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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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China is to allow South Korea’s commercial banks, securities houses and insurance companies to invest directly in China’s onshore inter-bank bond market (CIBM) via renminbi, two Seoul based sources have told GlobalRMB. The move is the first time that foreign commercial financial institutions not operating in China will have been awarded this access and is being seen as additional regulatory support by China for South Korea’s local RMB business. -
Bank of China Hong Kong Asset Management (BOCHK AM) and Citi have teamed up to launch a Luxembourg-based RMB high yield bond UCITS fund. China’s Safe also announced that it had added Rmb4.7bn ($766m) to its RQFII programme in September.
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In this round-up, Safe issues an additional Rmb4.7bn of RQFII quotas and the Shanghai-Hong Kong Stock Connect is rumoured to be launching on October 27.
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The Kazakhstan Stock Exchange (Kase) announced on September 25 the opening of the first trading session for the tenge-RMB currency pair, while neighbouring Russia is also intensifying its push for more widespread RMB usage.
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One third of the world’s financial institutions are now using RMB for payments to China and Hong Kong, according to the September RMB Tracker from the Society for Worldwide Interbank Financial Telecommunication (Swift). The acceleration has been accompanied by a tripling of RMB payments value over the last two years and an intensification of efforts to prepare for the upcoming Shanghai-Hong Kong Stock Connect launch.
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Investment manager Allianz Global Iinvestors (AllianzGI) has launched an RMB hedged share class enabling investors to access RMB holdings. The fund will cover a variety of asset classes and regions.
