New Rules for British Banks
The man setting up new rules for banking in London, Andrew Bailey, Deputy Governor of the Bank of England talks about impact of the new regulations on the banking sector. Foreign banks may find that the cost of doing business in the UK is higher than before and that may deter them, which won't help Britain rebuild its retail banking sector. But, for global banks, the rules are now clearer. Will it attract Chinese banks that are currently examining where to set up their overseas operations? What will the changes mean for the future of London as a global banking hub? Will London set the trend for tighter banking controls world-wide?
Chris Wheeler of Mediobanca and Saktiandi Bin Supaat, head of FX Research, Global Markets at MayBank, discuss the implications with the BBC's chief business correspondent Linda Yueh. Also on the programme, as the value of the Renminbi continues to fall, we ask Professor Steve Tsang, director of the China Policy Institute at the University of Nottingham, if China can't protect its currency then who can?