(Jul 21) In preparation for the G20 Leaders' Summit in Hangzhou, China in September, the Financial Stability Board  Plenary met in Chengdu to discuss emerging vulnerabilities, their annual report on implementation and effects, macroprudential frameworks and tools, CCPs, effective resolution regimes, OTC derivatives trade reporting, the decline in correspondent banking, reducing misconduct, and accounting and audit issues. Group of 20 finance ministers and central bankers are set to meet this weekend. Their discussion agenda will once again be dominated by a well-worn topic: how to revive global growth.  They are  expected to reaffirm that countries shouldn't deliberately weaken currencies just to help their economies. The U.S. Treasury, for one, will reiterate the importance of avoiding exchange-rate manipulation or competitive devaluations and to consult closely on exchange markets.

• Since the last progress report published in July 2015, administrators of key interbank offered rates have continued to take steps to implement the recommendations

• The most progress has been made by the three major benchmarks of EURIBOR, LIBOR and TIBOR

• While substantial progress has been made, the reforms of the IBORs have not been completed. Administrators should now focus on transition and decide how to anchor rates in transactions and objective market data as far as practicable

• "Current macroprudential requirements mainly apply to bank credit, which is only one component of total credit. But all forms of credit can contribute to credit booms and busts. Hence, all forms of credit need to be within scope, i.e. bank loans, non-bank loans and debt securities"

• The ESRB aims over medium- to long-term to "address risks of excessive credit growth at the level of end borrowers, independently of the type of credit"

• the ESRB aims more urgently to "contribute to the development of new macroprudential instruments, such as instruments that address liquidity mismatches at investment funds and the procyclicality of initial margins or haircuts, especially in securities financing transactions and derivatives"

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