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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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China’s central bank drew a lot of criticism this week for its decision to intervene in the offshore renminbi market. But David Bloom global head of foreign exchange strategy at HSBC, says the People’s Bank of China was correct in trying to stop the CNH depreciation. -
In this round-up, China's RMB trade settlement touches a new high, Hong Kong RMB clearing grew by 30% in 2015, South Korea's RMB deposits shrank by 75% over the year, Singapore plans closer cross-border RMB co-operation with China, and several Belt and Road initiatives were announced. Plus, a recap of GlobalRMB's top stories this week.
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The Basel Committee on Banking Supervision (BCBS) published its final version of new rules for trading assets at banks. The rules will push up market risk regulatory capital requirements by 40% – but are still far less punitive than the industry had feared, especially for the securitization market.
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Volatility in Chinese equity and foreign exchange markets is spooking investors but the cheaper RMB and more reasonable valuations for A-shares might provide an ideal entry point for investment into the Mainland.
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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.
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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.
