The central bank of Brazil has announced a rise in reserve requirements for larger banks, reversing the lower levels permitted during the crisis.
Two moves are intended to soak up 71bn reais ($39bn) from the Brazilian financial system: (1) reserve requirements for time deposits will be raised to 15 per cent from 13.5 per cent; (2) additional requirements for demand and time deposits will be raised to 8 per cent from 5 and 4, respectively. The moves will take place on March 22 and April 9. Read more
Zhu Min is to become a special advisor to IMF head Dominique Strauss-Kahn. Mr Zhu has been a deputy governor of the Chinese central bank since October last year. Highly respected in international financial circles, Mr Zhu will start his new role in May. His appointment follows the selection in 2008 of Justin Yifu Lin, the Chinese academic, as chief economist of the World Bank. One sticky topic might be the renminbi, which Mr Strauss-Kahn has repeatedly said should appreciate (more from Geoff Dyer). Read more