Download or read book Chinese Yuan Renminbi Derivative Products written by Peter G. Zhang and published by World Scientific. This book was released on 2004 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since late 2002 there have been many disputes and discussions around the world on whether or not the Chinese yuan (CNY), or renminbi (RMB), should be revalued. Based on various arguments and discussions, the CNY has been expected to be revalued worldwide, as evidenced by the significant premiums for the CNY non-deliverable forwards in the offshore marketplace. With the CNY revaluation perspectives, hundreds of billions of US dollars have been invested in various types of CNY-related derivatives products. The purpose of this book is not to tell the reader whether the RMB should be revalued, or by how much it should be revalued, as these questions are the work of economists. Instead, as a derivatives specialist with more than te years' experience in the international financial market and with working experience in China in the past few years, the author presents trading of CNY-related derivatives products in the offshore marketplace. The book is organized into five parts. The first part familiarizes readers with the Chinese economy in transition and the Chinese financial market, so that they can make their own judgment as to whether or not the CNY should be revalued. Part II presents major foreign exchange derivatives trading in organized exchanges and the over-the-counter marketplace around the world. Part III reviews what foreign exchange products were involved both before and during the Asian financial crisis, because many of them were used to speculate or hedge against devaluations of the Asian currencies. Part IV studies various CNY-related derivatives products and embedded derivatives products. Finally, Part V examines the possible impacts of these derivatives products on the CNYexchange rate, based on the experiences of other currencies such as the Korean won and the New Taiwan dollar.
Download or read book Chinese Yuan Renminbi Derivative Products written by Peter G. Zhang and published by World Scientific. This book was released on 2004 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the CNY revaluation perspectives, hundreds of billions of USdollars have been invested in various types of CNY-related derivativeproducts. As a derivatives specialist with more than ten years''experience in the international financial market and with a workingexperience in China in the past few years, the author offers a volumeon trading and other practical issues of CNY- related derivativeproducts in the offshore marketplace.
Download or read book Renminbi from Marketization to Internationalization written by Zhongxia Jin and published by Routledge. This book was released on 2022-05-12 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study looks into the significance of a floating exchange rate regime, further development of the foreign exchange derivatives market, and concurrent internationalization of the Renminbi (RMB) for a resilient, open, and growing Chinese economy. The first chapter analyzes the macroeconomic impact of foreign exchange intervention based on empirical studies on 26 economies, explaining why most countries favor a floating exchange rate regime under the existing international monetary system. The second chapter discusses the macroeconomic and microeconomic conditions that would facilitate a successful transition to a floating exchange rate. The final two chapters discuss the importance of further developing the foreign exchange derivatives market in China and explores paths toward further opening-up of the capital market and internationalization of the RMB under a floating exchange rate. Based on the authors’ decades of reflections and systematic analysis on real cases both in China and abroad, the title sheds lights on China’s exchange rate issues and research on exchange rate policy. This book will be an essential reference for scholars, students, professionals, and policymakers interested in exchange rate, currency internationalization, the financial market, especially the derivatives market, and the Chinese economy.
Download or read book Renminbi Derivatives written by Wensheng Peng and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study reviews the developments in the onshore and offshore renminbi derivatives markets. The onshore market has seen a rapid build-up in the market infrastructure and price discovery mechanism in the past year, with empirical evidence suggesting that its pricing is increasingly determined by financial fundamentals, such as the covered interest rate parity. However, the growth of the market has been restrained by restrictions on the participant base, limited variations in the RMB/US$ exchange rate, market participants' lack of technical capacity and experience, and inadequate supporting financial market infrastructure. The non-deliverable forward (NDF) market, concentrated in Hong Kong and Singapore, is more developed, but has the drawback that its pricing is not tied to financial fundamentals. The comparison between onshore and offshore markets suggests that two issues are of particular importance for future derivatives market development in China: the balance between regulation and development, and the relationship between onshore and offshore markets.
