According to a directive issued by the Bank of Angola on July 2 and published on Thursday, banks can now use the Chinese yuan alongside the U.S. dollar, euro and South African rand to meet foreign-currency reserve requirements. Mandatory reserves are funds commercial banks are required to hold with the central bank to support financial […]
China and Namibia signed a series of agreements on Friday to strengthen cooperation in infrastructure, energy, mining and agriculture, as President Netumbo Nandi-Ndaitwah sought investment to support economic diversification and job creation in the southern African nation. The agreements were signed during Nandi-Ndaitwah’s seven-day state visit to China, her first official visit outside Africa since taking office […]
Abu Dhabi’s Mubadala Investment Company is transferring its $25bn (£18.7bn) credit portfolio to its alternative asset management arm, Mubadala Capital, giving pension funds, insurers and wealthy investors access to the platform for the first time. Mubadala Capital will now manage the credit portfolio, opening it up to third-party capital investors. Alongside this, the Abu Dhabi […]
About 10 million barrels of Saudi crude have cleared the Strait of Hormuz in recent days, as supertankers continue to load oil from the Saudi port of Ras Tanura in the Persian Gulf and Saudi Arabia is ramping up oil exports to Asia. Saudi oil giant Aramco, the world’s single largest crude oil exporter, has […]
China’s central bank launched overnight reverse repo operations on Monday (Jun 29), a move markets interpreted as deepening its control over liquidity conditions and aligning its policy framework more closely with global peers. The People’s Bank of China (PBOC) said that it conducted overnight reverse repos in open market operations for the first time, offering […]
Central banks around the world are planning to reduce their holdings of U.S. dollars over the coming decade for the first time, reflecting growing concerns over geopolitical risks and policy uncertainty surrounding the world’s dominant reserve currency, according to a new survey released on Tuesday. The findings, published by the Official Monetary and Financial Institutions […]
The People’s Bank of China (PBoC) has jointly authorised Standard Bank and the Industrial and Commercial Bank of China (ICBC) to operate the Renminbi (RMB) Clearing Bank of Africa, giving businesses and financial institutions across the continent direct access to China’s onshore financial system for the first time. The appointment makes Standard Bank, the largest […]
In the latest sign of recovering oil flows in the Persian Gulf, Qatar inked a deal with a Taiwanese refiner for the sale of a cargo of Al-Shaheen crude. The deal follows the sale of Marine and Land Qatari crude to an Indian refiner last week, the sources also told the publication. Bloomberg also reported […]
Every quarter, the world’s largest institutional investors look at their portfolios, notice the ratios are off, and start moving enormous piles of money around to get back on target. This time, JPMorgan estimates that process will involve roughly $165 billion in equity selling and corresponding bond buying as June comes to a close. Who’s selling […]
Shipping in the Strait of Hormuz has plunged following Iran’s announcement that it has closed the waterway once again over Israel’s strikes on Lebanon, according to ship tracking data. A total of 12 vessels crossed the strait on Sunday, down from 35 transits the previous day, an analysis by maritime intelligence company Windward showed on […]