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20 Sept 2019 Next BoJ Meeting is Live it's About Cost-Minimisation, not Expansion (Publication Centre)

The big question left by the BoJ at yesterday's meeting is how, if at all, they will follow up in October.

19 June 2017 Forget About Tapering, it's Done. Next, the Quantity Target Will go (Publication Centre)

The BoJ left its policy levers unchanged at the Monetary Policy Committee meeting on Friday. At the press conference, Governor Kuroda was repeatedly asked about the status of the ¥80T annual asset purchase target and what the exit strategy would be.

23 October 2017 Remember Minsky Moments? And Please Give us Capital, says China (Publication Centre)

Two major themes emerged from the Chinese Party Congress last week, namely, further opening of the financial sector to foreigners, and the threat of a Minsky moment.

8 September 2017 China Probably is Content with its Modest "Safe-haven" Role, for now (Publication Centre)

Geopolitical tensions have risen sharply for Asia in the last few months, yet the RMB has appreciated sharply. China's currency appears to be playing some kind of safe haven role.

9 October 2018 PBoC RRR cut: The Lady Doth Protest too Much, Methinks (Publication Centre)

Over the weekend, the PBoC cut the RRR for the vast majority of banks. FX reserves data released shortly after suggested that the Bank already is propping up the currency.

15 December 2017 The PBoC's Meagre Hike Implies the RMB is set to Depreciate (Publication Centre)

Following this week's 25bp Fed hike, the PBoC hiked the main interest rates in its corridor by... 5bp. The move was unexpected so the RMB strengthened modestly; commentary is full of how this means the deleveraging drive is serious.

6 Feb. 2015 The ECB increases the pressure on Greece (Publication Centre)

The decision by the ECB to remove the waiver for including Greek government bonds in standard refinancing operations changes little in the short run, as the banking system in Greece still has full access to the ELA. It does put additional pressure on Syriza, though, to abandon the position that it will exit the bailout on February the 28th, effectively pushing the economy into the abyss.

17 July. 2015 A Dovish Mr. Draghi Assures Markets the ECB is Here to Help (Publication Centre)

Yesterday's ECB press conference confirmed our view that Mr. Draghi is the periphery's friend, not enemy. Crucially, the central bank agreed to increase emergency liquidity assistance--ELA--to Greek banks by €900M. This is consistent tent with the agreement by the Eurogroup to give Greece €7B bridge financing, and shows the ECB is ready to act on the back of only a temporary truce between Greece and the EU. The increase in ELA is modest, and we doubt a painful restructuring of the banking system can be avoided. But with Greek bond yields falling, the available pool of collateral will go up, allowing the central bank to provide further relief in coming weeks.

28 Jan. 2016 Italy Gets its "Bad Bank," but Implementation Looks Difficult (Publication Centre)

Reports yesterday indicated that a deal has finally been struck between the European Commission and the Italian government to start dealing with bad loans in the banking system. The initial details suggest the government will be allowed to guarantee senior tranches on non-performing loans, supposedly making them easier to sell to private investors. In order to avoid burdening government finances as part of the sales--not allowed under the new banking union rules--the idea is to price the guarantees based on the credit risk of similar loans.

28 November 2017 Stress Test Results to Underline Banks' Improved Health (Publication Centre)

The resilience of the banking system will be in focus today when the results of this year's Bank of England stress test are published alongside its Financial Stability Report.

29 November. 2016 Bank Stress Tests Look Tough, But They Exclude Key Sterling Risks (Publication Centre)

The health of the banking system will be under the spotlight on Wednesday, when the Bank of England publishes the results of its 2016 bank stress tests and its biannual Financial Stability Report.

Freya Beamish

Freya Beamish produces the Asia service at Pantheon. She has several years of experience in covering the global economy, with a particular focus on China, Japan and Korea. Previously, she worked at Lombard Street Research (now TS Lombard), where she delivered research on Asia and the Global economy for over five years, latterly as the manager of the Macroeconomics group.

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