samchain/econo-pairs-v1 huggingface dataset:
Chinese banks in Singapore have committed more than RMB 500 billion (USD 73.4 billion) in financing Singaporean companies involved in Belt and Road projects, including the issuance of project bonds. China Construction Bank Singapore branch issued RMB 1 billion (USD 145 million) of Belt and Road Initiative bonds in August last year. And in May this year, Bank of China Singapore branch issued Belt and Road Initiative bonds worth RMB 4 billion (USD 600 million). Expanding the role of capital markets in financing growth Second, the CCI has embarked on a demonstrative project to expand the role of our capital markets. This complements the role of banks in financing growth and development. Specifically, we should facilitate the participation of institutional investors in development projects. Why? China has many public-private partnership (PPP) projects, where the state and companies involved own and operate infrastructure assets. In Chongqing itself, RMB 800 billion worth of PPP projects are expected to be in the pipeline between 2015 and 2020. But infrastructure assets are illiquid by nature. The capital invested is locked up and not available for use in other development projects. 3/5  BIS central bankers' speeches  If we can securitise these PPP assets, we can help free up capital and diversify funding sources. We can make these securitised assets available to long term investors such as insurance companies and sovereign wealth funds, or even retail investors through a listing.

The British economy is facing strong pressure of demand on supply capacity, on the one hand, and low inflation, below the 2% target, on the other. Whether that combination can or will continue is, as I argued earlier, not easy to know. Since our August Inflation Report, the rise in oil prices, now at their highest level in real terms for twenty years, has moderated somewhat the outlook for the world economy. And there have been two developments at home, with conflicting implications for inflation. First, there are some signs that the economy is experiencing a softer patch after rapid growth in the first half of the year, even if the official production data are not entirely easy to square with business surveys. Second, sterling has fallen significantly, by some 4% on its effective rate against all other currencies, from its previous high level, and there is continuing rapid expansion of total money spending, broad money and credit. Looking ahead the MPC will have to balance the impact on inflation of this evidence of weaker activity against the fall in sterling and other signs of cost pressures. The implications for interest rates will depend on developments in the economy which the MPC will monitor carefully both in the official figures and through our regular visits to this and other parts of the United Kingdom. So, if you are interested in the future path of interest rates, don’t read my lips, read the economic data!
The inflation development I have described and which follows on from the current interest rate assumption is judged to be reasonable, but there are several alternative paths for the future repo rate, which would give roughly the same outcome for inflation. As before, there is also reason to note that household borrowing and house prices are continuing to rise rapidly. Given this, the decision we made yesterday was to leave the repo rate unchanged at 1.5 per cent. The precise future stance of monetary policy will depend as usual on new information regarding economic developments in Sweden and abroad and on the Riksbank's assessment of the inflation outlook. By way of conclusion I would like to refer back to the first part of my speech, where I presented some information regarding the outcome of the policy that has been conducted in Sweden in the past ten years and of the Riksbank's efforts. Let me stress that the good results that have been achieved – with a stable and relatively strong economic performance – are very much due to decisions taken here in the Riksdag. I am thinking of those decisions you made during and after the crisis years with regard to budget policy, both its framework and its implementation, and the various decisions you have taken that have helped to make the Riksbank independent. It has been a great privilege to have been involved in this process and to have had the opportunity to work for ten years in the management of the Riksbank.

In addition, these issues are garnering considerable attention internationally at present, including in the wake of a report by the Eminent Persons Group, requested by the G20 and presented in October 2018. In that report, it is recommended that the IMF revisit the IV and make it more flexible as regards CFMs like that currently in use in Iceland. 6  Honoured guests: I had not originally intended to speak at such length on economic developments and prospects and monetary policy conduct, but public discourse over the past few days changed that. I also intended to discuss other changes that, in the long run, could be much more important than whether interest rates are currently a few basis points higher or lower. These changes fall into two categories. First are the changes that could take place following the Ministerial Committee’s decision this autumn to commence work to improve the interactions between monetary policy and financial stability policy and to strengthen the framework and architecture of macroprudential policy and financial supervision. Second are the changes in payment intermediation caused by technological advances, among other factors — which, for example, have put the question of a possible electronic króna, or rafkróna, on the agenda. I have high hopes for these changes. But discussions of them must await another occasion. 7
It was assumed previously that as long as oil is overly volatile, the ruble remains equally as volatile. Yet the volatility of the ruble is lower than that of oil. It will take a further diversification of the economy to enable basic conditions for bringing down volatility. The current developments call for further promotion of forex hedging instruments. We see demand emerging for these instruments, which is why we welcome the initiative of the Government’s Ministry for the Economy for the establishment of a dedicated facility to support businesses in hedging forex risks. QUESTION from TASS Agency: Another question about the ruble and oil, if I may. The Brent crude price has dropped by almost 13% since the start of the year. The ruble has appreciated against the US dollar by roughly 7% in the same period of time. Does the Central Bank monitor the ruble’s dependence on oil? Can you estimate how long this weakening of the ruble’s dependence on oil will last? Thank you. ELVIRA NABIULLINA: Your question clearly demonstrates that the ruble is not only affected by oil. The oil elasticity of the exchange rate depends on seasonal factors, among others. On some occasions we have registered the elasticity ratio at 0.9, it has even reached 1 during short periods. According to our estimates, it now stands at 0.2-0.3. You will see that the movement may even be reversely directed if other, more serious, factors affecting the exchange rate are in place.

Jean-Pierre Roth: Central bank policy and developments on the real estate market Summary of a speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank and Chairman of the Board of Directors of the Bank for International Settlements, at the 8th International Symposium of the Group of Fifteen, Zurich, 1 February 2007. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  The Swiss National Bank takes considerable interest in the real estate market for a number of different reasons. Movements in real estate prices, on which it focuses in particular, can have a bearing on private consumption, investments and bank lending in addition to directly influencing the consumer price index through the rent component. The SNB’s monetary policy is aimed at maintaining price stability, as measured by changes in consumer prices. Therefore, if it had reason to expect that developments in the real estate market could jeopardise price stability in the economy as a whole, the SNB would definitely adjust its monetary policy. The Swiss real estate market has shown a very positive performance over the last few years and has made a substantial contribution to the upturn of the economy. According to the National Bank's assessment, the housing market in particular is currently well-balanced. The present situation thus gives no cause for concern. The SNB will, however, continue to monitor developments closely, particularly those factors that might boost demand for residential space in the future.
This approach should be a consensual approach of the shareholders, a transparent one, where everybody, sponsors and countries of operations agree on the principles and objectives. Ladies and gentlemen, 1/2  BIS central bankers' speeches  Allow me to conclude by saying that the National Bank of Romania strongly supports the partnership with the European Bank for Reconstruction and Development. We appreciate the assistance provided and its benefits and positive impact. We will remain your reliable partner, as always. I invite Mr. Eugen Teodorovici, Minister of Finance and Governor to the EBRD to give his keynote speech on “Romanian Government Program and Future Presidency of the European Union Council”. I wish you fruitful and successful discussions. Thank you. 2/2  BIS central bankers' speeches

6  BIS Review 31/2008  Chart 1: Current account balances in the first wave of financial globalisation  Chart 2: Number of sovereign wealth funds since the 1950s  Per cent of own GDP United Kingdom Germany 15 Western Europe France 10  Number of SWFs 30 25  5 0  20  -5 15  -10 -15  10  -20 Canada Australia Argentina  -25 'New World' countries  5  -30 -35  1870  1877  1884  1891  1898  1905  1912  Source: Taylor, A (2002), “A century of current account dynamics”, Journal of International Money and Finance, pp 725-748. 0 1950s 1960s  1970s 1980s  1990s 2000s  Source: Morgan Stanley, Deutsche Bank  Global map 1: Current account positions (% of own GDP) in 1997  Source: IMF, World Economic Outlook, 2007  BIS Review 31/2008  7  Global map 2: Current account positions (% of own GDP) in 2007  Source: IMF, World Economic Outlook, 2007  Chart 3: Global holdings of fx reserves (excluding gold), 1995-2007 $  China Japan Russia Other Asia (a) Other EMEs Developed countries (b)  7 6 5 4 3 2 1 0  1995  1997  1999  2001  2003  2005  2007  Source: International Financial Statistics. (a) Excluding China and Japan. (b) Excluding Japan.
We know that quality should mean better performance and the creation of greater value. And there are many ways in which we can look at how organisations manage quality. The seven criteria of your Quality Award, including leadership, strategy and knowledge management for instance, provide an excellent framework. But when it comes to an international financial centre like Hong Kong, what are the essential qualities we should look for? And how do we achieve – or strengthen – those qualities? 6. Let’s start with the essentials. The basic function of a financial system, simply put, is to move money around. The system channels capital from those who have a surplus to those who need it. It moves capital around the economy like the heart pumps blood around the body. This enables daily economic activities like paying salaries and buying groceries. 7. But an international financial centre has a further dimension. It doesn’t just serve the needs of the local economy. It also enables a host of companies, institutions and individuals from around the world to meet more complex needs, such as financing supply chains and managing risk. With these domestic and global dimensions in mind, I’d like to discuss two important qualities of Hong Kong as a leading international financial centre. Resilience is key 8. The first quality is resilience. It’s easy to think of aspects of finance in which safety and reliability are vital. In a quality financial system, we take these for granted.

Apart from answering to shareholder interests, the board of directors and management also have a fiduciary duty to their policy-holders. Sound internal risk management and controls are needed to protect policy-holders' interests. Currently, our regulations oblige the Appointed Actuary to take responsibility for monitoring the financial soundness of life insurance companies. But the Board and management cannot just sit back and rely on the actuaries. Board and management themselves must acquire a better awareness and understanding of actuarial assessment. We need to set clear expectations of the role that the Board and management play, in ensuring the financial soundness of their companies. MAS will work with industry and professional associations to set out guidelines for this important area. In Singapore, we established the Corporate Governance Code for listed companies last year. MAS has tightened corporate governance standards for local banks. We recently required auditor rotation for local banks, a policy which we had been considering for some time, even before the latest wave of accounting scandals. For insurance companies, we are currently working on a draft corporate governance framework. MAS is consulting the industry and will issue guidelines for internal governance for local boards of directors, as well as guidelines for the roles and responsibilities of Principal Officers of insurance companies.
Ladies and Gentlemen, the financial turmoil facing the world today has affected all of us and we as regulators are trying to ensure stability in the financial markets. In this regard, the Bank of Zambia has put in place measures to moderate the impact of the global meltdown on the Zambian financial system. The Government also remains resolved to continue with prudent fiscal policies and economic management, which have seen a buoyant financial sector in Zambia, thereby resulting in the mushrooming of branches in different locations of the country, such as the one we are inaugurating today. In spite of the uncertainties in the global economy, Distinguished Guests, we remain confident that the financial sector in Zambia will rise above the challenge and continue to provide services to the communities where they operate. Ladies and Gentlemen, I have stated at various fora that it is important for banks in Zambia to take actions which support the development of our economy: •  Banks need to open more outlets such as this one, to increase our people’s access to banking services, thereby empowering our citizens  •  Banks should provide more loans to the productive sector, such as Agriculture and SMEs. In striving to meet these demands, banks must always comply with the regulations as stipulated in the Banking and Financial Services Act to ensure the safety of customers’ deposits. I am proud of the stability that has been exhibited by our economy.

However, Mr Chairman, I am disappointed that the cost of borrowing has remained high in spite of the improvements in the fiscal management of our economy. As you know, the high cost of borrowing stifles the growth of the productive sector. BIS Review 52/2009  1  I therefore appeal to all the banks operating in Zambia to show more commitment to the growth and development of our country by: •  Opening more branches  •  Providing more loans to increase the productivity of our economy, and  •  Encouraging more Zambians to open bank accounts through provision of easily accessible and affordable products and services  All this, ladies and gentlemen, will greatly contribute to the emergence of a middle class in Zambia, which will bring real economic development and lead to poverty reduction. I am pleased to observe Standard Chartered Bank’s commitment to growth and reinvestment. You will all agree with me, however, that those who have more should do more. I therefore look forward to seeing more from Standard Chartered Bank Zambia Limited, as it is one of the leading banks in this country. I thank you. 2  BIS Review 52/2009
I’ll highlight a few interesting trends that our examiners and analysts have observed through this monitoring. For the three-year period ended December 31, 2016, aggregate Second District community bank loans grew by 46 percent.1 These loans were often funded by non-core funding sources, which grew by 49 percent in the aggregate over the same period. This raised concerns among supervisors who consider non-core funding sources as higher risk from a safety and soundness perspective. Moreover, the primary source of loan growth for this period was commercial real estate. In response to this growing CRE concentration, the Fed intensified its monitoring of this sector and directed our supervisory focus toward how firms are risk-managing their CRE portfolios. More recently, during 2017, we saw more moderate asset growth for community banking organizations in the District—approximately 7.5 percent—which is in line with national peer group averages. Aggregate loan growth in 2017 was 10.5 percent for the year, which is also comparable to the national peer group averages. Over this period, we observed a small shift from commercial loan growth toward retail loan growth, specifically in the areas of one-to-four family homes and indirect automobile loans. With respect to funding in 2017, we observed strong growth in core deposits and less reliance on non-core funding sources—a positive trend from a safety and soundness perspective. In the competitive environment of the Second District, we’ve observed community banks seeking revenue from more niche businesses such as wealth management and indirect automobile lending.

As you all know, the banking industry is confronting a series of emerging challenges and environmental changes such as a rising interest rate environment, new businesses and technologies that may disrupt the traditional financial services industry, and novel cyber-threats that seek to exploit our highly interconnected society. In addition, over the past year or so, we’ve witnessed significant turnover in the leadership at federal regulatory bodies including the Federal Reserve, the FDIC, and the OCC, which has the potential to change the regulatory environment. And, finally on the legislative front, Congress is currently considering the Economic Growth, Regulatory Relief, and Consumer Protection Act, which if passed in current form would entail the most significant statutory change to the U.S. banking regulatory framework since the passage of the Dodd-Frank Act in 2010. All of this change presents both opportunities and threats. For my remarks today, I’d like to explore three specific changes that are relevant for community banks: first, a shift in community banks’ business models in response to market changes and regulatory pressures; second, the growing competition and potential disruption introduced by “fintech” firms; and third, the critical threat that cybersecurity risks pose to all community banks. Following my remarks and throughout the day, I look forward to hearing from you about these forces as well as on other changes, trends, and challenges that you and your firms are facing.
Governance waivers and modifications granted by the PRA will be time-limited, and the PRA will pay close attention to whether governance arrangements work as intended in practice. As well as changing the structure and governance of the banking groups in scope of the new regime, ring-fencing will influence the evolution of the sector as a whole. From January, ring-fenced banks will account for around a quarter of the assets of the UK banking sector. And around three-quarters of UK retail deposits will be placed within banking groups subject to ring-fencing (with the rest mostly held by building societies or banks that do not meet the ring-fencing threshold). Some ring-fenced banks will be relatively well funded from retail deposits. Ring-fencing requirements mean that banking groups will not be able to rely on retail deposits to fund investment banking or international activities, as they might have done in the past. Instead, this funding could be used by the ring-fenced banks to lend to UK households. If so, this could contribute to a continuation of the increased competition we have seen in the domestic mortgage market.6 But it might also mean a reduced supply of sterling surpluses in wholesale markets, which could put upward pressure on the price of sterling funding for banks that have relatively fewer retail deposits. How will ring-fencing affect the business models of banks which sit outside the ring-fence in banking groups?

While implementation has progressed smoothly, the PRA will pursue instances of non-compliance which could affect our ability to meet our objectives using the PRA’s existing supervisory and enforcement tools, including those available under the Senior Managers Regime. In cases of severe non-compliance, the legislation empowers the PRA to use a group restructuring tool – known as ‘electrifying’ the ring-fence – which enables the PRA to require a banking group to sell its ring-fenced bank or other parts of its group, subject to Government consent. As Sam Woods, the Bank’s Deputy Governor for Prudential Regulation and CEO of the PRA, said at Mansion House last month, these powers, and our ongoing supervisory activity, will help ensure the ring-fence does it job.8  Conclusions In less than six weeks, ten years on from the financial crisis, one of the largest ever reforms to the structure of the UK banking industry comes into force. While most will notice little difference on day one, ring-fencing the largest UK banks has involved significant changes behind the scenes. This reform will make the provision of core banking services more resilient, and protect taxpayers from further bail outs. These are real benefits but are conditional on the ring-fence being maintained over time, meaning this will be a continuous process for both the PRA and the banks. 7  Prudential Regulation Authority (2018), The PRA’s approach to banking supervision, (October), Chapter 5. Woods, S., (2018), ‘Good cop / bad cop’, speech available at https://www.bankofengland.co.uk/speech/2018/sam-woods-mansionhouse-city-banquet.