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IMF Australia: Financial System Stability Assessment
November 15, 2012--Australia's financial system is sound, resilient, and well-managed. Major banks are
conservatively run, well capitalized and profitable, and they are likely to withstand severe shocks.
However, a number of risks will need to be closely managed, including risks from a combination of high household debt and elevated house prices, reliance on offshore funding, and a highly concentrated and interconnected banking system. A higher minimum capital requirement for systemically important institutions may be desirable.
The financial regulatory and supervisory framework exhibits a high degree of compliance with international standards. Nevertheless, there is some room for improvement in certain areas of supervision, such as on-site supervisory review of banks’ liquidity risk management.
Commendable steps have been taken to strengthen crisis management. Crisis preparedness can be further enhanced by conducting regular simulations, and continued efforts are warranted for recovery and resolution planning. Arrangements are in place to manage cross-border risk.
Thirteen Thai Stocks Added To MSCI Indices Effective From Nov 30
November 15, 2012--The Stock Exchange of Thailand (SET) revealed that MSCI Inc., index provider, would add 13 Thai stocks in its indices, consisting of four Thai stocks--AOT, BGH, CPN, and MAKRO-added to MSCI Global Standard Indices, and nine Thai stocks--BAFS,
GOLD, LOXLEY, ROJNA, SRICHA, SITHAI, SVI, TK, and VIBHA – added to MSCI Global Small Cap Indices. These changes are as part of MSCI semi-annual index review which will be effective from November 30.
Safe smashes QFII record, more relaxations tipped
November 14, 2012--China's FX regulator awarded $2.75 billion in quota to nine foreign firms last month,
with further liberalisation expected to be announced by the CSRC as early as this month.
McCombe to take over key clients at BlackRock
November 14, 2012--The firm's Asia-Pacific chairman, Mark McCombe,
is taking over the regional role from Peter Swarbreck, who is set to retire at the end of this year.
China, Australia in talks over direct currency trading
November 13, 2012--The Chinese and Australian central banks are considering the launch of direct trading between the yuan and the Australian dollar, China's central bank governor said Sunday.
If the deal is reached, the Australian dollar would be the third major currency allowed to be traded directly against the Chinese currency, following the US dollar and the Japanese yen.
Japan lawmakers agree to avert 'fiscal cliff', election looms
November 13, 2012--Japan's ruling and opposition parties agreed on Tuesday to quickly pass a deficit funding bill in parliament, in a move that will keep the country from falling off its version of a 'fiscal cliff'' as the prime minister eyes elections as early as next month.
The bill is needed to borrow some $480 billion and fund roughly 40 percent of this fiscal year's budget. Without it, the government could run out of money by the end of this month and would have to stop debt auctions next month, just as the economy teeters on the brink of a recession. Until recently the opposition has used its control of the upper house to stall the bill in a bid to press Prime Minister Yoshihiko Noda to call an election.
Shanghai plans gold ETFs as China seeks to expand market
China is keen to further open up its domestic gold market to the international community, with Shanghai looking at gold exchange-traded funds as the market matures.
November 12, 2012--China, set to surpass India as the world's top gold consumer this year, is keen to further open up its domestic market for the precious metal to the international community, with Shanghai looking at gold exchange-traded funds as the market matures.
Hoping to tap resilient Chinese demand for bullion as gold prices head for their twelfth straight year of gains, the Shanghai Gold Exchange (SGE) also said it would launch an interbank market early next month.
China likely to significantly expand RQFII quota
November 11, 2012--China's securities authorities announced Saturday that it has "agreed in principle" to expand its RMB Qualified Foreign Institutional Investors (RQFII) pilot program by increasing the investment quota by 200 billion yuan (31.74 billion U.S.dollars).
The RQFII program has faced strong demand from overseas investors since its launch late last year, and the current 70 billion yuan quota is running out due to the enthusiastic investors, said a spokesperson with the China Securities Regulatory Commission (CSRC).
The RQFII mechanism, which was launched in December 2011 to widen investment channels for overseas yuan funds on the Chinese mainland, allows qualified investors to invest yuan-based funds raised in Hong Kong in the mainland securities market within a permitted quota.
The government departments are also mulling over details of relevant rules of the RQFII program, such as loosening restrictions to allow more institutions to take part in the scheme, said the spokesperson.
Culture Sector Indices Launched Today
November 9, 2012--Shenzhen Stock Exchange and Shenzhen Securities Information Co., Ltd. jointly announced on November 9, 2012 to issue SZSE Culture Index (Abbreviation: SZSE Culture, Code: 399654) and CNINFO OCT Culture Index (Abbreviation: OCT Culture, Code: 399397). Both indices take June 30, 2009 as the base date, and 1000 points as base point.
In recent years, the culture sector enjoy a rapid growth, ushering into a significant strategic phase brimming with opportunities, with an increasing number of companies in culture sector going public. Being the first of its kind in the country, the newly launched culture indices fill in the blank record of culture sector indices in domestic capital market. SZSE Culture Index and OCT Culture Index respectively reflect the overall price movement of public companies in culture sectors at Shenzhen Market alone and both Shenzhen and Shanghai Markets, and are thus capable of providing indexation investment targets in culture sector for the market.
Innovation has been made in the choice of samples for SZSE Culture Index and OCT Culture Index. On the basis of culture sector category set out by National Bureau of Statistics, such enterprises as engaging in manufacture and sale of culture equipment have been filtered out, whereas such emerging culture enterprises as involving in creative design, new media have been added to the sample. Being in line with people’s common understanding of culture, the innovative choice of sample is marked with market-orient feature.
HKEx Announces Market Makers and Margin Rates for RMB Currency Futures
November 9, 2012--Hong Kong Exchanges and Clearing Limited (HKEx) has announced market makers and margin rates for the renminbi currency futures (RMB Currency Futures) that will begin trading in its derivatives market on Monday, 17 September 2012.
Market Makers
Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of HKEx, has appointed DBS Bank Limited (via DBS Vickers (Hong Kong) Limited*), Merrill Lynch International (via Merrill Lynch Far East Limited*) and The Hong Kong & Shanghai Banking Corporation Limited (via HSBC Broking Futures (Hong Kong) Limited*) as market makers for RMB Currency Futures. Market makers will be providing continuous two-sided quotes good for at least 10 contracts on each side in all listed contract months with a maximum bid / ask spread of 30 minimum fluctuations (ie RMB0.0030).
