MNI China Daily Summary: Friday, November 15

MNI BRIEF:China Optimistic On Property Despite Investment Fall

MNI BRIEF: China Oct Retail Sales Surge On Holiday, Trade-ins

CHINA OCT INDUSTRIAL OUTPUT +5.3% Y/Y VS MEDIAN +5.5% Y/Y: NBS

MNI: PBOC Net Injects CNY968.8 Bln via OMO Friday

CHINA PBOC CONDUCTS CNY981 BLN VIA 7-DAY REVERSE REPOS FRI

MNI: FRANCE OCT HICP +0.3% M/M, +1.6% Y/Y

MNI: UK Q3 GDP +0.1% Q/Q, +1% Y/Y

MNI: UK SEP TRADE BALANCE GBP -3.46BN

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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HSBC Hit By Swiss Private Bank New Business Ban; Few Credit Impacts

FINANCIALS

HSBC (HSBC: A3/A-/A+) has been hit by a new business ban by FINMA in Switzerland over money laundering failures. No financial penalty included, and the ban appears temporary so we see few credit impacts here.


  • FINMA’s statement indicates HSBC Private Bank (Suisse) SA has been found culpable of money laundering compliance failures around two (unnamed) politically exposed persons (PEPs) where as much as USD300m moved in and out of Lebanon between 2002 and 2015.
  • It would appear the bank both failed to conduct the correct checks on the assets of these PEPs, as well as specific “high-risk transactions”. The relationships were closed in 2016 but the in-house MLRO was not notified until 2020.
  • The bank is now banned from taking on new clients until FINMA is satisfied that remediatory measures have been correctly put in place. Compared to some of the egregious failures at peer banks, alongside HSBC’s relatively small weighting towards private banking, this appears a minor issue so see few credit metrics.
Credit BulletsHomepagemarkets-real-timeCreditBank Of England (BOE) Market NewsBulletUK
Credit BulletsHomepagemarkets-real-timeCreditBank Of England (BOE) Market NewsBulletUK

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