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China guides renminbi to fresh high against US dollar
May 2, 2013--The Chinese renminbi marched to a record high against the US dollar on Thursday, adding to a recent burst of appreciation and spurring talk that Beijing is poised to soon let the currency trade more freely.
Over the past three weeks the renminbi has gained 0.6 per cent against the dollar, an unusually fast rise for the tightly controlled Chinese currency and one that has come even as the dollar has been relatively strong.
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Source: FT.com
MAS Consults on Proposed Regulatory Requirements for Renminbi (RMB) Foreign Exchange Conversion in China
May 2, 2013--The Monetary Authority of Singapore (MAS) today released a consultation paper on the proposed regulatory requirements for participating banks1 and merchant banks in Singapore to conduct foreign exchange conversion in China via the RMB Clearing Bank in Singapore.
2. As part of RMB clearing arrangements, the People’s Bank of China is granting the RMB Clearing Bank in Singapore a RMB foreign exchange conversion quota to allow participating banks and merchant banks to conduct foreign exchange conversion in China via the RMB Clearing Bank in Singapore for the settlement of eligible cross-border trade. MAS’ consultation paper sets out the proposed regulatory requirements that participating banks and merchant banks in Singapore must comply with when conducting such foreign exchange conversion.
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Source: Monetary Authority of Singapore (MAS)
India Panel to Consider ETF Plan Wednesday
April 30, 2013--A panel of India's cabinet ministers will on Wednesday consider a proposal to launch an exchange-traded fund that will invest in the shares of state-run companies, a step that is expected to help the government raise billions of dollars by selling stakes in the companies it manages.
The panel headed by Finance Minister P. Chidambaram will draw up an initial list of companies for the proposed ETF to invest in, a senior government official said Tuesday. The panel will also set the price at which the shares of these companies will be placed with the asset management company managing the fund, he added.
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Source: Wall Street Journal
Despite Current Downturn, Long-Term Growth Prospects for India are Bright, World Bank says
April 30, 2013-- India is regaining economic momentum and growth is expected to recover gradually to its high long-term potential, says the latest India Development Update of the World Bank.
According to the Update, a twice-yearly report on the Indian economy and its prospects, economic growth is likely to accelerate to over 6.0% during the current financial year (April 2013-March 2014). Growth is expected to increase further to 6.7% in FY 2015. Recent data point to some improvements in economic activity: inflation and trade deficit came down in recent months, while private consumption and investment growth had accelerated in the third quarter of FY 2013.
view the World Bank India Development Update
Source: World Bank
Dim sum benchmark launch could bring ETFs into a growing market
April 30, 2013--Dim sum bonds showed signs of fatigue last year, despite their young age.
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Issuance of offshore renminbi bonds grew compared to 2011- but only by a whisker, while a summer sell-off in the Chinese currency prompted a spike in borrowing costs. On both counts, it was a far cry from the market’s early days of breakneck growth and barely visible coupons.
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Source: FT.com
OTC trading reform threatens Asian markets
April 30, 2013--Asia's banks may have avoided the worst of the global financial crisis, but its derivatives markets could still suffer the consequences of a regulatory overhaul.
So-called over-the-counter trading became a big target of Group of 20-led financial reforms in the wake of the 2008 market meltdown.
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Source: FT.com
Regional Economic Outlook: Shifting Risks, New Foundations for Growth
April 29, 2013--Growth in the Asia-Pacific region shows signs of improving as extreme risks emanating from advanced economies have receded and domestic demand remains resilient, supported by relatively easy financial conditions and robust labor markets.
A small and gradual pick-up in growth to over 5¾ percent is projected in the course of 2013. Risks to the outlook from within the region, such as rising financial imbalances and asset prices in some economies, are coming clearer into focus. Although Asia’s banking and corporate sectors have solid buffers, monetary policymakers should stand ready to respond early and decisively to shifting risks, and macroprudential measures will also have a role to play. In many Asian economies, some fiscal consolidation could also rebuild the space needed to respond to future shocks and preempt potential overheating pressures from capital inflows. In particular, there is a growing need to make tax and spending policies more efficient. To sustain high growth rates and alleviate the “middle-income trap” across Emerging Asia, the policy agenda will vary by jurisdiction but will also often include strengthening infrastructure investment and reforming goods and labor markets.
view the Regional Economic Outlook: Asia and Pacific
Shifting Risks, New Foundations for Growth
Source: IMF
Hong Kong to Compile Yuan Interbank Rate Fixing in June
April 26, 2013--Hong Kong's Treasury Markets Association will start compiling an interbank interest rate fixing for offshore yuan in June amid rising demand for loans in the currency outside of China.
Hong Kong Monetary Authority will also relax yuan capital rules for local banks by scrapping a limit on net open positions and a minimum requirement for the lenders’ liquid assets in the Chinese currency, Chief Executive Norman Chan told reporters yesterday at a press briefing in the city. Instead, the same rules that apply to other currencies will be applicable to offshore yuan, he said.
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Source: Washington Post
TSE to Expand "TSE Indicative NAV"(ETN) Lineup
April 26, 2013--Beginning Apr 30, 2013, Tokyo Stock Exchange, Inc. (TSE) will begin calculating and publishing Indicative Net Asset Value (Indicative NAV)
per share in real time for the ETNs below.
1. Additions
| Code | ETN | Fund Administrator |
| 2035 | NEXT NOTES Nikkei 225 VI Futures Index ETN | Nomura Europe Finance N.V. |
| 2036 | NEXT NOTES Nikkei-TOCOM Leveraged Gold ETN | Nomura Europe Finance N.V. |
| 2037 | NEXT NOTES Nikkei-TOCOM Inverse Gold ETN | Nomura Europe Finance N.V. |
| 2038 | NEXT NOTES Nikkei-TOCOM Leveraged Crude Oil ETN | Nomura Europe Finance N.V. |
| 2039 | NEXT NOTES Nikkei-TOCOM Inverse Crude Oil ETN | Nomura Europe Finance N.V. |
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Source: Tokyo Stock Exchange, Inc. (TSE)
Sourcing the right collateral a major priority for the financial industry in Asia, shows conference poll
Sourcing the right collateral a major priority for the financial industry in Asia, shows conference poll/
More than 92 percent of industry players in Asia say sourcing appropriate collateral to meet new industry practices is a high or very high priority/Almost 40 percent of delegates at Clearstream conference say their institution has no access to collateral optimisation system/Most of the financial experts see increasing role for Asian securities in the global supply of available collateral for the banking industry/Fourth annual Clearstream GSF Conference Asia in Singapore brings together more than 150 delegates from across the Asia-Pacific region
April 24, 2013--Sourcing the most appropriate collateral to cover global exposures is still a major priority for most financial institutions in Asia, according to a poll of banking professionals at Clearstream's Global Securities Financing Conference Asia in Singapore. Some 92.6 percent of the delegates-
who represented pan-regional institutions, infrastructures, investment banks, universal banks and central banks – expressed that identifying the right type of collateral was either a “very high” or “high” priority for their organisation.
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Source: Clearstream
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