Trade
Xi pledges to open up economy amid trade tension
China’s president adopts soothing tone, but some observers complain his remarks do little to change the situation
Return on foreign assets partly offsets trade imbalances – research
Emerging economies can recover from current account disequilibrium faster than reserve currency issuers
No one can win a trade war, says Benoît Cœuré
Senior ECB official says US growth could be cut by 2.5% by tariff hikes
Mifid transparency has failed so far, say traders
Poor-quality, inaccessible data and the lack of instruments covered undermine use case
Myanmar central bank opens up more room for foreign banks
Seven foreign banks received a long-awaited approval to provide trade finance to local exporters
Denmark is entering a boom – central bank
The Nordic country is benefiting from the growth in export markets, including the US and eurozone
Protectionism may have ‘serious consequences’ – Canada’s Lane
US tax reforms may affect Canada’s capacity to attract investment, warns deputy governor
Bank of Canada on hold as council remains cautious
Officials see the need for further rate hikes in future, but say trade policy in the US is creating uncertainty for Canada
Dudley goes against Trump’s protectionist line
New York Fed president criticises protectionism as Donald Trump steps up rhetoric; questions value of excessive reserves accumulation
Bank of Korea unveils changes to its DSGE model
The existing model’s accuracy was reduced following structural changes in the economy
Reserve manager of the year: Bank of Korea
The South Korean central bank has revamped its reserve operations, and adopted a proactive approach to managing risks and returns that is matched by few of its peers
Canada effecting a cautious normalisation – deputy governor
Uncertainties related to trade, high debt levels and slower growth may delay new rate hikes
Sama enables blockchain for cross-border payments
Pilot with Ripple will allow domestic banks to settle payments across the xCurrent network; payments infrastructure based on the Interledger Protocol
Angolan banks given new forex responsibilities amid shortage
Requests for foreign currency now must be submitted to commercial entities instead of central bank, with the exception of large imports of food and medicines
Brexit ‘surprises’ could delay rate hikes, IMF says
If negotiations affect wage growth or “depress demand”, the BoE could make monetary policy more expansionary, staff say
UK regulators unveil rules for algo trading
PRA and FCA outline their approaches to supervising the ultra-fast trading methods
Bank of Mexico hikes again as inflation remains high
The prospect of tighter policy in the US affects the monetary decisions in its major southern trading partner
Globalisation may reduce surpluses’ negative effects – paper
Nations recording surpluses do not necessarily create imbalances abroad, argues analysis
Singapore and Malaysia to set up stock market link
The two markets have a combined market capitalisation of more than $1.2 trillion and 1,600 publicly listed companies
Venezuela’s new forex auction sees bolivar plummet
Latest auction sees currency devaluate by 99% from heavily subsidised exchange rate
Central Bank of Malta seeks closer ties with North Africa
Malta is well-placed to link the north and south sides of the Mediterranean, says board director Philomena Meli
‘Intensified’ tax competition will affect euro area – research
Latest ECB bulletin shows “possible erosion of tax bases” in the EU, after recent US tax reforms
Yellen to join former Fed colleagues at Brookings
Janet Yellen returns to her research roots with position at Brookings Institution
Global custodian of the year: BNY Mellon
The US asset specialist has made strong progress in its effort to offer a seamless overlay of its disparate legacy systems, while also providing improved training to official institutions