An Overview of Offshore RMB Market. Nov 2013
|
|
- Alvin Norman
- 8 years ago
- Views:
Transcription
1 An Overview of Offshore RMB Market Nov 2013
2 Contents 1. Outlook of RMB Internationalisation 2. Implications for Offshore RMB Bonds 2
3 Section 1 Outlook of RMB Internationalisation 3
4 RMB The next international currency China continues to accelerate regulatory reforms towards RMB internationalisation Second-largest global economy Largest exporter and second-largest importer in the world Inbound foreign direct investment (FDI) ranks first globally Source: BlS, The Wall Street Journal 4
5 RMB Cross-border Trade Settlement Cross-border RMB trade settlement business has developed rapidly with more balanced two-way trade flow The volume of cross-border RMB trade settlement in the second quarter of 2013 jumped 55%, compared to the same period in RMB Cross-border trade settlement (RMB billion) 16.6% 16.5% % of RMB trade volume among the total volume 14.0% 12.6% 10.2% 9.4% 8.9% 10.7% 10.8% 18.0% 16.0% 14.0% 12.0% 6 5 Inflow / Outflow Ratio % % 8.0% 6.0% 4.0% 2.0% Q1 Q2 Q3 Q4 2012Q1 Q2 Q3 Q4 2013Q1 Q2 0.0% Source: Economics & Strategic Planning Dept., Bank of China Hong Kong 5
6 Strengthening RMB usage outside Asia-pacific Western developed countries are increasingly involved in RMB businesses. New offshore RMB centers will emerge, and each will have its own niche and strength Top 10 Regions Payment (billion USD) Region 1H2013 1H2012 Rank Value % Rank Value % YoY Growth Hong Kong 1 17, % 1 8, % 107% UK 2 1, % % 203% Singapore % % 92% Taiwan % % 671% France % % 190% US % % 149% Luxembourg % % 123% Australia % % 303% Germany % % 129% Malaysia % % 499% Total 21,670* 100% 10,403* 100% 108% *Note: SWIFT recorded both sides of an transaction. To adjust the value to equate to the same reporting convention used by BIS, the total value should be divided by two. Source: SWIFT 6
7 RMB as a potential reserve currency for trade settlement Growing bilateral currency swap lines are to promote the use of RMB in global trade and finance, also a step towards RMB s achievement as a reserve currency Iceland, 3.5bn UK, 200bn ECB, 350bn Hungary, 10bn Belarus, 20bn Kazakhstan, 7bn Mongolia, 10bn Ukraine, 15bn Uzbekistan, 0.7bn Turkey, 10bn Albania, 2bn Pakistan, 10bn UAE, 35bn South Korea, 360bn Hong Kong, 400bn Thailand, 70bn Brazil, 190bn Singapore, 300bn Malaysia, 180bn Indonesia, 100bn Argentina, 70bn Australia, 200bn Bilateral currency swap agreements: 23 countries and regions, RMB 2.5 trillion Several central banks/monetary authorities have already borrowed RMB funds from the currency swaps New Zealand, 25bn Source: People s Bank of China 7
8 RMB as a potential reserve currency for investment Central banks are diversifying holdings into RMB, already helping RMB gain reserve-like attributes. Over the long run, RMB is likely to become one of the major international reserve currencies Malaysia s central bank bought RMB-denominated bonds for its reserve South Korea and Japan announced plans to invest in RMB denominated assets with their foreign reserves Nigeria s central bank added RMB to its reserves and plans to gradually increase its RMB holding to 10% Jul 2012 The Reserve Bank of Australia will invest 5% of its total foreign reserves in Chinese sovereign bonds Oct 2010 Jan 2012 Sep 2012 Apr 2013 Jun 2013 onwards ADIA, government pension fund of Norway, Qatar Investment Authority, Kuwait Investment Authority and Temasek are to invest in RMB Central Banks of Indonesia, Thailand, Cambodia and Nepal have started tilting their reserves to RMB-denominated bonds Source: People s Bank of China 8
9 Section 2 Implications for Offshore RMB Bonds 9
10 Offshore RMB Bonds Rising Supply & Demand Aug 2009 Oct RMB billion Offshore RMB Deposit in Hong Kong Commercial Bank* Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Note: Newest offshore RMB deposit data is for Sep Newest bonds data are for Oct * Including Certificate of Deposits Source: BOCHK Asset Management, Bloomberg, HKMA Corporate China Policy Banks Sovereign Supranational Bonds 10
11 Offshore RMB Bonds A Growing Asset Class 1400 Market Capitalisation in RMB 1200 Number of Outstanding Issues RMB in billions Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Oct-13 Source: BOCHK Asset Management, Bloomberg, 31 Oct
