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Foreign Exchange

Dollar, as reserve currency, is a virtue, not a trap: a response to Eswar Prasad

Forget the doom over currency wars – the dollar-led monetary system boosts global stability, while China’s fixed exchange-rate regime poses risks, argues the IIF’s Charles Collyns, a former US Treasury official, as debate rages over the role of the dollar in the emerging world, in particular.

January 28, 2014

CAPITAL MARKETS

Rwanda emerges as East Africa’s investment gateway

Rwanda’s finance minister Claver Gatete waxes lyrical over the country’s bid to become an international-investment hub for the budding East African Community and defends the administration’s security policy.

Kanika Saigal, January 27, 2014

CAPITAL MARKETS

Emerging-market rout: this time it’s personal

Emerging-market assets have fallen thanks to domestic policy risks, rather than Fed-tapering fears, triggering market contagion, as Turkey and Argentina lurched into crisis mode. However, India’s economic rebalancing shows the way forward for EMs out-of-market favour.

Sid Verma, January 27, 2014

Foreign Exchange

Emerging markets: more weakness to come

A massive currency sell-off this week echoes the dark days of emerging-market crises, say bears. Analysts are resolutely underweight emerging market bonds and stocks, citing the legacy of the recent credit boom and the absence of structural reforms.

Sid Verma, January 24, 2014

Foreign Exchange

Market is bullish on renminbi internationalization amid China wobbles

Concrete advances towards the full tradability of the Chinese currency are at last seemingly being made, helping to rebalance the country’s growth model but heaping on short-term risks to China’s economic and financial stability.

Simon Watkins, January 24, 2014

Euromoney Country Risk

Indonesia the most vulnerable of a fragile five

A toxic combination of large external financing gaps and US liquidity withdrawal has increased the risks of investing in triple-B rated emerging market (EM) sovereigns. With many countries facing elections this year and stalling on structural reforms, economists taking part in Euromoney’s Country Risk Survey have placed five of the larger EMs under the microscope.

Jeremy Weltman, January 24, 2014

CAPITAL MARKETS

Jury out on African Eurobonds amid Fed-tapering threat

A flurry of Eurobond issuance out of Africa was characterized by cheap funding as portfolio funds flooded Africa looking for yields, but as Fed tapering comes to the fore, African sovereigns might tilt back towards local currency bond markets.

Kanika Saigal, January 23, 2014

Benchmarking

ECR Survey Results Q4 2013: Eurozone woes and tapering fears stalk global economy

Global risk continued to rise in 2013, according to the latest results of Euromoney’s Country Risk Survey. Gloomy analysts remain cautious on the eurozone and the potential impact of the withdrawal of US monetary stimulus on capital flows to emerging market economies.

Jeremy Weltman, January 23, 2014

Treasury

BMW’s treasurer talks regulation, risk and relationship banks

Norbert Mayer has seen much in his three decades at BMW. In an interview with Euromoney, the group treasurer of the German industrial group discusses the impact of regulation, managing risk and balancing banking relationships.

Duncan Kerr, January 23, 2014

Treasury

Signs of life in European commercial paper market as corporates return

European companies are beginning to return to the euro commercial paper market, potentially provoking a recovery in an asset class that provides corporates with crucial short-term funding.

Rebecca Brace, January 23, 2014

Treasury

European companies struggle with derivatives reporting deadline

European companies are in danger of failing to comply with the new derivative reporting standards required under European Market Infrastructure Regulation (EMIR), one of the most challenging pieces of regulation companies are facing crunch time over.

Carol Dean, January 22, 2014

Treasury

Swift reveals documentation to be included on KYC register

The financial messaging service has inched closer to settling on the final details of its know-your-customer (KYC) registry, focused on alleviating the challenge of fulfilling compliance requirements in the correspondent banking industry.

Solomon Teague, January 21, 2014

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