Trade
Gilt repo clearing mandate on Bank of England’s radar
Sources say regulator mulling benefits of US-inspired regime, but is non-committal
War in Taiwan would cause severe disruption – Fed study
Conflict would be most economically impactful since World War II, says author
Thailand unexpectedly cuts rates as growth poised to slow
Domestic manufacturing sector faces “intense competition” from abroad, BoT says
Bank of Korea resumes easing and lowers GDP forecast
Cut of 25bp aimed at boosting economy as country grapples with US tariffs and domestic political drama
Tariffs will induce structural change in Canada – Macklem
Increased trade frictions with US will hurt country’s economy but represent “new reality”, says governor
Mexico’s central bank halves growth forecast for 2025
Tariffs not incorporated in prediction model, but Banxico expects uncertainty to dampen investment
New Zealand continues easing cycle with 50bp cut
Trade concerns take centre stage as RBNZ delivers fourth consecutive reduction
UK economy vulnerable to Trump tariffs – BoE’s Greene
MPC member says US has outsized financial impact as biggest single-country trading partner
Philippines unexpectedly pauses easing cycle
BSP would have continued cutting if not for “uncertainty over trade policy”, governor says
Mexico accelerates easing with 50bp cut
Board members, unfazed by uncertainty in US, speed up loosening as inflation slows
Colombia unexpectedly holds policy rate
Central bank pauses easing cycle as minimum wage hike complicates inflation dynamics
Singapore eases monetary policy for first time since 2020
Central bank slows exchange rate appreciation as core inflation falls and trade concerns loom
Higher tariffs would hurt US allies as well as its foes – research
However, research says country would be largely shielded from impact of geopolitical fragmentation
Sweden makes further cuts, but Norway continues to hold
Riksbank reduces rates by 25bp, but Norges Bank maintains more hawkish approach
IMF team builds new multi-country semi-structural model
G3MOD designed for frequent analysis by central banks of trade and financial links
Central banking amid uncertainty and Trump 2.0
Deglobalisation set to challenge the central banking orthodoxy of the past 40 years
Banknotes: October to December 2024
A round-up of news and salient issues that have affected central bankers in the past three months
Cross-currency letters of credit gaining popularity in Asia
Divergent central bank policies see CNH LCs increasingly used to cover USD invoices
Bank of England to review UK clearing rules
Broader collateral set and greater margin transparency could be adopted from Emir 3.0, but not active accounts requirement
Central banks to maintain independence despite threats – panel
Top central bankers discuss Trump, AI and why they plan to ignore IMF on rate cuts
Basis swaps surge amid US repo concerns
Fed funds-versus-SOFR swap volumes nearly quadruple as declining Fed reserves impact funding rates