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Investment and Asset Management

FT-ANZ RMB Growth Strategies Series London

London |
Speakers include:
Leslie   Young

Leslie Young

Cheung Kong Graduate School of Business

Mark Boleat

Mark Boleat

City of London Corporation

Edmund Ng

Edmund Ng

Eastfort Asset Management

Overview

China’s economy grew at an annual rate of 6.7 percent in the first quarter of 2016 – the lowest level since the depths of the financial crisis. Slowdown in China, for years a key engine of global growth, has spooked international investors and prompted Beijing to unleash heavy stimulus, including increased fiscal spending on infrastructure and looser monetary policy. 

However, the Chinese government has been pushing forward with market-oriented foreign exchange (FX) reform, as well as taking significant steps to internationalise its currency and open up its capital markets to global investors. In December, the IMF decided to include the renminbi in its Special Drawing Rights (SDR) basket, given the steps China has taken to make its currency freely usable. Renminbi trading activity has mushroomed in recent years, thanks to reforms that have relaxed investment restrictions for foreign investors, the growing availability of a wide range of investment and hedging products, and the increasing liquidity of offshore renminbi markets.

The FT-ANZ RMB Growth Strategy Series will gather senior representatives from business and finance to share their views on China’s economic rebalancing, as well as the implications of its ongoing currency internationalisation, exchange rate reform, and capital markets liberalisation programme.

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fallback Add to my Calendar 09/22/2016 08:30:0009/22/2016 12:40:00falseFT-ANZ RMB Growth Strategies Series LondonChina’s economy grew at an annual rate of 6.7 percent in the first quarter of 2016 – the lowest level since the depths of the financial crisis. Slowdown in China, for years a key engine of global growth, has spooked international investors and prompted Beijing to unleash heavy stimulus, including increased fiscal spending on infrastructure and looser monetary policy. However, the Chinese government has been pushing forward with market-oriented foreign exchange (FX) reform, as well as taking significant steps to internationalise its currency and open up its capital markets to global investors. In December, the IMF decided to include the renminbi in its Special Drawing Rights (SDR) basket, given the steps China has taken to make its currency freely usable. Renminbi trading activity has mushroomed in recent years, thanks to reforms that have relaxed investment restrictions for foreign investors, the growing availability of a wide range of investment and hedging products, and the increasing liquidity of offshore renminbi markets.The FT-ANZ RMB Growth Strategy Series will gather senior representatives from business and finance to share their views on China’s economic rebalancing, as well as the implications of its ongoing currency internationalisation, exchange rate reform, and capital markets liberalisation programme.FT-ANZ-RMB-Growth-Strategies-Series-Londondca602a333f479d22742b6fe8c262560MM/DD/YYYY

Speakers (13)

Leslie   Young

Leslie Young

Professor of Economics
Cheung Kong Graduate School of Business

Introduction

Prof. Leslie Young holds a Bachelor and a Master of Science from Victoria University of Wellington and a Doctor of Philosophy in Mathematics from University of Oxford. He completed his doctorate at age 20 and won a Senior Mathematics Prize for the best dissertation of his year. He received an Honorary Doctor of Commerce from Victoria University of Wellington in 2004 and an Honorary Doctorate from the Estonian School of Business in 2009.

Prof. Young’s current research interests include international financial economics, political economy and international corporate governance. His book Black Hole Tariffs and Endogenous Redistribution Theory was published by the Cambridge University Press with commendations by two Nobel Prize winners and by the Chairman of the Nobel Committee. He has also authored over 40 academic articles in leading international professional journals. Prof. Young also served an unprecedented four terms on the editorial board of the American Economic Review, the leading scholarly journal in economics.

Achievements

  • Commonwealth Scholar, 1969-1971. (Also six other scholarships in New Zealand national competitions).
  • Oxford University Senior Mathematics Prize (For the best doctoral dissertation in mathematics in 1971. The dissertation was completed at age twenty.)
  • Junior Research Fellowship, Oxford University, 1971.
  • P.W.S. Andrews Prize in Industrial Economics, 1979 (For the best article submitted to the Journal of Industrial Economics by an author under 30 that year.)
  • Award for Research Excellence, Graduate School of Business, University of Texas at Austin, 1986.
  • Honorary Doctor of Commerce, Victoria University of Wellington, 2004.

