Regulation
China to set up new party-led financial supervisors
New committees to be established by end of 2023 as part of wider supervisory change
What are the systemic lessons of SVB?
Philip Turner says the collapse of SVB reveals deeper issues than many have realised
Central Banking Awards 2023: second group of winners unveiled
Awards announced for Governor of the year, Communications, Transparency and partners
Fed launches supervision review in wake of SVB collapse
Vice-chair for supervision says central bank needs to show “humility” after bank failure
Yi Gang stays on as China’s central bank governor
Beijing’s surprise decision sends stabilising signal for the economy, analysts say
US lender tied to FTX goes into liquidation
Federal government investigating California bank linked to failed crypto exchange
China to overhaul financial regulatory system
Proposed changes reduce the PBoC’s role in financial oversight
Blanchard and Summers say higher inflation likely to persist
Veteran economists say structural factors are likely to push up neutral rate and inflation
OK regulator? How AI became respectable for AML controls
Dutch court case pressures supervisors to accept new tech; explainability the key challenge
Rates round-up: Australia signals more tightening to come
Guatemala and West African states increase rates, while Jamaica raises reserve requirement
Brazil’s central bank authorises business payments on WhatsApp
Peers can also send money in India, while B2B only is enabled in Singapore
To repo or to buy? Non-bank liquidity backstops still elusive
BoE’s Hauser and Fed’s Logan flag major design challenges in building ideal market backstop
BoE tells LME Clear to fix governance failings
Regulators open “enforcement investigation” into nickel market disruption
EME fintech teams have wider mandates
Few chief fintech officers recruited by central banks
Book notes: A guide to good money, by Brendan Brown and Robert Pringle
The authors make some good points even if one does not agree with this full-bodied attack on Keynesian economics and inflation targeting
Regulating fintech is biggest tech challenge, central banks say
Benefits include financial inclusion, cost reduction and service efficiency
IMF officials: do not make crypto legal tender
Fund leaders call for cautious approach to digital assets at February meeting
Central banks split on machine learning, AI technologies
Respondents optimise features despite drags in data quality, skills gap and algorithmic challenges
FSB sets ‘priority actions’ for global payments reform
Broad study of interoperability and alignment has been narrowed down to specific actions
Location, security and privacy are top cloud concerns
Richer economies more likely to domesticate and operate hybrid servers
Fed spurns Custodia a second time
Central bank again denies membership application from Wyoming crypto firm
Cloud used for business continuity and advancing computation
Most institutions rely on third parties for services
Retail CBDC work more common than wholesale
Most jurisdictions still lack a legal mandate to issue a CBDC
PBoC releases draft rules for Swap Connect
Foreign access to onshore CNY swaps limited to interbank bond market users, while Isda docs aren’t ruled out