Bank of China Ltd has denied media reports alleging it violated the nation’s capital controls by providing services that help clients convert unlimited amounts of yuan into other currencies and transfer those funds abroad.
With strong words to support the Euro, Mario Draghi, the European Central Bank President, quelled fears over the future of the Eurozone. However, the bailout negotiations in Cyprus revealed cracks in this ‘floor’ supporting the region and markets. A ‘Banking Union’ has been undermined, imbalances within the region magnified and individual systematic risk returned.
