Banking

Bloomberg China’s yuan fixings have steadied over the past week, spurring speculation that the central bank wants to cap currency losses using a method last seen in the US-China trade war in 2019. The People’s Bank of China (PBOC) set the yuan reference rate near 7.1 per dollar for a seventh session, a move that would support the currency around ...

  Bloomberg Governor Andrew Bailey put the Bank of England’s BOE) credibility on the line with a pledge to end emergency gilt purchases as scheduled on Friday, in the face of mounting market pressure to extend the program. Investors dumped UK assets after Bailey told pension funds they have just “three days left” to sort out their liquidity positions before ...

  Bloomberg India’s inflation likely peaked in September but that’s unlikely to convince the central bank at this point to halt its tightening cycle, according to DBS Bank Ltd. “A bump up is expected in September numbers,” DBS Bank Senior Economist Radhika Rao said in an interview with Bloomberg Television’s Juliette Saly and Rishaad Salamat on Wednesday. “But the good ...

  Bloomberg Banca Monte dei Paschi di Siena SpA is clearing the final hurdles for its crucial €2.5 billion ($2.4 billion) share sale, with Chief Executive Officer Luigi Lovaglio close to having enough backing from investors to convince banks underwriting the deal. Parties are fine-tuning the details in order to start the share sale next week, people familiar with the ...

  Bloomberg The operations of Saigon Commercial Bank, which faced days of panicked customers pulling out their savings, are ‘stable’ and some clients are now returning to deposit money, according to Vo Minh Tuan, head of the central bank’s Ho Chi Minh City branch. “SCB’s situation has become more stable now as the number of people coming in to withdraw ...

  Bloomberg On the face of it, it was almost a good week for Credit Suisse Group AG, the stock recording its biggest gain in two years. But that glosses over a rollercoaster ride that saw the cost to insure its debt against default surge to a record, amid speculation about how the bank might finance its long-awaited restructuring. The ...

  Bloomberg Yes Bank Ltd., the Indian bank that almost collapsed two years ago from bad loans, is now on a hunt to buy stressed assets from other lenders. A new partnership with US private-equity firm JC Flowers & Co. LLC allows it to buy soured loans of other banks, Prashant Kumar, chief executive officer of the Mumbai-based lender, said ...

  Bloomberg Royal Bank of Canada (RBC) expects to gain more market share in UK wealth-management business in the years ahead, with its technological capabilities key to attracting clients. Canada’s largest bank has completed its $1.8 billion acquisition of Brewin Dolphin, vaulting its wealth-management operation to the No. 3 spot in the UK and Ireland. Still, the industry in the ...

Bloomberg HSBC Holdings Plc has spent the past six months fighting calls from its largest shareholder to split up. That isn’t stopping the bank ramping up its own deal-making program. The London-based lender expects to increase the amount of acquisitions it makes in the coming years, a person familiar with the company’s thinking said. Further disposals are also expected but ...

  Bloomberg The Bank of Korea (BOK) is set to pivot back to an outsized interest-rate increase as it seeks to keep pace with the Federal Reserve and rein in inflationary pressures exacerbated by a weaker currency. The central bank will raise its key rate by a larger-than-regular 50 basis points to 3% at Wednesday’s meeting despite having dialled back ...