Bonds
BoJ to reduce its government bond purchases
Central bank will announce bond-buying details at next meeting and keeps rates unchanged
Cecilia Skingsley on monetary policy tech and a unified ledger
Head of the BIS Innovation Hub speaks about tokenisation, CBDCs and the ‘black box problem’ in AI
Trends in reserve management 2024: survey results
Insights on geopolitical risk, AI, asset diversification, risk management and ESG adoption
QE helped smooth sovereign bond yields, ECB paper finds
Eurosystem’s asset purchases helped reduce effect of “auction cycle”, researcher says
China to start selling ultra-long term sovereign bonds
Authorities will start selling 30-year bonds as first stage of major fiscal stimulus
HKMA publishes sustainable finance taxonomy
Hong Kong extends scope of green bond subsidy and develops climate risk assessment tool
Chinese policy-makers warm to PBoC bond trading
PBoC’s trading of government bonds will be different from QE, central bank official says
US news has a large impact on global bond yields – research
Bank of Canada research finds US news affects expectations in other countries
Supervisors grapple with the smaller bank dilemma
How are the guardians of stability moving to address risks linked to smaller banks in the aftermath of SVB’s collapse?
‘Stretched’ bond markets vulnerable to instability – IMF
Expectations of soft landing have compressed spreads and could lead to sudden repricing, report says
Pakistan repays bonds worth $1bn as it seeks fresh IMF loan
Debt-stricken country looks to secure about $6 billion in loans
RBA to shift to ‘ample reserves’ operational framework
New approach will be simpler to operate and reduce market volatility risk, assistant governor Kent says
BoE says risk of ‘sharp correction’ in asset prices has risen
Drop in asset prices could trigger renewed “dysfunction” in core markets, central bank says
Green bonds have negative premium, Italian study finds
Negative “greenium” widened during Covid-19 pandemic, researchers say
‘Passive’ QT can be costly, BoE paper finds
Research highlights need to account for frictions and build “headroom” for future shocks
Escaping the structural liquidity trap
Investment needs to be subsidised not taxed if developed countries want to avoid inflation and financial crises, writes Andrew Smithers
Book notes: Easy money, by Dror Goldberg
Interesting interpretations but hard to view 1690s Massachusetts paper as the invention of modern currency
PBoC and HKMA strengthen financial ties
Hong Kong to accept onshore bonds as collateral for RMB funds, as PBoC looks to open up repo market
Argentina adopts new policy rate
BCRA will use overnight reverse repo rate after halting auctions of Leliq bonds
Bank of Japan maintains ultra-loose policy
Ueda says the chance of Japan achieving sustainable above-target inflation is increasing
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
Kenya increases policy rate by 200bp to strengthen shilling
Governor says equilibrium rate has been ‘overshot’
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