Friday SWFI News Roundup, July 17, 2015

China Widens Access in its Interbank Bond Market to Foreign Central Banks and Sovereign Funds

The People’s Bank of China issued new rules that permit foreign central banks, sovereign wealth funds and global financial organizations the ability to no longer need pre-approval to trade bonds, interest-rate swaps and conduct repurchase agreements. These institutions would be required to fill a one-page registration form and decide how much they can invest. This rule enables large institutional investors access to China’s US$ 5.7 trillion interbank bond market. This central bank act would further push the yuan on becoming a reserve currency, attempting to make it into the special drawing rights (SDR) basket.

New Regime Dismisses Majority of Stanford’s Endowment Investment Staff

In March, Robert Wallace became the new CEO of Stanford Management Company (SMC). Over the past three years, SMC ranked below many of its ivy peers such as Princeton and Yale in performance. Wallace has dismissed the majority of SMC’s investment staff. Josh Richter, the endowment’s public equity head, and Karen Horn Welch, the endowment’s director of portfolio strategy were included in the dismissal.

European Investment Bank Opens Office in Addis Ababa

The European Investment Bank (EIB) has opened an office in Addis Ababa, Ethiopia. Ethiopia is the capital of the African Union headquarters. The EIB sees the Ethiopian economy to expand by 10% in 2015.

Potential Government Tapping: Fundo Soberano do Brasil Sells Shares in Banco do Brasil

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