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.
Hong Kong's draft rules on base erosion and profit shifting – perhaps the biggest shake-up of the corporate tax system since the 1940s – go too far, according to businesses in the city.
From today Chinese financial institutions no longer have to set aside 20 per cent of the value of dollar purchases. For treasurers, that means lower costs and an opportunity to hedge.