Interbank market
Chinese domestic interest rates falling – PBoC official
Key money market rates falling, says PBoC official, and bank will try to boost credit for SMEs
PBoC extends liquidity to smaller firms after Baoshang takeover
Chinese securities watchdog also urges big brokerages to provide liquidity support to smaller securities firms and funds
Kenya’s rate controls caused ‘collapse’ in credit – IMF paper
Caps undermined central bank’s control over signalling policy stance, researchers find
Two top officials leave the New York Fed
Simon Potter and Richard Dzina step down after combined 49 years at the bank
Book notes: Floored!, by George Selgin
Michael Reddell remains unconvinced the Fed’s introduction of the IOR prolonged the recession, but credits Selgin’s argument the IOR policy made the central bank a more powerful credit lender
ECB to publish new reference rate in October
New rate should fully replace Eonia by beginning of 2022, ECB says
Romanian central bank warns on tax as dispute worsens
New team must be installed to lead central bank, says prime minister’s adviser
Timing of US intraday payments may be useful signal – New York Fed paper
Lenders made intrabank payments earlier once Fed expanded balance sheet, researchers say
ECB says Romanian government breached EU law over bank tax
Governor again warns emergency tax decree could harm banks and damage monetary policy
Lifetime achievement: Zhou Xiaochuan
The former People’s Bank of China governor stands out for his high levels of integrity, intellectual rigour and bold reforms that have served the public interest in China and elsewhere
Establishing the Fed worsened the Great Depression – St Louis Fed paper
Setting up lender of last resort reduced banks’ incentive to manage risk, paper argues
ECB starts publishing statistics on secured euro money market
Data gathered using same methods used to measure unsecured segment of market
Sarb says new interest rate benchmarks may be calculated with ‘actual’ transactions
Current benchmark rate based on flawed market data, South African central bank says
Fed weighs future policy transmission framework
Implementing technical adjustments might be necessary, Powell says
Non-bank lending could replace interbank market – Atlanta Fed paper
Basel III capital requirements and Fed’s QE are reducing US interbank lending, researchers say
BoJ sets out goals for interest rate benchmark reform
Working committee aims to publish deliberations in March 2019
Bank of Thailand names digital currency partners
Central bank says first phase of ‘Project Inthanon’ should be completed by first quarter of 2019
Indonesia launches new overnight benchmark rate
New rate replaces the quotation-based model with one based on transactions
Risker Italian banks boosted funding from CCPs during crisis – paper
These banks may have been dropped by bilateral funding partners, researchers say
Implementation of new Sofr rate is “ahead of schedule”, says Fed vice-chair
Implementation of new ‘Sofr’ rate is “ahead of schedule”, says Fed vice-chair
FCA’s Bailey stresses need for Libor backstop
Chief executive warns firms the end of Libor is not a “black swan” event, but a certainty, as contracts referencing the benchmark continue to grow
Bank of England says UK payment schemes must adapt to ISO messaging standard
BoE will hold consultation with interested parties in June
New York Fed launches rates replacing US Libor
New rates are calculated using actual interbank transactions
Bank of Russia upgrades interbank loan system
The central bank publishes a clutch of documents on financial technology; says hackers stole $6 million via Swift in a “common scheme”