Selected Publications

Books

  1. Black Hole Tariffs and Endogenous Redistribution Theory (with S. P. Magee and W. A. Brock, Cambridge University Press), 1990.
  2. The Hong Kong Securities Industry (3rd edition), with R. Chiang (Official Manual for the Hong Kong Stock Exchange Broker’s Examination)1997.
  3. The Financial Markets of China (with H. Mok), Chinese University Press, 1997.

Journal Articles

  1. “Alternative Tax Systems to Correct for Externalities and the Technical Options of Firms," Economica, 1977.
  2. “Price, Inventory and the Structure of Uncertain Demand," New Zealand Operations Research, 1978.
  3. “Uncertainty, Market Structure and Resource Allocation," Oxford Economic Papers, 1979.
  4. “Ranking Optimal Tariffs and Quotas for a Large Country Under Uncertainty," Journal of International Economics, 1979.
  5. “Tariffs vs Quotas Under Uncertainty: An Extension," American Economic Review, 1980.
  6. “Distributional Neutrality and Optimal Commodity Taxation," American Economic Review, 1980.
  7. “An Extension of the Composite Commodity Theorem," (with J. Fountain) Quarterly Journal of Economics, 1980.
  8. “The Optimal Policies for Restricting Trade Under Uncertainty," (with J.E. Anderson) Review of Economic Studies, 1980.
  9. “Optimal Revenue-Raising Trade Restrictions Under Uncertainty," Journal of International Economics, 1981.
  10. “On the Optimal Stabilisation of Internal Producers' Prices in International Trade," (with M. C. Kemp), International Economic Review, 1982.
  11. “Quantity Controls vs Expenditure Controls in International Trade Under Uncertainty,"Journal of International Economics, 1982.
  12. “Risk Aversion and Optimal Trade Restrictions," (with J. E. Anderson) Review of Economic Studies, 1982.
  13. “The Optimality of Tariff Quotas Under Uncertainty," (with J.E. Anderson) Journal of International Economics, 1983.
  14. “Uncertainty and the Theory of International Trade in Long Run Equilibrium," Journal of Economic Theory, 1984.
  15. “International Investment and Immiserizing Growth" (with K. Miyagiwa) Journal of International Economics, 1986
  16. “International Capital Mobility and Commercial Policy in an Economic Region" (with K. Miyagiwa) Journal of International Economics, 1986.
  17. “Factor Returns and Resource Allocation in the Political Economy of Trade Restrictions" (with S. P. Magee) Review of Economic Studies, 1986, reprinted in The International Political Economy of Trade, D. A. Lake, ed., Edward Elgar Publishing Ltd., 1992.
  18. “A Note on Sector-Specific Capital, Interconnectedness in Production and Welfare" Canadian Journal of Economics, 1986
  19. “Intermediate Goods and the Formation of Duty Free Zones" Journal of Development Economics, 1987
  20. “Unemployment and the Formation of Duty-Free Zones" (with K. Miyagiwa) Journal of Development Economics, 1987.
  21. “Asset Prices, Commodity Prices and Money: a General Equilibrium, Rational Expectations Model" (with G.W.Boyle), American Economic Review, 1988.
  22. “Forward and Futures Markets in a General Equilibrium Monetary Model” (with G.W.Boyle) Journal of Financial Economics, 1989.
  23. “International Investment and the Positive Theory of International Trade” (with J. Romero) Journal of International Economics, 1990.
  24. “Optimal Tariffs: A Generalisation," International Economic Review, 1991.
  25. "Heckscher-Ohlin Trade Theory with Variable Returns to Scale," Journal of International Economics, 1991.
  26. “Stock Returns, Inflation and Interest Rates: Ex Ante and Ex Post Relationships,” (with G.W. Boyle) International Review of Financial Analysis, 1991.
  27. “Output Fluctuations as Entry Deterrence: A Model of Predatory Pricing” (with A. Bolbol), Canadian Journal of Economics, 1992.
  28. “Optimal Taxation and Debt in an Open Economy,” (with J.E. Anderson), Journal of Public Economics, 1992.
  29. “Risk Aversion and Stock Market Volatility”(with G.W. Boyle), Journal of Macroeconomics, 1992.
  30. “Unemployment and the Optimal Export-Processing Zone,” Journal of Development Economics, 1993.
  31. “Economic Development with Limited and Unlimited Supplies of Capital,” (with A. Bolbol) Manchester School of Economic and Social Studies, 1993.
  32. “The Design of Executive Stock Options,” (with Socorro Quintero), Managerial and Decision Economics, 1995.
  33. “The Black Hole of Graft: The Predatory State and the Informal Economy,” (with D. Marcouiller), American Economic Review, 1995.
  34. “Education, Trade and Development,” Journal of International Trade and Economic Development, 1995.
  35. “The Tao of Price: Sima Qian’s Discovery of the Price Mechanism” Pacific Economic Review, 1996
  36. “Executive Stock Options, Risk and Incentives” (with Socorro Quintero and Michael Baur) Journal of Financial and Decision Sciences, 1997 V. 10 #2, Summer 1997.
  37. “Licensing of New Technology vs. Direct Foreign Investment: A General Equilibrium Analysis,”(with Kaz Miyagiwa) Pacific Economic Review, 1997.
  38. “International Stock Market Equilibium with Heterogeneous Tastes,” (with James Bennett) American Economic Review, 1999
  39. "Monetary Rules and Stock Market Value: (with Glenn Boyle) Journal of Economics and Business, 1999.
  40. “Dividends and Expropriation”, (with Mara Faccio and Larry Lang) American Economic Review, 2001
  41. “Non-Discriminating Foreclosure and Unavoidable Liquidating Costs: The Case of Mortgage Defaults” (with Ko Wang and Zhou Yuqing) Review of Financial Studies, 2002.
  42. “Who Controls US”, European Financial Management, (with Yoser Gadhoum and Larry Lang) 2005.
  43. "Pyramiding vs Leverage in Corporate Groups: International Evidence" (with Mara Faccio, Larry HP Lang), Journal of International Business Studies 41, 88–104, 2010.
  44. “Cognitive and Linguistic Foundations of Chinese History”, forthcoming, Pacific Economic Review.

