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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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India’s new prime minister needs to reform further if he is to rebuild the country’s economic momentum and repair its finances. Selling state assets could prove vital to his success, particularly in the banking sector. Elliot Wilson reports. -
In this round-up, Sri Lanka signs a Rmb10bn currency swap line with China, Taiwan deposits inch up 0.7% to Rmb295.24bn, and the Chinese authorities officially launch the international gold trading board in the Shanghai FTZ.
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US investment manager Invesco has applied for an Renminbi Qualified Foreign Institutional Investors (RQFII) licence, and believes the opportunities in onshore and offshore RMB bond markets are too big to be missed.
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The Singapore Exchange (SGX) said on September 19 that it was introducing FX futures contracts for Chinese onshore and offshore renminbi, Japanese Yen and Thai Baht, starting from October 20. The exchange also said Bank of China (BOC) would be the first market maker for its RMB futures and SGX’s first Chinese settlement bank for its derivatives market.
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BNP Paribas Investment Partners (BNPP IP), the asset management arm of BNP Paribas, was granted an RMB Qualified Foreign Institutional Investor (RQFII) licence on September 15 by the China Securities Regulatory Commission (CSRC), making it one of the first companies in the Eurozone to obtain direct access to China's onshore assets. Now the company is hoping to launch its debut product before the end of the year, Asia Pacific CEO Vincent Camerlynck told GlobalRMB.
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The launch of RMB clearing services by Bank of China Paris branch (BoC Paris), which was appointed as the official RMB clearing bank on September 15, is still likely to be accompanied by the creation of the RMB clearing house structure, says promotional body Paris Europlace.
