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Hong Kong’s market regulator is planning to ban UBS from sponsoring any IPOs in the city for 18 months, according to a section in the bank’s 2017 annual report released on Friday.
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In the third of a four-part series of articles on China’s financial transformation, cash management experts tell GlobalRMB the wheels are again in motion for foreign corporations in China to move past nearly three years of strict capital controls that have all but killed their intent of using the country as a regional treasury hub.
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The People’s Bank of China believes market appetite, instead of government policy, now drives the RMB’s level of usage offshore, three sovereign issuers line up Panda bond debuts, and China’s FX reserves shrink marginally after growing for the past 11 months.
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Brussels has moved even faster than green finance experts hoped to bring forward its Sustainable Finance Action Plan, a document stuffed with measures to change the way financial markets operate and make them better fitted for the fight against climate change.
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The European Commission’s Sustainable Finance Action Plan, announced on March 8, involves no less than 10 different workstreams, covering a wide range of the ideas put forward by the High Level Expert Group on Sustainable Finance, which held a one year inquiry for the European Commission during 2017.
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Regulators in China have finally published issuance guidelines for Belt and Road bonds. But the rules still do not clearly define which bonds qualify, and fail to address issuers’ concerns on capital repatriation and borrowing costs.