Banking

Bloomberg China’s yuan fixing is back in focus, with a run of surprises moving the market in recent days. The central bank set its reference rate—which limits onshore moves to 2 percent on either side—at a weaker than expected level for the third day in a row on Wednesday. The rates, and the removal of a reserve requirement rule on ...

Bloomberg Reserve Bank of Australia board member Ian Harper said economic growth isn’t strong enough to justify an interest-rate increase and policy makers can do little but look on as the local dollar appreciates. While it’s “terrific” full-time employment growth is strong and unemployment is slowly coming down, it’s a “concern” to see under-employment isn’t moving much and wages and ...

Bloomberg The new US sanctions law threatens to cut off a vital channel for Russia’s funding of its massive defense buildup, according to four people familiar with the situation. Officials in the government and state banks—Sberbank PJSC and VTB Bank PJSC are the biggest players—are looking for ways to get around the restrictions or minimise their impact on the funding, ...

Reuters France’s Credit Agricole has agreed to sell about half its 31.1 percent stake in Banque Saudi Fransi to billionaire Prince Alwaleed Bin Talal’s Kingdom Holding for $1.54 billion. The sale was part of a wider review of Credit Agricole’s assets and markets to meet new banking rules and tougher economic conditions. Sources had said in March it picked JPMorgan ...

Bloomberg As the Swiss franc weakens, the nation’s central bank must decide whether it can afford to relax a little. The currency’s 5 percent decline against the euro over the past three months is good news for the Swiss National Bank in its long-running bid to revive inflation. For President Thomas Jordan and fellow policy makers meeting this week, it ...

Bloomberg Banks from China, Japan and Canada have overseen a surge in overseas lending since the financial crisis, helping to cushion a deep slide in cross-border capital flows thanks especially to a retreat by European banks, according to the McKinsey Global Institute. While the stock of global foreign holdings—including loans, equities, bonds and foreign direct investment—has remained about the same ...

Bloomberg The Reserve Bank of India will have scope to cut benchmark interest rates once again as growth in Asia’s third-largest economy slows and consumer-price gains stay within the central bank’s target range, according to Kotak Mahindra Asset Management Co. “You have a confluence of favorable CPI, lower GDP growth and a necessity to keep rates stable with easing bias,” ...

Bloomberg Japan’s regional banks are turning toward private equity, hedge funds and real estate in search of higher returns as regulatory concerns restrict ownership of foreign bonds. Alternative assets was the favoured choice of investment for five lenders, according to a Bloomberg survey of 11 regional banks conducted in August. Foreign bonds was picked by three respondents, while none of ...

Bloomberg Standard Bank Group Ltd. appointed Sim Tshabalala as sole chief executive officer, ending a dual role he shared with Ben Kruger, and making him the first black person to lead Africa’s largest lender independently. Kruger, 58, will step down as joint-CEO immediately and continue as an executive director, reporting to Tshabalala, 49, Johannesburg-based Standard Bank said. The joint leadership ...

Bloomberg IndusInd Bank Ltd., the Indian lender pursuing a takeover of Bharat Financial Inclusion Ltd., is negotiating a potential deal valuing the microfinance provider at about $2.2 billion, according to people with knowledge of the matter. IndusInd, backed by the billionaire Hinduja brothers, is discussing a valuation of around 1,040 rupees per Bharat Financial share, according to the people. That ...