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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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France's planned offshore renminbi clearing house infrastructure, which will see multiple banks share the ability to clear and settle RMB payments, will lay the foundation for the rapid growth of RMB business in France and beyond, according to those involved with the project. -
BM&FBOVESPA, Brazil’s sole bourse, has unified its four clearinghouses for different asset classes into one single platform, which began live operations Monday for exchange-traded and over-the-counter derivatives. The firm will now look to launch equities in 2015.
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Amid this year's flurry of renminbi clearing bank designations to European and Asian cities, another region could soon be added to the scope of RMB internationalisation. Dubai, the second largest emirate in the United Arab Emirates (UAE), is on the way to becoming an RMB hub for the Middle East, and three sources have told GlobalRMB that the People’s Bank of China (PBoC) is set to pick a clearing bank.
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In this round-up, Korean RMB deposits have soared after the country's RMB clearing bank appointment in July, BoC Hong Kong extends its RMB clearing hours to cover the Americas, and China’s monthly cross border trade RMB settlement fell 12% in July.
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Philippine banks and Bank of China Manila branch are working to provide local corporates with the right tools to deal with booming interest in RMB products.
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While China's government and financial authorities busy themselves with promoting the internationalisation of the renminbi, the country's corporates sometimes lag behind foreign firms looking for a trade advantage. Malaysia is one such market, say bankers.
