Synopses & Reviews
The terms "Eurodollar" and "Eurocurrency" were widely used in the 1970s, a time when the US dollar was prevalently traded in Europe. Later, the Eurodollar market was extended to Asia, especially Singapore and Hong Kong, and to cover a wider range of non-local currencies. But international markets have changed, with Renminbi set to become the world's dominant offshore currency. Leading bankers, analysts, bank supervisors, economists, journalists, professors, and lawyers contributed to Investing in Asian Offshore Currency Markets, exploring various issues regarding offshore currency markets in Asia, and especially the challenges and issues in building the offshore market for Renminbi.
Synopsis
The offshore currency market is a foundation of offshore bond market, helping well-established corporations in global financing. Following the global financial tsunami in 2008 and European debt crisis in 2009-2011, this book aims to document the latest issues, challenges, trends and thoughts relating to offshore currency markets in Asia.
Synopsis
The terms "Eurodollar" and "Eurocurrency" were widely used in the 1970s, a time when the US dollar was prevalently traded in Europe. Later, the Eurodollar market was extended to Asia, especially Singapore and Hong Kong, and to cover a wider range of non-local currencies. But international markets have changed, with Renminbi set to become the world's dominant offshore currency. Leading bankers, analysts, bank supervisors, economists, journalists, professors, and lawyers contributed to Investing in Asian Offshore Currency Markets, exploring various issues regarding offshore currency markets in Asia, and especially the challenges and issues in building the offshore market for Renminbi.
About the Author
MICHAEL WONG is the founder and chairman of CTRISKS, one of the five licensed credit ratings agencies in Hong Kong, and a professor at City University of Hong Kong. He served as a founding member of the FRM Committee of Global Association of Risk Professionals (GARP) from 1998-2002, helped develop the examination to be a global standard on risk management education, and trained 6,000+ chief risk officers, senior risk managers, and bank regulators in Asia. In 2004-2010, he created risk management systems for many banks, including the first five successful Basel-standard IRB system in Hong Kong. Michael has published more than 40 journal articles and authored/co-authored more than 10 professional books. He graduated from Chinese University of Hong Kong, University of Essex, and University of Cambridge.
WILSON CHAN was the founding Treasurer of the Industrial and Commercial Bank of China (ICBC) in Hong Kong and founding Executive Board Member of the Treasury Markets Association (TMA). He has been working in financial markets for over 30 years and served as the Honorable Secretary of ACI, Hong Kong Financial Markets Association for more than ten years. Wilson was also an Assistant General Manager of Shanghai Commercial Bank. In addition to his three Masters degrees, he obtained his DBA degree from City University of Hong Kong, where he is currently serving as an Adjunct Professor on the University's MBA program. Wilson was an editor of the Chinese version of the Model Code for financial markets and the author of the book Bond Investment published by the Hong Kong Economic Times.
Table of Contents
Preface
PART I: ISSUES IN OFFSHORE CURRENCY AND BOND MARKETS
1.Determinants of The Distribution of Eurodollar Deposits In Offshore Financial Centres; David Leung and Jim Wong
2.Why Should All the Eurobonds Issued by Indian Banks Carry Uniform Regulatory Credit Risk Charge?; Rituparna Das
3.USD Fixing Rates in Hong Kong: The Puzzles of Higher Volatility and Higher Funding Cost; Wilson F. C. Chan and Michael C. S. Wong
PART II: CHALLENGES AND STRATEGIES OF DEVELOPING OFFSHORE RENMINBI MARKETS
4.The Development of the Renminbi Currency Market; Susan R. Hume
5.Price Disparities between Mainland China's Onshore and Offshore Financial Markets; Cho-Hoi Hui, Jim Wong and KF Lai
6.Comparative Risk Analytics between Asian Offshore USD Bond and CNH Bond from an Indian Commercial Bank's Perspective; Rituparna Das
7.China's Offshore Yuan Market: Inside the Engine Room of the World's Next Trade Currency; Saikat Chatterjee
8.Rational or Irrational? - Chinese Capital Control Rules in the Context of Internationalizing Renminbi; Wei Shen
9.From Greenback to Redback: The Journey of Renminbi from Local Circulation to Reserve Currency; Joe Ng
10.Legal and Documentation Issues of Offshore CNY Derivative Transactions; Jing Gu
11.The Challenges and Opportunities for RMB Investment Product Development in Hong Kong; Rosita Lee
12.Promise or Peril: Opportunities and Challenges of Renminbi Trade Settlement and Financing; Marvin Lo and Joe M.K.
13.Eurodollar Banking and Renminbi Internationalisation; Dong He and Robert N McCauley
14.Feasibility of Offshore RMB Market; Julia Leung
15.RMB: The Past, the Present and the Future; Arthur Shek
16.Renminbi Globalization: A Taiwan Perspective; Chung-Ming Kuan and Yingyi Tsai