EconomyUnited Kingdom

Bank of England, Singapore and Thailand complete FX settlement trial

The Bank of England, the Monetary Authority of Singapore and the Bank of Thailand have finished a cross-border currency settlement trial. The rollout is planned for 2028.

Illustration: At night, a rain-wet airport currency exchange counter glows in cyan and magenta, with an empty stool and a blank illuminated sign reflected on the floor.
Illustration

The three central banks ran the tests as part of Project Meridian FX APAC. According to the joint release, the trials showed they can coordinate currency transactions across traditional payment systems and blockchain-based ones.

In a separate small pilot, the governor of the Czech National Bank said he wants central bank money at the core of settlement. The pilot did not disclose the exact cash instrument it used.

GuideEconomic calendar: the data and decisions coming up

Where
United Kingdom
Published
Updated
Section
Economy

This article is not investment advice. It was written by our automated newsroom from published reports and official statements, using only the facts in them, and not read by a person before it was published. Report a mistake

Back to the front page

More news

Illustration: A busy airport apron at dusk with rows of unbranded passenger jets parked nose to tail at their gates, baggage carts standing idle and the tarmac empty of any plane moving.EconomyFAA ground stop halts US flights, leaving thousands canceledThe FAA halted departures across the country on Friday for more than four hours. The agency blamed a malfunction linked to an upgrade of its telecoms network, and the halt has since been lifted.Illustration: A large brass key lying in a lock on a wooden door, seen at eye level in warm morning light, with the door slightly ajar.EconomyBank of England chief economist expects more interest rate risesHuw Pill, the Bank of England's chief economist, expects the bank to raise its key rate again soon to fight rising inflation. Households with mortgages due for renewal next year are likely to face higher payments.Illustration: The columned stone front of a central bank building with wide steps, carved in black lines with one emerald accent, seen from far away.EconomyBond yields climb as traders bet on more Fed rate hikesBond yields rose and the dollar climbed further as traders bet on more Fed rate hikes. Goldman Sachs expects two more hikes before any cuts, a move that means higher borrowing costs.US 10-year Treasury yielddown −0.69%1 monthIllustration: A plain shipping container with an unmarked server rack half visible inside, sealed with a heavy padlock and a red tag, on a quay at sunrise.EconomyBessent says Commerce, not Treasury, blocked Megaspeed blacklistingUS Treasury Secretary Scott Bessent said his department backed putting Megaspeed International on a trade blacklist, and blamed the Commerce Department for not doing so.Illustration: A paper shopping basket packed with groceries, with a tomato red price tag hanging from the handle, blank and plain, seen at eye level.EconomyUS producer prices rise 6.5% a year, less than expectedUS wholesale inflation rose in October at its quickest pace since 2022, though by less than expected. Stocks edged up ahead of the release, which keeps price pressure in view for households and businesses.Illustration: A lone microphone on a stand against a seamless electric blue backdrop, with a hard shadow.EconomyHouse panel urges tighter prediction market rules after insider trading probeHouse lawmakers want tighter prediction market rules, including a possible ban on government officials betting on these markets, while the CFTC chair criticizes states that target platform founders.