China
Does Switzerland need an SWF?
A sovereign wealth fund could adopt longer-term strategies, invest in less liquid assets and increase exposures to riskier assets such as equities, potentially boosting returns
China cuts key lending rate
Authorities acknowledge “complex and severe environment” as they step up support
Chinese authorities investigate senior PBoC official
Anti-corruption agencies launch probe into sacked head of monetary policy department
QR code payments pave way for borrowing – BIS paper
Chinese merchants that offer QR code payments can more easily access credit from big tech firms
PBoC focusing on grain and energy to stem inflation
Price stability in grain production and energy supply key to growth, says governor
PBoC on hold as Fed signals steeper rate rises
Policy-makers face worsening pandemic, rising inflation and tighter global financial conditions
Mitigating regulatory risks of mobile payments
Third-party payment providers need to give up data to supervisors to prevent fraud
People: Macklem to chair Basel Committee oversight board
China names policy-makers; BoJ reappoints key monetary policy official; Kazakhstan replaces deputy
Chinese draft law sets up financial stability fund
New government committee would oversee financial stability as concerns grow
Lifetime achievement: Stanley Fischer
Fischer has had a profound impact on monetary economics and central banking during his prolific career
Global markets: HSBC
The bank’s long-term commitment to clients and its wide range of expertise shone in 2021 as central banks navigated the aftermath of the Covid-19 shock
Liu He intervention helps calm Chinese markets
Authorities promise easier policy as economy hit by Covid outbreak and Russia-Ukraine war
PBoC to fine Tencent over AML breaches, report says
Nationwide crackdown on money laundering announced in January
Book notes: Shutdown, by Adam Tooze
A useful, wide-ranging overview, showing how health and economic policies are intimately intertwined with geopolitics
Digital money and central banks
Central banks must reflect on the monetary policy, regulatory and financial stability implications from crypto assets, stablecoins and CBDCs to stay relevant in the digital age of money
Hong Kong recovery expected to slow – IMF
Fund warns of risks including exposures to Chinese real estate and further supply disruption
Markus Brunnermeier on the need for CBDCs
The Princeton academic co-authored a paper for the European Parliament exploring the potential pitfalls of CBDCs. But they are still needed, he says
PBoC keeps key rate on hold
MLF rate stays at 2.85%, as investors turn attention to second rate move next week
IMF warns Chinese economic recovery ‘lacks balance’
Focus on investment has set back progress towards “high-quality” growth, fund says
IMF pares back forecasts as world faces ‘multiple challenges’
Omicron variant, supply disruptions and inflation threaten to hold back recovery, says Gita Gopinath
People’s Bank of China continues rate cuts
Cuts follow weaker growth figures as deputy governor promises stable credit growth
PBoC cuts rates as Xi warns against ‘rapid tightening’
Quarterly GDP growth hits lowest rate in 18 months as Xi calls for international policy co-operation
People: Brazil’s Campos Neto comes down with Covid
Acting governor in Lesotho; Auer to head Eurosystem Innovation Hub; and more
2021: The year in review
The year has seen central banks switch from recovery mode to battling inflation. Central Banking looks back at the stories that made the biggest impact in 2021