Liquidity
Dallas Fed chief backs slower balance sheet runoff
Lorie Logan says liquidity is no longer “super abundant”
Former NY Fed chief calls for overhaul of discount window
Dudley’s proposed changes include prepositioning collateral, cutting costs of secondary credit facility
Richard Byles on Jamaica’s inflation-targeting baptism of fire
The Bank of Jamaica governor speaks with Christopher Jeffery about forex interventions, setting up digital disruptor banks and the next steps for Jam-dex
PBoC official signals possible reserve ratio cut
Zou Lan hints Chinese central bank may loosen reserve requirements to spur credit growth
Repo bankruptcy exemption carries ‘significant costs’ – paper
Apparent liquidity boost from US rule is undermined by greater risk of fire sales, authors say
The risks facing the Chinese economy
China isn’t at risk of a financial meltdown, but it does face a slow puncture, writes Michael Taylor
2023: The year in central banking
Central Banking’s most-read story this year dissected the crisis at SVB, while other top pieces delved into operating frameworks, third-party risks and international economics
Argentina adopts new policy rate
BCRA will use overnight reverse repo rate after halting auctions of Leliq bonds
PBoC carries out record liquidity injection
Chinese authorities relax home-buying rules in Beijing and Shanghai
Credit lines can amplify stress – NBER paper
Study finds junk-grade firms draw more credit, and drawdowns can worsen liquidity shocks
Ghana’s Ernest Addison on the chain of events that led to a loss of $5 billion
The Bank of Ghana governor speaks with Christopher Jeffery about what necessitated monetary financing, the boundaries of ‘independence’ and the results of offline tests of the e-cedi
UK regulator proposes tougher rules for money market funds
BoE welcomes FCA move and warns of wider risk of “dysfunction” in core markets
Managing reserves amid climate change and home-shoring
Central banks can still make asset allocations with solid climate outcomes, despite slippage in the net-zero timetable, writes Gary Smith
BIS weighs possible shift in global liquidity conditions
Nervy markets struggle to digest rates outlook, as BIS research finds deeper shift may be underway
Policy-making amid war in Gaza
Bank of Israel has implemented a textbook crisis response, but uncertainty remains
BCRA ex-governor Caputo will be Argentina’s economy minister
Central bank halts sales of devaluation hedge bonds
Karnit Flug on the Bank of Israel’s emergency responses and challenges ahead
The former Israeli central bank governor and current vice-president of the Israel Democracy Institute speaks with Christopher Jeffery about the BoI’s targeted emergency responses, economic uncertainties and central banking independence
The ECCB’s Timothy Antoine on currency union, cooperation and DCash 2.0
The ECCB governor speaks with Christopher Jeffery about maintaining a currency zone, addressing climate and cyber risks, the decline in correspondence banking and lessons learned from issuing a retail CBDC
Treasuries market is robust, NY Fed officials tell conference
Financial markets need more data transparency, though
Defending the basis
Benefits of additional Treasury liquidity may outweigh potential intervention costs during a hypothetical panic, writes Joseph Wang
PBoC increases liquidity as China acts on local debt
Central bank may cut lenders’ reserve requirement ratio soon, analysts say
Fed’s Cook is concerned about non-banks and real estate prices
Hedge funds could rapidly pull out of Treasury cash futures market
Corridor, floor, other: are operating frameworks fit for the future?
Central banks are becoming uncomfortably aware that monetary operations have ramifications well beyond setting short-term rates
CCPs’ stress-test results have improved, BoE says
UK institutions can absorb default losses and maintain liquidity better than in 2021–22, regulator says