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Foreign Exchange

Deutsche Bank named Asia's leading foreign exchange bank for 9th consecutive year

63 reads

DB has 19.81% market share. According to a release, Deutsche Bank – the largest provider of liquidity to Asian currency markets with a 19.81% market share – has confirmed its status as the leading foreign exchange house in Asia for the ninth consecutive year with the release of results from the definitive global FX survey conducted by leading capital markets magazine Euromoney. Read ››

China enters into currency swap arrangement with Pakistan

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Was implemented May 7 after issuance of necessary instructions to banks. Read ››

China gets tougher on renminbi speculation

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New rules immediately cause renmnbi to fall against the US dollar. Read ››

Chinese banks continue amassing US dollars

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Attain forex surplus for seventh straight month. The State Administration of Foreign Exchange said Chinese banks bought more foreign currency than they sold in March. Read ››

Standard Chartered appoints Chris Allington as global head, FX

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In a statement, Standard Chartered announced the appointments of Chris Allington as Global Head, FX, and Neh Thaker as Global Head, Options & Platforms. Read ››

Direct bank trading of renminbi and Australian dollar imminent

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Test run of direct trading at banks currently ongoing. China might soon allow the renminbi to start direct trading with the Australian dollar in Australia. Read ››

Major breakthrough in cross-strait banking talks

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Talks succeed in easing market access rules for banks seeking to own stakes in other banks. Read ››

ICBC launches renminbi clearing services in Singapore

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Also inaugurates three new “hubs” focusing on renminbi businesses. The Industrial and Commercial Bank of China, China’s largest bank, said its newly established major business hubs in Singapore include a Private Banking Hub, a Commodity and Structured Trade Finance Hub and a Cash Management Hub. Read ››

Singaporean banks could abandon Malaysian forex reference rate

308 reads

Government study confirms attempts at rate fixing. A review by Singapore late last year into rates set by The Association of Banks in Singapore uncovered attempts by some traders to manipulate Singapore's rate fixings for certain currencies. Read ››

Taiwan Financial counting on yuan business for expansion

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Taiwan Financial aims to accelerate its Asia-Pacific expansion and increase profit from overseas operations. Read ››

ICBC Singapore now authorised as the clearing bank for RMB

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ICBC was granted QFB privileges in 5 October 2012. According to a release, MAS welcomed the announcement today by the People’s Bank of China (PBC) that the Industrial and Commercial Bank of China (ICBC) Singapore branch had been appointed as the clearing bank for Renminbi (RMB) in Singapore. Read ››

Top UAE bank launches renminbi trading

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Emirates NBD launches renminbi accounts to support SMEs. The bank, the biggest lender by assets in the United Arab Emirates, has launched its own renminbi-denominated accounts and deposits to support small and medium enterprises (SMEs) that conduct trade settlements. Read ››

Taiwan will soon issue first Chinese renminbi bonds

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Taiwan will be the second location after Hong Kong to sell renminbi-denominated bonds. Read ››

Probes reveal banks' manipulation in Singapore’s offshore FX market

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Evidence surfaced that traders colluded to manipulate rates in Singapore's offshore foreign exchange market. Read ››

Citibank achieves first cross-border renminbi lending deal

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Citibank (China) Company last week completed its first cross-border renminbi lending transaction. Read ››

UK becomes G7 leader in offshore renminbi trade

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The Bank of England will soon become first G7 central bank to enter into a foreign exchange swap agreement with China. Read ››

Renminbi deposits in Hong Kong surge

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Amount is 10 times higher than 2009. The Hong Kong Monetary Authority said renminbi deposits and certificates of deposits held in Hong Kong jumped to US$113 billion in December 2012, 10 times higher than in 2009. Read ››

China to use forex reserves for commercial loans

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China has set up an office to handle trusted loans of foreign exchange reserves. Read ››

