Australia
RBA paves way for new entrants in card systems
Reserve Bank of Australia wants to facilitate new entrants into Australia’s credit and debit card systems; plans to let MasterCard and Visa set the eligibility criteria
Financial crisis hit Australian inventories, paper finds
RBA researcher tests theory that tight credit conditions caused Australian companies to reduce their inventories, and includes a case study on the automotive industry supporting the hypothesis
RBA’s Stevens laments ‘uncomfortably high’ currency
Reserve Bank of Australia governor Glenn Stevens says the Australian dollar is still too strong, despite depreciation against the US dollar
Sarb official warns about use of Aussie investments as a proxy for China
Australian and Chinese markets are 'vastly different', so investing in Australia as a proxy for China could be risky, South African Reserve Bank risk manager warns delegates at Nalm Africa 2013
Reserve Bank of Australia deputy governor targets productivity boost
Philip Lowe says the country will need a ‘substantial increase’ in productivity growth if it is to replicate the rapid growth in real per capita income achieved in the past two decades
RBA 'open-minded’ to currency intervention
Reserve Bank of Australia governor Glenn Stevens says the central bank would consider intervening in the exchange rate, and insists it ‘remains part of the toolkit’
RBA monetary policy statement says currency is too strong
Depreciation of the Australian dollar to the start of August has since been undone by the postponed Fed taper and positive Chinese data; weaker dollar will be needed to achieve balanced growth
Fed’s Fisher attacks ‘ineffective’ US government
Dallas Fed president Richard Fisher holds the United States government accountable for the slow pace of economic recovery; says the Fed has acted swiftly and decisively in comparison
RBA's Stevens says exchange rate disconnected from fundamentals
RBA governor Glenn Stevens says Australia's current exchange rate is not supported by the country's relative levels of costs and productivity
RBA paper supports CCP interoperability
Researchers weigh the benefits of increased netting across linked central counterparties against the potential costs arising from the bilateral exposures each link creates
RBA and government set out rules of engagement
Update to ‘statement on the conduct of monetary policy' says Australian government recognises the Reserve Bank's need for a strong balance sheet; RBA will pay no dividend to the government this year
Australian government pours $8.5bn into RBA's reserves
New Australian government blames dwindling reserves on predecessor's demand for ‘extraordinary' dividends; records show losses were incurred due to currency movements in 2010–11
RBA proposes Australian Payments Council to strengthen industry coordination
Reserve Bank of Australia and industry body Australian Payments Clearing Association launch consultation on establishment of new payments council
RBA’s Ellis warns against regulatory ‘monoculture’
Reserve Bank of Australia’s financial stability head says regulatory consistency is ‘important’ but should not result in identical business models that could all be vulnerable to one particular shock
RBA mulls further rate cuts as dollar keeps rising
Minutes of the latest monetary policy meeting show concerns remain over strong Australian dollar; new record low interest rate remains possible
RBA's Stevens complains of strong currency as rates stay on hold
Statement indicates frustration with Australian dollar strength as rates remain at 2.5%; analysts eye fundamentals approaching possible cut in November
Hong Kong and Australia see risks in low interest rates and Chinese NPLs
Impact of any shift in the yield curve on banks' balance sheets ‘may not be small', according to HKMA; RBA urges lenders to maintain prudent risk appetite as rates remain low
Australian sovereign bond market infrastructure developments analysed
Reserve Bank of Australia article provides an overview of the CBS market and assesses recent changes in the market infrastructure
RBA looks to exchange rate
The Reserve Bank of Australia keeps the door open for further rates cuts but emphasises that a weaker currency ‘would be helpful’ in boosting demand
People: Stanley Fischer joins US think-tank; Hungarian central bank official moves to EIB
Fischer takes post at US think-tank after leaving the Bank of Israel; László Baranyay joins the European Investment Bank; sovereign wealth fund managers on the move
RBA quiet on further easing as it holds rates
Reserve Bank of Australia holds its key policy rate at 2.5% and omits earlier guidance on the prospect of an additional rate cut from accompanying statement
RBA payments head hails ‘hub-based’ retail payments platform
Reserve Bank of Australia’s Tony Richards delivers update on country’s new payments platform and the central bank’s work towards a faster settlement system
LCRs in low-liquidity settings lead to big externalities
RBA research paper suggests introducing a liquidity coverage ratio in certain settings leads to large liquidity premiums and pushes the risk-free rate to the floor of the interest rate corridor
RBA to provide A$300 billion for committed liquidity facility
RBA contribution will ‘not materially impact' its balance sheet, says deputy Debelle; banks will pay a penalty rate to access the CLF, which will help them meet Basel III liquidity requirements