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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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Russia and its companies are looking east, as conflicts and sanctions sour relationships with the West. The result could be a big boost for China's drive to internationalise the renminbi, as Russia looks to reduce its dependence on the dollar and China seeks the long term goal of establishing a rival global reserve currency. Trade and infrastructure finance will be hot areas, and could be boosted with the emergence of a new China-led development bank. -
South Korea has become the first offshore renminbi hub in North Asia outside Greater China, after the People’s Bank of China (PBoC) and the Bank of Korea (BoK) signed a July 3 memorandum of understanding (MoU) on RMB clearing arrangements in Seoul and named Bank of Communications Seoul Branch as the country's renminbi clearing bank.
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In this round-up, China launches direct RMB/KRW trading, an MoU is signed planning a clearing bank in Seoul, South Korea receives its first Rmb80bn RQFII quota, Safe removes the FX trading spread limit on CNY/USD, and Alipay and two Chinese banks open Luxembourg branches.
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The Swiss Banking Association (SBA) is expecting the establishment of a currency swap line between the Swiss National Bank (SNB) and China’s central bank in a few months, with a renminbi clearing bank appointment to follow.
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The Association of the Luxembourg Fund Industry (ALFI) and the Asset Management Association of China (AMAC) on July 2 signed a memorandum of understanding (MoU) focusing on developing activities to create mutually beneficial opportunities for the fund industries in both countries.
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The European Banking Authority published its first comprehensive overview identifying the key features and practices of a prudentially sound covered bond market on Tuesday. The lengthy report provides advice to other regulators on the conditions that would justify the market’s continued preferential risk weight treatment.