Download or read book The Chinese Yuan written by Peter G. Zhang and published by John Wiley & Sons. This book was released on 2011-02-15 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: Few topics have attracted as much attention worldwide in recent years as the RMB. These debates have gained added urgency in light of the financial crisis and the topic of RMB revaluation is now being actively debated in countries all over the world from Tunisia to the United States. This book explores the ever-changing role of the RMB and the related derivative products. However, it does so from a view that is heavily influenced by the fallout from the financial crisis as well as the in the context of the increasing maturity of the Chinese capital markets. The author has drawn on his experience as a regulator to provide invaluable views, insights and information on RMB derivative products and the development of this market going forward. Key topics include: Overview of current China economy and its capital market In-depth analysis on the China's banking system and foreign exchange system Extensive analysis of on-shore and off-shore financial products in China Explanation of the needs and reasons for RMB products innovation Insights into the internationalization of the RMB Not only will this book leave its readers with a much clearer idea of the structure of China's capital markets but it also gives insights on the market going forward leveraged through Peter Zhang's many years of experience as both a senior banker and through his integral role in the key regulatory authority of the banking sector, the CBRC.
Download or read book Gaining Currency written by Eswar Prasad and published by Oxford University Press. This book was released on 2017 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: China's currency, the renminbi, has taken the world by storm. This book documents the renminbi's impressive rise to global prominence in a short period but also shows how much further it has to go before becoming a major international currency. The hype about its inevitable ascendance to global dominance is overblown.
Download or read book The Offshore Renminbi written by Robert Minikin and published by John Wiley & Sons. This book was released on 2012-10-26 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rise of the renminbi and what it means for forex markets Chinese authorities have ambitious plans to "internationalize" the renminbi, transforming it from a tightly controlled domestic legal tender into a global currency for international trade, held by both private and public sector asset managers. The Offshore Renminbi examines this impending currency revolution, outlining why the emergence of China as a major economic power will likely soon be matched by a transformation of the renminbi's role in the global financial system. It explains how new markets for "offshore" renminbi are developing outside mainland China since the country is not yet ready to fully open up its economy to international capital flows, and the regulations that govern them. The potential growth for the renminbi market is vast, thanks to China's role in the global trading community. The early stages of the internationalization effort were small-scale, but momentum has greatly increased over the past 18 months, making this book more relevant than ever. These developments offer new opportunities (and challenges) for corporate treasurers and investors, as China's profound economic success and growing prominence in global trade may transform offshore renminbi into a new global reserve currency and a legitimate competitor to the U.S. dollar. Explores how the "internationalization" of the renminbi is likely to yield a new global currency to rival the U.S. dollar Examines "offshore" renminbi and the host of new financial markets they have created, from a spot FX market to Dim Sum bonds in Hong Kong Covers broad themes of interest to general readers and policymakers, as well as more detailed issues of practical and direct importance to corporate treasurers and investors The Chinese government has ambitious plans to make the renminbi a global currency. The Offshore Renminbi explains the complexities of this strategy and the dramatic implications for the global FX markets.
