US dollar
Emerging markets still taking on dollar debts, BIS data shows
Rapid growth in credit to emerging markets echoed by broader rises in global liquidity
Rising rates seen as main risk by reserve managers
High asset prices and the halting and withdrawal of bond-buying programmes pose challenges
HKMA buys HK dollar for first time in 13 years
HKMA chief says central bank is “fully capable” of defending local currency
The IFF China Report 2018: Post-financial crisis – A decade on
The Global Financial Crisis sparked Group of 20 countries to introduce tough new regulations on financial institutions and instruments. Yet the architecture of the global monetary, economic and financial system has many flaws. What lessons can China…
IMF urges Costa Rica to shore up financial stability defences
Fund calls for increased transparency from financial stability committee and action to tackle dollarisation risk
Upgraded Moody’s outlook puts Sarb rate cut bank on the menu
Lower inflation and an appreciating rand mean the South African Reserve Bank could cut rates at its meeting next week, but analysts think it might be too soon
BIS economists find frictions in banks’ dollar funding
Authors investigate wide divergence in the business models of European and Japanese banks
SNB achieved record profits in 2017
Acquisitions of euros and dollars via foreign exchange interventions yielded 91% of the gains; SNB reshapes portfolio with greater share of equities and riskier bonds
Who is Yi Gang?
Hui Feng says Beijing’s choice for PBoC chief fits into a wider liberal cadre across senior financial positions – but Yi faces plenty of challenges in delivering reform
Venezuela pays off $2.1 million debt to Chile
Struggling Latin American country honours debt repayments under Reciprocal Payments and Credit Agreement, after missing payment in 2017
Measuring Venezuela’s hyperinflation
Steve Hanke discusses how economists can make use of high-frequency exchange rate data to track rapid price movements in Venezuela
Norwegian sovereign wealth fund says 2017 saw third-highest annual returns
NBIM says returns from holdings in oil and gas companies lag those of other sectors
Book notes: How global currencies work, by Barry Eichengreen, Arnaud Mehl and Livia Chiţu
A comprehensive introduction to the history of global reserve currencies, with analysis of how advances in technology and the structure of trade have reshaped the landscape
Reserve manager of the year: Bank of Korea
The South Korean central bank has revamped its reserve operations, and adopted a proactive approach to managing risks and returns that is matched by few of its peers
Thailand eases foreign exchange rules to encourage outflows
Central bank seeks to cool down the baht, one of the fastest-appreciating Asian currencies
Bundesbank to begin investing in renminbi
Executive board member says the bank is considering investing in other foreign currencies
Angola drops dollar for euro in new exchange rate regime
Kwanza depreciates 11.5% against the dollar following regime change
Economists are misinterpreting ‘Triffin dilemma’, says BIS paper
Michael Bordo and Robert McCauley argue there was nothing certain about the collapse of Bretton Woods, but Triffin’s successful prediction led others to mistakenly reapply his theory
Cambodia shortens duration of liquid reserves ahead of election – reserves chief
De-dollarisation and lack of interbank market make forex intervention the only real policy tool left for National Bank of Cambodia
Fed finalises new market benchmarks
Three transaction-based alternatives to US dollar Libor will launch in 2018
SNB profits hit record high
Swiss franc’s depreciation and high stock prices fuel the rise in revenues in the first three quarters
BoE paper scrutinises 2016 sterling flash crash
Paper makes detailed study of the “flash episode”, concluding later price drops were abnormal
Widening exchange rate band is not a top priority – PBoC’s Zhou
Zhou makes first public confirmation he is set to retire soon; warns the country’s excessive optimism could lead to a “Minsky moment”
Birr plunges 15% as Ethiopia devalues currency
Move aims to tackle “severe” forex shortage; IMF recommends higher interest rates and more flexible exchange rate