Donald Trump
Bank notes: October to December 2025
A round-up of news and salient issues that have affected central bankers in the past three months
US policies could create challenges for MAS – Amro report
Singaporean central bank confident risks from possible capital inflows can be managed with existing tools
Fed cuts by 25bp amid another three-way split on FOMC
Miran votes for deeper cut, and Goolsbee and Schmid opt to hold, as experts point to stagflation risks
Trump denies offering Orbán Argentina-style ‘financial shield’
US president says Hungarian PM ‘certainly asked for’ protection arrangement
Working group minutes: rethinking dollar reserves
Central banks are seeking ways of mitigating geopolitical risk while maintaining dollar exposures
Argentina and the fear of floating
Economists believe the country’s authorities must fully liberalise the peso before it is too late
Cryptogeddon: a user’s guide for central banks
How might monetary authorities react if a digital asset crash destabilised the financial system?
Confidence in dollar undiminished since April, says BIS’s Shin
Institution’s head of monetary and economic policy says no hard evidence of shift from US currency
More independent central banks hold fewer dollars – research
De-dollarisation benefits Singaporean and Korean currencies, while Australia’s and China’s lose out
People: Bostic to step down from Atlanta Fed
Plus new appointments in Botswana, Estonia, Slovakia, Singapore and at BIS
What lies beneath China’s SDR proposal?
Experts discuss whether the PBoC’s vision for an SDR-led international monetary system would represent a ‘monetary straitjacket’ or an ideal ‘dollar replacement’
No Fed G-Sib buffer reform in 2025, say experts
Recalibration of method 2 seen as more likely than its abolition; banks resist daily averaging
Reform UK’s BoE plans dismissed as ‘Trump-lite’
Former Bank of England officials unconvinced by proposals to fire current governor, change MPC and add growth remit
Is independence compatible with climate action?
Lessons from China indicate relationship between governments and central banks may need to change, argues Mathias Larsen
Fed cuts rates with dissenting votes in both directions
Risks to employment and prices split FOMC three ways
Tariffs will not solve US ‘twin deficits’, BdF governor says
Villeroy de Galhau wants to maintain spirit of transatlantic co-operation despite disagreements
Do BIS volumes soar past the trend?
Average daily FX volumes have surged to $9.6 trillion in latest triennial survey, but are these figures representative?
Experts slam proposal for dollar coin bearing Trump’s image
US treasurer’s suggestion attacked as illegal, monarchical and ‘tacky’
Fed should reorganise and speak to counter Trump – Eichengreen
Professor says five-year lag for publication of forecasts is ‘excessive’ in current context
Credible Fed key to dollar’s role in Asia – Amro’s Dong He
Organisation’s chief economist says Asia’s central banks not seeking to disrupt currency’s position in region
How staff exodus could leave the OCC high and dry
A third of staff set to depart US regulator, but some teams will suffer much heavier losses