12 RMB Offshore Deposits Globally London RMB Deposit: 35 Billion (USD 5.73 Billion) Feb 2013 Luxembourg RMB Deposit: 40 Billion (USD 6.56 Billion) Aug 2013 Taiwan RMB Deposit: ~100 Billion (USD Billion) Oct 2013 Paris Hong Kong Offshore RMB Clearing Centres RMB Deposit: 10 Billion (USD 1.64 Billion) Jul 2013 RMB Deposit: 730 Billion (USD Billion) Sep 2013 Singapore RMB Deposit: 140 Billion (USD Billion) Jul 2013 Source: HKMA, MAS, Bloomberg for London, China Post for Taiwan, China.org.cn for Paris, Ministry of Finance, Luxembourg Note: 1 USD = 6.1 RMB 12
13 Onshore RMB vs Other Currencies Risk and Return vs USD from 1 Nov 2010 to 31 Oct 2013 Return vs USD RMB Latam EM Currencies Asia EM Currencies Global EM Currencies GBP Europe EM Currencies % Volatility (per annum) EUR Asia EM Currencies = JPM Emerging Local Markets ELMI Plus Asia Global EM Currencies = JPM Emerging Local Markets ELMI Plus Composite Europe EM Currencies = JPM Emerging Local Markets ELMI Plus Europe Latam EM Currencies = JPM Emerging Local Markets ELMI Plus Latin Source: BOCHK Asset Management, Bloomberg 13
14 RMB (CNY) s Resilience in the Last Two Financial Crises Asian Financial Crisis Jan 1997 to Dec 1998 Global Financial Crisis Jan 2008 to Dec 2009 RMB RMB Source: BOCHK Asset Management, Bloomberg Maximum depreciation against USD RMB: 0% JPY: 21% down ADXY *: 27% down PHP: 42% down THB: 54% down KRW: 57% down IDR: 85% down RMB: Appreciated 7% ADXY *: 11% down PHP: 18% down THB: 18% down IDR: 25% down KRW: 41% down *ADXY: JPMorgan Asia Currency Index 14
15 Market Comparison: CNH Bonds vs Other Bonds 31 Dec 2010 to 31 Oct 2013 (USD terms) FTSE - BOCHK Offshore RMB Bond Index much lower volatility Source: Bloomberg 15
16 Conclusions Investment opportunities Offshore RMB bonds: Yield pick-up in both nominal and real terms Diversification-low correlation with other major bond markets Currency appreciation potential Market segmentation conducive to active management Opportunities arisen from RMB internationalization A new tool for wealth storage Advantages of the FTSE-BOCHK Offshore RMB Bond Index Series Combining the index expertise of FTSE and market knowledge of Bank of China (Hong Kong) Ltd Independent index committee for good Corporate Governance Part of the FTSE global index family for Quality and Consistency 16
17 Notes and Disclaimers Information herein may be obtained from sources believed to be reliable, but BOCHK Asset Management Limited does not guarantee the accuracy of the information. The opinions expressed herein should not be considered to be a recommendation or solicitation to buying or selling of any securities or products. Investment involves risks. Past performance is not indicative of future performance. Investor may lose substantial part of the investment. Investor should not make investment decision based only on this material and should read together with the Explanatory Memorandum ( EM ) for more information. If in doubt, investor should obtain independent professional advice. This document is issued by BOCHK Asset Management Limited and has not been reviewed by the Securities and Futures Commission ( SFC ) of Hong Kong. SFC authorization is not a recommendation or endorsement of a product nor does it guarantee the commercial merits of a product or its performance. It does not mean the product is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. 17
18 Thank you 18
Overview of RMB Internationalisation
Overview of RMB Internationalisation Candy Ho Head of RMB Business Development, Asia Pacific Date: 8 May 2013 Why is RMB important? China overtook US as the largest goods trading nation in 2012 China:
More informationRMB: A New Trade and Settlement Currency
IMAGE AREA IMAGERY MAY BE INSERTED HERE (must be from approved source eg istock, Shutterstock or approved HSBC imagery) OR GREY AREA DELETED AND LEFT BLANK WHITE RMB: A New Trade and Settlement Currency
More informationInvesting in Asia s Debt Markets
Investing in Asia s Debt Markets Alexandre Bouchardy, CFA Head of Fixed Income Asia April 2013 Content How to Capture the Asian Growth Story Hard or Local Currency Bonds? Risk and Return Opportunities
More informationINDUSTRIAL AND COMMERCIAL BANK OF CHINA ICBC: Your Global Portal to RMB Market. July 2012
ICBC: Your Global Portal to RMB Market July 2012 Content General Introduction Investment in RMB Services Solution 1 General Introduction to Renminbi (RMB) RMB Renminbi (commonly abbreviated as RMB) is
More informationJPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*!
