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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 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. -
In the confusing world of China’s investor access programmes, one thing regulators have made clear is that hedge funds are not welcome. The launch of the Shanghai-Hong Kong Stock Connect gave the industry access the mainland markets, but the recent stock market trouble has seen regulators take a much harder stance.
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The Standard Chartered RMB Globalisation Index (RGI) rose 2.3% in July, on the previous month — its first positive result in four months — despite the stock market rout that has weighed on Chinese market sentiment, the bank said in a September 8 report.
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In this round-up, Russian bank VTB tightens co-operation with China Development Bank, latest Hong Kong and Singapore deposit data, the Azeri state oil fund reports first holdings of RMB in its foreign currency reserves, and Bank of China and China Construction Bank H1 2015 reports highlight progress in cross-border RMB business.
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Trading transparency proposals that could see vast swathes of European bond markets wrongly classified as “liquid” have come under fire from UK, German and French securities regulators, which have sent a letter to the European Securities and Markets Authority (ESMA) expressing concerns about the plan.
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The vast majority of payments from South Korea to China and Hong Kong are now processed in RMB, Swift said in its latest RMB Tracker report issued on September 1. A day earlier, the State Administration of Foreign Exchange (Safe) said it had added three new Seoul-based institutional investors to the RMB qualified foreign institutional investor (RQFII) programme in August, with 60% of the Rmb80bn ($12.4bn) country quota now distributed.
