Exchange rate
The IMF should adopt a ‘real SDR’
The creation of a vibrant market in SDR linked to commodity prices could create a powerful new monetary anchor, argues Warren Coats
Sterling’s fall boosted UK inflation - San Fran Fed paper
Prices of tradeable goods rose significantly more than non-tradable goods, researchers find
IMF’s Adrian on the big tech threat and why a ‘non-system’ works
The IMF’s financial counsellor speaks about risks from big tech’s move into fintech, the fund’s efforts to craft well-targeted policy guidance and why the current international monetary ‘non-system’ works
Shekel’s strength clouds Bank of Israel’s inflation outlook
Economists ponder whether central bank actions contribute to lower prices and what priorities it should consider in the near future
Thailand unexpectedly cuts rates
Bank of Thailand delivers surprise 25bp cut; move follows PBoC allowing RMB to fall through seven to the US dollar
BoI paper uses shadow rates to measure influence of QE
Fed’s policy weakened dollar from 2011–14, researchers find
PBoC is navigating into uncharted waters on RMB
Beijing and its central bank need to think carefully and act responsibly as the renminbi is steered into uncharted waters
PBoC vows to keep currency stable
Central bank governor says renminbi is at an appropriate level after it breaks ‘7:1’ against the US dollar
HKMA cuts rate by 25bp after Fed easing
Hong Kong cuts rates for the first time in more than a decade to avoid pressure on the peg
Four Gulf states cut rates following Fed decision
Bahrain, Qatar, Saudi Arabia and UAE have currencies pegged to US dollar
IMF must do better in policing currency manipulation – RBI’s Das
Governor says shortcomings in IMF surveillance have led to US pressure on alleged manipulators
Gold accumulation after WWII driven by governors’ habits – research
Bretton Woods never worked as intended due in part to persistence of gold standard practices
BIS paper highlights new channel for Mundellian ‘dilemma’
Authors weigh financial channel as explanation for why trilemma has become dilemma
St Louis Fed’s Bullard warns about rise of multicurrency systems
Crypto assets may hamper monetary policy transmission and increase exchange rate volatility
Pakistan sharply increases rates on higher inflation
Central bank increases the policy rate by 100 basis points to 13.25%
Bank of Thailand voices concerns over baht appreciation
Thai central bank says it has cut supply of short-term bonds to curb hot money inflows
West Africa announces ambitious new ‘eco’ currency plans
Single currency seems unlikely to be introduced by next year, despite updated launch plans
BIS papers weigh up ongoing risks to global stability
Papers from 2018 AGM include contributions from Forbes, Tucker, Gourinchas and Rey
IMF gives Pakistan bailout, but demands central bank freedom
Imran Khan government must have flexible exchange rates and end monetary financing, IMF says
BIS says theory behind EME policy must catch up with ‘reality’
Situation is similar to the adoption of inflation targeting in the early 1990s, says BIS annual report
Rupiah stability in focus as Bank Indonesia eases requirements
Central bank likely to wait for the Fed’s rate decision before cutting main rate; Indonesia joins Malaysia, Philippines and India in switching to easier monetary policies
RBNZ keeps rates unchanged but signals future cuts
New Zealand central bank thinks lower rates may be needed due to weak global and local growth
Draghi becomes latest target of Trump’s ire
Dovish comments at ECB conference draw accusation of manipulation from US president
IMF welcomes Tunisia’s tougher monetary policy
Further rate increases might still be warranted this year, say executive directors