Canada
China and Canada sign deal to set up first RMB clearing bank in North America
Countries also agree on $8.2 billion RQFII quota as part of major bilateral trade initiative; PBoC also signs MoU with Bank Negara Malaysia to set up RMB clearing bank in Kuala Lumpur
Bank of Canada governor highlights need to ‘incorporate uncertainty' in decision-making
Stephen Poloz says central bank uses ‘ranges rather than points' in its inflation and growth forecasts; estimates neutral rate of interest to be between 3% and 4%
Poloz recommends dropping forward guidance as conditions normalise
Bank of Canada governor suggests there are better ways of communicating when conditions normalise; most respondents to CentralBanking.com poll agree
Bank of Canada will consult public on future banknote designs
Bank of Canada launches a nationwide consultation on banknote design principles, after a report concluding that Canadians should have increased participation in the process
Canada deputy: Neutral rate of interest has dropped
Potential growth will be lower than before the crisis, warns Carolyn Wilkins, while neutral rate for Canada is 3-4%, down from pre-crisis level of 4.5-5.5%
Bank rules and their impact on inequality
Banking regulation has a profound effect on levels of long-term financial inclusion around the world; US engaged in a failed ‘lottery ticket’ effort by the US to offer housing to the poor.
Canada governor says ‘manipulating markets not in our game plan'
Stephen Poloz says attempts to influence exchange rate, including via ‘verbal guidance', would ‘do more harm than good'
Bank of Canada may ‘expand’ payments oversight
Deputy governor Lawrence Schembri says the central bank might be charged with the oversight of ‘prominent’ payment systems as well as those that pose systemic risks
Poloz warns of household vulnerabilities in Canada's financial sector
Bank of Canada governor Stephen Poloz says enhanced framework to highlight vulnerabilities shows household debt and housing lending are areas of concern
Canada deputy urges pension funds to join clearing service
For repo and derivatives transactions, central counterparties reduce common counterparty exposures and systemic risk, Lawrence Schembri argues
Canadian government wields macro-prudential power, IMF paper says
Government control over high loan-to-value mortgages has successfully taken some heat out of the Canadian housing market since the economy began to recover
Poloz says low rates may be new norm
Bank of Canada governor Stephen Poloz says there is growing consensus that interest rates will remain at low levels even when the Canadian economy has recovered
Bank of Canada names Carolyn Wilkins as number two
Carolyn Wilkins will be the first female senior deputy governor in the Bank of Canada’s history; served as the central bank’s head of financial stability 2011-2013
Bank of Canada appoints first COO
Filipe Dinis appointed as Bank of Canada’s first-ever chief operating officer; assumes oversight of the central bank’s strategic planning, administrative functions and operations
Bank of Canada looks to anecdotal evidence amid economic models' ‘weakening performance'
Governor Stephen Poloz says experiences of faltering economic models last year has led the bank to focus increasingly on surveys and meetings with local businesses
Bank of Canada revamps website
The Canadian central bank has sought to simplify the design of its website and make it easier for users to locate information across a variety of devices
International perspective helps resolve domestic economic puzzles, says Canada deputy
Bank of Canada deputy governor John Murray underscores the importance of looking beyond borders when setting monetary policy
Credit-strapped Canadians continued to consume in wake of crisis
Lending supply effect ensured households compensated for scarce credit by drawing down liquid assets instead, according to Bank of Canada research paper
US foreign investment flows 'significantly' impacted by surprising monetary policy
Both gross and net foreign investment income flows in US and Canada impacted, SNB paper finds; suggests foreign balance sheet channels plays 'increasingly important role' for monetary transmission
People: Former PM joins Czech central bank; Bank of Canada appoints ‘special adviser'
Czech National Bank replaces outgoing board member with man who was Prime Minister until last week; Canada appoints special adviser with financial system expertise
Bank of Canada's Poloz says economic models 'better source of questions than answers'
Governor warns Canadian household imbalances could eventually result in 'sharp correction'; argues deflation still bigger concern than 'explosion in inflation' prompted by loose monetary policy
Bank of Canada warns over lingering economic vulnerabilities
The global economy looks more robust than it did when the Bank of Canada published its last Financial System Review six months ago, but risks remain
Bank of Canada's Tiff Macklem quits half way through seven-year term
Senior deputy governor has been appointed dean of University of Toronto's Rotman School of Management; lost out to Stephen Poloz in race to succeed Mark Carney earlier this year
Canadian paper calls for ‘simple and digestible’ communication on financial stability issues
The paper says central banks should use plain language and build a coherent narrative when communicating financial stability concerns or policies