StanChart reveals results of its first-ever RMB Globalisation Index

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The index remained relatively flat at 732 in October. Read ››

Cross Strait settlements to improve

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Selection of Renminbi settlement bank proceeding cautiously. China is close to choosing a bank for Renminbi settlements in Taiwan. Read ››

China to tackle renminbi convertibility

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Deregulation also necessary to carry out financial reforms. People’s Bank of China Governor Zhou Xiaochuan said the renminbi's convertibility will be the next step in reforming China's exchange rate system. Read ››

CCB to internationalize the RMB

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China Construction Bank Corporation will sell US$400 million. The Big Four state-owned bank is making the sale this month as part of China's effort to internationalize the renminbi (RMB) or yuan, according to sources. Read ››

ICBC wants Thai arm to promote use of yuan

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China's strategy to strengthen yuan globally. Included is Industrial and Commercial Bank of China desire to increase the use of the yuan between Thai and Chinese customers through retail products and "dim sum" bonds. Read ››

S. Korea to inspect FX trading

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To curb the won's strength. This is the intention of South Korea's central bank and the Financial Supervisory Service - a financial markets regulator - in jointly investigating the banks on their foreign exchange and derivatives trading. Read ››

3 keys to Korean banks' resilience against foreign currency liquidity risks

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Among the ways is terming out debt maturities and it finally paid off. Read ››

Korean Banks exhibit foreign exchange liquidity

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Ample foreign currency liquidity of South Korean banks helped reduce the need for fresh loans in September, the financial regulator said Sunday. Read ››

Eurozone woes sap TAIEX

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The TAIEX fell below the 7,700 point mark Wednesday as turnover shrank further amid lingering concerns over debt problems in the eurozone, dealers said. Read ››

Taiwan to launch renminbi liberalization in November

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Taiwan will begin its comprehensive renminbi-related businesses November 1 through authorized renminbi clearance banks. Read ››

ICBC doubles cross-border RMB settlements

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ICBC's total volume of cross-border RMB trade settlement jumped 94.6% year-on-year to RMB 790.1 billion in the first half of 2012. Read ››

ICBC Beijing provides currency exchange in baht, Philippine peso

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ICBC Beijing Branch has included the Thai baht and Philippine peso in its foreign exchange currency services. Read ››

How can banks customize their service model to cater to each client's needs?

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Bankers say there is no 'one size fits all' solution nowadays. Read ››

SMEs still prefer conventional FX risk management

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But bankers say that those with higher FX volumes could conduct such activity online. Read ››

More hedging solutions for Asian banks revealed

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As various services and products emerge across Asia and trade is settled in different currencies, we sought the insights of bankers and analysts for possible hedging solutions. Read ››

Local currencies slowly becoming a substitute for G3 currencies?

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Bankers believe local currencies are getting more important, but warns that their potential highly depends on the economic and trade positions it commands in the global arena. Read ››

Maybank expects RM300M in ringgit mortgage expansion to Melbourne

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Maybank expects a take-up of RM300 million in the next 12 months in expanding its overseas ringgit mortgage loan scheme to Melbourne. Read ››

China curbs forex rules for firms expanding overseas

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Chinese firms will be allowed to use foreign currency loans they acquire from domestic banks to finance operations overseas starting on July 1. Read ››

RMB liquidity facility to open in HK

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A facility for providing Renminbi liquidity to authorized institutions in Hong Kong has been unveiled by the Hong Kong Monetary Authority. Read ››

Sri Lanka expects foreign inflows to increase

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Sri Lanka experienced positive first quarter foreign exchange earnings leading it to expect increased inflows this year. Read ››

Germany's Commerzbank to expand in China by 30%

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Commerzbank AG aims to grow its corporate banking business in China by as much as 30 percent this year. Read ››

HSBC China to be among the first for direct RMB-Yen trading

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HSBC China will be among first market makers for the direct trading of the renminbi and yen after it was approved by China's central bank. Read ››