Citi failed to force Mercuria Energy to stump up $270 million, but the crucial UK High Court ruling over metals financing will provide comfort for trade finance banks in China and users of repo agreements alike.
The ruling on a critical dispute between metals trading firm Mercuria and Citi has been posted on the UK High Court's commercial list. The long-awaited decision will be publicly available today at 2:00pm BST.
Surveys show 74% of corporates with renminbi exposures cite CIPS delays as their most important regulatory concern, while others identify deregulation.
China’s PBOC will allow cross-border renminbi pooling for multinational corporates, though the need for distinctions between onshore and offshore renminbi for corporate treasurers remains.
KPMG partner Egidio Zarrella and JP Morgan’s Asia-Pacific head of sales for treasury services Margaret Yao give their tips on transfer pricing through centralised trading centres.
Knorr-Bremse treasurer Ernest Mui has called for China to establish more Shanghai-style free trade zones in order to balance China’s corporate treasury needs.
StanChart and Baoxin Group; HSBC and Saint-Gobain; and Citi and Roche have announced new cash programmes relating to pooling and netting in the Shanghai free trade zone following central bank clarifications.