AVAILABLE FOR PUBLIC CIRCULATION NEW JPMorgan Global Bond Fund December 2015 Asset Management Company of the Year 2014 Fundamental Strategies, Asia + Important information 1. The Fund invests primarily
More informationTaking stock of China s external debt: low indebtedness, but rapid growth is a concern
1991 1993 1995 1997 1999 21 23 25 27 29 211 213 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 ECONOMIC ANALYSIS Taking stock of China s external debt: low indebtedness,
More informationChallenges for Capital Market Development in Asia
Challenges for Capital Market Development in Asia Osaka, 30 October 2014 Masamichi Kono Vice Minister for International Affairs President, Asian Financial Partnership Center Financial Services Agency,
More informationRMB Internationalization and RMB Offshore Markets Development
RMB Internationalization and RMB Offshore Markets Development Dr. Qin Xiao Former Chairman, China Merchants Group and China Merchants Bank Council Member, Hong Kong Financial Services Development Council
More informationThe FTSE China Onshore Bond Index Series
Research The FTSE China Onshore Bond Index Series ftserussell.com May 2015 China is now the world s largest economy (when measured by purchasing power parity (PPP) 1 ) and the largest trading nation 2.
More informationThe Growing Importance of Fixed Income Analytics
Trusted by the Market. Driven by You. www.yieldbook.com The Growing Importance of Fixed Income Analytics Susan Y. Lin Managing Director Regional Head, Asia Pacific The Yield Book and Citi Fixed Income
More informationTurkish Arab Economic Forum June 29, 2012. Mehmet Şimşek. Minister of Finance
Turkish Arab Economic Forum June 29, 2012 Mehmet Şimşek Minister of Finance 1 Outline Turkey: Short Term Outlook Managing a Soft Landing Fallout from the Euro Crisis Turkey & MENA REBALANCING Growing ON
More informationFurther Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges
Further Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges Zhang Ying, Senior Economist In recent years, as the internationalization of the RMB has been steadily carrying out,
More informationThe Global Development of RMB Forex Futures, and TAIFEX s RMB Forex Futures Products
The Global Development of RMB Forex Futures, and TAIFEX s RMB Forex Futures Products (Updated October 1, 2015) Global products utilize a variety of underlyings, including individual stocks, stock indexes,
More informationEMERGING MARKET CURRENCY PAIRS CURRENCY GUIDE
EMERGING MARKET CURRENCY PAIRS CURRENCY GUIDE /MXN /Mexico 14.597/12.548 168.8 14.5500 14.2500 13.9500 13.7000 13.4000 13.1000 12.7767 JAN 9 FEB 28 APR 21 JUN 11 JUL 30 SEP 18 NOV 7 12.5500 The /MXN is
More informationOverview of Offshore RMB
Overview of Offshore RMB Jaunary 214 Lee Beng-Hong Head of Markets, China Macro background Liberalization of RMB China fully liberalized the use of RMB for cross border trade settlement in March 212 close
More informationECONOMIC REVIEW(A Monthly Issue) March, April, 2015 2014
ECONOMIC REVIEW(A Monthly Issue) March, April, 2015 2014 Economics & Strategic Planning Department http://www.bochk.com Effects The of Reasons CNH Exchange Why the Rate Singapore on Offshore Economy RMB
More informationCNH Market--A Burgeoning Offshore RMB Market
CNH Market--A Burgeoning Offshore RMB Market Liu Chenggang from Bank of China September, 2011 Contents I. Evolution of CNH Market II. Introduction ti of CNH Market III. Future Development of CNH Market
More informationOctober 2013 - Bottled Water Exports and Imports continue to grow!
