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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 announcement of a partnership between the China Financial Futures Exchange (CFFEX) and Moscow Exchange (Moex) on July 15 comes on the back of rapid growth in RMB usage for trade and investment in Russia. And closer ties are on the cards now that infrastructure is being put into place to make Moscow an RMB hub, Riccardo Orcel, deputy CEO of VTB Group, told GlobalRMB. -
China's State Council said on July 24 that it was planning to expand the FX trading band for the renminbi in a move that it placed among various measures to promote exports and support growth. It would be the fourth such adjustment since the RMB’s depegging from the dollar in 2005.
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In this round-up, Singapore's RMB business continues to grow, China RMB cross border trade settlement jumped 25% in June, Taiwan's RMB deposits inch up in June, the Stock Connect's northbound quota is replenished by the A-share sell-off in July, and Malaysia settled 1.9% of its trade with China in RMB in the first month of launching a clearing bank.
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A positive outcome to this year's review by the International Monetary Fund (IMF) of the potential inclusion of the renminbi into its Special Drawing Rights (SDR) facility could give a boost to interest in the currency from sovereigns, supranationals and agencies (SSAs), say market participants. Meanwhile, the IMF review is progressing, with the multilateral busy gathering data on trading flows.
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The UK government has said it wants further changes to the country's regulation, with the Prudential Regulatory Authority coming within the Bank of England, and more oversight over the Bank from the Treasury.
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The US Federal Reserve has revised its rules on calculating how much extra capital big banks need to hold, so that banks which use more short term funding need bigger capital buffers.
