Banking

Bloomberg China needs a more flexible and convertible yuan to improve investors’ confidence in the currency, a financial think tank said. The country should simplify management on the yuan exchange rate and loosen capital controls in an orderly way as part of the efforts to improve the currency’s global use, according to a report published by the China Finance 40 ...

Bloomberg China will work with other Asian countries to safeguard international trade rules, as well as the monetary and financial order, according to its former central bank Governor Zhou Xiaochuan. The country is determined to uphold multilateralism, and is accelerating the pace of its opening-up to integrate more completely into the global economy, Zhou said at the Singapore Summit conference. ...

Bloomberg Denmark is about to become a test case for what happens when banks start charging a lot of customers to store their money. That’s because one of the country’s biggest banking groups just changed the rules of the game, by removing the floodgate that had shielded most retail depositors. Until recently, only people with roughly $1 million in surplus ...

Bloomberg Commerzbank AG is planning to cut 4,300 jobs as part of a new strategic plan that will also see the bank sell a stake in its Polish mBank unit to reduce risk and help pay for the measures. Germany’s second-biggest listed bank plans to close 200 branches as part of the measures, and buy the 18% it doesn’t yet ...

Bloomberg Indonesia’s central bank cut its key interest rate for a third straight month to bolster growth amid a deepening global economic slowdown. The seven-day reverse repurchase rate was lowered by 25 basis points to 5.25%, as predicted by 21 out of 28 economists surveyed by Bloomberg. The rest forecast no change. The latest round of easing, after the Federal ...

Bloomberg India’s central bank Governor Shaktikanta Das said there’s room for interest rate cuts to spur economic growth given stable and below-target inflation. Speaking at the Bloomberg India Economic Forum in Mumbai, Das said a surge in oil prices following the supply disruption at a Saudi Arabian crude facility will likely be contained and won’t pose a major challenge to ...

Bloomberg Zimbabwe’s central bank has tightened the rules governing the trade of foreign currency by money exchange offices with immediate effect. The rates offered by exchange offices must be 7% above or below the interbank mid-rate, the central bank said in an emailed statement. Failure to comply would result in either heavy financial penalties or license revocation, it said. The ...

Bloomberg Royal Bank of Scotland Group (RBS) promoted Alison Rose to chief executive officer, making her the first woman to run one of Britain’s big four lenders. Rose, the former head of British commercial and private banking at RBS, was seen as being groomed for the role for years. She takes over on Nov. 1, set to be the UK’s ...

Bloomberg HSBC Holdings Plc has launched a public-relations offensive aimed at leaders in Beijing, reflecting worries that its position as the biggest foreign bank in China is at risk. With controversies such as the US-China trade war and the Hong Kong democracy protests swirling, the effort is aimed at repairing damage from the fallout of its role in the US ...

Bloomberg Standard Chartered Plc’s Nigerian unit is joining the rush to grab a larger share of the consumer-banking market in Africa’s most populous nation, targeting a five-fold increase in customers over the next two years. “Retail is where we’re going to see exponential growth,” Lamin Manjang, the chief executive officer for Standard Chartered’s Lagos-based subsidiary, said in an interview. “It’s ...