United Kingdom
Furlough uncertainty delayed BoE rate hike – Bailey
Roughly a million people were still using the job protection scheme when it ended, governor says
UK and China renew bilateral swap line
350 billion yuan swap line extended for a further five years
People: Georgieva nominates new IMF deputy managing director
BoE’s PRA names new executive directors; Dallas Fed renews terms for two board members
CBDC issuance should not be rushed, say central bank experts
Officials at Singapore Fintech Festival warn central banks must be alert to risks of CBDCs
No UK central bank digital currency before 2025, BoE says
A 2022 consultation will determine if CBDC should enter “development” phase
BoE outlines new ‘tiered’ CCP supervision framework
Non-UK CCPs will be labelled Tier 1 and Tier 2 following ‘reliance assessment’
BoE to start greening its corporate bond holdings
Central bank will use new climate-focused methodology to rebalance portfolio later this month
People: ECB appoints new head of macro-pru
BIS names Innovation Hub directors; Bundesbank sends representative to Madrid; and more
BoE surprises with rate hold as inflation forecasts reach 5%
Market-implied path for interest rates rises to 1% by end-2022
Carney says over $130 trillion of capital now pledged to net zero
But rich countries admit they have fallen short of net zero financing goals
Time to stop handing out the pills: the great QE detox
We are facing a serious inflation threat that will test the resolve of central bankers, writes Jagjit Chadha. Central banks must reduce their reliance on QE. But how?
BoE launches ‘exploratory’ CCP stress test
Central bank will test credit and liquidity exposures, and will also conduct “reverse stress tests”
Permanent or transitory? Officials wrestle with inflation uncertainty
Bailey warns of possible damage to credibility, but Carstens urges caution amid high uncertainty
People: FCA chair steps down; Esma chair steps up
UK FCA chairman to depart; Verena Ross to chair Esma; new boards for Ecuador’s central bank
BoE ends off-the-record meetings with banks
Change follows concerns about similar practices at other central banks
FCA staff seek union help following pay cut proposals
Unite union considers seeking statutory approval to represent staff at the UK regulator
UK government mulls giving BoE new payment supervision powers
BoE would oversee firms within the broader ‘payment chain’
Crypto asset transactions hit ‘macro critical levels’ – IMF GFSR
Crypto valuations “already systemic” in “many countries”, international rules "probably some time away", says IMF’s Adrian
UK’s FCA to invest £120 million in move towards cloud
Chief executive Nikhil Rathi says FCA will be “data and digital first” regulator
BoE report sheds light on Covid market operations
Surge in scale and frequency of operations amid switch to work from home created “issues”
BoE paper links debt and labour supply
Households behave differently depending on their wealth and debt, paper finds
BoE urges public to spend remaining paper banknotes
Paper £20 and £50 will cease to be legal tender next year
Bailey puzzles over UK labour market signals
A lot of people are still out of the labour market, but unemployment remains low
UK looks to boost long-term investing
Working group says action needed to encourage illiquid investing without risking instability