As the world becomes more digitized and technologically advanced, our monetary system has yet to fully keep up. Money in many ways has already been digitized, with online banking and through online payment platforms, but central banks are pushing to move toward a currency that allows for full control and much more convenience through what…
The Case for Central Bank Digital Currencies
August 22, 2022
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Global Cenbanks Lift Rates by Nearly 1,200 Bps in July
LONDON—Major developed and emerging market central banks around the globe delivered nearly 1,200 basis points in interest rate hikes in July alone, ramping up their fight against multi-decade high inflation with Canada surprising markets with an outsized move. Central banks overseeing five of the 10 most heavily traded currencies delivered 325 basis points of rate…
Hong Kong and China Upgrade Currency Swap Line, Allowing Beijing Access to Foreign Currency Reserves
July 13, 2022
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central banksChinaChina Business & Economycurrency swap lineforeign currency reservesHK BusinessHKMAHong KongHong Kong Monetary Authoritythe people's bank of chinayuan
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Nearly 30 percent of Hong Kong’s foreign currency reserves are now accessible to Beijing after the People’s Bank of China (PBC) and Hong Kong Monetary Authority (HKMA) upgraded their currency swap line on July 4. Upgrading the currency swap line to a standing arrangement was one of two new policies announced by the PBC and…
Behind China and Hong Kong’s Different Responses to US Interest Rate Hikes
July 3, 2022
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AnalysisBusiness & Marketscentral banksChinaChina Business & EconomyChina's central bankchina's property marketeconomic policieseconomyexchange rateHKMAHong Konginflationinterest rate hikemonetary policyOpinionproperty marketsoaring inflation
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News analysis Amid soaring inflation, mainland China and Hong Kong central banks chose to respond in opposing ways to the U.S. Federal Reserve’s aggressive interest rate hikes, with China loosening its monetary policy, and Hong Kong raising interest rates. On June 15, the Fed raised the primary credit rate by 75 basis points, the largest increase…
US Recession Fears Mount as Stocks Swoon, but What of Canada?
News Analysis Rapidly rising interest rates have economists, business leaders, and financial markets increasingly fearing a recession in the United States next year as stock markets plunge, while Canada’s economy is facing a similar dynamic but with greater vulnerability to its central bank, an economist says. “There are many recessions in the past that were…
Central Banks Were ‘Too Complacent’ About Inflation Last Year: Singapore Prime Minister
May 23, 2022
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Asia & PacificBusiness & Economycentral bankseconomic policieseconomyinflationLee Hsien LoongSingaporeThe Federal ReserveUSWorld
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The central banks took a relaxed approach toward inflation last year and must now take “drastic measures” to deal with the current high inflation, Singapore’s Prime Minister Lee Hsien Loong said on Sunday. Lee said in an interview with Nikkei Asia that the global economy had recovered from the COVID-19 pandemic faster than projected, in…
What Happens When Central Banks Attempt to Tighten? Even More Resource Misallocation
Commentary After a prolonged period of easy monetary policy, the U.S. Federal Reserve has embarked on a tighter monetary stance. On May 4, 2022, the Fed raised its benchmark interest rate by 0.50 percent, to a target range between 0.75 percent and 1.00 percent. The hike is the largest since 2000 and follows a 0.25 percent increase in…
The Failure of Central Banking: Zombies
April 9, 2022
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Commentary A zombie is an aberration, something that should not exist in the real world. Yet in modern economies, such creatures do exist. Zombies were introduced to the economic jargon by Ricardo Caballero, Takeo Hoshi, and Anil Kashyap in their article, “Zombie lending and depressed restructuring in Japan” in 2008, where they named the unprofitable…
Government Support to Cushion High Gas Prices Could Add to Inflation Pressures
News Analysis Energy prices are soaring everywhere, prompting governments to consider support measures to mitigate the financial strain put on consumers’ wallets. But these costly policy tools could add to inflationary pressures and hinder central banks’ tightening efforts, says one market analyst. Federal and state governments are still exploring various mechanisms that could be employed…
The End of Liquidity
Commentary First, it was the Federal Reserve, then the Bank of England, and finally the European Central Bank have announced the end of their Quantitative Easing programs. By the end of March, all three central banks are expected to end their large-scale asset purchase programs, except for the European Central Bank, which will only end…
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