Chinese renminbi regains place in top five global currencies
The Chinese renminbi continues to gain ground internationally as more banks adopt the currency, propelling its position into the top five global payment currencies worldwide, according to the latest batch of data from Swift.
Reforms needed to build on Shanghai-Hong Kong Stock Connect success
The Shanghai-Hong Kong Stock Connect link has made significant in-roads in the opening of China’s capital markets to international trading but barriers to participation, including restricted trading strategies, introduce risk and create operational complexity. The long-term success of the venture hinges on removing these barriers, according to a study carried out for the DTCC.
Deutsche Börse announces partnership with Chinese exchanges
Deutsche Börse plans a joint venture with the Shanghai Stock Exchange and China Financial Futures Exchange to develop and market Chinese-based financial instruments to investors outside mainland China.
China Construction Bank inks cooperation deal with Deutsche Börse
Germany’s Deutsche Börse and China Construction Bank have entered into a strategic partnership and have signed a ‘preferred partnership’ agreement under which they will explore the opportunities for more cooperation.
International RMB usage powers ahead beyond Hong Kong
Hong Kong’s share of the international Renminbi market has fallen over the past two years as other countries increase their share, which now stands at 25% compared to 17% in February 2013
RMB breaks into top five world payments currencies
The Chinese renminbi has become one of the world’s top five payments currencies, according to new figures released by Swift. The currency, first introduced to foreign investors in 2007, overtook the Canadian dollar and the Australian dollar in the last two months of 2014 to reach the top five.
China opens up A-shares market as RMB gains traction
A landmark deal between China’s Hong Kong and Shanghai stock exchanges is set to open up unrestricted access to the China A-shares market to foreign investors for the first time, starting this month. The deal also reflects the rising internationalisation of the Chinese renminbi currency worldwide.
Earthport opens low-value payment route to China
Cross-border low-value payments service provider Earthport, has opened a new payment route into China to support trade payments into the region.
BNY Mellon backs London to lead European race for offshore RMB
London and Singapore are fast closing the gap on Hong Kong in the race to become centres for offshore renminbi business and capitalise on Beijing’s ambition to make the RMB a global currency.
Europe surging ahead in RMB internationalisation
Europe now represents 10% of total Renminbi payments in value worldwide and is leading adoption beyond Asian countries, with four European countries in the top 10, excluding China and Hong Kong, according to Swift. Overall, the RMB strengthened its position as the seventh most used global payments currency and accounted for 1.57% of global payments.
Hong Kong gets set for China Connect
Firms in Hong Kong are ramping up system roll-outs in anticipation of the forthcoming Shanghai-Hong Kong Stock Connect, scheduled to go live in mid-October.
But the proposed link will face a number of problems,
China moves cautiously towards options market launch this year
As China prepares to open an options market for the first time later this year, big changes are afoot in Asia’s biggest market. French trading technology specialist Horizon Software talks to Banking Technology about the kind of tools that will be needed to liberalise the Chinese economy.
2014 (2nd annual) China Supply Chain Finance Summit
This event is the only one high profile summit talking about supply china finance in China. With the scheme of “Seeking the Balance with Supply Chain Finance”, we will deeply discuss the topics like Supply Chain Finance Market Outlook and Trends for China;Collaboration in Supply Chain Finance;Products Innovation and Risk Control; Collaboration model of the whole supply chain;clearing&settlement etc.
Hong Kong and Shanghai exchanges prepare to build major new link
China’s Hong Kong and Shanghai stock exchanges are poised to build a major new link that will open up mainland China’s capital markets to foreign investors and vice versa.
RBS offers corporate multi-bank platform across China
The Royal Bank of Scotland has launched a new service that lets corporates manage up to 18 local Chinese bank accounts through a single global electronic banking platform.
State Bank of India centralises China reporting
State Bank of India has chosen tools for its new Chinese branch in the northeastern port city of Tianjin from Wolters Kluwer, which it says will help the bank deal with China’s regulatory reporting requirements.
China’s GF Financial Markets joins LSE as RMB gains traction
Chinese broker GF Financial Markets has joined the London Stock Exchange, hoping to capitalise on international opportunities – including the dramatic rise of London as a centre of renminbi trading.
LSE launches first China A shares ETF in London
The London Stock Exchange has launched the first Chinese renminbi ETF listed in London, in a deal that will help open the Chinese A shares market up to international investors.
London calling to the Chinese renminbi
Standard Chartered and Agricultural Bank of China have launched renminbi-denominated clearing services in the UK in a deal that reflects the ongoing internationalisation of the currency.
Standard Chartered Hong Kong rolls out digital branch
Standard Chartered Hong Kong has opened its first ‘digital’ branch, in which customers are greeted by giant screen TVs, the bank’s mobile apps in a special experience zone, and QR code scanning on an iWall, as well as e-signature pads and virtual queuing.
Citi launches NFC mobile wallet collaboration with 3 Hong Kong
Citibank and mobile operator 3 Hong Kong have co-launched an NFC mobile wallet in the form of a sticker for iPhone and mobile app for Android.
China Financial Futures Exchange inks MOU with Nasdaq OMX
China Financial Futures Exchange has signed a deal with Nasdaq OMX to strengthen cooperation and promote mutual development, in a move that will likely see Nasdaq technology expand into China.
Looking to China’s Skipped Generation
China’s miraculous economic catch up since reform and opening up has created an unprecedented generation of consumers. The way this generation has adopted the on-line world in China is very different from that in the West.
HSBC rolls out mainland China corporate cash management solutions
HSBC Bank China has completed its first electronic tax payment for a corporate client in Shanghai, in a move that the bank says is the first among all foreign banks I the city. The new tax payment service deducts funds in real time and enables customers to complete tax reports and process payments on the government’s tax system terminal from any location.
WorldPay’s world of payments shows huge diversity
Adoption of alternative payment mechanisms is growing more rapidly in developing economies as they leapfrog the legacy infrastructures deployed elsewhere.
The challenges of paying Asia faster
Slowly but steadily, financial institutions and their corporate clients are beginning to talk about growth again. Markets are gradually shifting from a purely defensive position; the Fed has spoken about tapering its quantitative easing programme; and many companies are putting expansion back on the agenda in response, writes Greg Murray.
CCP proliferation clouds Asian OTC derivatives markets reform
Most emerging Asian countries have developed or are developing their own CCPs and trade repositories in response to global reforms of OTC derivatives markets – but proliferation of CCPs is a concern, according to new research by analyst firm Celent.
Thomson Reuters launches Elektron services in China and Australia
Thomson Reuters has rolled out its Elektron managed data services in China and Australia. The service will be deployed in co-location with the Australian Securities Exchange in Sydney as well as through a data centre in Shanghai.
HSBC plans to pilot FX netting in China
HSBC is to pilot a foreign exchange netting system in China after getting approval from authorities there – the first foreign bank to get such approval. The programme is part of the Chinese State Administration of Foreign Exchange’s recently launched Foreign Currency Centralised Management pilot scheme for multinational companies.