Yi Gang, governor of the People’s Bank of China, arrives for the European Union-China high-level economic dialogue at the Diaoyutai State Guesthouse in Beijing, China, on June 25, 2018. With its centrally planned economy, China could ensure closer integration between monetary policy and government objectives. Photo: Reuters
David Brown
Opinion

Opinion

Macroscope by David Brown

Should central banks be revamping their monetary policy frameworks and liaising more with governments?

  • With the trade war threatening already slowing global growth, it could be time for central banks to synchronise their efforts more closely with government fiscal goals
  • While crossing the line separating government and central banks might be harder in advanced economies, China may be better placed to do so

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Yi Gang, governor of the People’s Bank of China, arrives for the European Union-China high-level economic dialogue at the Diaoyutai State Guesthouse in Beijing, China, on June 25, 2018. With its centrally planned economy, China could ensure closer integration between monetary policy and government objectives. Photo: Reuters
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US President Donald Trump looks on as Jerome Powell, then his nominee to become chairman of the Federal Reserve, speaks at the White House in Washington on November 2, 2017. Although Trump urged the Fed to cut interest rates last week, the bank announced it was holding them steady. Photo: Reuters
David Brown
Opinion

Opinion

Macroscope by David Brown

Donald Trump should back off from pestering the Fed, but central banks could cut interest rates further

  • With the US economy still showing signs of vulnerability, money markets are factoring in the possibility that the Fed will cut rates. A coordinated move by central banks in China, Japan and Europe to slash rates would benefit the global economy

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US President Donald Trump looks on as Jerome Powell, then his nominee to become chairman of the Federal Reserve, speaks at the White House in Washington on November 2, 2017. Although Trump urged the Fed to cut interest rates last week, the bank announced it was holding them steady. Photo: Reuters
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