Bonds
Ueda reaffirms BoJ’s exit from controlling long-term rates
Governor says surging bond yields are natural reflection of market expectations
RBI injects billions into liquidity-strapped financial system
Analysts say decision points to rate cut by India’s central bank in February
Czech governor wants central bank to add bitcoin to reserves
Michl to make proposal to CNB’s board, while recognising cryptocurrency “bubble” could burst
Beyond the benchmark: redesigning emerging market debt allocations
Franklin Templeton analysis shows popular EMD indexes are limited by their focus on the largest and most developed countries in the world, resulting in unattractive spreads and limited risk diversification
Book notes: Central bank capitalism: monetary policy in times of crisis, by Joscha Wullweber
This book asks if independent monetary policy is feasible at a time when central banks prop up the poorly regulated shadow banking sector
HKMA’s renminbi repo plans boost hopes for onshore access
Market participants optimistic that new provisions for offshore repos of onshore bonds are first step towards mainland access
PBoC suspends government bond purchases
China's central bank moves after “persistent excess demand” causes yields to hit record lows
Accounting for banknotes
Three leading experts on central bank finances debate the appropriate treatment of currency
Madagascar’s governor on targeting M3 over inflation
Central Bank of Madagascar head Aivo Andrianarivelo speaks about introducing an interest rate corridor, diversifying from dollars to gold, using instant payments to bolster inclusion and drawing on IMF sustainability funding
Book notes: Default: the landmark court battle over Argentina’s $100 billion debt restructuring, by Gregory Makoff
Required reading amid current high sovereign debt, global tensions and the urgent need for climate finance
CNB’s Aleš Michl on tackling inflation, Friedman’s legacy and ditching DSGE
The Czech governor speaks about policy mistakes, targeting M2, diversifying into equities and gold, building new models and ending interest payments on minimum reserves
BIS highlights market ‘uneasiness’ over bond issuance
Claudio Borio says fiscal outlook worldwide is “acutely worrying”
Central Bank of Ireland defends Israeli ‘war bond’ approval
Critics say bank is complicit in funding genocide, but governor says it is bound by law
HKMA subsidises tokenised bond issuances
Issuers can receive up to HK$2.5 million each for maximum of two issuances
Nandalal Weerasinghe on Sri Lanka’s IMF programme, central bank reforms and road to recovery
The Central Bank of Sri Lanka governor speaks about his return from retirement to aid Sri Lanka’s structural reforms and recapitalisation, reinforce central bank independence and develop financial resilience
Upping LCR will not address systemic risks – Hernández de Cos
Panellists shed light on liquidity risks in banks, non-banks and US Treasuries
Bank of England to review UK clearing rules
Broader collateral set and greater margin transparency could be adopted from Emir 3.0, but not active accounts requirement
Securing sound deposit protection in East Africa
There is a need to revisit legal frameworks to adopt risk-adjusted premium regimes and establish more comprehensive deposit insurance systems in the East African Community, write Gilbert Nyatanyi and Gloria Tengera
Central banks to maintain independence despite threats – panel
Top central bankers discuss Trump, AI and why they plan to ignore IMF on rate cuts
BNM eases rules on ringgit bond issuances
Change makes it easier for foreign institutions to issue debt denominated in Malaysian currency
Book notes: The bankers’ new clothes, second edition, by Anat Admati and Martin Hellwig
A disjointed book where ‘I told you so’ new chapters add little to the excellent original analysis