Although sections of the market seek an extension to the date for phasing out Libor, treasury officials, bankers and lawyers say they are working under the assumption there won’t be any delays.
Bangko Sentral ng Pilipinas (BSP) is instituting reforms to make its private banking sector more responsive to central rate cuts; China's Insurance Regulatory Commission (CIRC) has liberalised its pricing system for life insurance products; and the Reserve Bank of India (RBI) proposes differential deposit premiums.
The People's Bank of China cut the renminbi benchmark lending and deposit rates, while further liberalising market limits; The State Bank of Vietnam’s raised the USD/VND exchange rate; India's new electronic Know Your Customer system will soon be ready for corporates.
RBS executives in Asia plan to encourage non-core transaction banking clients to transition to HSBC as part of its broader exit from the market, CT has learnt.