October 13 - Bottled Water Exports and Imports continue to grow! Annualised exports for the year to October 13 continue an upwards climb following their break through NZD1m last month. Leading markets
More informationFX Strategies. In the Low Yield Environment. Eddie Wang Head of FX Structuring, Asia. Hong Kong October 2010
FX Strategies In the Low Yield Environment Eddie Wang Head of FX Structuring, Asia Hong Kong October 2010 Contents 01 Key Trends 02 FX Hedging Strategies 03 FX Investment Strategies SECTION 01 Key Trends
More informationAsian Stock Markets in 2015:
Asian Stock Markets in 2015: Expected trends and the role of Asian Funds Passports Dr. Andrew Freris CEO, Ecognosis Advisory Ltd March 2015 1 Summary, Part I The Asian markets which outperformed in 2014,
More informationECONOMIC REVIEW(A Monthly Issue) October, April, 2014
ECONOMIC REVIEW(A Monthly Issue) October, April, 2014 Economics & Strategic Planning Department http://www.bochk.com Latest The Reasons Developments Why the of the Singapore Offshore Economy RMB Bond Has
More informationRecent Developments in Local Currency Bond Markets (LCBMs) 1. October 2013
Recent Developments in Local Currency Bond Markets (LCBMs) 1 October 2013 Given the importance of local currency bond markets (LCBMs), including in the context of the work now underway on financing for
More informationDemand for RMB and Financial Services through Hong Kong by German Businesses
Demand for RMB and Financial Services through Hong Kong by German Businesses Think Asia, Think Hong Kong Munich, 11 September 2014 Think Asia, Think Hong Kong Munich, 11 September 2014 Page 1 Asia: Key
More informationBond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development. Asian Development Bank
Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development Asian Development Bank November 2009 A. Noy Siackhachanh Advisor Office of Regional Economic Integration
More informationHSBC Asian High Yield Bond Fund
Important information: HSBC Asian High Yield Bond Fund (the Fund ) invests primarily in a broad range of higher yielding Asian fixed income securities and instruments. Investments of the Fund may include
More informationRMB Internationalization & Hong Kong. Graham Coker Trade Director, Transaction Services UK & Ireland
RMB Internationalization & Hong Kong Graham Coker Trade Director, Transaction Services UK & Ireland RMB Internationalisation China s Market Reform Agenda RMB is called CNY onshore and CNH offshore. Hong
More informationRENMINBI - A NEW SETTLEMENT CURRENCY WAS BORN
BUDAPEST RENMINBI INTITIATIVE PAPERS No1 RENMINBI - A NEW SETTLEMENT CURRENCY WAS BORN Author: Szilárd Erhart, Head of th MNB s Renminbi Project, Central Bank of Hungary While China s weight in international
More informationChapter 2 Financial markets
Chapter Financial markets Executive Board May....a Exchange rates against USD Daily figures.... JPY per USD (left-hand scale) USD per euro (right-hand scale).. Executive Board May. Source: EcoWin .b Nominal
More informationHONG KONG RIGHT PLACE RIGHT TIME RIGHT NOW
HONG KONG RIGHT PLACE RIGHT TIME RIGHT NOW European Investment in China via Hong Kong Charles Ng Associate Director-General of Investment Promotion 22 May 2012 Agenda Changing Trends in the type of companies
More informationOffshore Chinese Renminbi Market (CNH)
Offshore Chinese Renminbi Market (CNH) MARCH 4, 2014 John W. Labuszewski Managing Director Research & Product Development 312-466-7469 jlab@cmegroup.com Sandra Ro Executive Director Research & Product
More information2015 FUZZY DAY CONFERENCE Facts that are Not Facts. The US dollar Safe Haven Myth and the United States Hedge Fund.
2015 FUZZY DAY CONFERENCE Facts that are Not Facts The US dollar Safe Haven Myth and the United States Hedge Fund Alessio de Longis 1 The Role of Currency in Institutional Portfolios, edited by Momtchil
More informationRMB solutions for importers and exporters
RMB solutions for importers and exporters Unravel the complexities of RMB Mind the gap The potential Share of world trade vs payments The proof of the pudding Percentage of China s trade in RMB RMB 13th
More information96 97 98 99 00 01 02 03 04 05 06 07 08* FDI Portfolio Investment Other investment
Chartbook Contact: Sebastian Becker +49 69 91-3664 Global Risk Analysis The unwinding of Yen carry trades Some empirical evidence 3 2 1-1 -2-3 -4 October 31, 28 Many years before the sub-prime crisis hit
More informationThe Offshore Renminbi Market and Australia
The Offshore Renminbi Market and Australia Eden Hatzvi, William Nixon and Michelle Wright* The Chinese authorities have continued to make progress in internationalising China s currency, the renminbi (RMB).
