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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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Standard Chartered's proprietary RMB Globalisation Index (RGI) fell by 0.8% month-on-month in April, the first drop since October 2012, on the back of slowing cross border RMB payments. However, a pick-up in offshore RMB bond issuance and improving RMB liquidity should turn things around, according to the bank. -
China's currency is growing rapidly as a means of trade settlement, but its struggle for global acceptance has as much to do with market share as with perception, according to academics participating in a public seminar on China's financial future.
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Chinese regulators are set to announce relaxations on Panda bond issuance in September to ensure that corporate and financial issuers are more able to tap the market, according to Jane Jiang, head of the China regulatory group at law firm Allen & Overy.
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In this round-up, Hong Kong deposits rose in April, but cross-border RMB trade settlement fell, Macau announced its March deposit figures, ICBC opened two new offshore branches in Montreal and Riyadh, RMB clearing in South Korea has reached a daily average of Rmb25bn, and Japanese bank MUFG helped Brazilian clients settle trade with China in RMB.
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Capital Markets Union could look at removing some post-crisis regulation, according to Jeroen Dijsselbloem, the head of the Eurogroup of Financial Ministers, speaking on the sidelines of ICMA’s annual general meeting in Amsterdam.
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International banks are increasingly setting up in free trade zones (FTZ) in China, keen to expand their RMB business and mainland footprint.