Papers Under Review

  1. “Trade and Contract Enforcement”, with James E. Anderson
  2. “The Canadian Puzzle”, with Yoser Gadhoum and Larry Lang
  3. “Debt and Expropriation”, with Mara Faccio and Larry Lang
Mark Boleat

Mark Boleat

Chairman, Policy and Resources Committee
City of London Corporation

Mark Boleat is Chairman of the Policy and Resources Committee of the City of London Corporation, a position he has held since May 2012. He has been a member of the City’s Court of Common Council since 2002, and has served on a number of committees including Police, Planning and Transportation, Investment, Finance, Markets and Culture, Heritage and Libraries.

 

As Chairman of the Policy and Resources Committee, Mr Boleat is Deputy Chairman of TheCityUK and the International Regulatory Strategy Group, a Vice Chairman of London Councils, and a member of the boards of Central London Forward, a grouping of eight inner London local authorities, and London and Partners, the promotional body for London.

 

Mr Boleat has previously been Director General of the Council of Mortgage Lenders, the Building Societies Association and the Association of British Insurers and he has served on the boards of public companies, government agencies and third sector bodies. He has also run his own consultancy business, concentrating on trade associations and regulation, and is the author of several books on housing finance and public policy.

Edmund Ng

Edmund Ng

Chief Investment Officer
Eastfort Asset Management

Mr Edmund Ng founded Eastfort Asset Management in June 2015, focusing in China fixed income market with a view that liberalization of onshore bond market, internationalisation of RMB and implementation of various reforms will provide good investment opportunities to global investors.  His vision is to set up a premier bond fund house offering a wide spectrum of fund products based on different risk profiles to mainly institutional investors such as central banks, SWFs, official institutions, pension funds, insurers and endowments.  Before setting up of his own bond fund house, he was the Head of Direct Investment Division in Reserves Management Department of Hong Kong Monetary Authority (HKMA) since early 2007.  In this capacity, he managed all the internal asset portfolios which included the onshore RMB bond portfolio. HKMA was the first official institution which acquired the CIBM quota back in 2011 when domestic bond market started to be more accessible to foreign investors.

Prior to joining HKMA, he spent almost 20 years in JP Morgan where he was a Managing Director for a number of years before he left for HKMA in early 2007.  In his career with JP Morgan, he held various management titles and key risk- taking positions in the Asia-ex-Japan Rates and Derivatives business in Singapore and Hong Kong from 1988 to 2007.  Lastly, Mr Ng graduated with a Bachelor of Science, Microbiology degree from University of British Columbia in Canada.

