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The ratings review finished with both upgrades and downgrades linked to senior bonds now being subordinated to regular deposits
Public pension schemes have sold shares in coal, oil and gas companies but are still funding expansion of the gas industry through infrastructure funds
Key points of contention include the investor sanctions regime and the definition of 'resilience'
European and other regulators are working on reforms to make covered bond funding more efficient
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The latest term sheet for Total Loss Absorbing Capacity, set to be published by the Financial Stability Board this autumn, may end up pitting regulators against one another, as authorities compete to decide which parts of global banks can absorb losses in a crisis.
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HKEx boss Charles Li hinted on Monday that the recent equity turbulence and surprise currency devaluation meant conditions were not ripe to expand the Stock Connect programme to include Shenzhen. He is wrong and to delay would be a terrible idea. -
Following the surprise devaluation of the renminbi by the People’s Bank of China, speculation has been rife about whether Hong Kong will move its peg from across the Atlantic to its neighbour. In separate reports, ANZ and AXA Investment Managers conclude that a shift from the US dollar to the RMB is unlikely in the short term due the latter’s market volatility and unfinished internationalisation, writes Daniel Monteiro.
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Hong Kong Exchanges (HKEx) CEO Charles Li said earlier this week that a stock market rout in China had made talks of expanding the mutual market access initiatives, including the expansion of the Shanghai-Hong Kong Stock Connect to Shenzhen, more difficult.
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Respondents to a new survey by Standard Chartered Hong Kong branch (StanChart HK) are expecting further devaluation of the RMB, but an even larger proportion said they would continue to hold or even expand the quota of RMB-denominated assets in their portfolios.
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China plans to allow foreign central banks to participate in its onshore foreign exchange market, premier Li Keqiang said in his keynote speech at the World Economic Forum held in Dalian on Thursday. It supports last month’s statement from the People’s Bank of China’s (PBoC) that qualified foreign entities are welcomed in China’s onshore FX market.
