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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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Industry participants lobbying the Financial Conduct Authority on its plans for implementing the Markets in Financial Instruments Directive II (MiFID II) in the UK are planning on focusing their efforts on the areas of MiFID where the regulator has national discretion.
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More cross-border RMB activities can be expected as the People’s Bank of China (PBoC) has approved Rmb50bn ($774m) of RQFII quota to Thailand, and agreed with Russia to deepen bilateral financial co-operations, including facilitating the Russian government to issue Panda bond in China. -
The China Foreign Exchange Trade System (CFETS) published details of an exchange rate index for the renminbi for the first time on December 11. The index is based on a basket of 13 currencies, including the dollar, euro and yen.
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The US Federal Open Market Committee (FOMC) raised federal funds rate for the first time since the financial crisis, opting for a 25bp increase. The move had been widely expected, but analysts are expecting a degree of volatility, at least in the offshore RMB (CNH) markets.
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Despite the progress in the usage of renminbi globally, multi-currency settlement provider CLS has yet to include the RMB on its platform. This, according to sources familiar with the review, is largely due to China's shortcoming in its payment infrastructure as well as broader concerns about China’s legal framework.
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China’s move to measure the renminbi against a trade weighted basket of currencies rather than just the US dollar is a sign from that central bank that it will be more tolerate of a weakening RMB, say FX traders.
