News in Systemic Risk: Wednesday, January 5, 2022 (10 a.m. ET) January 5, 2022 Two Monetary Policy Instruments Directly Supporting the Real Economy Continue with Modified Arrangements to Step up Support for MSBs (People's Bank of China) Who has to leave the Federal Reserve next? (Daniel Wessel; Brookings Hutchins Center) Euro area bank interest rate statistics: November 2021 (European Central Bank) Global services value chains: A new path to development (Enrico Nano, Victor Stolzenburg; VoxEu) Fed’s Neel Kashkari Now Sees Two 2022 Rate Rises Amid Inflation Surge (Michael S. Derby; Wall Street Journal) As pressure mounts, China Evergrande seeks delaying onshore bond payment (Ryan Woo, Andrew Galbraith, Ella Cao, Clare Jim, Xie Yu, Shri Navaratnam; Reuters)