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Senior banker will move to Abu Dhabi to take up position
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The Green Climate Fund’s 21st board meeting, which ended on Saturday in Bahrain, proved far more fruitful than the last one, which produced four days of painful gridlock and failed to agree any new projects. This time, the UN body approved 19 projects totalling $1.04bn. -
The African Development Bank’s $500m portfolio credit insurance deal, to be announced on Monday October 22, is one of the first of its kind, but is very likely to be followed by further such transactions, as experience in this area grows and other development finance institutions explore the potential benefits.
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China’s top financial regulators coordinated statements boost stocks, Japan and China to resume currency swap agreement, and MoF announces additional details on personal tax cuts.
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Multilateral development banks are increasingly seeking creative ways to strengthen their arms by getting private capital to invest alongside them, magnifying their efforts. The International Finance Corp has long been one of the most active in this field, and thanks to a fund it launched five years ago, it last year achieved a co-investment ratio of over 100%.
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The US Treasury declined to name China a currency manipulator in its latest report this week, contrary to expectations. But the last minute save did not prevent the renminbi from moving closer to the line in the sand with an exchange rate of seven per dollar.
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The People’s Bank of China opened the gates to onshore triparty repo, the Ministry of Commerce reports healthy numbers for exports and investments for the first three quarters of 2018, and the Hong Kong Monetary Authority brought on-board a senior PBoC official on secondment.
