Markets are skittish, prone to starting at shadows or gorging themselves on rumours. Is China’s ‘counter-cyclical bounce’ just the latest piece of scuttlebutt to affect the currency or is the writing on the wall?
In one month, China’s foreign exchange regulator has fined 48 corporates, banks and individuals. European chemistry giant Solvay, as well as HSBC, are on the list.
It's like nothing China's treasurers have seen in the past 10 years; a toxic combination of defaults, US rate hikes, a downturn at home, regulatory interference and trade tensions are killing bond issuance.
Money market funds have so far failed to find favour with treasurers, except in China. A new product in Hong Kong could change all that – if high fees don't get in the way.
China has been pushing for more Panda issuance, and a Hong Kong-listed water supply company has delivered despite not holding the top credit rating. It explains how and why.
Notional cash pooling avoids the physical transfer of foreign exchange, reducing FX risk. The US tech manufacturer's Yvione Zhou explains how it works in Asia.
China's decision to reduce bank reserve requirements, the third such move this year, surprised no one. But the timing and nature of the latest cut are clearly linked to the risk of a trade war.
Belgian multinational Solvay reveals how it made pooling work — while another treasurer tells how his company fell foul of a policy change. Both agree keeping regulators onside is key.