China
Overseeing China’s payments revolution
The PBoC has tried to strike a balance between facilitating bigtech innovation and reining in risks, amid an explosive growth in mobile payments
Five insights into China’s green finance transformation
China’s top-down, state-directed mechanism may be the most effective way to embed green finance in a timely manner, writes the PBoC’s Ma Jun
China lowers reserve requirements after premier’s intervention
PBoC cuts reserve requirement by 50bp to boost lending, its third move this year
BIS paper studies spread of global currency trading
Authors examine “patterns of diffusion” to understand rise of the renminbi
China changes mortgage rates anchor to curb housing risks
Home loan rates may be set higher to avoid real estate bubbles as central bank seeks lower rates for rest of the economy
Uribe details aggressive Flar expansion plans
The Latin American fund chief, José Darío Uribe, speaks about: Flar’s efforts to support macroeconomic and financial stability; exposure to Venezuela; and more
Central banks face loss of independence – Central Banking survey
A new survey of Central Banking’s Editorial Advisory Board points to central banks facing existential challenges with little change in their frameworks or toolkits
PBoC reforms rates mechanism in bid to cut funding costs
Loan prime rate will replace existing benchmark lending rates
Mark Carney on joined-up policy-making, forward guidance and Brexit
BoE governor rules out negative rates and change to inflation targets, offers update on too-big-to-fail and use of CCyBs, highlights challenges of an asymmetric monetary system, hits out at cumbersome payments and warns Facebook’s libra cannot ‘learn as…
PBoC goes back to open market operations
Official figures show sharp drop in new loans extended by Chinese banks in July
China will need more stimulus if trade tensions rise – IMF staff
IMF staff say China’s financial system still has “elevated” vulnerability
Bank of Finland paper studies impact of China’s credit channel
Monetary policy’s effects on credit have significant impacts on economic activity, researchers say
The IMF should adopt a ‘real SDR’
The creation of a vibrant market in SDR linked to commodity prices could create a powerful new monetary anchor, argues Warren Coats
IMF’s Adrian on the big tech threat and why a ‘non-system’ works
The IMF’s financial counsellor speaks about risks from big tech’s move into fintech, the fund’s efforts to craft well-targeted policy guidance and why the current international monetary ‘non-system’ works
China discloses FX portfolio for first time
Report shows ratio of US dollar-denominated assets declined to 58% in 2014, from 79% in 1995
PBoC says new digital payment system is almost ready
New electronic payment system will use double-layer framework for digital currency
Thailand unexpectedly cuts rates
Bank of Thailand delivers surprise 25bp cut; move follows PBoC allowing RMB to fall through seven to the US dollar
PBoC to issue central bank bills to support yuan
Move could reduce liquidity of offshore yuan and deter “hot money” flows, analysts say
US Treasury designates China a currency manipulator
Renminbi crossed the barrier of seven per US dollar amid growing trade tensions on August 5
PBoC is navigating into uncharted waters on RMB
Beijing and its central bank need to think carefully and act responsibly as the renminbi is steered into uncharted waters
PBoC vows to keep currency stable
Central bank governor says renminbi is at an appropriate level after it breaks ‘7:1’ against the US dollar
PBoC to rein in financial holding companies
New rules for financial conglomerates designed to contain risks to the real economy
PBoC unveils 11 measures to open up China’s financial sector
Analyst says actions most detailed so far in loosening foreign ownership restrictions
Chinese domestic interest rates falling – PBoC official
Key money market rates falling, says PBoC official, and bank will try to boost credit for SMEs