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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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In this round-up, French and German corporates lead in offshore RMB usage, Standard Chartered's RMG Globalisation Index climbs 3.7% to 1,882 in May, and Hong Kong RMB clearing reached Rmb14,237bn in June, a 7.5% increase on the previous month. -
The International Swaps and Derivatives Association has published recommendations for an updated version of the Financial products Markup Language, also known as FpML version 5.7.
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The appointment of new clearing banks in Paris, Frankfurt and Seoul, as well as the promised expansion of two way cash sweeping to all foreign corporates in China, should help boost non-Chinese offshore RMB issuance, analysts reckon.
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Dan Day-Robinson, founder and former chairman of GT & GE Group Geneva, has been appointed as a member of the board and vice chairman of the Swiss Futures and Options Association.
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China and Singapore are set to kick off a series of initiatives in cross-border renminbi business in the Tianjin Eco-City, a joint project between the two countries that is set to be completed by 2020 with 350,000 residents. The trial scheme will be similar to one that was launched in the Suzhou Industrial Park (SIP) — another China-Singapore project — on July 8, sources close to the matter said to GlobalRMB.
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The first offshore RMB bond to be issued, listed and cleared in Paris launched on Tuesday and France is set to have its own RMB clearing bank soon. The city’s strengths in areas such as trade with Africa and eurozone bond issuance might give it an edge in the rising competition among European capitals to become the leading RMB hub.
