Banking

Bloomberg Chinese banks kept their main lending rates unchanged after the central bank paused its monetary easing and defended a weakening yuan, though a cut is still expected by economists in the coming months to counter headwinds to growth. The one-year loan prime rate (LPR) was left at 3.65%, according to a statement by the People’s Bank of China (PBOC). ...

Bloomberg The Bank of England (BOE) has limited power to stop the downward spiral in the UK pound, said strategists at TD Securities, who are predicting more losses in the coming months. The pound and euro are trapped in a “doom loop” caused by soaring energy prices that feed into weaker economic growth and lower currency values, wrote strategists including ...

Bloomberg Goldman Sachs Group Inc has started axing at least 25 investment bankers in Asia as a drought in dealmaking prompts cuts across sectors, people familiar with the matter said. The cuts span its equity capital markets, healthcare and telecommunication, media and technology teams in Asia, the people said, asking not to be identified because the matter is confidential. The ...

  Bloomberg A slide in cryptocurrencies sent Bitcoin to a three-month low as sentiment took a knock from a wave of monetary tightening that’s set to stretch from Europe to the US this week. The largest digital token sank as much as 7.4% and was trading at $18,644 in New York. That’s the lowest since digital-asset prices tumbled after the ...

  Bloomberg Gold kicked off a pivotal week seeing fresh declines as the dollar strengthened, with investors bracing for a Federal Reserve rates decision that risks putting more pressure on the precious metal. The metal slid as much as 0.9%, extending a slump over the past month in the face of the dollar’s relentless gains.

Bloomberg The European Central Bank (ECB) will limit purchases of longer-term debt issued by companies that rank poorly under a new scoring system created to screen out polluters and tackle climate change. The maturity limit will cut the “longer-term exposure of the Eurosystem to transition risks,” according to a statement. The ECB will also give “special treatment” to green bonds ...

  Bloomberg The UK’s Financial Conduct Authority (FCA) published a warning to consumers about Sam Bankman-Fried’s crypto exchange FTX, saying it isn’t authorised by the regulator to offer financial services or products in the country. The regulator said on its website that Bahamas-based FTX “is targeting people in the UK,” adding that investors are “unlikely to get your money back ...

  Bloomberg US banking regulators are considering asking large regional banks to add to financial cushions to make it easier to wind them down in a future crisis, Dow Jones reported citing people familiar with the matter. New rules under consideration include requirements for regional banks to raise long-term debt that can help absorb losses in case of insolvency, extending ...

  Bloomberg Singapore’s dollar has established itself as Asia’s most resilient currency against the US dollar this year, and some strategists are betting on more strength if price pressures force the nation’s central bank to tighten its exchange-rate policy again next month. Goldman Sachs Group Inc, Citigroup Inc and MUFG Bank Ltd are among banks that are bullish on the ...

Bloomberg Apollo Global Management Inc and BNP Paribas SA are among investors showing interest in acquiring at least part of Credit Suisse Group AG securitised products group, people with knowledge of the matter said. The Zurich-based firm is exploring deals to sell the entire business, while potential investors may pitch to acquire specific portfolios or risk classes, the people said, ...