version of its July 2005 monthly report on 15 July. The BOJ slightly revised up its monthly assessment of the economy for the first time in eight months, citing upbeat business confidence, rising capital spending…
Trichet on the financial services policy 2005-2010
In the speech 'Financial services policy 2005-2010: the ECB's view' given on 18 July, Jean-Claude Trichet of the ECB said that international agreement would be needed before regulations are imposed on the hedge fund industry.
Malaysia's Aziz on Islamic financial markets
In the speech 'Strengthening linkages in the Islamic financial markets' given on 24 June, Zeti Akhtar Aziz of the Central Bank of Malaysia said the Islamic finance industry should develop a derivatives market that helps investors control risk.
Dollar peg seen as key to Gulf 'euro'
Six leading Arab economies, including Saudi Arabia, may reconsider pegging their currencies to the dollar, under their plans for a "euro-style" Arab single currency in the region.
SARB announces successful loan syndication
Tito Mboweni, governor of the South African Reserve Bank, issued a statement on Monday 18 July following the announcement of the successful syndication of the SARB's US$1,5 billion Dual-Tranche Syndicated Term Loan Facility.
Outlook for the Korean economy
Seung Park, governor of the Bank of Korea assesses the country’s economic prospects for 2005.
Interview: Alexander Swoboda
Governments, not central banks, hold the future of the world economy in their hands. Without action, preferably coordinated, on both sides of the Atlantic and in Asia, the outlook is grim says Alexander Swoboda.
The Maastricht inflation criterion
According to the ECB Working Paper "The Maastricht inflation criterion: How unpleasant is purgatory?" the Maastricht inflation criterion, designed in the early 1990s to bring "high-inflation" EU countries in line with "low-inflation" countries prior to…
Interview: Ronald McKinnon
Much of the world is on a de facto dollar standard. Ronald McKinnon of Stanford University explains how it works and why policymakers need to understand it better.