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Author: M. Wong
Publisher: Springer
Published: 2015-12-25
Total Pages: 383
ISBN-13: 1137034645
DOWNLOAD EBOOK →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.
Author: Jochen M. Schmittmann
Publisher:
Published: 2020-09-04
Total Pages: 27
ISBN-13: 9781513556321
DOWNLOAD EBOOK →Non-deliverable forward (NDF) markets in many Asian emerging market currencies are large, rapidly growing, and often exceed onshore markets in transaction volume. NDFs tend to price significant depreciation during market stress episodes including COVID-19. Spillovers from NDFs to onshore markets are a policymaker concern. Our analysis shows that influences tend to run both ways after controlling for differences in timezones between markets. For the COVID-19 pandemic there is some evidence of NDFs leading onshore markets for a few currencies. Policy approaches to NDFs vary widely across Asia from close integration with onshore markets to severe restrictions on NDF trading.
Author: Robert Minikin
Publisher: John Wiley & Sons
Published: 2012-10-26
Total Pages: 212
ISBN-13: 1118339282
DOWNLOAD EBOOK →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.
Author: International Monetary Fund
Publisher: International Monetary Fund
Published: 2001-04-01
Total Pages: 54
ISBN-13: 1451846320
DOWNLOAD EBOOK →Several Asian emerging market economies have recently adopted measures to limit the offshore trading of their currencies. This paper provides a general overview of such measures and evaluates the experiences of selected countries that resorted to such measures. It concludes that the measures could be effective if they were comprehensive and effectively enforced, and were accompanied by consistent macroeconomic policies and structural reforms. Such measures, however, could adversely affect investor confidence, financial market development, and nonspeculative economic and financial activities, and impose administrative burden on all parties involved.
Author: Asian Development Bank
Publisher: Asian Development Bank
Published: 2015-08-01
Total Pages: 84
ISBN-13: 9292570579
DOWNLOAD EBOOK →The Asian Development Bank (ADB) has been working closely with the Association of Southeast Asian Nations (ASEAN) and the People's Republic of China, Japan, and the Republic of Korea---collectively known as ASEAN+3---to foster the development of local currency bond markets and facilitate regional bond market integration under the Asian Bond Markets Initiative (ABMI). ABMI was launched in 2002 to strengthen the resilience of the region's financial system by developing local currency bond markets as an alternative source to foreign currency denominated short-term bank loans for long-term investment. Bond investors typically have a long position in local currency bond markets. To manage their foreign exchange (FX) risk, they may want to hedge that exposure for a period of time. They also want to be sure they can easily convert the local currency to dollars upon the sale of a bond. This study was undertaken under ABMI and funded by the Government of Japan. It reviews the FX and FX hedging markets in ASEAN+3 as they relate to cross-border investments in local currency bonds, and makes recommendations to facilitate the development of the markets and FX risk management.
Author: Peir Shenq (Stanley) Lim
Publisher: John Wiley & Sons
Published: 2017-12-26
Total Pages: 310
ISBN-13: 1119391180
DOWNLOAD EBOOK →A practical, step-by-step guide to value investing in Asian stocks Value Investing in Asia offers a uniquely targeted guide to investors seeking new opportunities in Asian markets. Most value investing advice is geared toward US markets, leaving out the key guidance that pertains specifically to investing in publicly listed Asian companies — guidance that is critical for success. This book focuses on the opportunities and challenges of Asian markets, including current and historical case studies that illustrate various successes, risks and pitfalls. Step-by-step guidance helps you unearth great opportunities in Asia; from understanding the macroeconomic situation, to narrowing down on specific investment opportunities. Invaluable for both new and experienced investors, this practical reference shows you how to apply value investing principles specifically to Asian stocks. Investing in Asia comes with an inherent set of unique challenges that must be understood before any decisions are made; some of these challenges are the result of operating practices, some are the result of regulatory issues and others come from the markets themselves — yet regardless of the source, value investors in particular bear the brunt of the obstacles. This book shows you what you need to know, and how to invest intelligently in Asian companies. Step-by-step approach guides investors towards the practical application of value investing principles in Asia Navigate the challenges unique to Asian investing Examine real-life case studies that illustrate both risk and opportunity Delve into the key markets in Greater China and South-East Asia Includes exclusive interviews with well-known value investors in Asia Despite the challenges and risks, Asian markets represent significant opportunity — especially for investors seeking value. Value Investing in Asia offers a practical reference for new and experienced investors, with real-world guidance toward intelligently investing in Asian markets.
Author: Edwin L.-C. Lai
Publisher: Cambridge University Press
Published: 2021-07-08
Total Pages: 347
ISBN-13: 1108491685
DOWNLOAD EBOOK →Economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB.
Author: Mr.R. Sean Craig
Publisher: International Monetary Fund
Published: 2013-12-24
Total Pages: 26
ISBN-13: 1484333136
DOWNLOAD EBOOK →Offshore use of the renminbi expanded rapidly in Hong Kong SAR as China sought to develop an international role for its currency while maintaining capital controls. This prompts two questions addressed in this paper: How far advanced is renminbi internationalization? And, what role does Chinese capital account liberalization play? The first is addressed by testing the extent of integration of offshore and onshore markets for the renminbi using a Threshold Autoregression (TAR) model and finds that there are substantial unexploited arbitrage opportunities. A VAR model is used to indentify factors contributing to this limited market integration and finds that capital controls and shifts in global market sentiment explain much of the divergence in onshore and offshore renminbi exchange rates. To address the second question, the paper shows how capital account measures have been used to promote offshore use of the renminbi more actively in the wake of the global financial crisis, but that this was done asymmetrically with controls on inflows eased to a greater extent than on outflows. It concludes that a more balanced liberalization process will sustain progress in renminbi internationalization.
Author: Cheng
Publisher: World Scientific Publishing Company
Published: 2011-05-31
Total Pages: 40
ISBN-13: 9789814287685
DOWNLOAD EBOOK →Global economy and financial markets are re-positioning irreversibly after the recent financial crisis. As a result, China is becoming one of the leading players on the world economic stage, and the Chinese financial markets are being integrated into the world financial markets. In particular the Chinese currency (CNY) market and interest rate market offer a historically unique opportunity to outside investors to diversify their international portfoliorun onshore-offshore arbitrage, and seek excess investment return. Its interest rate market is huge and deep, far more than other emerging markets, with its own characteristics. On the other hand, trading behavior of the Chinese banks, decisions of the monetary and FX authorities, sovereign funds are also making increasing their impacts on the movements of the global currencies and interest rates. Based on the author's unique 10 years of experience in proprietary rate trading in foreign banks in China and Hong Kong, fund management in one of top 3 Chinese fund management companies, research work in one of the Chinese prestige research institutes, and various consulting works for the Chinese government including PboC (the People bank of China, the central bank), CBRC (the China Banking Regulatory Commission), SAFE (the State Administration of Foreign Exchange), MOF (the Ministry of Finance), NCSSF (the National Council for Social Security Fund), CIC (the China Investment Corporation) and SSE (the Shanghai Stock Exchange), this book provides a deep insight on the ongoing CNY and interest rate markets (onshore and offshore), the investment behavior of investors and the financial institutions, and decision-making behavior of the authorities.
