01 March 2020

BIS Quarterly Review, March 2020

PDF (151 Pages)

A rude awakening for investors

Surging market sentiment faltered in mid-January with the worsening news on the new coronavirus (Covid-19) outbreak in China. The upswing in investor risk appetite sparked last October by easing trade tensions had gathered further momentum during the first half of the three-month period under review. Starting in mid-January, however, concerns over the economic impact of the new epidemic in China dented investor confidence. The intensity of the ensuing risk-off episode, which had an uneven impact across asset classes and regions, fluctuated in response to news detailing the spread of the coronavirus across the globe. As of late February, jittery markets and abundant signs of investor caution indicated that the risk-off phase was not yet over.

Articles

Publication 1 Mar 2020

Shaping the future of payments

Technology is transforming payment systems. The pace of change and potential for disruption to incumbent service providers have propelled payment systems to the top of policymakers' agenda. The BIS and central banks have a leading role in shaping the response.

Agustín Carstens

Publication 1 Mar 2020

Innovations in payments

Technological innovation is transforming payments. Domestic payments are increasingly convenient, instantaneous and available 24/7. However, shortcomings in access to payments and cross-border payments remain.

Morten Linnemann Bech

and

Publication 1 Mar 2020

On the global retreat of correspondent banks

Correspondent banks have been paring back their cross-border banking relationships for the past decade. The retreat is broad-based, but affects some countries more than others.

,

Goetz von Peter

and

Publication 1 Mar 2020

Payments without borders

Cross-border and multicurrency payment systems have the potential to make cross-border payments faster, cheaper and more transparent.

Morten Linnemann Bech

,

and

Takeshi Shirakami

Publication 1 Mar 2020

On the future of securities settlement

Innovative technologies, such as distributed ledgers, allow securities to be issued or represented in a new form known as digital tokens.

Morten Linnemann Bech

,

,

and

Amber Wadsworth

Publication 1 Mar 2020

The technology of retail central bank digital currency

Central bank digital currencies (CBDCs) promise to provide cash-like safety and convenience for peer-to-peer payments.

and

Media

Media release 1 Mar 2020

Shaping the future of payments: BIS Quarterly Review

BIS Press Release - Shaping the future of payments: BIS Quarterly Review, 1 March 2020

Speech 29 Feb 2020

BIS Quarterly Review, March 2020 - media remarks

Markets had a rude awakening last week. After an initial, short-lived shock in January, market participants had taken a rather benign view of the impact of the coronavirus on the global economy, finding comfort also in an accommodating global monetary policy stance.

The views expressed here do not necessarily reflect the views of the BIS member central banks.

Related information

Data behind all graphs

Conventions used in the BIS Quarterly Review

You might also be interested in

All issues of the Quarterly Review

BIS Annual Report

BIS Annual Economic Report