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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 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. -
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.
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China’s attempts to allow markets forces to play a bigger role in the currency seemed to have backfired this week with both the onshore RMB (CNY) and its offshore (CNH) counterpart experiencing a tumultuous ride. Further depreciation is expected but the big unknown remains how policy makers will act.
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China’s onshore FX market has kicked off its new trading hours this week which allow for trading until 11.30pm. By while the regulator’s move is well intentioned, FX traders who are working the new night shift say the market faces some fundamental problems.
