Ever since the financial crisis we’ve become accustomed to the idea that whatever governments fail to do, central banks can always come to the rescue. If you need a reminder of why this statement is wrong, look no further than the Bank of England (BOE). Much like other monetary authorities in the rich world, the BOE has been the main ...

Almost exactly one year ago, Prime Minister Narendra Modi went on national television to announce that, in a few hours, existing Rs500 and Rs1,000 notes would no longer be legal tender. This came as a complete shock to most; the weeks and months that followed featured long queues at bank tellers as hapless Indians tried to exchange old notes for ...

So China would like a bit of foreign expertise after all. In a surprise move, and timed with US President Donald Trump’s state visit, China said it would scrap foreign ownership limits for banks and asset management firms. Asia’s biggest economy has been talking about opening its banking industry for a while now. Foreigners are already movers and shakers in ...