Raman Singh

Raman Singh

President, Emerging Markets
Mundipharma

Based in Singapore, Raman Singh was appointed President of Mundipharma Asia Pacific, Latin America, Middle East and Africa, in October 2011. Mr Singh oversees all aspects of the Mundipharma businesses across these territories, which operate as a network of independent companies and leaders in pain management. Prior to this appointment, Mr Singh was the Vice-President of Commercial Operations for Emerging Markets at GlaxoSmithKline, based out of London, where he was in charge of overseeing all aspects of the brand’s Commercial operations across its emerging markets. He has previously held positions in Abbott as the Regional Director in Australia and New Zealand, and General Manager for Korea. He has also held various sales, marketing and strategy positions in Bayer. Mr Singh holds an MBA from Thunderbird, the American Graduate School of International Management.

Amin Rajan

Amin Rajan

Chief Executive Officer
CREATE-Research

Amin Rajan is the CEO of CREATE–Research, a UK based think tank that specialises in the future trends in the global fund management industry.  He is the author of numerous acclaimed reports on the industry’s evolving dynamics and the responses they require. By developing special insights in the emerging business models and their successful execution, Mr Rajan also offers strategic advisory services to CEOs and CIOs as they grapple with the new industry dynamics.  In the last 10 years, he has undertaken advisory assignments with numerous prominent fund managers around the world in areas like strategic change, investment performance, client service, product innovation and talent management. He has contributed feature articles to FTfm, Financial News, Investment & Pensions Europe, and Global Investor.

Ben Birgbauer

Ben Birgbauer

Treasurer
Jaguar Land Rover

Ben Birgbauer is Treasurer of Jaguar Land Rover with responsibility for financing, investments and cash management, bank relations, foreign exchange and financial risk management, pension finance and insurance.  Mr Birgbauer joined Jaguar Land Rover in 2008 to set up the treasury function following the acquisition of the company by Tata Motors from Ford Motor Company.  Before joining Jaguar Land Rover, he had been the European Treasurer for Ford and the Premium Automotive Group from 2000 - 2008. He joined Ford Credit in 1988 and from 1991 to 2000, he held a number of treasury roles for Ford and Ford Credit in the US and UK. Mr Birgbauer holds a BA in Economics from the University of Virginia and an MBA in Finance from the University of Michigan. 

Andrew Main

Andrew Main

Chairman
Stratton Street UCITS Renminbi Bond Fund UI

Andrew Main, is the former Managing Partner of Stratton Street Capital LLP from which he stepped down in July 2014. He remains a Director to Stratton Street PCC, which launched its first Renminbi Fund in 2007, and is Chairman of Stratton Street UCITS Renminbi Fund based in Luxembourg. 

He also is a Senior Adviser to ADAMAS Group based out of Hong Kong who manage a number of China related Credit Funds, including a joint venture with Ping An Insurance, Asian Fund of Funds and also ADAMAS Finance Asia which is quoted on the AIM market in London.  He is also a Senior Advisor to Vulpes Asset Management in Singapore. This Family Office is offering its investments, both income generating and growth opportunities in Fund Structures to outside investors.

He is also an Advisor to IQE Ltd which based in the Isle of Man and has recently been appointed a Non-Executive Director of their office in Mauritius which offers International Fiduciary Services especially targeted at Africa and Asia clients.

The majority of Mr Main’s experience has been spent dealing with The Far East developing a

wide range of financial services before founding the company. He studied at INSEAD and is a Member of the Securities Institute. He also sits as a Non Executive on several private fund boards on behalf of a number of Asian families. In the past he has been a member of the British Bankers Association working group to advise on Hedge Funds.

