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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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The central bank governors of France and China on Sunday signed a memorandum of understanding (MoU) that will lead to the appointment of an RMB clearing bank in Paris. Switzerland, meanwhile, is laying the groundwork for its own swap line. -
In this round-up, the RMB is now the second most used currency for China-Hong Kong cross border payments, StanChart issues Taiwan RMB predictions, JP Morgan launches a new RMB-hedged share class for a bond fund, and Australia hopes for its own RMB clearing bank soon.
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The London Stock Exchange (LSE) is looking at ways to expand its RMB offering, having established itself as a destination for offshore dim sum bond listings and RQFII Exchange Traded Funds (ETFs).
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Reforms that China is implementing in the Shanghai Free Trade Zone (FTZ) are beginning to trickle out elsewhere. From Friday June 27, the People’s Bank of China (PBoC) is liberalising the deposit rate on foreign currency in Shanghai.
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International Finance Corporation (IFC) is quickly establishing itself as an innovator among foreign issuers in the Chinese currency, having bagged two successful bonds since the start of the year. The most recent — a three year Rmb500m ($80m) green bond listed in London — was a first in the market. In an interview with GlobalRMB, Monish Mahurkar, director of treasury client solutions, pledges more innovation.
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The Bank of England is proposing changes to its regulatory regime to put a hard 15% limit on new mortgages at more than 4.5 times loan to income, in an effort to clamp down on what it sees as an increasingly overleveraged UK housing market, and limit the downside macro risks if it falls apart.
