Central Banking
ECB increases rates by 50bp
Central bank will scale back APP reinvestments as Eurosystem staff raise inflation forecast
BoE raises rates 50bp as outlook marginally brightens
Two MPC members vote to keep rates on hold, as staff predict slightly lower inflation
Brazilian governor outlines digital wallet and CBDC plans
Governor says CBDC model should avoid flight from bank deposits
Currency round-up: Yellen’s signature added to US money
Singapore ends practice of printing new year notes; new coins in Canada and Ghana; and more
PBoC increases liquidity support as slowdown increases
Retail sales and property prices fell further in November while investment and production slowed
Fed slows rate rises with 50bp increase
Powell stresses possibility of soft landing supported by “structural labour shortage”
Georgieva says China talks ‘fruitful’ despite limited progress
Restructuring problems are key focus for IMF and World Bank after debt levels hit new high
China needs dollar reserves to bolster renminbi – Eichengreen
Authorities must reassure global markets to make renminbi reserve currency, paper argues
BIS reveals winning design for new HQ tower
Second tower will be major addition to Basel skyline – if it gets the go-ahead
Prosecutors call FTX ‘one of the biggest frauds’ in US history
Sam Bankman-Fried arrested in Bahamas as US authorities file charges
IMF approves long-term resilience loan for Rwanda
Fund urges “more decisive monetary tightening”
RBA governor has ‘no intention of resigning’
Governor Philip Lowe says bringing inflation down remains his focus
Inflation falls more than expected ahead of Fed meeting
Inflation expectations also drop, prompting calls for caution from the Fed
Renminbi and the special drawing rights
What impact does the renminbi’s increased weight and the $650 billion increase in the International Monetary Fund (IMF) special drawing rights (SDR) have for the role of the Chinese currency in reserve management?
BoE to stress-test non-bank sector for first time
“Exploratory” exercise will test market liquidity as officials call for “urgent” action on non-banks
ECB paper examines effects of real rates on banks’ fragility
Level of real interest rates determines whether price or scale effects predominates, researchers find
Yemen central bank sanctions firms in Houthi-controlled areas
Exchange firms in northern territories ordered to close accounts
IMF and Ghana reach initial agreement on $3 billion loan
Stricken country preparing domestic debt restructuring
PBoC reports rise in gold reserves for first time since 2019
Analysts say the move is part of China’s ongoing efforts to diversify its vast dollar-denominated assets
Inflation, geopolitics and the renminbi
At a Bank of China (Hong Kong)-sponsored forum, policy‑makers discussed geopolitical developments and China’s macroeconomic outlook as global inflation rises
The canary in the goldmine
Gold accumulation may herald broader concerns about dollar holdings, writes Jennifer Johnson-Calari
Nigerian central bank limits cash withdrawals
Governor says policy will increase cashless payments use and cut crime, but politicians criticise move
BoE tenders for CBDC mobile wallet
Central bank will not release wallet to the public but says it wants to “sharpen functional requirements”