Regulation
US Treasury designates China a currency manipulator
Renminbi crosses barrier of seven yuan per US dollar amid trade tensions on August 5
Turkey increases reserve requirements on FX deposits
Authorities aim to discourage citizens from transferring assets into other currencies, weakening the lira
Powell says Fed will decide on 24/7 RTGS system ‘soon’
Fed under pressure to act amid flurry of legislative activity around payments
Fed cuts rates and halts balance sheet reduction
Decision sees hawkish dissents from Kansas and Boston Fed presidents Esther George and Eric Rosengren
Ripple attempts to pacify US regulators after libra hearings
Payments service provider says crypto assets would be complementary to dollar
Dual IM relief may slash 2020 docs burden by 90%
Isda sees around 8,000 counterparty relationships lifted from phase-five repapering
IM big-bang split confirmed with new $50bn threshold
Addition of sixth compliance phase looks set to slash September 2020 in-scope entities by more than half
Hyperinflation looms as Zimbabwe struggles to stabilise currency
Official inflation almost doubles as economic threats remain
St Louis Fed warns of rise of multicurrency systems
Crypto assets may hamper monetary policy transmission and increase exchange rate volatility
UBS: last look is sticking around, but conversation evolving
Bank says transparent and open discussion can produce “mutual benefits going both ways”
Regulators plan to delay IM ‘big bang’ – market sources
Most see final phase of initial margin rules coming a year later, in September 2021
E-money poses serious threats to financial system, says IMF paper
Paper recommends a ‘synthetic CBDC’ to preserve financial stability
Debelle swings at ‘buyer beware’ disclosures in FX
‘They don’t give you free licence to do whatever you want,’ says new GFXC chair
Bank of Thailand voices concerns over baht appreciation
Thai central bank says it has cut supply of short-term bonds to curb hot money inflows
Trump lashes out at Libra
US president says Facebook’s system will need a banking licence if it wants to be a bank
PBoC gets go-ahead from China’s cabinet to develop CBDC
China’s central bank develops own CBDC, as officials voice concerns over Facebook’s Libra
Mexican peso falls on finance minister resignation
Crisis complicates inflation outlook and fuels fear of political interference in independent institutions
UBS exec: first trades via USC could take place this year
Risk Live: utility settlement coin project backed by group of banks moving “incredibly fast”
IMF: some central banks ‘on verge’ of piloting CBDCs
Survey highlights need for greater co-operation on fintech regulation
HKMA, PBoC extend CNY access to HK Stock Connect investors
Settling in onshore yuan gives northbound investors access to larger pool of renminbi; liquidity higher and exchange rates less volatile
CBDC effect on lending depends on competition
CBDC could increase bank lending if banks have some market power, they say
France’s de Galhau unveils G7 task force on ‘stablecoins’
Banque de France governor says group will weigh up impact of Libra and other “stable” crypto assets
Zimbabwe’s ‘mono-currency’ move triggers sharp rate hike
Central bank hikes overnight rate by 35 percentage points as local currency becomes sole legal tender
FSB weighs options for tackling rise of non-banks
Randal Quarles says strict regulation necessary if crypto assets such as Libra are used widely