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Highly anticipated report did not mention future role of AT1 capital
Surprising alignment on stablecoins and strong support for tokenised assets, but details are sparse
Using AI to facilitate credit decisions poses regulatory problems
Investors should feel more confident when BNPL products are regulated like mainstream consumer credit
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The Financial Stability Board has singled out removing barriers to over-the-counter derivatives reporting as a priority for G20 leaders ahead of their summit in Hangzhou this weekend. -
China has pushed hard for a greater role for the IMF special drawing rights (SDR) since the global financial crisis. But while the SDR may help the renminbi internationalisation strategy it will not help overthrow the dollar as the de facto world currency, according to Benjamin Cohen, professor of international political economy at the University of California Santa Barbara (UCSB).
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Incompatible accounting standards could soon be a thing of the past for foreign issuers looking to tap into China’s onshore bond market with the World Bank’s upcoming SDR trade providing a template on how to get around this long standing issue.
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Following an internal restructuring, Credit Suisse has asked covered bond holders for their consent to amend the definition of an issuer event of default (EoD).
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In this round-up, CIMB signs a custodian deal with China Construction Bank to facilitate investments into China, Asian Infrastructure Investment Bank (AIIB) plans membership expansion and the China Foreign Exchange Trade System (CFETS) starts publishing daily exchange rates for the RMB against the British pound, euro and Japanese yen. Plus, a recap of GlobalRMB’s top stories this week.
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The China cross-border interbank payment system (CIPS) may struggle to get a large number of banks to sign up as direct participants, but with new features such as netting set to be added, it will become an essential component of China’s renminbi internationalisation strategy.
