Central banks
Senegal $500m 10-year bond spread tightening shows appeal of Africa debt
Yield on new 2021 Senegal bond tightens over 100bp after issue; investors suggest there is room for further tightening
Bank of Korea wrong-foots market with rate hold; questions raised on anti-inflation stance and bank NPLs
The Bank of Korea held interest rates yesterday in a surprise move which caught fixed-income traders who had factored in a 25-basis point rise by surprise. The move questions Korea’s efforts to tackle inflation and raises concerns that the central bank…
The great mandate debate: Jerry Tempelman column
The great mandate debate
‘US monetary policy is abnormal and deviant’: Steve Hanke profile
Steve Hanke profile
Yellen defends IMF proposals on capital controls
Federal Reserve vice-chair takes Fund line on framework to tackle capital inflows; follows criticism of framework from Indian, Brazilian officials
Vigilance needed to prevent curse of inflation in Asia
The curse of inflation
Greece will default, panellists say
Panellists at the Fathom Consulting Monetary Policy Forum say Greece will likely default on its debt
Brazil slams IMF proposal on capital controls
Brazil’s finance minister Guido Mantega rejects IMF proposals for establishment of framework on capital controls; attacks Fund’s laissez-faire policy on capital movements
Greek budget cuts raise default concerns
Markets prepare for the worst as Athens unveils new tougher austerity measures; IMF managing director Dominique Strauss-Kahn says cuts are necessary
HKMA warns on US dollar funding risk from China corporate lending
Hong Kong branches of Chinese commercial banks are increasingly lending US dollars to state-backed enterprises. The surge in dollar demand from Chinese corporates comes as lending is squeezed onshore by Beijing's efforts to limit the credit growth of…
Video: Tsuyoshi Oyama on the conflicted role of central banks post crisis
Bank of Japan veteran and Deloitte Touche Tohmatsu partner, Tsuyoshi Oyama, discusses the changed role of central banks post-global financial crisis and potential conflicts with their new role.
Basel Committee’s Walter: Consensus reached on method to identify Sifis
The Basel Committee has now agreed on criteria for banks posing systemic threat; FSB agrees on accelerated timetable for G-20 recommendations
Risk Europe: Roles of ESRB and ECB could conflict, says Belgium's Reynders
Europe's new systemic risk watchdog could clash with the ECB - but the ESRB's powers may need to be expanded, says Belgian finance minister, Didier Reynders
BoJ’s Miyao pledges continuity of settlements system during planned blackouts
Bank of Japan Policy Board member Ryuzo Miyao says in-house power generation at central bank branches would support settlements systems ahead of planned power shortages
China and HK central banks close to finalising new CNH clearing arrangement
Market participants are close to completing the legal and operational details relating to a new custodian account arrangement that would allow the city's participating banks in offshore renminbi to take credit risk against the People's Bank of China…
Moody’s Portugal downgrade sparks further speculation of bailout
Moody’s cuts Portugal’s credit rating by two notches to A3 on weaker growth prospects; analyst says bailout expected in coming months
ECB’s Bini Smaghi proposes single eurozone bond issuing agency
European Central Bank executive board member Lorenzo Bini Smaghi backs proposals for single eurozone government bond issuer; says agency could pave the way for a single European bond
Japan injects ¥7 trillion; expands asset purchase programme by ¥5 trillion
Bank of Japan makes largest-ever same-day funds operation in bid to subdue market panic following Tohoku earthquake
BoJ leaps to action to soothe quake fears
Bank of Japan moves to assure investors that financial infrastructures are still working; central bank will work to maintain smooth liquidity, settlement conditions
US still shows no signs of addressing debt mountain
America’s balancing act
Map of global banking network shows climb in contagion since late 1980s
Bank of England paper uses BIS banking stats to show potential for cross-border contagion has been rising for past two decades, reaching its apogee at the time of the Lehman Brothers’ collapse
UK DMO stresses need for consistency
Consistency rules
Efficient markets’ failure hamstrung central banks: CentralBanking.com panel
Reliance on efficient markets hypothesis to develop policy frameworks must be reversed, LSE’s Brandon Davies and Fathom director Danny Gabay argue