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The currency crisis in Turkey has prompted analysts to hone in on the balance sheets of European banks, as they look for the first signs of an increase in income volatility following the introduction of the new IFRS 9 accounting standard. -
The People’s Bank of China says it will not weaken the RMB amid rising trade tensions with the US, the banking and insurance regulator wants more lending to small businesses, and the former boss of the Chinese central bank argues that RMB internationalization should keep a low profile.
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The securities watchdog promises more relaxations for inbound investors, officials levy new tariffs on US goods as state media takes aim at critics at home, and a senior central bank official criticises the Ministry of Finance for not doing its job.
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China’s foreign exchange reserves grow in July, renminbi derivatives in Singapore hit a new high as trade war escalates, official data shows a pick-up in exports from China to Belt and Road countries.
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UniCredit’s senior management team had to fend off a barrage of questions about the bank’s exposure to Turkish bank Yapi Kredi this week, as yields spiked on Turkish local currency debt and the lira slid further against the dollar. UniCredit’s equity stake is accounted at €2.5bn, but worth less than €1.2bn in today’s market.
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Hong Kong Exchanges and Clearing (HKEX) boasted record revenues in the first half of year, as MSCI inclusion helped push northbound equity investment to new heights.
