Bonds
China imposes stricter risk classification rules on banks
Regulators say the rules will help banks mitigate credit risks
Lawmakers join pushback over SEC dealer rule
Bipartisan letter to Treasury says proposal would damage market liquidity
Ghana plans to ‘securitise’ debt to central bank
Country struggling to restructure debts and secure IMF loan
Bolivia seeks reserves boost from retail bond sale
Unusual central bank operation “does not make much sense”, former governor says
Stefan Ingves on leadership, prudential oversight and transparency
The Riksbank and Basel Committee veteran speaks about his leadership philosophy, Basel III deal-making and concerns about regulatory rollback, the value of QE and negative rates, and the need for a legal architecture for CBDCs
Argentine minister announces debt buyback
Government will repurchase up to $1 billion in foreign currency bonds “to lower risk premium”
Bank of Japan defies expectations of yield curve change
Governor says it will take time for last month’s yield curve tweak to play out
The always imminent demise of the global dollar
Creating effective alternatives will remain long and arduous despite China’s development of Cips, the mCBDC bridge and any oil-price redenomination, writes Barry Eichengreen
BoE completes unwind of gilt market intervention
“Financial stability portfolio” took a month and a half to wind down, as QT continues
Italian prime minister says ECB policies are ‘making things worse’
Government ministers warn of difficulties for Italian sovereign bonds
New law gives BI monetary financing power during crisis
Law also adds mandate for central bank to support economic growth
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
IMF and Ghana reach initial agreement on $3 billion loan
Stricken country preparing domestic debt restructuring
The ECB’s collateral conundrum
A lack of high-quality collateral in the eurozone has resulted in money market rates lagging ECB policy rates, hampering monetary policy transmission
Gilts debacle exposes financial stability risks
Lurking leverage in liability-driven UK pension investments raises important questions for central bankers
Banknotes: October to December 2022
A round-up of news and salient issues that have affected central bankers in the past three months
BoE not briefed on disastrous ‘mini-budget’, Bailey says
Governor says absence of independent assessment of tax package made it very hard to assess
Bank of Canada posts first quarterly loss in its history
“We do not make policy to maximise our income,” says Macklem
BoE begins unwinding gilt market intervention
Use of “reverse enquiry window” designed to limit market impact from £19 billion sales
Book notes: Zero interest rate policy and the new abnormal, by Michael Beenstock
Author's contention that asset purchases caused the low neutral rate of interest is entertaining and infuriating in equal measure
Riksbank slows down normalisation with 75bp rise
Ingves chairs last policy decision as Riksbank predicts higher inflation and lower growth
PBoC eases rules to lure foreign bond investors
New rules include allowing foreign investors to conduct FX trades with more financial institutions
ECB eases securities lending limits to address collateral shortage
Governing council aims to provide “backstop for the euro area repo markets”