From source to financial context
ACTA DIURNA reporting framework
The context
Our global-liquidity framework covers ECB asset portfolios and excess liquidity; Japan’s bond operations and carry conditions; Chinese reserve requirements, lending rates and credit; British quantitative tightening and repo provision; BIS cross-border banking; and foreign-exchange reserves. It also includes U.S. liquidity measures for comparison.
Comparisons require native-currency accounting and institutional ownership. Eurosystem data differ from the ECB’s own balance sheet. Japan’s finance ministry authorizes foreign-exchange intervention while the central bank may execute it. A change in reserve values can reflect exchange rates and bond prices rather than an actual sale of reserve assets.
What we track
Definitions and interpretation below describe our coverage. They are not live readings or mechanical buy/sell instructions.
ECB policy and liquidity
Deposit, refinancing and marginal-lending rates, asset portfolios and reserve conditions for the Eurosystem.
How to read it: Name the instrument rather than calling all three “the ECB rate.” Portfolio runoff and refinancing can affect liquidity simultaneously; avoid double-counting deposit-facility balances.
Source & methodology ↗Japanese operations
The overnight operating framework, JGB purchase plans and results, holdings and reserve balances.
How to read it: Gross purchases and net holdings answer different questions. Former yield-curve-control arrangements must not be presented as current without a new official decision.
Source & methodology ↗Chinese monetary instruments
Repo operations, reserve ratios by institution class, loan prime rates and credit aggregates.
How to read it: A reserve-ratio reduction, liquidity operation and lending benchmark change have different mechanics. Gross injections need maturities deducted before describing a net operation.
Source & methodology ↗British rates and funding
Bank Rate, Asset Purchase Facility changes, reserve-supplying operations and sterling money-market conditions.
How to read it: Active asset sales, maturities and repo borrowing can coexist. Total assets alone cannot reveal the monetary stance or predict a fixed currency response.
Source & methodology ↗Cross-border currency credit
BIS foreign-currency credit and banking statistics with currency, residence and consolidation basis retained.
How to read it: Dollar credit outside the United States is not identical to U.S. bank reserves. Lagged quarterly statistics provide exposure context, not a real-time shortage signal.
Source & methodology ↗Policy divergence
Changes in each authority’s actual policy instrument and effective date, with national confirmation.
How to read it: Rate differences can influence funding incentives but do not determine exchange rates by themselves. Forward pricing, hedging costs and risk appetite also matter.
Source & methodology ↗How we cover it
The source universe includes China, Japan, the euro area and United Kingdom, with selected reserve-holding economies and global banking links. Wider country coverage belongs in the separate Monetary Policies guide.
Preserve local currencies, balance-sheet periods, the identity of the policymaker and the availability date of every release. Where comparing interest rates, describe the operational role of each series.
What the numbers can miss
Currency conversion can move a dollar-denominated global total without any domestic policy action. Avoid treating valuation changes as new purchases.
An inaccessible central-bank notice is an evidence gap. A held-over statistic is not proof that no policy change occurred, and a reserve decline alone does not prove intervention.
Sources & editorial context
Based on the original Non-U.S. Central Banking chat and recovered global-liquidity tracker. Figures and institutional arrangements are refreshed in News when verified.
- ECB — Official interest rates
- Bank of Japan — Monetary policy
- People’s Bank of China — Interest rate policies
- Bank of England — Monetary policy
- BIS — Data portal
- BIS — Central bank policy rates
Coverage framework informed by the publisher’s Non-U.S. Central Banking reference discussion. Discussions guide the reporting agenda; factual claims and metrics are checked against the identified source institutions.