More informationThe RMB market in France Becoming a global currency
The RMB market in France Becoming a global currency 元 (Renminbi): BECOMING A GLOBAL CURRENCY Over the last few years, the Renminbi (RMB) internationalization has been growing steadily. Measures have been
More informationThe Future Growth of Stocks and Investments in Thailand
35 th Bangkok International Motor Show 2014 The Future Growth of Stocks and Investments in Thailand Mr. Charamporn Jotikasthira President The Stock Exchange of Thailand March 2014 I. SET: Overview The
More informationThe Center Cannot Hold:
The Center Cannot Hold: Singapore to overtake Switzerland as leading Offshore Hub by 2020 April, 2013 Offshore Centers: 2012 Private Banking Handbook The global private banking industry has AuM of $19.3
More informationUpdate on HKEx Equity Derivatives Market. Derivatives Trading Global Markets Division 24 April 2015
Update on HKEx Equity Derivatives Market Derivatives Trading Global Markets Division 24 April 215 Exchange Participants Global Distribution Distribution of the Origins of HKFE Exchange Participants America
More informationAssessing Sources of Funding for Insurance Risk Based Capital
Assessing Sources of Funding for Insurance Risk Based Capital Louis Lee Session Number: (ex. MBR4) AGENDA for Today 1. Motivations of Capital Needs 2. Practical Risk Based Capital Funding Options 3. Types
More informationHSBC Global Investment Funds Global High Yield Bond
Important information: For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividends gross of expenses. Investors should note that the payment of dividends out of capital
More informationin Hong Kong's Offshore RMB Market
lakyara Development of Dim Sum Bonds in Hong Kong's Offshore RMB Market Jenny Yee Wong 12. November. 2012 Executive Summary Supported by the Chinese government, Hong Kong has been developing an offshore
More informationA REGIONAL GATEWAY FOR RMB. Singapore
A REGIONAL GATEWAY FOR RMB Singapore GROWING INTERNATIONAL AND REGIONAL ROLE OF THE RMB Rising Potential for International use of RMB China accounts for more than 10% of global trade and investment flows
More informationANZ ETFS PHYSICAL RENMINBI ETF. (ASX Code: ZCNH)
ANZ ETFS PHYSICAL RENMINBI ETF (ASX Code: ZCNH) INVESTMENT BUILDING BLOCKS FOR A CHANGING WORLD Introducing a suite of innovative exchange traded funds (ETFs) designed for Australian investors by ANZ
More informationVerdict Financial: Wealth Management. Data Collection and Forecasting Methodologies
Verdict Financial: Wealth Management Data Collection and Forecasting Methodologies April 2014 Contents Global Wealth Markets Methodology Methodology Methodology 2 Global Wealth Markets Section 1: Global
More informationConsolidated International Banking Statistics in Japan
Total (Transfer Consolidated cross-border claims in all currencies and local claims in non-local currencies Up to and including one year Maturities Over one year up to two years Over two years Public Sector
More informationHong Kong. abc. *Employed by a non-us affiliate of HSBC Securities (USA) Inc, and is not registered/qualified pursuant to FINRA regulations
July 212 Steven Sun* Equity Strategist The Hongkong and Shanghai Banking Corporation Limited +852 2822 4298 stevensun@hsbc.com.hk Roger Xie* Equity Strategist The Hongkong and Shanghai Banking Corporation
More informationOFFICE OF REGIONAL ECONOMIC INTEGRATION (OREI)
No. 8 August 213 Policy Brief OFFICE OF REGIONAL ECONOMIC INTEGRATION (OREI) Key Points: The comments from the US Federal Reserve Chairman that quantitative easing could soon be tapering off resulted in
More informationChapter 2 Financial markets
Chapter Financial markets Hovedstyret desember,,,,,.a Exchange rates against USD Daily figures,,,,, JPY per USD (left-hand scale),, USD per euro (right-hand scale), jan jul jan jul jan jul, Source: EcoWin
More informationUse of currencies In international trade by Marc Auboin, Counsellor
Use of currencies In international trade by Marc Auboin, Counsellor 3 basic realities and 2 questions Trade finance: systemic to trade. Little trade paid cash - 70-80% of world trade relies on trade credit/guarantees.
More informationBANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND
BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND PRESS RELEASE CENTRAL BANK SURVEY OF FOREIGN EXCHANGE AND DERIVATIVES MARKET ACTIVITY IN APRIL 1998: PRELIMINARY GLOBAL DATA The BIS
More informationFxPro Education. Introduction to FX markets
FxPro Education Within any economy, consumers and businesses use currency as a medium of exchange. In the UK, pound sterling is the national currency, while in the United States it is the US dollar. Modern
More informationUOB launches yuan products for investors to participate in China s growth
UOB launches yuan products for investors to participate in China s growth New Renminbi deposit and fund products benefit from an appreciating Renminbi and its increasing internationalisation SINGAPORE,
More informationBIS CEMLA Roundtable on Fiscal Policy, public debt management and government bond markets: issues for central banks
BIS CEMLA Roundtable on Fiscal Policy, public debt management and government bond markets: issues for central banks Is monetary policy constrained by fiscal policy? by Carlos Montoro 26-27 November 212
More informationTHIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE.
Fidelity Funds Société d Investissement à Capital Variable 2a, Rue Albert Borschette B.P. 2174 L-1021 Luxembourg R.C.S. B34036 Tél: +352 250 404 (1) Fax: +352 26 38 39 38 THIS DOCUMENT IS IMPORTANT AND
More informationECONOMIC REVIEW(A Monthly Issue) March, 2014
ECONOMIC REVIEW(A Monthly Issue) March, 2014 Economics & Strategic Planning Department http://www.bochk.com An Analysis on the Latest Developments and Comparative Advantages of Offshore RMB Centers Liu
More informationThe benchmark portfolio for the Government Pension Fund Global
Letter to the Ministry of Finance The benchmark portfolio for the Government Pension Fund Global 1. Background In its letter dated 20 June 2008, the Ministry of Finance asked for Norges Bank s recommendations
More informationThe MRF Age: Year One By: Matthew Hodges
The MRF Age: Year One By: Matthew Hodges L ast summer, after years of speculation, the China Securities Regulatory Commission (CSRC) and Hong Kong s Securities and Futures Commission (SFC) launched the
More informationUS companies leading surge in M&A
The Deloitte M&A Index Q3 215 US companies leading surge in M&A Key points The first half of 215 has emerged as one of the strongest for M&A, with more than $1.8 trillion worth of deals announced globally,
More informationIndustrial and Commercial Bank of China Limited Dealing frequency: Daily on each business day *
APRIL 2016 This statement provides you with key information about Income Partners RMB Bond Fund (the Sub-Fund ). This statement is a part of the offering document and must be read in conjunction with the
More informationWhat moves if oil moves? Be aware of indirect oil exposure and make use of it
What moves if oil moves? Be aware of indirect oil exposure and make use of it DR BERND MEYER CFA HEAD OF CROSS ASSET STRATEGY dr.bernd.meyer@ commerzbank.com Large changes in the oil price and elevated
More informationGlobal Equity Trading Volumes Surge 36% in 1 st half 2015 driven by Mainland China
Global Equity Trading Volumes Surge 36% in 1 st half 215 driven by Mainland China Global Equity Trading Volumes Ex Mainland China Up 5% Mainland China Share Trading Vols Rise 166% in H1 215 vs H2 214 The
More informationAxioma Risk Monitor Global Developed Markets 29 June 2016
Axioma Risk Monitor Global Developed Markets 29 June 2016 1. Global volatility hotspots 2. Global correlation hotspots www.axioma.com Greater than 1% rise over last week Greater than 1% fall over last
More informationReporting practices for domestic and total debt securities
Last updated: 4 September 2015 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on
More informationHFT (HK) CHINA INVESTMENT SERIES II HFT (HK) CHINA HIGH YIELD BOND FUND (the Sub-Fund )
PRODUCT KEY FACTS HFT (HK) CHINA INVESTMENT SERIES II HFT (HK) CHINA HIGH YIELD BOND FUND (the Sub-Fund ) Issuer: HFT Investment Management (HK) Limited April 2015 This statement provides you with key
More informationForeign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund
Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000
