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European and other regulators are working on reforms to make covered bond funding more efficient
Changes to ECB collateral eligibility requirement could lead to more blockchain-based covered bonds, Moody's suggests
Wells Fargo, JP Morgan and Citi are among the top US bank buyers of CLOs
Former US undersecretary for international trade expects more stockpiling
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In this round-up, RMB futures trading on international exchanges picked up in November, RMB clearing in Hong Kong picked up in the same month, ICBC is working on a Belt and Road financing venture, and Deutsche Bank helped a German corporate set up centralised RMB treasury functions in China. Plus, a recap of GlobalRMB’s top stories this week. -
The Basel Committee on Banking Supervision (BCBS) has dropped proposals to ban banks from using agency ratings in their internal risk weighted asset (RWA) models, a move which could save the industry the job of raising billions in extra capital.
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The first products under the renminbi qualified institutional investor (RQFII) programme should launch as early as the first half of next year, according to Camille Thommes, director general of the Association of the Luxembourg fund industry (Alfi).
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The People’s Bank of China (PBoC) has suspended the Renminbi Qualified Domestic Institutional Investor (RQDII) investment scheme after giving 'window guidance' to onshore custodian banks, two sources have told GlobalRMB.
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The RMB seems set to weaken further despite the IMF's decision to give the currency reserve status on November 30. However, experts agreed a weaker RMB will not stop it from gaining ground as a global currency.
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The IMF changed the weighting formula for its Special Drawing Rights basket ahead of the inclusion of the renminbi last month. However, using the old SDR formula to determine Chinese currency’s weight would have been preferable, according to a former IMF official.
