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Overall credit default swap notional reported to swap data repositories last week increased by 17% from the previous week, according to data from the International Swaps and Derivatives Association. This follows four weeks of a consistent uptick in CDS notional, with a combined increase of 102%.
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Brazil obtained a Rmb190bn ($77.3bn) swap line last year, but since then there has only been one public dim sum bond from an issuer in the country. The solution to boost the local RMB market is to take advantage of the infrastructure that Hong Kong offers, says that city’s government. -
The People’s Bank of China (PBoC) announced the launch of direct trading of RMB and Euro in the Shanghai interbank market on September 29. Market players are expecting tighter FX spreads, a longer swap curve and broader RMB adoption among European traders. A PBoC official was also on the record stating that the China International Payment System will formally be set up in Shanghai.
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The London Stock Exchange (LSE) is looking to play the role of provider of key European infrastructure for investors looking to increase their China exposure, and for Chinese investors looking to raise funds in Europe in RMB or other currencies.
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The advance of the RMB as an international trade and investment currency, accompanied by a robust programme of policy initiatives, is boosting Chinese banks' bottom line. The latest evidence of the trend comes from Agricultural Bank of China (ABC) and Industrial and Commercial Bank of China (ICBC), which have released data on their financial performance in the first half of 2014.
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In this round-up, RMB deposits in Hong Kong stay flat, RMB cross border trade settlement falls 2.3%, Luxembourg RMB deposits rose 5% to Rmb67.2bn ($11bn) in the first half of the year, and Eurogiro launches direct RMB payments to China.
