Foreign Exchange
HKMA's aggregate balance hit $163.9b this week
Forex reserve dropped US$1b.
StanChart, ABC ink MOU to provide RMB clearing services in the UK
Will boost London's post as top offshore RMB hub.
Taiwan's RMB deposits hit new high of 123.2b in October
That's in domestic and offshore banking units.
Britain looks into establishing renminbi clearing bank
Needed to improve liquidity.
StanChart establishes Global RMB Trading team for clients
It'll comprise traders across key markets.
StanChart RMB globalisation index inched 3% higher to 1,183
Here's what boosted this growth.
State Bank of Vietnam launches real-time FX trade monitoring system
Partners with Thomson Reuters.
Philippines, Bank of China launch Domestic Renminbi Transfer Service
Service will integrate with the renminbi global payment system.
South Korea looks for more bilateral currency swap deals
Koreans reducing dependence on US dollar.
China’s banking system's net forex purchases rocket in September
Jumps 3,600% to US$20.7 billion from US$4.5 billion in August.
Singapore, China will allow direct trading between currencies
Will strengthen Singapore's status as leading offshore RMB hub.
RMB jumps to 8th spot as most traded currency in the world
Market share is now up to 1.49%.
South Korea, Malaysia in currency swap deal
Swap agreement is worth US$4.7 billion.
Thailand to have renminbi clearing bank
Will help boost trade settlements renminbi.
ECB and China in US$57 billion swap agreement
Deal will initially cover three years.
India speeds-up internationalization of the rupee
Will launch first offshore rupee bond program.
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Nearly 8 in 10 MSMEs still face barriers to accessing loans, an expert said.
Commentary
Why high capital levels are a double-edged sword for Singapore banks