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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. -
The Singapore branch of Industrial and Commercial Bank of China (ICBC) has brought the first cross-border renminbi loan for a firm in the Suzhou Industrial Park (SIP), a China-Singapore joint venture area in Suzhou. The deal comes just after the People's Bank of China (PBoC) opened the door to such deals to promote RMB internationalisation.
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Singapore's United Overseas Bank (UOB) has become the latest bank to announce a sub-branch in Shanghai's Free Trade Zone (FTZ), with the CEO of the new operation telling GlobalRMB he is hopeful that reform will continue apace.
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The Monetary Authority of Singapore (MAS) is setting up a facility to provide overnight renminbi liquidity to financial institutions in Singapore, to be launched on 1 July. Meanwhile, the Nanjing branch of the People’s Bank of China (PBoC) has released a set of interim procedures to allow eligible corporates and individuals in the Suzhou Industrial Park (SIP) to conduct cross-border RMB transactions with Singapore.
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The People’s Bank of China (PBoC) this week said it would expand the scope and the size of its Qualified Domestic Institutional Investors (QDII) and Qualified Foreign Institutional Investors (QFII) schemes, as it pushes towards capital account convertibility. Market participants reckon the changes could help lift sluggish activity, but it might not be enough to reduce the attractions of a QDII/RQFII arbitrage trade that has become popular.
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The UK government announced a broad review of wholesale financial markets on Thursday, looking at fixed income, currency and commodities and associated derivatives and benchmarks. The review will consider trading practices, market structures, and measures which firms could take to ensure appropriate behaviour.
