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YUANomics - Offshoring the Chinese Renminbi: A Guide to Renminbi Internationalisation for Multinational Companies, Governments and Investors - Product Image

YUANomics - Offshoring the Chinese Renminbi: A Guide to Renminbi Internationalisation for Multinational Companies, Governments and Investors

  • ID: 2486865
  • January 2013
  • Region: Asia, China
  • 116 Pages
  • Euromoney Trading Ltd

This book brings the world of the Chinese currency renminbi, renminbi trading and investment in an easily readable form. The core parts of the book are divided into four key chapters related to the YUANomics Value Chain which will help readers understand how it affects them.

This book is "Renminbi 101" for those who need to know the ins and outs of offshore renminbi. It answers the questions: Why is the renminbi being increasingly used for trade settlement? How do we originate and create dim sum bonds to take advantage of the build-up of renminbi deposits outside of China and why are they so attractive to investors in Singapore, Hong Kong and London? What equity products are likely to prosper in the future? What are the prospects for the renminbi to become a global reserve currency? What are the investment opportunities arising out of the internationalisation of the renminbi?

Readers will gain a strategic view of the rise of offshore renminbi. Over the next 20-30 years, the rise of emerging and frontier markets in many key trading partners around the world will cumulatively add a billion people to the world's growing middle class. China's aim is to create a global series of partnerships with leading nations around the world. The centrepiece of all these trade, economic and commercial partnerships is the internationalisation of its currency – the renminbi.

Foreword

Preface

Tipping point moment for China!

Why such a book?

Acknowledgements

About the author

1 The new world of the renminbi: YUANomics
Introduction to the (Chinese) world of the renminbi
Internationalisation of China’s currency
Who needs to read this book?
Renminbi as a future asset class
The YUANomics value chain
How to use the YUANomics value chain
Scoring the YUANomics value chain
Structure of the book
Key learning points

2 The Chinese renminbi – history and policy liberalisation 5
The Chinese currency
The domestic focus of Chinese currency
Process of currency liberalisation – dependence on US dollar
Why China
began to internationalise the renminbi
Key learning points

3 The renminbi as trade and payment currency
The role of trade
The rise of renminbi as a trade currency
Small beginnings – pilot scheme
Awareness and education – Asia versus the rest of the world
The rise of Hong Kong as an
offshore renminbi centre
Treasurer’s view of renminbi transactions for trade and payment
Key learning points

4 The renminbi as investment currency – fixed income dim sum bonds
Rise of deposits and the first renminbi bonds in 2007
Reforms of July 2009: trade liberalisation in Chinese cities
Taking off in 2010 – the renminbi big bang
Corporate issuer’s perspective
Sovereigns and supranational agencies issuer’s perspective
Transferring proceeds into China
CNH disruption events at maturity
Key learning points

5 The renminbi as investment currency – equity
Why equity capital markets?
The first renminbi equity issue on the Hong Kong Stock Exchange
Why authorities
are pushing offshore renminbi
Issuer’s perspective: repatriating proceeds from offshore renminbi
Qualified foreign institutional investor scheme
Qualified domestic institutional investor scheme
Renminbi qualified foreign institutional investor scheme
Key learning points

6 Future prospects for the renminbi as reserve currency
China and the US dollar
The future roadmap
Some scenarios
Role of Asian currencies
Summary and concluding remarks
Key learning points

7 Conclusions and investment opportunities
Introduction to the (Chinese) world of the renminbi
Structure of the book
Investment opportunities in renminbi
Building the infrastructure – risk management and analytics framework
Concluding remarks

Further reading

Glossary

About the Author

Professor Kenny Tang PhD CFA is Professor of Corporate Social Responsibility at the Hult International Business School and founder CEO at Oxbridge Weather Capital and Oxbridge YUAN Capital. He is the Founding President of the World Renminbi Institute. He teaches many MBAs from emerging market countries (including China) at Coventry University London based in the City of London’s financial district.

He is dubbed “Asia’s Al Gore” by global investment bank, Bank of America Merrill Lynch.

With postgraduate degrees from the universities of Oxford and Cambridge, he spent six years with the Union Bank of Switzerland, London, and has strategy consultancy experience with KPMG Consultants and Stern Stewart. He is the Inaugural Professorial Fellow of The Future Leadership Institute. He is on the Global Judging Panel of the Wall Street Journal’s Global Technology Innovation Awards since 2004.

Professor Tang earned his doctorate of business administration in business strategy at The Judge Business School, Cambridge University and a Masters from the University of Oxford.

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