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The 2nd Conference of China and Portuguese-Speaking Countries Central Bankers and Financiers was held in the Macao Special Administrative Region (SAR) on September 23, 2024.
On September 23, 2024, Pan Gongsheng, Governor of the People’s Bank of China (PBOC), met with Ho Iat Seng, Chief Executive of the Macao Special Administrative Region (SAR).
Since 1981 when GIC was set up, MAS has been making periodic transfers to the Government of OFR that has been in excess of what it needed to conduct monetary policy and ensure financial stability. This has enabled the Government to invest foreign reserves through GIC on a longer-term basis while still ensuring that MAS has sufficient OFR to carry out its mandate.
OFR is accumulated when MAS purchases US dollars in exchange for Singapore dollars, in order to moderate the appreciation of the Singapore dollar exchange rate. It is hence a consequence of MAS’ monetary policy, which since the early 1980s has been focused on keeping the exchange rate within its target policy band.
Monetary policy in Singapore is centred on the exchange rate. In the small and open Singapore economy, the exchange rate is the more effective tool for maintaining price stability. Learn more about our unique monetary policy framework.
The U.S. Federal Reserve is on Wednesday heading for its first interest rate cut since the onset of the Covid-19 pandemic — and despite the move being widely forecast, global investors are braced for impact.
Quantitative tightening (QT) is the reverse process of QE, whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing, to purchase new bonds. It is usually positive for the value of the US Dollar.
In extreme situations, the Federal Reserve may resort to a policy named Quantitative Easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used during crises or when inflation is extremely low.
The Federal Reserve (Fed) holds eight policy meetings a year, where the Federal Open Market Committee (FOMC) assesses economic conditions and makes monetary policy decisions.
Monetary policy in the US is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability and foster full employment. Its primary tool to achieve these goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, it raises interest rates, increasing borrowing costs throughout the economy.
During the Monetary Policy Meeting, the Policy Board of the Bank of Japan unanimously decided to set the guideline for money market operations for the intermeeting period. The Bank aims to maintain the uncollateralized overnight call rate at around 0.25 percent.
Since the beginning of 2024, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, China has deepened reform and opening-up, strengthened macro regulation and control, and managed to combat risks and challenges. Economic performance overall was stable with steady progress, sustaining an upward trend. In first half year of 2024 (H1), the GDP grew 5 percent year on year and the CPI rose 0.1 percent year on year.
The Federal Reserve cut U.S. short-term borrowing costs on Wednesday by a bigger-than-usual half percentage point, a watershed moment that should start to ease some of the financial pressures everyday consumers have felt over the two and a half years that the central bank has battled with high inflation.
[HKD rate-cut] The Hong Kong Monetary Authority (HKMA) announced today (19 September) that the Base Rate has been set at 5.25% with immediate effect according to a pre-set formula.
The US central bank lowered interest rates for the first time in four years on Wednesday. The much anticipated move will influence mortgages, credit card and saving rates for millions of people in the US – and even around the world. The Federal Reserve reduced the key lending rate by…
The dollar initially trading lower following the Fed announcement, but pared those losses after Chair Jerome Powell finished his press conference.
The Committee decided to lower the target range for the federal funds rate by 1/2 percentage point to 4-3/4 to 5 percent.
At one point, the yen-dollar exchange rate touched the 139 yen per dollar range. The opportunity is the U.S. Federal Reserve Board (FRB) to start a substantial interest rate cut is expected to re-emerge, but the yen strengthened the background of the U.S. economic outlook is worrying and Japan and the U.S. interest rate differentials narrowed. However, Japanese households to buy overseas assets, such as “structural yen selling” still exists, the yen appreciation is difficult to develop in one direction.
The Fed’s key lending rate – what it charges banks to borrow – sets a base for what companies charge people in the US for loans, like mortgages, or other debt, like unpaid credit card balances.
That rate has hovered around 5.3% for more than a year, the highest level since 2001, since jumping from near zero at the start of 2022.