Banks began processing international renminbi payments through China’s new cross-border interbank payment system (Cips) sparking wide acclaim from participants.
When “know your client” rules for correspondent banking went live, banks responded by exiting countries and products en-masse. New onboarding and database tools should help to reverse this worrying trend.
PBoC changes deposit reserve calculation for banks; APEC ministers commit to standard tax and trade barriers; Basel III monitor shows banks largely compliant
Vietnam Bank for Agriculture and Rural Development has signed up for Swift’s Know Your Customer (KYC) Registry. Similar initiatives could help treasurers get onboarded with banks faster.
Surveys show 74% of corporates with renminbi exposures cite CIPS delays as their most important regulatory concern, while others identify deregulation.