RGI fell in March, the first time since Oct-2012, on a weak CNY, lower deposits and less Dim Sum issuance
• Since March, however, CNY has stabilised, southbound flows have risen and CNH liquidity has improved
• Renminbi trade settlement remains s...
Asian currency performance has varied significantly this year, in line with our ‘cross-currents’ call
• USD-AXJ is likely to see further upside in Q2 on valuation, policy divergence and flow volatility
• We raise higher our USD-CNY, USD-IDR, USD-M...
• RGI rose 2.3% m/m in January, the fastest gain in eight months; index shows steady momentum
• We see upside risk to USD-CNY in the near term; band widening is unlikely until at least H2-2015
• Shanghai FTZ spearheads capital account liberalisati...
RGI rose 1.2% m/m in November; trade settlement is a key driver, as 22% of China’s trade settled in RMB
• By end-2015, we expect the RGI to reach 2,500 and Renminbi deposits in Hong Kong to reach CNY 1.05tn
• Dim Sum issuance this year should be ...
• Gains in the CNY’s trade-weighted value set to stall amid subdued growth and less favourable seasonals
• We revise upward our USD-CNY forecast profile while still projecting a mild CNY rebound in H2
• We lower our short-term FX weighting on the ...
An increase in HKD demand towards mid-year pushed USD-HKD to the 7.75 Convertibility Undertaking
HKMA operations to keep USD-HKD within the 7.75-7.85 band are part of the LERS’ normal operations
The LERS remains well suited for Hong Kong and will ...
• We add New York to our RGI, reflecting rising Renminbi payment flows and CNH FX turnover
• New York enjoys time-zone advantage, massive trade with China, and rising investor interest in the RMB
• We summarise the latest Renminbi developments in...
The population in Hong Kong is ageing; it needs wiser fiscal policy long-term to avoid a structural deficit
• FY15 budget is a good start, and a stronger economy means a healthy fiscal position in the coming years
• The property-market price cor...
• The seasonal upturn in Hong Kong FX options is having a bigger impact on the CNH than on the HKD
• The USD-CNH implied volatility decline comes amid rising realised volatility and policy uncertainty
• Leveraged accounts should buy USD-CNH option...
• The HKD is approaching the strong end of its band on capital inflows, rate differentials and seasonals
• We lower our USD-HKD forecast but still look for a rebound in 2014 on Fed tapering and capital outflows
• USD-HKD forwards beyond 3M trade b...
• The HKD recovered some lost ground in Q2 on favourable seasonals as dividend inflows increased
• But we expect USD-HKD to rebound heading into 2014 on portfolio outflows and global market volatility
• With USD-HKD close to the 7.75 floor, buying...
If this is a public computer please consider checking this box carefully.
Please access our research via your Straight2Bank account
Digital technology is transforming the economy and society. Adoption, not invention, has the most economic impact. Technology can lift developed countries if they embrace change. New technologies offer more opportunities than challenges for emerging markets.
About Standard Chartered
Group investor relations
Group media centre
WB media centre
Copyright © 2015 Standard Chartered Bank