EBA · 2018_3720 Rejected question

Reporting of balances denominated in renminbi CNY and CNH in C22 MKR SA FX

Regulation
Regulation (EU) No 575/2013 (CRR)
Article
Annexes I and II, C22.00
Topic
Supervisory reporting - COREP (incl. IP Losses)
Submitted by
Consultancy firm
Submitted
2018-02-16
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Question

In C22 MKR SA FX, where a bank is permitted to hold positions denominated in CNY and CNH, should CNH balances be combined with CNY balances in Row460, or included in Row470 under Other currency positions on the basis that CNH has its own readily-verifiable exchange rate and exposure against the reporting currency? For C22 Row020, if CNH balances are reported in Row470, should CNH be included in List of Closely correlated currencies against the Chinese Yuan (CNY) in Annex 1 to ITS ON CLOSELY CORRELATED CURRENCIES UNDER ARTICLE 354(3) OF REGULATION (EU) 575/2013?

Background

We are aware that CNY is the only designated ISO 4217 currency code covering all activities in Chinese renminbi, whether onshore or offshore. However, we work with many banking clients who maintain positions and balances in CNH and some who hold positions in both CNH and CNY. For reporting purposes, balances are translated into reporting currency at the published exchange rate applicable to each. Banks with balances in CNY and CNH maintain and manage the two instances of the currency in the same way as they do for any other currency, treating them totally separately for internal reporting and risk management purposes.
No answer published yet.

Original source: European Banking Authority, Q&A ID 2018_3720

This Q&A is published by European Banking Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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