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.
Several senior bankers in Standard Chartered’s transaction banking division have shifted positions, including George Nast, newly global head of sales & client management.
HSBC’s strategic push to Asia promises explicit investment in transaction banking platforms and lending rates set to undercut existing lenders*, but the shift will be far less substantial than presumed.
With two new hires in place in Singapore, global coordination, Citi ramped up its treasury advisory team in a market where competitors have struggled for business.
In order to meet the needs of China’s multinationals expanding abroad, Safe is overhauling its foreign debt rules so that Chinese MNC’s can better support overseas subsidiaries.
The HKMA scraps renminbi clearing bank requirements for repo transactions; Korean regulator promises lower foreign bank barriers; Safe reforms foriegn debt policies for non-Chinese MNCs.