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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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China’s State Administration of Foreign Exchange (Safe) is planning to make the Renminbi Qualified Institutional Investor (RQFII) scheme more flexible by allowing institutions to allocate their quota to any of their own RQFII products, instead of having to apply for product-based approval on a case by case basis, two RQFII fund managers have told GlobalRMB. -
The departing minister of finance tells Asiamoney that the next government must build infrastructure and diversify the economy if the country is to enjoy sustained growth. Chris Wright reports.
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In this week's round-up, the RMB rises further in StanChart's RMB Globalisation Index, the Shanghai Gold Exchange plans to allow CNH gold trading in Shanghai's Free Trade Zone (FTZ), FTSE announces the launch of an R/QFII Index Series, and RBS unveils two-way sweeping in the FTZ for French corporate Sonepar.
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China is planning to introduce what it calls project revenue notes (PRNs) to its onshore market in order to reduce the potential risks of mounting debt at local governments and in the domestic banking system, two sources have told GlobalRMB. The People’s Bank of China (PBoC) is pushing the new funding instrument, while the National Association of Financial Market Institutional Investors (Nafmii) will supervise the programme.
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Steven Maijoor, chair of the European Securities and Markets Authority, strove for reconciliation between market and regulator when he gave a keynote address to the ICMA AGM in Berlin, arguing that regulation was not a tax on financial markets, but a way to make them successful.
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Michael Meister, parliamentary state secretary at the Federal Ministry of Finance in Germany, said that he hopes banking regulation will not stop with a single supervisory mechanism within Europe, but will go beyond that to deal more effectively with supervision of global banks.
