China
Hedge funds turn to exotics for EM carry trades
Traders eye dual digitals to cheapen up carry plays
Hedge funds ease off profitable China FX options trade
Some still hold positions but an appreciating renminbi may make them less profitable for now
MSIM revived RMB options activity in Q1
Counterparty Radar: Investment firm added $2 billion in dollar/renminbi options, mainly with JP Morgan and StanChart
PBoC eyes further opening of onshore repo for foreign investors
Chinese central bank gives first official signal it is looking at Swap Connect-style scheme for repo
China needs an RMB liquidity absorber – HK might be the answer
Increasing HKMA’s CNH debt issuance could help cement renminbi’s role in financial markets
After Swap Connect, industry eyes onshore China repo market
Similar netting and infrastructure upgrades wanted to help foreign investors fund CNY bond holdings
Asia moves: Senior hires at BNP Paribas, BNY Mellon and more
Latest job news from across the industry
DisConnect: no deluge of demand for onshore CNY swaps – yet
Despite modest uptake, new onshore swaps on China’s Swap Connect could outdo non-deliverable IRSs, say dealers
Swap Connect shines light on US client clearing hurdles
New scheme may intensify calls for CFTC to reassess its exempt DCO limitations
Swap Connect set to launch within weeks
After final rules were published last week, sources suggest CNY swap scheme could go live by May 15
China’s top banks cut PCLs by $6.9bn
Loan-loss provisions in Q4 down 96% at ABC and 63% at ICBC
Chinese corporates step up FX hedging after reopening
Exporters eye hedges as RMB strengthens, but negative forward points are a turn-off for some
Rising rates lead to greater interest in structured products
Trading volumes ‘could increase fivefold’ as a result of short-term rates rise
Basel III TLAC shortfall widens to €30bn
Three systemic banks responsible for the increase in latest Basel Committee assessment
Asia moves: Senior hires at Societe Generale, Deutsche Bank and more
Latest job news from across the industry
StanChart is first non-Chinese bank to trade onshore CGB futures
China selects UK bank in first step to opening up its government bond futures market
PBoC releases draft rules for Swap Connect
Foreign access to onshore CNY swaps limited to interbank bond market users, while Isda docs aren’t ruled out
Risk.net’s top 10 investment risks for 2023
Geopolitical frictions, sticky inflation and a hard landing are among the hazards cited by investors
‘Globalisation rewired’: what does it mean for investors?
After half a century of outsourcing production to developing nations, companies are changing tack – with long-term implications for investors
Chinese snowball revenues melt away
Securities firms see falling revenues in the index-linked trades, but struggle to replace their profitability
Currency derivatives house of the year: BNP Paribas
Risk Awards 2023: Paris-based bank profits from dollar/offshore renminbi volatility
FSB: third of climate stress tests not tackling physical risk
Six jurisdictions conducted exercises only for transition risk
Why Shenwan Hongyuan welcomes foreign banks to China
Securities firm sees opportunities to work together, but says it has the edge with local clients