https://www-scmp-com.libproxy1.nus.edu.sg/rss/523644/feed The latest news and top stories on the Bank of England. A prominent London-based central bank, the Bank of England is dedicated to maintaining monetary and financial stability in the United Kingdom. Its main areas of focus include setting interest rates to control inflation, issuing banknotes for England and Wales and regulating financial institutions. en https://assets-v2.i-scmp.com/production/static/img/icons/scmp-meta-1200x630.png https://www-scmp-com.libproxy1.nus.edu.sg Reuters Reuters Cryptocurrency billionaire Christopher Harborne said on Saturday he had donated £36 million (US$49 million) to Britain’s anti-immigration Reform UK, matching an already record contribution to Nigel Farage’s party a day earlier as it prepares for the next election. The donation gives the veteran Brexit campaigner’s party £72 million from two donors in ‌less than 48 hours at a time when it is confronting allegations about irregularities in its funding, which it denies. The figure exceeds what... https://www-scmp-com.libproxy1.nus.edu.sg/news/world/europe/article/3367321/farages-reform-uk-gets-second-record-ps36-million-donation-48-hours?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/news/world/europe/article/3367321/farages-reform-uk-gets-second-record-ps36-million-donation-48-hours?utm_source=rss_feed Sat, 12 Sep 2026 14:24:25 +0000 Julie Zhang Julie Zhang As the Netherlands moved gold out of the US and Canada over geopolitical concerns, attention is turning to whether Hong Kong can capitalise on central banks rethinking where they keep their bullion. The city faces competition from Singapore, which is expected to launch central bank gold-vaulting services in October as part of efforts to cement its status as a gold trading hub in Asia. Where central banks chose to store gold came down to three factors, said Iggy Ioppe, a Wall Street veteran with... https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/3366357/can-hong-kong-outshine-singapore-central-banks-rethink-gold-custody-amid-global-risks?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/3366357/can-hong-kong-outshine-singapore-central-banks-rethink-gold-custody-amid-global-risks?utm_source=rss_feed Fri, 04 Sep 2026 09:00:11 +0000 Huizhao Huang Huizhao Huang China’s dominance in key green technologies is making the global carbon transition cheaper, but Western efforts to reduce reliance on Chinese manufacturing risk slowing it, according to researchers. China now led the world in electric vehicles (EVs), batteries and solar power – accounting for 70 per cent of global production of EVs, 80 per cent of lithium-ion batteries and 80 per cent of solar photovoltaics, said the report from the University of Manchester, released on Monday. “China’s... https://www-scmp-com.libproxy1.nus.edu.sg/economy/article/3364325/chinas-green-dominance-fundamental-dilemma-western-governments-report-says?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/economy/article/3364325/chinas-green-dominance-fundamental-dilemma-western-governments-report-says?utm_source=rss_feed Mon, 17 Aug 2026 14:00:23 +0000 Julie Zhang,Yeon Woo Lee Julie Zhang,Yeon Woo Lee China is expected to keep adding to its gold reserves as central banks in emerging markets turn to the precious metal to diversify their reserve assets, the World Gold Council said. “We expect central banks, including China’s, to continue increasing gold holdings, though the pace may vary,” Joe Cavatoni, the council’s senior market strategist and head of public policy, said this week. China’s gold reserves stood at 74.64 million troy ounces (2,322kg) at the end of last month, up 260,000 troy... https://www-scmp-com.libproxy1.nus.edu.sg/business/commodities/article/3355268/world-gold-council-says-diversification-driving-chinas-growing-reserves?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/business/commodities/article/3355268/world-gold-council-says-diversification-driving-chinas-growing-reserves?utm_source=rss_feed Fri, 29 May 2026 06:00:13 +0000 Nicholas Spiro Nicholas Spiro For an indication of how much the energy crisis is shaping the path of monetary policy, look no further than Australia. On May 5, the country’s central bank raised interest rates for the third consecutive time, unwinding last year’s monetary easing. The Reserve Bank of Australia (RBA) said “higher fuel prices are adding to inflation and there are indications that this is likely to have second-round effects on prices for goods and services more broadly”. The RBA’s decision to keep tightening... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/world-opinion/article/3352708/australias-interest-rate-rise-signals-growing-hawkish-stance-asia?