More informationDeutsche Global Infrastructure Fund (TOLLX)
Global Infrastructure Fund (TOLLX) A step beyond MLPs Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests
More informationFX Strategies. in the Post-Crisis World. Eddie Wang Head of FX Structuring, Asia. Hong Kong October 2009
FX Strategies in the Post-Crisis World Eddie Wang Head of FX Structuring, Asia Hong Kong October 2009 Contents ONE Key Trends in the Post-Crisis World TWO FX Hedging Strategies THREE FX Investment Strategies
More informationBrazil Economic Overview
Brazil Economic Overview New York Alexandre Tombini Governor February 2013 1 Macroeconomic Policy and Social Development Macroeconomic fundamentals, combined with adequate prudential policies and strong
More informationOpening China s capital account amid ample dollar liquidity
Opening China s capital account amid ample dollar liquidity Guonan Ma and Robert McCauley As China prepares for the challenging task of capital account liberalisation, its authorities have the advantage
More informationBuyers Guide to RMB Bonds. Main author: Bryan Collins
Buyers Guide to RMB Bonds Main author: Bryan Collins RMB bond investors need to do their homework first The RMB bond market is a relatively new and exciting investment opportunity, with RMB bond having
More informationTHE UPDATE OF THE EURO EFFECTIVE EXCHANGE RATE INDICES
September 2004 THE UPDATE OF THE EURO EFFECTIVE EXCHANGE RATE INDICES Executive summary In September 2004, the European Central Bank (ECB) has updated the overall trade weights underlying the ECB nominal
More informationRenminbi Bonds on London Stock Exchange
Renminbi Bonds on London Stock Exchange Dim Sum Bonds on London Stock Exchange There are currently 73 dim sum bonds listed on London Stock Exchange s markets with a combined outstanding amount of RMB 30.02
More informationBanco Santander Chile: Solid results in 2Q14. Sound outlook for 2015
0 Banco Santander : Solid results in 2Q14. Sound outlook for 2015 August 2014 Important information 1 Banco Santander caution that this presentation contains forward looking statements within the meaning
More informationEASTSPRING INVESTMENTS ASIA INVESTOR BEHAVIOUR STUDY 2015 INDONESIA. October 2015. eastspring.co.id
EASTSPRING INVESTMENTS ASIA INVESTOR BEHAVIOUR STUDY 2015 INDONESIA October 2015 eastspring.co.id 2 Asia Investor Behaviour Study 2015 - Indonesia Asia Investor Behaviour Study 2015 - Indonesia CONTENTS
More informationRussian RUB FX spot & derivatives markets in 2014
Russian RUB FX spot & derivatives markets in 2014 Dmitry Piskulov, Ph.D. (econ.) Chairman of NFEA Board; Member of Monetary Policy Council of Association of regional banks Russia Moscow, 20 November 2014
More informationInternationalizing the Renminbi: Weaving a Web for the Next World Currency Commissioned by Clearstream
Internationalizing the Renminbi: Weaving a Web for the Next World Currency Commissioned by Clearstream 2014 Aite Group. All rights reserved. Reproduction of this white paper by any means is strictly prohibited.
More informationEmerging Markets Local Currency Debt and Foreign Investors
Emerging Markets Local Currency Debt and Foreign Investors Recent Developments Daniela Klingebiel Pension & Endowments Departments Nov. 20, 2014 Outline Structural trends in emerging markets (EM) external
More informationTARGET ASIA FUND (LUXEMBOURG) October 2010
TARGET ASIA FUND (LUXEMBOURG) October 2010 Disclaimer This document is for information purposes only. The distribution of the fund s prospectus and the offering of shares may be restricted in certain jurisdictions.
More informationRenminbi Internationalisation and the Evolution of Offshore RMB Centres:
Renminbi Internationalisation and the Evolution of Offshore RMB Centres: Opportunities for Sydney Summary Report November 2015 KATHLEEN WALSH GEOFF WEIR Associate Professor The Australian National University
More information2015 Country RepTrak The World s Most Reputable Countries
2015 Country RepTrak The World s Most Reputable Countries July 2015 The World s View on Countries: An Online Study of the Reputation of 55 Countries RepTrak is a registered trademark of Reputation Institute.
More informationFinancial Repression: A Driving Force for Mergers and Acquisitions?
