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The renminbi’s dramatic plunge during recent days came as a nasty shock to the consensus opinion to hold a long position in the currency. -
The UK and Singapore have announced the UK-Singapore Financial Dialogue, an initiative aimed at deepening the financial and economic co-operation between the two countries. Alongside the Dialogue, a new private sector forum will also be established to boost the development of the offshore renminbi market, the Monetary Authority of Singapore (MAS) announced this week, writes Carrie Hong.
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The reality that China’s currency can go down as well as up was rammed home to investors last week as a correction in both the onshore and offshore markets caused a stir in the market, writes Carrie Hong.
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Pakistan has increased its commitment to Islamic finance in the country, with the central bank publishing an Islamic banking road map for the next four years.
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The People’s Bank of China (PBoC) Shanghai head office issued a notice last Thursday detailing how it intends to support the Shanghai Free Trade Zone (FTZ) to promote renminbi cross-border business, according to a version of the document obtained by Asiamoney, writes Carrie Hong.
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The People’s Bank of China (PBoC) Shanghai head office has kicked off a pilot scheme for cross-border renminbi payment from third-party payment institutions in the Shanghai Free Trade Zone. The pilot comes with detailed regulations on cross-border RMB payment business — the first specific rules for the financial industry since the FTZ was established late last year, writes Carrie Hong.
