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Change reflects growing importance of Saudi Arabia
Better read on secondaries would help syndicates price bonds
Third Saudi capital markets banker to leave in recent months
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In this round-up, new tariffs on both Chinese and US goods took effect on Sunday, China’s official Purchasing Managers’ Index declined, and protesters in Hong Kong paralysed the city’s airport yet again.
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In this round-up, the Chinese Ministry of Commerce indicated that it might hold off tariff retaliation, the country announced the establishment of six new free trade zones (FTZs) and the People’s Bank of China has asked banks to price loans based on the new loan prime rate (LPR) mechanism immediately.
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In this round-up, China’s industrial profit climbed in July, the Canadian dollar overtook the renminbi as the fifth most used currency for international payments, and HSBC conducted the first transaction in the interbank market for foreign investors with a T+3 settlement cycle.
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Credit Suisse has merged its loan and bond syndicate teams into one unit, and named the new heads of its Asia Pacific financing group (AFG).
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JPM expands China JV team — Natixis names Apac infra finance head — CLSA makes senior debt hires — BNP closes Manila offshore branch
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The Indian government has done an about-turn on plans to introduce higher taxes on foreign portfolio investors as it finds ways to boost sentiment in the market. Experts reckon the finance ministry “misjudged” the state of things in India, and scrapping the tax will give a much-needed impetus to the country’s equity capital markets. Rashmi Kumar reports.