He also serves in various capacities with the Alternate Investment Management Association. He Chairs the Next Generation Managers Group which supports the development of Independent Fund Managers starting out and developing the business. He is a founder member of the Sound Practices Committee and is also on the Markets Regulation Standing Committee. He contributed to the production of the recently published Sound Practices for Fund Board Directors and the development of a DDQ for Non-Executive Fund Directors which was published earlier this year

Rudolf  Haas

Rudolf Haas

Partner
King & Wood Mallesons

Rudolf Haas is a partner at King & Wood Mallesons (KWM) in Frankfurt, heading the German capital markets practice. Prior to joining KWM, he was a partner at Latham & Watkins, opening their German offices in 2001. Mr Haas’ clients include both European and non-European issuers and underwriters, with a focus on issuers from the financial industry. He has particular expertise advising issuers on entering foreign markets, for example, advising German issuers in their debut transactions into the US or China, or advising Chinese issuers in accessing the European markets. Mr Haas is a frequent speaker at conferences on topics of capital markets regulation and regularly teaches at the Institute of Law and Finance at Goethe-Universität Frankfurt, where he also is a member of the Donor’s Committee. Mr Haas is admitted in Germany and Virginia/USA. He is a graduate of the University of Regensburg School of Law in Germany, and holds an LLM Degree from the University of Virginia, USA.

Raymond Yeung

Raymond Yeung

Senior Economist, Greater China
ANZ

Raymond Yeung is currently Senior Economist, Greater China with Australia and New Zealand Banking Group (ANZ). Dr Yeung has studied the Chinese economy for 20 years. At ANZ, he covers the macroeconomics of China and the monetary policy of the central bank. He is responsible for producing China Insight, a weekly research report that discusses market relevant issues of China. He is also an editor of ANZ Asia Macro Strategy Weekly. His views are frequently cited by global and the Chinese media. Dr Yeung is an expert in China’s financial liberalisation and publishes ANZ’s flagship report The Renminbi Takes Centre Stage. He has been instrumental in raising client awareness around the opportunities in the offshore RMB market. Prior to joining ANZ, Dr Yeung was deputy head of economic research at Swiss Re (Asia), a global reinsurance giant. This followed his early academic career as an Assistant Professor/MBA Director at the University of Hong Kong and senior consultant with Deloitte. Dr Yeung earned his PhD in economics at Queen’s University, Canada with a dissertation on applied econometrics.

James  Lockyer

James Lockyer

Development Director
Association of Corporate Treasurers

James Lockyer, Development Director, ASSOCIATION OF CORPORATE TREASURERS.

 

James Lockyer started his career in engineering and speciality chemicals;  he is a UK Chartered Accountant, MCT qualified, and he has some 20 years’ experience in treasury, corporate finance and risk management, gained in substantial international public and private companies.  At the ACT he initially led education and training content development and delivery, and is currently responsible for raising the ACT’s profile and building capacity with stakeholders in key institutions worldwide. 

 

Mr Lockyer has recently led a project to help build professional corporate treasury competencies among Chinese companies, which should assist both them and businesses worldwide in generating value from RMB liberalisation and the Belt And Road initiative. 

 

Mr Lockyer is a regular participant in the International Federation of Accountants’ Professional Accountants in Business Committee, specialising in risk management issues and sustainable value creation.  He has a strong interest in promoting the treasurer’s technical and wider, transferable skill set and its value in building successful careers for individuals, and enhancing business performance in employers. 

Patrick Wu

Patrick Wu

Deputy Head of Markets, China, and Head of RMB Trading
ANZ

As the Deputy Head of Markets, China, and Head of RMB Trading, Patrick Wu runs ANZ’s onshore and offshore renminbi (RMB) trading businesses. Based in Shanghai, Mr Wu has been trading across the RMB products spectrum, covering China’s FX, rates, option, credit and structured products, for 10 years. Mr Wu joined ANZ in June 2014 to build the China Markets franchise and the trading businesses. Prior to ANZ, he ran fixed income trading for JP Morgan in China and local currency bond trading for Standard Chartered in North East Asia. As a pioneer in the offshore RMB markets, Mr Wu sat on the HKMA/TMA offshore RMB development committee. He is also an adviser on China government bond future for CFFE in China.

Diana  Brightmore-Armour

Diana Brightmore-Armour

Chief Executive Officer UK, Europe and Middle East
ANZ

Diana is Chief Executive Officer UK, Europe and Middle East, based in London.

The business provides relationship coverage and financial solutions to a client base of large, multinational corporations headquartered in the UK, Europe and Middle East, with global operations in one or more of the 34 markets in which ANZ operates.

The business is a growth engine of ANZ’s Institutional Banking Division, whose goal is to deliver on ANZ’s aspiration to source an increasing amount of Group earnings from Asia Pacific, Europe and America.

