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30th of December 2010
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News Tag: central banks

October 6, 2010

IMF fears currency war after interventions by central banks

by Kay Murchie
Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), has expressed his concern for a currency war. According to Mr Strauss-Kahn, if Governments across the world use exchange rates as a policy weapon, there could be a serious risk to global economic recovery. His comments come ahead of the IMF and World Bank annual meeting in Washington later this ...

June 22, 2010

China takes action to relax currency

by Kay Murchie
China has today taken action to honour its pledge in making its currency, the yuan, more flexible. On Saturday, policymakers pledged to make the yuan more flexible but then just 24 hours later the central bank’s website said: “There is at present no basis for major fluctuation or change in the [yuan] exchange rate.” However, its pledge to “strengthen the flexibility” of ...

May 26, 2010

Fed chairman warns of political interference

by Kay Murchie
Ben Bernanke, the chairman of the US Federal Reserve, has emphasised the importance of central banks to be free of political meddling and to keep their independence. Mr Bernanke believes central banks throughout the world should be able to make key economic decisions about monetary policy without Government interference. His statement comes as some Governments throughout the world are trying to influence ...

September 26, 2008

£55 billion pumped into the banking system

by Kay Murchie
The Bank of England has taken steps today in a bid to ease the worsening credit crisis after it injected an additional £55 billion into the banking system. The move follows the announcement that the $700 billion (£380 billion) US financial bailout plan has been blocked. As a result, central banks are taking action to lend extra cash to banks, these include ...

September 18, 2008

Markets react to $180bn cash injection

by Kay Murchie
Global markets have suffered over the last few days amid the collapse of Wall Street giant, Lehman Brothers, and the rescue of US insurance giant AIG, with many fearing that other financial institutions would suffer the same fate. US stocks increased in early trading today after Central banks from the UK, US, Europe, Canada, Switzerland and Japan injected $180 billion (£100 billion) ...