From the Pacific Exchange Blog
Market participants are anxious to find new policy anchors as China moves towards a “New Normal.” But China’s growth and policy direction are likely to be less predictable in the future, a fact that market participants will have to learn to accept.
The Financial Stability Board (FSB) recently updated its list of global systemically important banks (G-SIBs), adding China Construction Bank as the seventh Asian G-SIB. Including Standard Chartered, a U.K. incorporated bank with a majority of assets in Asia, more than a quarter of G-SIBs now operate primarily in Asia.
The creation of CIPS is an important milestone on the renminbi’s road to becoming a major global currency. It has the potential to significantly improve the efficiency of cross-border payment transactions and increase liquidity in the offshore market.
This Asia Focus examines the size and growth of Islamic finance, reviews recent reports and studies on the industry, discusses key benefits and regulatory challenges, and summarizes recent developments in Asia.