China
Green finance: new initiatives in China, Europe and Americas
Eurosystem adopts common investment principles; China pushes climate modelling; and more
The Covid crisis, central banks and the future
Crisis responses have had positive initial outcomes, but also exacerbated significant underlying challenges that raise concerns related to exit strategies and the future for central banks
Bank efficiency has little effect on Chinese monetary policy – Finnish paper
Chinese banks with very high or low loan-to-deposit ratios are most affected, researchers find
BIS paper seeks to overcome flawed Chinese growth statistics
Authors use regional data to circumvent “flat” GDP time series
PBoC subsidiary sets up joint venture with Swift
New initiative could be involved in internationalising renminbi and developing digital currency
One-size-fits-all regulation won’t meet fintech challenge – FSI paper
Banks and big tech require specific approaches to ensure system stability, says Fernando Restoy
IMF warns of ‘exceptional uncertainty’ in vaccine-driven recovery
Fund upgrades global forecasts amid early success of vaccine rollout
China tightens regulations on non-bank payment firms
Central bank will scrutinise payments more closely and fine firms for rejecting cash
PBoC proposes tough antitrust rules for payments giants
Draft rules would give PBoC powers to recommend splitting up large payments firms
PBoC eases cross-border yuan settlement policy
Central bank promotes use of yuan in cross-border settlement and financing
2020: The year in review
The past 12 months have been marked by crisis-fighting and losses, but also innovation
Former finance minister criticises PBoC’s prudential supervision
Lou attacks central bank over macro-prudential supervision and warns of China’s high debt levels
Whither the age of ‘magic money’?
EME central banks are more exposed to changes in geopolitics, climate, demography, technology and inflation at a time when monetary theory is running well behind central bank practice
China’s digital yuan kicks off test on e-commerce platforms
New round of tests in Suzhou allow use of CBDC for online shopping for the first time; new features designed to protect privacy
People: New deputies named in China and Mexico
Plus ECB appoints senior supervisors, and Donald Trump tries to install new OCC chief
HKMA and PBoC begin technical preparations for digital yuan pilot
HKMA CEO Yue says cross-border e-yuan will offer additional payment options to locals
Norges Bank deputy governor resigns over security clearance
Deputy governor in charge of world’s largest SWF denied clearance because of wife’s residence in China
MAS unveils yuan funding for banks in Singapore
New funding scheme of up to 25 billion yuan replaces overnight funding facility
Is there a path between the Covid abyss and chasm of financial risk?
Macro-prudential policies are being used to prevent economies from falling into the Covid abyss while also ensuring that a correction in ever-higher asset prices do not crush the economy. Are both objectives achievable?
Public policy lines blur: implications for reserve managers
Crisis-fighting has pushed central banks into new forms of risk-taking, and this is now spilling into reserve management, says Jennifer Johnson-Calari
PBoC makes $122 billion injection as default fears rise
Chinese central bank makes year’s largest market injection days after large power firm defaults
Book notes: The great demographic reversal, by Charles Goodhart and Manoj Pradhan
An important book, predicting that powerful demographic forces will upend conventional thinking on macroeconomics and policy
China mandates deposit insurance labels
PBoC goes further in implementing deposit insurance policies to mitigate risk
BIS paper warns economies may stagnate after Covid-19
Author models the structural changes brought about by the coronavirus pandemic