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The Bank of England is proposing to allow banks to take back the bonuses they pay to buy financiers out of their contracts with competitor firms. -
There was shock this week in the offshore market when CNH Hong Kong interbank offered rate (CNH Hibor) reached a record high overnight of 66.8% on January 12. The dramatic move was a result of the People’s Bank of China interventions to stop people shorting the currency, FX traders told GlobalRMB.
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The Basel Committee on Banking Supervision has agreed not to increase the leverage ratio requirement — a big win for banks already struggling to stay abreast of new capital rules.
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A second batch of six foreign central banks, agencies and supranational institutions have completed registration with the China foreign exchange trading system (CFETS), and gained access to China’s onshore FX market, the People’s Bank of China (PBoC) said in an announcement on January 12.
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There were dramatic moves in the offshore renminbi market on the morning of January 12 as the spread between onshore RMB (CNY) and offshore RMB (CNH) all but disappeared. And, in a radical development, the People’s Bank of China (PBoC) purchases of CNH in Hong Kong drove the overnight CNH Hong Kong interbank offered rate (CNH Hibor) to a record 66.8%.
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There is no denying markets have given the RMB a rough start to the year. But despite the depreciation pressure on the RMB, the real trend seems to be more market-driven volatility rather than persistent weakening, according to some.
