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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 Shanghai-Hong Kong Stock Connect initiative opened to much fanfare on November 17, but the enthusiasm quickly gave way to much disappointment as trading volumes collapsed in the following days. It can be tempting to dismiss the initiative as something of a failure, but dig a little deeper and it is clear that the programme’s potential is still untapped. It could well revolutionise the Chinese market in 2015, just as it was supposed to. -
Industrial and Commercial Bank of China's European arm wrapped up a series of investor meetings in December for its debut Renminbi Qualified Foreign Institutional Investor (RQFII) fund, which it had established in Luxembourg in October. As the very first RQFII fund to have 100% exposure to China’s domestic bond market, the benchmark product has attracted big interest from European investors, as well as some concerns about what is still a new concept, the bank has told GlobalRMB.
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Talks over a European Financial Transaction Tax have been revived since 2014’s European elections. The tax is now being deliberated between 11 key EU member states. Although the scope of its coverage appears to have shrunk, the uncertainty may lead to unforeseen costs for derivatives market participants. Gabriel Suprise reports.
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The People's Bank of China (PBoC) announced on January 6 that it had approved Industrial and Commercial Bank of China (Thailand) to be the official renminbi clearing bank in Bangkok. The selection is the second in 2015, coming just one day after Bank of China (Malaysia) was awarded the same role in Kuala Lumpur, and adds a new hub to the global RMB map.
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The Bank of China’s Offshore RMB Index (ORI) rose slightly to 1.19% in the third quarter of last year, according to a report by the bank. The index pointed to growth in offshore RMB deposits, RMB equity investment and RMB usage in FX trading as key factors behind the increase.
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Taiwan regulators have lifted the ceiling for outstanding Formosa bond issuance, almost doubling the limit from last year's Rmb25bn to Rmb45bn ($7.2bn). The move was announced in late December by the country's Financial Supervisory Commission (FSC).