It is responsible for the overall management of relationships with ANZ’s multinational clients across specialised sectors including Agriculture, Natural Resources, Utilities & Infrastructure, Financial Services and Diversified Industrials, drawing on the expertise of the Bank’s markets and trading teams to provide the full range of global financial solutions.

Since joining ANZ in October 2013, Diana’s focus has been on uptiering the Bank’s relationship capabilities, driving ANZ to achieve Trusted Advisor status with its key clients.

Prior to her role at ANZ, Diana was CEO of Corporate Banking at Lloyds Banking Group, a significant coverage business in Wholesale Banking and Markets, operating across the UK and in North America.

She is a strong supporter of talent development and gender diversity, both within ANZ via the Bank’s ‘Plus One Pledge’ scheme and externally through her involvement with the 30% Club, City Women’s Network and First Women Awards.

Diana has had experience in corporate finance, mergers and acquisitions, financial management, treasury and audit at The Coca-Cola Company, complemented by a CEO role in the e-commerce sector.

She is a Fellow member of both the Chartered Association of Certified Accountants and the Association of Corporate Treasurers. Having held the position of Non-Executive Director for the Department of Communities and Local Government in the UK, she is now a Non-Executive Director on the board of the Berkeley Group.

She has worked extensively internationally throughout her career and is married with two children.

Dominique Blanchard

Dominique Blanchard

Global Head of Sales and Origination, Head of Global Markets for North Asia
ANZ

Dominique Blanchard is responsible for growing Global Markets revenues generated with all customers (Corporates and Financial Institutions) across all asset classes and all regions. Based in Hong-Kong he also supervises Global Markets in North Asia (Sales and Trading). He works in close coordination with Global Markets product heads and with the bank’s coverage teams. Prior to joining ANZ, Mr Blanchard ran a large part of Global Markets for Daiwa Sumitomo, a business mostly focused on Japan and Asia: structured products and derivatives, flow rates and FX, as well as synthetic prime brokerage and convertible bonds. Before joining Daiwa Sumitomo Mr Blanchard was Co-Head of Global Fixed Income for Credit Agricole, based in London, in charge of overall sales and structuring across Rates FX credit and commodities. His earlier career was mostly spent with French banks in Asia (Singapore, Tokyo, Hong-Kong) in Markets and investment banking.  

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Moderator (1)

James Kynge

James Kynge

Emerging Markets Editor and Associate Editor
Financial Times

James Kynge is Emerging Markets Editor and Associate Editor at the Financial Times. He is also Editor of beyondbrics, the FT’s emerging economies blog. Previously, Mr Kynge was Chairman of FT Confidential, the Financial Times’ premium research services on China, Southeast Asia and Latin America. A recipient of several journalism awards, Mr Kynge has been a correspondent based in Japan, China, Taiwan, Malaysia, Singapore, Russia, former Soviet Central Asia and Hong Kong over the past 28 years. He was the FT’s China Bureau Chief for seven years until 2005 and later headed up the Pearson Group of companies' business operations in China. He was also President of FTChinese.com, the FT's Chinese language website. His prize-winning book China Shakes the World was an international bestseller, translated into 19 languages.

Why Attend?

  • Gain insights on key aspects of the internationalisation of the RMB -including recent reforms, capital flows in and out of China and capital account openness
  • Get the latest corporate and investors perspectives on RMB business
  • Discuss China’s new economic reality and the impact of Brexit for investors and companies doing business with China
  • Analyse what it will take for the RMB to become a reserve currency
  • Explore the risks investors must be aware of when managing an RMB portfolio
  • Network with leading specialists from major corporates and prominent financial institutions
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Who Attends

Fixed income investors / heads of risk from:-

  • Asset managers
  • Hedge funds
  • Pension funds
  • International real money accounts

CFOs and Corporate Treasurers from:

  • Any large company that has assets in China
  • Investors based in London looking at Asia
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Agenda - 22nd Sep

  • 8:30am
    Registration & Networking
  • 9:00am
    Welcome from the FT

    James Kynge, Emerging Markets Editor, Financial Times

  • 9:05am
    Opening Remarks from ANZ

    Diana Brightmore-Armour, Chief Executive Officer, UK, ANZ

  • 9:10am
    Keynote Address - China’s Rebalancing and Internationalisation: A Rebalanced International Perspective

