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Home » Retail Banking 2020 Insights » Morning Briefing: August 12

Morning Briefing: August 12

The Renminbi fell to a four-year low on Wednesday, a day after the People's Bank of China devalued the currency by 1.9 percent, the Financial Times reported.

A further drop of 1.6 percent raised fears of a period of sustained weakness for the Chinese currency. The IMF is expected to decide later this year if it will include the renmibi in its special drawing rights basket along with the dollar, pound, yen and euro.

The Wall Street Journal reports that Credit Suisse and Barclays are facing further fines in the US after making settlements with the New York attorney general and the Securities and Exchanges Commission over dark pool trading. The 'dark pools' are private trading venues used by hedge funds and large mutual funds to swap or trade off-exchange without impacting heavily on market prices. According to the Journal, the case against Credit Suisse "includes allegations that it provided unfair advantages to some traders, violated rules against pricing of stocks and didn't adequately disclose to investors how CrossFinder works, according to the people familiar with the matter."

Visa is joining the rush for the blockchain and cryptocurrencies to help improve its digital payments processes, reports Mint. Visa will develop the technology through its Indian innovation centre in Bengaluru and the focus of the technology innovation centre will be on Visa Checkout and mVisa (Visa's two new digital mobile payment products), said Rajat Taneja, executive vice-president of technology at Visa Inc.

Mobile banking users will double to 1.8 billion over the next four years, claims a new KPMG report on Global Mobile Banking. The Times of India noted that adoption rates were rising higher in developing countries including India and China. The report suggests that the development of mobile banking is taking place in the context of 'Open Banking' where users can use banking applications across channels and with other apps.

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