The Chinese Yuan: Internationalization and Financial Products in China

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9780470827376: The Chinese Yuan: Internationalization and Financial Products in China
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Few topics have attracted as much attention worldwide in recentyears as the RMB. These debates have gained added urgency in lightof the financial crisis and the topic of RMB revaluation is nowbeing actively debated in countries all over the world from Tunisiato the United States. This book explores the ever-changing role ofthe RMB and the related derivative products. However, it does sofrom a view that is heavily influenced by the fallout from thefinancial crisis as well as the in the context of the increasingmaturity of the Chinese capital markets. The author has drawn onhis experience as a regulator to provide invaluable views, insightsand information on RMB derivative products and the development ofthis 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 foreignexchange system
  • Extensive analysis of on-shore and off-shore financial productsin China
  • Explanation of the needs and reasons for RMB productsinnovation
  • Insights into the internationalization of the RMB

Not only will this book leave its readers with a much cleareridea of the structure of China's capital markets but it also givesinsights on the market going forward leveraged through PeterZhang's many years of experience as both a senior banker andthrough his integral role in the key regulatory authority of thebanking sector, the CBRC.

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From the Back Cover:

This timely book by Dr. Zhang systematically summarize CNYfinancial products at home and abroad and offers a thoroughanalysis of the interrelationship between onshore and offshore CNYmarkets. This is the most comprehension discussion on the issuethus far.
Yi Gang, Deputy Governor, People’s Bank ofChina

Peter Zhang has devoted himself to the study of Chinese yuanproducts for many years. His book summarizes both the use offinancial products in the global financial crisis and the relatedlessons drawn in the context of China’s economic andfinancial development. This book is not only enlightening, it alsoprovides real value to those in the financial sector to betterunderstand and use financial derivative products.
Zhu Min, Former Deputy Governor of thePeople’s Bank of China, Special Adviser to the IMF

Dr. Zhang was directly involved in innovations relating tofinancial product design, valuation and risk control in theinternational financial market over a decade ago. Since his returnto China, he has been closely tracking every twist and turn ofChinese yuan financial Product innovation domestically and oversea.This book introduces CNY financial products and related marketanalyses in the macroeconomic and financial context. It is ofpractical value and a good reference to the promotion of financialinnovation in China.
Hu Huaibang, Chairman, Bank of Communications.

Chinese yuan financial product innovation has been the focalpoint of innovation in China’s financial sector. It has alsobeen the crux for enhancing the core competitiveness ofChina’s financial industry and establishing Shanghai as aninternational hub. Since publication of its first edition, the bookhas been widely used by a majority of key domestic banks and manyforeign banks. It has also played an important role in promotingfinancial innovation in China. I believe this book will furthercontribute to China’s financial innovation.
Yan Qingmin, Director General, Shangai Bureau ofChina Banking Regulatory Commission

The book analyses the trading of major Chinese yuan financialproducts in offshore markets by looking at China’s economyand financial market systematically. It is very timely and I highlyrecommend it.
Li Fuan, Director General, Business Innovation andSupervision Department, China Banking Regulatory Commission

The internationalization of the Chinese yuan will be animportant policy area for China in the coming years. As the authorsmake clear. This involves reform of China’s domestic capitalmarkets as well as freer international capital flows. This book isa very useful introduction to all the issues involved.
Paul Cavey, Head of China Economics, MacquarieSecurities

Peter Zhang’s work functions both as a useful reference onthe operations of Chinese financial markets as well as a thoroughdescription of the recent reforms that contributed to theintroduction of key financial products in China. In addition, thebook contains one of the most systematic and detailed discussionsavailable concerning the issues involved in China’sincremental and gradual approach to internationalization of thecurrency, including lessons from Japan’s experience with theyen, the role of Hong Kong, and the importance of sequencing stepsin line with domestic market reforms.
— Logan H. Wright, Ph.D., Director – China,Medley Global Advisors, LLC

From the Inside Flap:

As China’s influence continues to grow around the world,there is much debate about the role played by its currency, theChinese yuan (CNY). This latest book by Peter Zhang looks at thechanging role of the CNY and its transformation into aninternational currency. As part of this process, he looks in depthat the increasing diversity and sophistication of CNY financialproducts which are being developed in response to these trends, aswell as at the financial sector that is underpinning the innovationto create these products.

Peter Zhang provides a well-rounded discussion of the variousfinancial products being introduced into the market by providing abackground to the progress made in the past few years and thepotential problems that will have to be overcome for the market togrow steadily. He also sets the context for the CNY derivativemarket within China’s capital markets and explored theindividual roles of all types of CNY offshore and onshorederivative products. Areas covered in this book include:

  • CNY bonds
  • Interest rate swaps
  • Non-deliverable swaps
  • Index futures
  • Options and forward rate agreements.

This book is an excellent reference for anyone who wishes togain an in-depth understanding of financial products in China, notjust in terms of the quantitative elements but also the politicalcontext in which they are being developed.

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