US dollar
New renminbi index shows ‘relative’ strength of currency
Body run by the PBoC publishes index showing movement of renminbi against 13 other currencies; looks to steer market focus away from solely the dollar rate
Rajan weighs currency movements while RBI holds rates
Governor Raghuram Rajan spells out challenges posed by divergence of dollar and euro in press conference after Reserve Bank of India keeps key rate at 6.75%
Colombia reinforces inflation target as it tightens policy
Central Bank of Colombia board expects to reach inflation target within two years; raises policy rate by 25bp to 5.5% as expectations increase
Trinidad governor implies $500m injection failed to solve US dollar shortfall
Trinidad and Tobago’s Jwala Rambarran says domestic economy faces ongoing shortfalls of US dollars despite $14 billion in official sector forex assets; calls for diversification in the economy
Bank of Namibia defends currency deal with Angola
Namibia's central bank addresses stakeholders' concerns over its currency conversion agreement with the National Bank of Angola, including the latter’s ability to buy back kwanza
TPP countries strike deal against currency manipulation
The 12 member states of Pacific free trade deal sign declaration vowing comprehensive disclosure of foreign exchange data; new group will ensure members abide by rules against competitive devaluation
FOMC minutes spell out inflation concerns
Several members were concerned disinflationary pressure from low oil prices and a strong dollar could persist longer than anticipated and ‘delay or diminish’ the expected rise in inflation
Swap line availability not assured, warns Bill Allen
It is ‘not certain’ the Federal Reserve will be able to provide liquidity in the same manner in the future, Allen tells Central Banking
Multi-polar system ‘likely’, says ECB executive
Benoît Cœuré considers evolution of global financial system; sees rise of emerging economies leading to greater multi-polarity
IMF paper offers recipe for ‘de-dollarisation’
High levels of dollarisation in central Asia are contributing to macroeconomic instability, paper says; authors offer various options that could help reduce reliance on dollars
BIS economists warn of emerging market policy dilemma
Emerging markets are increasingly exposed to monetary policy in developed economies, transmitted via lower long-run rates, and it is not clear what central banks can do about it
Nigeria bans foreign currency cash deposits
Central bank move comes as part of a clampdown on ‘illicit funds’ passing through banks; follows a series of measures aimed at stabilising exchange rate
Global FX volumes climb off record highs
Foreign exchange turnover slips from the record highs registered in October 2014, but is still growing year-on-year
Some emerging markets still dangerously exposed to dollar debt, IMF warns
Spillovers report underscores the importance of net/gross distinction, as improvement in net debt position provides fig leaf to some countries that may be overexposed to US dollar appreciation
Solomon Islands increases flexibility of currency
Annual report reveals Central Bank of Solomon Islands scrapped its policy of restricting the movement of its currency against the US dollar on any given day, but retained peg against basket
US Treasury: woman will appear on new $10 banknote
More than a century after Martha Washington was featured on a $1 note, Treasury secretary Jack Lew announces he will pick another woman to feature on the $10 note
Zimbabwe pulls local currency from circulation
Locals will be able to exchange their Zimbabwean dollars for US dollars until September 30; any amount up to Z$175 quadrillion in their bank accounts will be swapped for a flat $5
US ‘unwilling to compromise' on derivatives rules, China vice-minister of finance says
Differences in accounting practices remains an urgent issue, Zhu Guangyao argues in a new China report; contributors critical of dollar's ‘exorbitant privilege' as sole reserve currency
The rising international role of the renminbi
The global reach of Chinese investment and the renminbi have expanded rapidly over the past few years. The currency’s journey is seen by some as a reflection of China’s global ambition and expansion
Former PBoC chief explains why RMB evolution brings benefits to China and rest of the world
Dai Xianglong, former chairman of China’s National Social Security Fund (NSSF) and former president of IFF, backs the idea of the internationalisation of the renminbi and the benefits it could bring
Justin Lin on fixing the fault lines of the international monetary system
Former chief economist at the World Bank, Justin Lin, explains why US, not Asian, policies caused the financial crisis and recommends how to fix endemic global imbalances
Sponsored feature: Defining the ‘new normal’ in China
Setting ambitious targets and reaching them fast has been essential for more than three decades. But this growth-at-any-cost push is now being replaced with what China’s leaders call the ‘new normal’
UBS escapes DoJ prosecution and fine
But it pays a further £342 million to the Fed over FX conduct issues
Currency shifts could create ‘dilemma’ for Asian economies
IMF regional economic outlook warns policy-makers could face an ‘uncomfortable trade-off’ between external competitiveness and financial stability