Download or read book China s Financial Opening written by Yu Wai Vic Li and published by Routledge. This book was released on 2018-03-13 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: The twenty-first century has not only seen China become one of the world’s largest trading nations, but also its gradual integration into the global financial system. Chinese-sponsored project financing schemes, such as the Belt-and-Road Initiative and the Asian Infrastructure Investment Bank, and the expanding international footprint of the renminbi, have raised the specter of Beijing shaping established market rules and practices with its financial firepower. These dramatic developments beyond the "Great Wall of Money" have overshadowed the equally remarkable opening of China’s domestic capital markets. These include initiatives that make cross-border equity trade and investment easier; attempts to internationalize exclusively domestic-oriented equity markets; and creation of the first offshore renminbi hub in Hong Kong, paving the way for the "big bang" of renminbi use worldwide. Li interrogates the domestic political dynamics underlying the dizzying switches between liberalization and restriction. This book argues that the interplay between the pro-opening coalitions and dissenting parties has been central to the policymaking process. Financial opening has not only been driven by central bureaucratic actors, but also by financial industry interests and the local authorities of financial centers acting in concert as coalitions. The local and financial constituents have shaped policy agendas and priorities, and defined and framed liberalizing initiatives in ways that appealed to bureaucratic entities. They also sought wider political support by capitalizing on connections with top decision-making elites. To allay opposition and maintain political and technical consensus, the coalition constituents have offered concessions to dissenting parties over implementation specifics. This, however, has not always succeeded. Dissenting parties who recognized adverse distributional and policy risk implications inherent in the opening initiatives might decline concessionary offers, leading to policy tendencies other than opening. As one of the very first political economy contributions to studies of China’s financial opening from the 2000s, this book will appeal to researchers of international political economy, East Asia and China specialists, and financial practitioners and policymakers wanting to make sense of the country’s liberalizing logic.
Download or read book Rmb Exchange Rate The Past Current And Future written by Yin-wong Cheung and published by World Scientific. This book was released on 2016-11-22 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, China's robust economic performance has propelled it to the world stage. At the same time, the world has increasingly scrutinized China's economic policies and activities. One of the hotly contested issues is China's foreign exchange rate policy. China's current reform and modernization policies to convert its centrally planned economy towards a market-driven one could hardly draw on experiences of other countries.This book provides a succinct and up-to-date account of China's exchange rate policy including the currency undervaluation debate and the internationalization of its currency. It begins with a brief history of the modern China's foreign exchange rate policy. In particular, it highlights the three Chinese policy characteristics; namely, independence, controllability and practicability, and graduality. This prologue helps to interpret China's policy on its currency, the renminbi (RMB); including its recent initiatives to promote the international use of its currency.The book covers the basic theoretical and empirical issues that are relevant for determining the equilibrium value of the RMB exchange rate and, hence, its degree of misalignment. Then it evaluates the controversy surrounding the RMB valuation debate, and highlights the sensitivity of empirical estimates of the degree of misalignment to alternative presumptions.The book also examines the timely issues related to China's recent efforts in promoting the use of its currency in the global financial market. After describing the background of China's recent efforts to internationalize the RMB, the book a) discusses the main promotional policies, including the recent Qianhai project and Shanghai Free Trade Zone initiative, b) evaluates the current status of the offshore RMB market, the level of international use of the RMB and the admission to the SDR basket, and c) assesses the future prospects of the RMB to be a global currency.
Download or read book Is China s Currency Increasingly Important written by Yinggang Zhou and published by Springer Nature. This book was released on with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Regionalization of the Renminbi written by Li Xiao and published by Enrich Professional Pub Limited. This book was released on 2011 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: This series delves into Chinese currency reform, a crucial and inevitable policy choice of China. With the continuous rise in the status and importance of China in regional and global economies, the impact of Renminbi—the official currency of the People's Republic of China—is growing steadily. Based on recent theoretical frameworks and quantitative analyses, this series explores the relationship between Chinese banking system reform, regionalization and internationalization of Renminbi, as well as the possible cooperation between Renminbi, Yen and other Asian currencies. Analyzing the measures of regionalization and internationalization of the Renminbi, this study provides new perspectives and suggestions for the internationalization progress of the currencies of developing economic powers.
Download or read book China s Financial Markets written by Salih N. Neftci and published by Elsevier. This book was released on 2007 with total page 505 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher description
Download or read book Beijing Review written by and published by . This book was released on 2008 with total page 1114 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Foreign Exchange Risk and Derivatives for Multinational Corporations MNCs written by Huilian Yuan and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Risk written by and published by . This book was released on 2006 with total page 696 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Business International Money Report written by and published by . This book was released on 2004 with total page 600 pages. Available in PDF, EPUB and Kindle. Book excerpt:
