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Treasury report should not designate Swiss franc, Global Public Investor 2020, and more

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Treasury report should not designate Swiss franc, Global Public Investor 2020, and more

THE WEEKEND REVIEW –  OMFIF

Latest opinion and analysis from OMFIF around the world

27-31 July 2020, Vol.11 Ed.29

Most-Read Commentary

Next US Treasury report should not designate Swiss franc: Market speculation is heating up that the US Treasury, in its next foreign exchange report, may designate Switzerland as a currency manipulator. Treasury brought back the Swiss onto the monitoring list in January. Designating the franc amid the crisis could upset global financial stability. On balance, there may be room for Switzerland to allow the franc to appreciate. But the case for designating the country for currency manipulation isn’t convincing, writes Mark Sobel.

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Commentary

China seeks second wind for renminbi: Yi Gang, governor of the People’s Bank of China, has called for a new general issue of the International Monetary Fund’s special drawing right to mitigate the impact of Covid-19. The SDR is a reserve asset which can be redeemed at any central bank for hard currency. Beijing sees a potential second wind for renminbi internationalisation, contingent on China helping finance the recovery in places willing to accept. The IMF offers routes for an accounting-driven reserve boost for the renminbi, writes Geoffrey Yu. Read more

Global Public Investor 2020

Reach for yield collides with Covid-19 flight to safety: GPIs are turning back to sovereign debt and gold, but alternative investments such as real estate and infrastructure are set to grow further. The seventh annual Global Public Investor draws on OMFIF’s largest ever survey sample of public investors, covering 78 central banks, pension funds and sovereign funds. It examines key themes for public investors, including sustainable investment, the status of central bank digital currency, and best practice in the relationship between central banks and sovereign funds. Download.

Podcast

In conversation with Liu Xiaoming: Liu Xiaoming, Chinese ambassador to the UK, remained almost unruffled by a pacey set of questions on the prickly issues bedevilling relations between his country and factions of the western alliance. Dishing out courtship and mild chastisement in equal measure, Liu stepped through questions from David Marsh, OMFIF chairman, and others on Huawei, Hong Kong, Taiwan and world trading relationships with well-rehearsed aplomb. Listen to the recording or read more.

Commentary

Supporting Hungarian SMEs through Covid: The Covid-19 pandemic has been challenging for many businesses. In response, Magyar Nemzeti Bank has introduced a series of coordinated measures to support micro, small and medium-sized businesses. These include flexible restructuring options and increasing the liquidity of the Hungarian corporate bond market. The MNB’s support packages are likely to play an important role in restarting the Hungarian economy, writes György Matolcsy. Read more.

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