Reg Roundup: RBI allows cancelable FX hedges; China, UK sign deal on RMB clearing agreement
The Reserve Bank of India eased rules for importers and exporters hedging FX exposures; The People’s Bank of China and the Bank of England signed an agreement to enable renminbi clearing; US SEC steps up confrontations over China audits.
RBI allows cancelable FX hedges
The Reserve Bank of India eased rules for importers and exporters hedging their FX exposures on March 27. Exporters and importers are now entitled to cancel contracts on hedges of up to 75% of calculated exposures with the exporter or importer entitled to the loss or gain as the case may be. Formerly, rules required that all FX contracts be fully deliverable and exchange gain in the event of cancelation be passed on to cutomers.
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