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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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Standard Chartered (StanChart) has set up a pan-China RMB cross-border sweeping scheme for a number of its clients, taking advantage of the latest round of reforms announced by the People’s Bank of China (PBoC) that expanded on liberalisations first tested in the Shanghai pilot free trade zone (FTZ). -
China's State Administration of Foreign Exchange (Safe) added Rmb11.1bn ($1.8bn) to its RMB qualified foreign institutional investors (RQFII) programme in October. In Europe, Investec, BNP Paribas Investment Partners (BNPP IP) and the Carmignac Group took home individual RQFII quotas to start investing in China’s capital markets.
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In this round-up: the Chinese Ministry of Finance flags its next auction of RMB bonds in Hong Kong; RMB trade settlement in Hong Kong was up sharply in the first nine months of this year, while monthly RMB clearing and quarterly China RMB trade settlement fell; October was another record month for RMB trading volumes on the Moscow Exchange.
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The European Central Bank took over direct supervision of the eurozone’s largest banks on Tuesday, a big step forward for what is already a powerful institution — and likely to be a force to be reckoned with for banks in its charge.
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The Bank of England is to provide a liquidity back-stop to central counterparty clearing houses and brokers deemed critical to the stability of the UK financial system, shoring up so-called ‘too big to fail’ clearing houses in times of crisis.
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The planned offshore renminbi clearing house in Paris will mark the first step towards the establishment of a broad offshore RMB ecosystem independent of central banks and reminiscent of the Eurodollar market, according to Peng Wei, deputy general manager of Bank of China Paris branch (BoC Paris), the firm that is at the heart of preparations for the launch of the system next year.
