US dollar
China and Brazil set up infrastructure for renminbi clearing
Move comes as renminbi overtakes euro as Brazil’s second largest reserve currency
Uruguay’s government will recapitalise central bank
Economist says BCU failed to hedge against exchange rate risks
PBoC swap lines now key international bailout tool
Researchers say PBoC extended support worth billions of dollars to Belt and Road countries
World faces ‘new investment regime’, says Mauritian governor
Seegolam says “bonds are back” but FX will be volatile
Central banks step up dollar liquidity support
But initial auction results show little evidence of pressure on dollar funding
Fed creates new liquidity backstop amid contagion fears
Valuing collateral at par marks significant break with rules on standard liquidity facilities
Banknote themes in motion
Antti Heinonen asks whether the world is about to witness a revolution in banknote images
Bolivia sells dollars to public as reserves dwindle
Analysts say central bank may not be able to defend its peg much longer
Iran imposes FX controls as currency falls again
Commodities inflation bites ahead of upcoming new year
BoT’s Sethaput on inflation dynamics, central bank mandates and multi-lateral payments
The Bank of Thailand governor speaks with Christopher Jeffery about the trend towards higher inflation, the sustainable finance challenge, experiments with CBDCs and governance issues related to multi-lateral payments
Bolivian central bank offers preferential rate for dollars
Dwindling reserves drive new measures to obtain foreign exchange and gold for central bank
Rates round-up: Zimbabwe cuts policy rate to 150%
Azerbaijan raises rates 25bp; Qatar bucks Gulf trend; and more
Global liquidity driven higher by derivatives and euro lending
BIS statistics show contraction in dollar lending to emerging and developing economies
Argentina and Brazil to begin studying common currency
Minister says countries are taking “first step” in project
Somalia plans to introduce new notes by 2024
Country has become dollarised since the collapse of the central government in 1991
Cuban foreign exchange reserves have fallen, state says
Unusual disclosure in official publication sparks speculation about country’s financial position
BoE paper finds non-banks act as global stabilisers
Non-bank firms help dampen the impact of US monetary policy spillovers, authors find
The always imminent demise of the global dollar
Creating effective alternatives will remain long and arduous despite China’s development of Cips, the mCBDC bridge and any oil-price redenomination, writes Barry Eichengreen
IMF’s Gopinath rewrites classic open-economy model
Mundell-Fleming model’s assumptions make it less useful for modern policy-making, economist says
BIS finds Brexit dented London’s financial ‘pre-eminence’
London remains a leader in banking and derivatives, but has lost some market share
2022: The year in review
The invasion of Ukraine left central banks facing yet another exceptional set of challenges. Central Banking looks back at the stories that made the biggest impact this year
The rise of non-SDR currency reserves
New Cofer data release may show an overall fall in FX reserves, writes Gary Smith
Currency round-up: Yellen’s signature added to US money
Singapore ends practice of printing new year notes; new coins in Canada and Ghana; and more
PBoC reports rise in gold reserves for first time since 2019
Analysts say the move is part of China’s ongoing efforts to diversify its vast dollar-denominated assets