China
PBoC steps up easing with another rate cut
China’s central bank cuts interest rates for the second time in less than four months, in a sign it is becoming more aggressive in combating economic weakness
Minneapolis Fed research criticises China's 'quid pro quo' policy
Staff report finds ‘significant impact’ on innovation and welfare from China’s continued policy of exchanging market access for technology – good for China, but not for advanced economies
Justin Lin on China, economic growth and the international monetary system
Former World Bank chief economist on why a multiple currency system could increase monetary instability, China should be wary of full capital reform and infrastructure investment will boost growth
PBoC report reveals extent of liquidity interventions
Quarterly monetary policy report reveals massive injections of liquidity to support the money supply as outward capital flows continue to accelerate
Justin Lin: Multiple reserve currency system ‘less stable' than one based on dollar
Former World Bank chief economist tells Central Banking Journal competing reserve currencies would not address overriding challenge of global monetary system
Stevens sees greater cross-border investment between Australia and China
RBA governor inaugurates Australia's first renminbi clearing bank in Sydney, saying it will raise awareness among Australian firms
BIS sees cross-border liquidity reverting to historical trend
Latest global liquidity indicators show low volatility combining with rapid cross-border credit growth; researchers challenge simple supply and demand theory of oil-price slump
ECB publishes new economic bulletin
The first in the new series, introduced to ‘mirror’ new governing council meeting cycle, features an assessment of the Chinese economic outlook
PBoC takes action against tighter liquidity
Cut in reserve requirements seen as effort to ease liquidity due to lunar new year and capital outflows, but may do little more than offset a growing shortage
Renminbi cracks top-five payment currencies
Share of the renminbi in global payments increases to 2.17% in December, Swift data shows, pushing it above the Canadian and Australian dollars, and into the top five
Offshore renminbi clearing banks could face competition from 'superhighway'
As host countries play up significance of new clearing banks, questions emerge over whether they will become obsolete once Chinese ‘payments superhighway' comes into being
Central Bank of Argentina uses PBoC swap agreement for external financing
With Argentina suffering a default in July and without access to markets, its central bank is drawing on a swap agreement with the PBoC to bolster its reserves
PBoC to accelerate reform process in 2015
Chinese central bank signals more financial reforms and a faster opening of financial markets in 2015; focus on ‘prudent’ monetary policy but more stimulus a possibility
Robert Pringle's Viewpoint: The global finance system is in bad need of repair
Muddling through is not enough: neglect of global money can trigger political earthquakes that sweep away any chance of reasonable debate and compromise
Bank of Finland’s Honkapohja advocates ‘cautious and gradual’ approach to deregulation
Central bank board member offers lessons for China from Nordic experience with financial deregulation, and advocates a cautious approach over a ‘big bang’
PBoC highlights ‘rapid’ growth of electronic payments
Quarterly report on payments in China says electronic payments, particularly mobile payments, grew significantly in Q3
PBoC closes in on liberalisation with deposit insurance plan
Central bank moves closer to deposit rate liberalisation with proposals for deposit insurance fund, aiming to improve ‘discipline’ in banking sector and encourage smaller banks to compete
Bank of Finland paper sees inefficiencies driving China’s internet finance
Boom in internet finance presents stability risks and appears to be the result of inefficiencies in the existing financial system; authors recommend market-based reforms to redress the balance
PBoC action ‘lays foundation’ for liberalisation
Central bank emphasises movement towards interest rate liberalisation, saying last week’s rate cut was designed to combine financial reform and monetary policy
PBoC cut fails to impress but more action on the cards
Economists say first cut in two years likely to have weak effect at best, but PBoC may have to take stronger action going forward as economy worsens
Bundesbank’s Nagel wants Frankfurt clearing house
Executive board member details benefits to German economy from having an RMB clearing bank, and sets out plans to form a clearing house in the future
RBA strikes clearing deal with PBoC
Australian authorities agree clearing arrangements and RQFII quota with Chinese counterparts; announced in wake of G-20 summit and follows similar Canadian deals
PBoC sheds light on opaque liquidity measures
Central bank confirms injection of billions of renminbi via new ‘medium-term lending facility’ as part of efforts to offset weaker foreign exchange inflows
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