Banking

Bloomberg Two top Bank of England (BOE) officials suggested that the UK financial system’s rules may have to diverge from the European Union’s after Brexit — a topic that’s becoming as a major point of contention between the two sides. Outgoing Governor Mark Carney told Parliament that Britain’s view of EU regulation may change over time, especially since it will ...

Bloomberg Federal Reserve Chairman Jerome Powell came close to acknowledging that the central bank may not have the firepower to fight the next recession and called on Congress to get ready to help. The current low level of interest rates “means that it would be important for fiscal policy to support the economy if it weakens,” he told the House ...

Bloomberg Malaysia’s central bank sees room to adjust monetary policy again after economic growth slowed to its weakest pace in more than a decade and the nation braces for the impact of the coronavirus on tourism and trade. Fourth quarter gross domestic product expanded 3.6% from a year ago, the lowest since the third quarter of 2009 and far worse ...

Bloomberg Three of the European Central Bank’s (ECB) top policy makers defended their monetary stimulus even as they acknowledged that the negative side effects must be watched closely. President Christine Lagarde told the European Parliament in Strasbourg that she realises subzero interest rates and bond purchases can hurt savers and lead to overvalued asset prices such as real estate, but ...

Bloomberg India’s central bank is actively managing bond yields to keep borrowing costs in check, analysts say, after five interest-rate cuts last year failed to spur lending in the economy. The Reserve Bank of India’s (RBI) recent shift to targeted cash injections and credit easing contrasts with the central bank’s insistence that it only looks to smoothen liquidity and facilitate ...

Bloomberg Poland’s central bank is raising eyebrows in its justifications for maintaining record-low borrowing costs. Governor Adam Glapinski has brushed aside concern about the worst economic expansion in three years and an upward shift in inflation surpassing anywhere else in the European Union (EU). Western sluggishness is weighing on growth, he says, while factors beyond the bank’s control are driving ...

Bloomberg The European Central Bank (ECB) has set out an ambitious timetable for its strategic review that could see a decision on whether to change its inflation goal by the summer, according to euro-area officials. Speaking on condition of anonymity because the process is confidential, the officials described a rushed agenda under President Christine Lagarde, who reached her 100th day ...

Bloomberg China will allow local governments to sell another 848 billion yuan ($122 billion) of debt before March, as authorities seek to offset the economic shock of the coronavirus. The new quota includes 558 billion yuan of local government debt as well as 290 billion yuan of so-called special debt, according to a Ministry of Finance statement on Tuesday. The ...

Bloomberg Mastercard Inc won approval to set up a bank card clearing business in China, gaining access to a $27 trillion payments market as part of the nation’s financial opening. The announcement by the People’s Bank of China (PBOC) on Tuesday signals the country is moving ahead with the speedier opening of its financial system that was agreed on as ...

Bloomberg When a former Yes Bank Ltd executive started selling his stake in September, the Indian lender’s top managers watched for any sign that the resulting drop in share price would trigger a rush to withdraw deposits. The stock sales came as customers of a regional lender — Punjab & Maharashtra Co-operative Bank Ltd — were lining up outside its ...