Strategy / Investment Financial Repression: A Driving Force for Mergers and Acquisitions? International capital markets have seen a growing number of corporate mergers and acquisitions (M&A) over the past
More informationUnionPay, Your access to China & Asia. June 2015
UnionPay, Your access to China & Asia June 2015 UnionPay Updates Chinese equivalent of VISA/Master/AMEX + EFTPOS Funded in 2002 in Shanghai, China Card usage on purchase from 4% to 47% Card issued from
More informationNORGES BANK INVESTMENT MANAGEMENT NIRI SAN FRANCISCO CHAPTER PRESENTATION TUESDAY 13TH MAY 2014 SPEAKER: HUGO SANDERS- HEAD OF CORPORATE ACCESS
NORGES BANK INVESTMENT MANAGEMENT NIRI SAN FRANCISCO CHAPTER PRESENTATION TUESDAY 13TH MAY 2014 SPEAKER: HUGO SANDERS- HEAD OF CORPORATE ACCESS Safeguarding financial wealth From natural resource to financial
More informationSeeking a More Efficient Fixed Income Portfolio with Asia Bonds
Seeking a More Efficient Fixed Income Portfolio with Asia s Seeking a More Efficient Fixed Income Portfolio with Asia s Drawing upon different drivers for performance, Asia fixed income may improve risk-return
More informationRobeco High Yield Bonds
Important Information 1. Robeco High Yield Bonds (the Fund aims to provide long term capital growth. The Fund invests at least two thirds of its total assets in bonds, asset backed securities and similar
More informationMarket Briefing: S&P 500 Revenues & the Economy
Market Briefing: S&P Revenues & the Economy December 14, 2 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-36 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog.
More informationSSE Newsletter. March-May 2015. Vol. 24. Highlights:
Vol. 24 SSE Newsletter March-May 2015 Highlights: SSE Composite rose by 39.31% in March- May 2015, while trading volume showed significant increase compared with that of the previous month SSE, CFFEX and
More informationAnnual Borrowing Plan
20154 Bosnia and Herzegovina Federation of Bosnia and Herzegovina Federal Ministry of Finance Annual Borrowing Plan 2016 January 2016 www.fmf.gov.ba INTRODUCTION In order to increase transparency, fiscal
More informationGlobal Economic Outlook with Focus on China and Chinese Insurance Market
Global Economic Outlook with Focus on China and Chinese Insurance Market 3 rd International China Liability Regimes Conference 21 August 2013, Beijing Kurt Karl Swiss Re Global economic outlook with focus
More informationFINANCIAL RESULTS Q1 2016
FINANCIAL RESULTS Q1 2016 CFO Hallvard Granheim 28 th April 2016 Highlights Q1 Increase in underlying results (EBITDA) - Nordic prices are down 15% Q-on-Q - High production from Nordic hydropower assets
More informationThailand Update. Yield Movements. Size and Composition
Thailand Update Yield Movements Thai government bond yields fell for most maturities between end-december 2009 and end-october 2010 (Figure 1). Yields for 1- and 2-year maturities rose 46 and 25 basis
More informationHighlights of 1H FY2015 Results. November 18, 2015
Highlights of 1H FY2015 Results November 18, 2015 Table of Contents 1. Trend of business results 3. Domestic life insurance Summary of 1H FY2015 results 3 Overview of 1H FY2015 results Himawari Life 27
More informationImportant Facts Statement
Bank of China (Hong Kong) Limited Important Facts Statement Currency Linked Deposits - Premium Deposits Currency Linked Deposits 13 April 2015 This is a structured investment product which is NOT protected
More informationMexico in the face of slowing emerging economies. Manuel Sánchez
Manuel Sánchez Adam Smith Seminar Central Bank of Hungary, Budapest, November 10, 2015 Contents 1 Soft economic rebound 2 Coping with higher risk aversion 3 Tamed inflation 2 Since 2014, global growth
More informationChina s Currency Conver0bility. Por1olio Manager Por1olio Manager
China s Currency Conver0bility Edmund Harriss James Weir Por1olio Manager Por1olio Manager Asia Investment Team Por9olio Managers Edmund Harriss Edmund is the lead manager of Guinness Atkinson s Asian
More informationMGE#12 The Balance of Payments
MGE#12 The Balance of Payments The Current Account, the Capital Account and the Balance of Payments Introduction to the Foreign Exchange Market Savings, Investment and the Current Account 1 From last session
More informationList of tables. I. World Trade Developments
List of tables I. World Trade Developments 1. Overview Table I.1 Growth in the volume of world merchandise exports and production, 2010-2014 39 Table I.2 Growth in the volume of world merchandise trade
More informationRecent Developments and Outlook for the Mexican Economy Credit Suisse, 2016 Macro Conference April 19, 2016
Credit Suisse, Macro Conference April 19, Outline 1 Inflation and Monetary Policy 2 Recent Developments and Outlook for the Mexican Economy 3 Final Remarks 2 In line with its constitutional mandate, the
More information