We need to find a fairer way of providing Goods and Services to the rest of the people on Earth.Cryptocurrencies and/or Gold Standard of money....maybe the answer to fight hyperinflation caused by too much printing of paper/fiat currencies by Governments and Central Banks all over the World. (https://nomorefiatmoneyplease.blogspot.com)
HKMA intervenes to defend Hong Kong's dollar peg, sells HK$3.1b
[HONG KONG] The Hong Kong Monetary Authority (HKMA) stepped into the currency market and sold HK$3.1 billion (S$542.56 million) in Hong Kong dollars on Thursday as the local currency hit the strong end of its trading range.
According to the HKMA, the latest intervention will lift the aggregate balance - the sum of balances on clearing accounts maintained by banks with the HKMA - to HK$242.29 billion on April 13. The Hong Kong dollar was trading at 7.7500 to the US dollar at 1142 GMT after the intervention.
The Hong Kong dollar is pegged at 7.8 to the US dollar, but can trade between 7.75 and 7.85. Under the currency peg, the HKMA is obliged to intervene when the Hong Kong dollar hits 7.75 or 7.85 to keep the band intact.
Credit Suisse may cut investment bank, Deutsche Bank says
Changes in how banks measure the risk of losses on their assets may lead Credit Suisse Group AG's incoming chief executive officer Tidjane Thiam to further shrink its investment bank, Deutsche Bank AG analysts said.
PHOTO: REUTERS
[ZURICH] Changes in how banks measure the risk of losses on their assets may lead Credit Suisse Group AG's incoming chief executive officer Tidjane Thiam to further shrink its investment bank, Deutsche Bank AG analysts said.
A "plausible scenario" is that he will shut down the government debt and foreign exchange business and put its securitization business up for sale to a US competitor, Matt Spick and Omar Keenan said in a note to investors Thursday.
Mr Thiam may also decide to scale back the Swiss bank's fixed-income business in emerging markets, they said.
Regulators are reviewing banks' ability to reduce their capital requirements by simply changing how they measure their risk-weighted assets. In December, the international Basel committee on banking supervision published draft plans to set a capital floor and reinforce standardised methods, part of a broader regulatory reform in response to the financial crisis.
The review will lead to an increase in risk-weighted assets at UBS Group AG and Credit Suisse, putting pressure on their capital ratios, a measure of financial strength, the Deutsche Bank analysts said.
Credit Suisse has been trimming its investment bank, cutting assets weighted by risk at the businesses the bank wants to keep by half since 2010. It aims to split risk-weighted assets at least equally between its money-managing businesses and the investment bank, the bank's chairman Urs Rohner said in March. The balance is currently skewed toward the investment bank.
Credit Suisse appointed Mr Thiam to succeed Brady Dougan in March. Mr Dougan will leave his post at the end of June, the bank said. The bank's shares are up 16 per cent since Mr Thiam's appointment, partly on speculation he'll make deep cuts to fixed-income trading.
