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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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The Bank of England’s Andy Haldane has called for a UK credit register to be established to improve SME funding conditions in Britain. This will open the market to trade credit companies, insurance companies and pension funds, as well as improving the attractiveness of the securitization market.
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The flurry of action at this week's UK-China Financial Forum was aimed at conveying one message: the internationalisation of the RMB is happening faster than ever, and London is set to be a big beneficiary. And after the agreements of the last few days, Asia-based analysts broadly agree with that view, arguing that London's natural advantages leave it well-placed. -
The People’s Bank of China (PBoC) confirmed on Thursday that Bank of China (BoC) will be the official clearing bank for RMB business in Germany’s financial centre, Frankfurt.
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Tighter Chinese liquidity conditions backed a bid in short CNY swaps on Thursday. A continuation of this pressure is expected to drive flattening pressure across the 2s/5s slope into the end of the quarter. Meanwhile, Nomura has outlined a short-end CNH IRS trade idea, Moody's expects China's credit ratings to withstand the rebalancing challenge and the UK has tightened its CNY trading ties, writes Deirdre Yeung of Total Derivatives.
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A frantic period of activity in London's renminbi-related business culminated on Wednesday with the long-awaited confirmation by the People's Bank of China (PBoC) that China Construction Bank (CCB) would be the official RMB clearing bank in the city.
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London's future as a renminbi business centre will be firmly rooted in its traditional strengths of FX and risk management, to judge by the data released by the City of London Corporation's annual survey of RMB activity on Tuesday. RMB deposit growth was lacklustre, at 23%, and while retail corporate and interbank deposits were all up, a third consecutive fall in private banking deposits means that overall volumes are still below 2011. FX activity, however, told a different tale, with sharp increases.
