International
Dollar’s share of global reserves falls to 25-year low
Gradual decline may stem from currency diversification by emerging market central banks - IMF report
People: US set to name OCC chief; IMF’s Werner to retire
New deputy governor appointed in India; former Ecuadorian general manager dies; and more
Central banks remained net gold buyers in Q1
Rate of gold buying down on first quarter of 2020, as Hungary leads purchases
Central bank ‘activism’ risks long-run costs, paper argues
Central banks acting outside their mandate is “never without cost”, law professor says
Central banks play growing role as local gold buyers
Purchase programmes can save resources, while helping to foster security and fairness in mining industry, report says
The evolving ‘strategy function’ in central banks
Some institutions participating in a survey of 27 central banks still struggle to fully harness an effective ‘strategy function’, according to the ECB’s Jean-Charles Sevet and Alejandro de la Cuesta
BIS to operate sterling liquidity facility backed by BoE
Move echoes 20th century arrangements when BIS acted as intermediary in swaps network
Fed must clarify future of QE, IMF says
IMF warns that rising longer-term Treasury yields could have major impact
Curbing booms could cut carbon emissions – BIS paper
Overheating economies can misallocate resources to carbon-heavy industry, authors find
Emerging markets should prepare for higher rates – IMF article
Middle and low-income economies need to anchor fiscal policies after the pandemic is under control
ESG investment must grow to achieve zero carbon emissions
Action is needed to scale up green investment and tackle information issues, writes Sayuri Shirai
Central banks need more data and better measures on climate – BCBS
Basel Committee may re-evaluate risk framework to account for effects of climate change and green policy
Zhang Tao on the IMF’s fintech agenda, CBDCs and big tech oversight
IMF deputy managing director speaks about the fund’s perspectives on CBDC operating frameworks, regulating big tech and macrofinancial oversight in a digital world
Book notes: The political economy of bank regulation in developing countries, edited by Emily Jones
A pioneering academic – but reader-friendly – monograph on the response of peripheral countries to Basel standards
Emerging-market central banks lead on women’s empowerment
EME central banks have more women at staff level and in senior positions, but there are deep disparities worldwide, with childcare availability appearing to be a major cause
Book notes: Central banks as fiscal players, by Willem Buiter
Buiter puts a real economic problem into a convincing theoretical frame, and translates it into applicable policy advice
Regulating big tech and non-bank financial services in the digital era
Big tech incursions into financial services in China and elsewhere demonstrate the potential benefits of adopting a digital-bank or holding-company approach to financial regulation
AML/CFT regulation of crypto assets needs rapid reform – BIS report
Few jurisdictions are implementing “travel rule” for crypto assets, report says
IMF climate dashboard reveals pattern of vulnerabilities
Data ranges from frequency of natural disasters to carbon intensity of lending
China and private sector could free ride on SDR issuance – El-Erian
Economist calls for development of a new common sovereign debt restructuring framework; Vera Songwe says many countries need more debt relief
BIS launches database on Covid-19 monetary policy actions
Data designed to help researchers study “massive” policy response to pandemic
Payment innovation is top fintech research priority for central banks
CBDC ranked second as central banks explore wider implications of fintech for payments
Rising rates could endanger emerging market recovery, IMF warns
“Divergent recovery” likely to create financial stability challenges, report says
Money markets in focus for FSB non-bank work
FSB set to publish policy proposals for tackling risks in July