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Highly anticipated report did not mention future role of AT1 capital
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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 London Metal Exchange (LME) has accepted offshore renminbi (CNH) as eligible cash collateral for its clearing house, LME Clear, following regulatory approval from the Bank of England. LME Clear told GlobalRMB that the initiative laid the foundation for further expansion in the future. -
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.
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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.