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/opinion/world-opinion/article/3352708/australias-interest-rate-rise-signals-growing-hawkish-stance-asia?utm_source=rss_feed Thu, 07 May 2026 08:30:05 +0000 Associated Press Associated Press Canadian Prime Minister Mark Carney said in a video address released on Sunday that Canada’s strong economic ties to the United States were once a strength but are now a weakness that must be corrected. In the 10-minute address, Carney spoke about his government’s efforts to strengthen the Canadian economy by attracting new investments and signing trade deals with other countries. “The world is more dangerous and divided,” Carney said. “The US has fundamentally changed its approach to trade,... https://www-scmp-com.libproxy1.nus.edu.sg/news/world/united-states-canada/article/3350656/canadas-carney-says-economic-ties-us-are-weakness-must-be-corrected?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/news/world/united-states-canada/article/3350656/canadas-carney-says-economic-ties-us-are-weakness-must-be-corrected?utm_source=rss_feed Sun, 19 Apr 2026 18:55:45 +0000 Associated Press Associated Press Canadian Prime Minister Mark Carney is on the verge of securing a majority government as special elections are held in three districts on Monday. Votes are being cast in the Toronto-area districts of Scarborough Southwest and University-Rosedale, which are considered safe seats for Carney’s Liberals, and in the Montreal-area district of Terrebonne, which is considered a toss-up. Winning just one of them would give Carney a majority. The Liberals now have 171 members of Parliament in the House of... https://www-scmp-com.libproxy1.nus.edu.sg/news/world/united-states-canada/article/3349948/canadian-pm-carney-verge-majority-government-amid-special-elections?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/news/world/united-states-canada/article/3349948/canadian-pm-carney-verge-majority-government-amid-special-elections?utm_source=rss_feed Mon, 13 Apr 2026 14:24:18 +0000 Reuters Reuters British Prime Minister Keir Starmer is set to chair an emergency meeting ⁠on the economic fallout from the ⁠war in Iran on Monday, with Finance Minister Rachel ⁠Reeves and Bank of England Governor Andrew Bailey, the government said. Investors are bracing for another stormy week in financial markets after Iran said it would strike the energy and water systems of Gulf neighbours if US President Donald Trump follows through with a threat to hit Iran’s electricity grid. Britain is watching with... https://www-scmp-com.libproxy1.nus.edu.sg/news/world/europe/article/3347516/uks-starmer-calls-emergency-meeting-economy-iran-war-risks-mount?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/news/world/europe/article/3347516/uks-starmer-calls-emergency-meeting-economy-iran-war-risks-mount?utm_source=rss_feed Sun, 22 Mar 2026 23:43:11 +0000 Reuters Reuters British finance minister Rachel Reeves on Sunday denied she misled the public over official forecasts ahead last week’s budget, saying she had been honest about the need to build up a bigger financial buffer. In a speech on November 4, Reeves appeared to lay the groundwork to break the Labour Party’s promise to voters before the 2024 election and raise income tax rates, citing a “weaker than previously thought” productivity performance. In a letter published on Friday, the head of Britain’s... https://www-scmp-com.libproxy1.nus.edu.sg/news/world/europe/article/3334693/uks-rachel-reeves-says-she-did-not-mislead-public-budget?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/news/world/europe/article/3334693/uks-rachel-reeves-says-she-did-not-mislead-public-budget?utm_source=rss_feed Sun, 30 Nov 2025 17:39:10 +0000 Bloomberg Bloomberg Price inflation in British shops rose to its highest level in 19 months, as consumers pay at the checkout for a slew of new taxes that have ramped up retailers’ costs. The rate of inflation grew to 1.4 per cent in September from a year earlier, an acceleration from August, the British Retail Consortium (BRC) said on Tuesday. DIY and gardening products saw price rises while back-to-school items including laptops were reduced. Retailers are battling with ballooning costs as a result of tax and... https://www-scmp-com.libproxy1.nus.edu.sg/news/world/europe/article/3327304/uk-shoppers-feel-pinch-prices-hit-19-month-high-fuelling-inflation-fears?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/news/world/europe/article/3327304/uk-shoppers-feel-pinch-prices-hit-19-month-high-fuelling-inflation-fears?utm_source=rss_feed Tue, 30 Sep 2025 01:26:30 +0000 Andrew Sheng Andrew Sheng Central bankers are sometimes known as the high priests of finance. That is because they control high-powered money, commonly known as the monetary base, or the sum of currency in circulation plus commercial bank deposits with them. By buying government bonds from banks or the market, which expands central bank balance sheets, the commercial banks’ reserves rise, improving market liquidity and therefore reducing short-term interest rates. In effect, central banks affect market sentiment by... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/world-opinion/article/3323585/markets-can-see-whos-calling-shots-us-rates-and-its-not-fed?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/opinion/world-opinion/article/3323585/markets-can-see-whos-calling-shots-us-rates-and-its-not-fed?utm_source=rss_feed Fri, 29 Aug 2025 12:30:07 +0000