    Leslie Young, Professor of Economics, Cheung Kong Graduate School of Business

  • 9:40am
    Keynote Interview: The Role of Offshore Financial Centres in Renminbi Internationalisation

    Mark Boleat, Chairman, Policy and Resources Committee, City of London Corporation

  • 10:10am
    Deep Dive – The RMB Toolkit

    Our expert business leaders explore the RMB tools currently available, their strengths and limitations and the opportunities and challenges in transacting business in RMB. How easy is it for foreign companies to gain regulatory approval to raise capital onshore, and what are the associated challenges? How is London developing as an offshore renminbi clearing centre? What are the most recent developments and best practices in cash pooling, central treasury management and payments in RMB? How can foreign companies take advantage of renminbi cross-border pooling or sweeping to facilitate renminbi-denominated cross-border transactions? In the current economic context, what is the appetite of European corporates to tap into the offshore RMB pool?

    Ben Birgbauer, Treasurer, Jaguar Land Rover

    Rudolf Haas, Partner, King & Wood Mallesons

    James Lockyer, Development Director, Association of Corporate Treasurers

    Raman Singh, President, Emerging Markets, Mundipharma

    Patrick Wu, Deputy Head of Markets China and Head of RMB, ANZ

     

    Moderated by:

    James Kynge, Emerging Markets Editor, Financial Times

  • 11:00am
    Networking Break
  • 11:25am
    Investors' View - The RMB as a Global Currency

    In this high level discussion, our panel of investors will analyse the role and evolution of the RMB in global trade and finance. They will discuss various aspects of the internationalisation of the currency, including recent reforms, capital flows in and out of China and capital account openness. They will also focus on the prospects of the RMB as a reserve currency.

    • What are the opportunities and pitfalls investors have seen in Chinese assets/investments? What are the key risks they see in China? Economic slowdown? Regulatory changes?
    • Despite China’s growing importance in the global economy, only 22% of businesses are currently using the RMB for cross-border trade with China. How do the current adoption levels of the RMB for debt issuance, loans, international payments and foreign exchange compare to that of the Euro?
    • What are the obstacles China will need to overcome in its journey towards the internationalisation of the RMB?
    • As China signs more bilateral currency swap agreements with other countries, what impact is this having on currencies such as the USD?
    • What does the coexistence of the RMB alongside the USD mean for the global economy?
    • What will it take for the RMB to become a reserve currency?
    • When is the RMB going to be freely floated and how will this impact the global economy?

    Edmund Ng, Chief Investment Officer, Eastfort Asset Management

    Andrew Main, Chairman, Stratton Street UCITS Renminbi Bond Fund UI

    Amin Rajan, CEO, CREATE-Research

    Raymond Yeung, Chief Economist, Greater China, ANZ

    Moderated by

    James Kynge, Emerging Markets Editor, Financial Times

  • 12:15pm
    Closing Remarks

    Dominique Blanchard, Global Head of Sales and Origination, ANZ

  • 12:20pm
    Networking Lunch

Venue

Financial Times Headquarters
One Southwark Bridge
London SE1 9HL

United Kingdom

Tel: +44 (0) 20 7775 6653
Email: ftlive@ft.com

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Presented By (2)

Locally based in 29 Asia Pacific markets, ANZ is well positioned to deliver the right solutions for our clients. Our specialists have the experience and in-depth industry knowledge to seamlessly deliver tailored financial solutions.

With offices in Shanghai, Beijing and the main offshore RMB clearing centres of Hong Kong, Singapore, Taiwan and London, we have the network, local knowledge and global solutions to help firms successfully navigate the internationalisation of China’s currency. Our RMB specialists are focussed on developing holistic solutions for our customers to give them a competitive edge that can drive their businesses forward.

Our extensive product offering includes debt capital markets, specialised finance, trade and supply chain, and payments and cash management. ANZ has the product capability and connections to add value to your business, no matter where you conduct business or how complex your needs. Because at ANZ connections count.

The Financial Times is one of the world’s leading business news organisations, recognised internationally for its authority, integrity and accuracy. The FT has a record paying readership of one million, three-quarters of which are digital subscriptions. It is part of Nikkei Inc., which provides a broad range of information, news and services for the global business community.

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