Latest Central bank Stories
The economic slowdown is pushing the Chinese central bank to keep more of its money close to home, reducing its appetite for U.S.
Japan's financial institutions are being offered $13 billion in emergency loans from the Bank of Japan, the central bank said Thursday. Kyodo news service reported that commercial banks and other financial institutions that bid for the low-interest loans will be able to borrow the money between Jan.
Japan's central bank cut the key interest rate to 0.1 percent from 0.3 percent Friday to bolster the economy and arrest the yen's appreciation. The Bank of Japan's second interest rate cut in three months came on the same day that the government forecast zero GDP growth for fiscal 2009 starting in April. Japan's export-driven economy, which is already in recession because of the global financial turmoil, has seen the yen appreciate sharply in recent weeks against the U.S.
The Bank of Canada reacted to the global economic crisis Tuesday by lowering its key interest rate by three-quarters of a percentage point to 1.5 percent. The outlook for the world economy has deteriorated significantly and the global recession will be broader and deeper than previously anticipated, the bank said in its release.
The Bank of Korea said Thursday it would receive $4 billion through a U.S.
Bank of England Gov. Mervyn King said Tuesday the central bank may need to cut rates to stimulate the country's sluggish lending. I am in no doubt that the single most pressing challenge to domestic economic policy is to get the banking system to get lending in any normal sense.
The Bank of Japan Friday cut its key interest rate to 0.3 percent from 0.5 percent, the first such cut in seven years, to boost Japan's sluggish economy.
The Federal Reserve on Wednesday slashed interest rates a half-percentage point, a move intended to blunt the pain of an economy that has "slowed markedly."
The U.S. Federal Reserve cut its target rate for federal funds to 1 percent Wednesday, jumping past the possibility of a less dramatic reduction. The 0.5 percentage point reduction puts the bank's key lending rate to a rate unseen since 2004.
By Landon Thomas Jr. and Alan Cowell Alan Cowell reported from Paris. Mark Landler contributed reporting from Washington, Katrin Bennhold and David Jolly from Paris, and Julia Werdigier from London. Vikas Bajaj contributed reporting from New York and Carter Dougherty from Frankfurt.
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