Treasury View of China Market Webex培训教程文件.pptVIP

Treasury View of China Market Presenter : Frankie Lam, Thomson Reuters Ltd, frankie.lam@ Content originally provided by David Lo, Thomson Reuters Ltd. Last updated by Frankie Lam on 7th January 2009 AGENDA Recent developments in China market, with focus on China’s economy, RMB exchange rates and related products Key reference rates, on-shore and off-shore rates: PBOC mid prices, CFXS data New RMB formation mechanism Current Status of RMB China Market Browser Q A Coverage of China Markets Thomson Reuters has a full coverage of foreign exchange, money, equities, commodities and fixed income markets in China. Especially strong coverage in the Renminbi treasury and fixed income markets. The financial data are collected from many different sources including contributions of local banks and the China Foreign Exchange Trade System (CFETS). XMS Model: China Market Browser Pricing: NDF, China IRS Calculator CFETS – Interbank FX Market CFETS was established in 1994 Unlike international FX markets, China’s interbank FX market (against RMB) is similar to that of a centralized exchange with settlement centralized by CFETS with T+1 settlement Authorized banks can trade in CFETS for their own interests or on behalf of their customers August 2005 – non-bank financial institutions and non-financial institutions meeting certain criteria set by PBC can trade in CFETS August 2005 – CFETS member banks can also trade (OTC) forward deals with no limit on currency pairs and maturity, 0930 – 1730 trading hours April 2006 – FX swaps (OTC) launched, no limit on currency pairs and maturity, 0930 – 1730 trading hours, membership 6 months after forward business Initially only USD and HKD against RMB available on CFETS. JPY, EUR, and GBP added respectively in March 1995, April 2002, and August 2006 CFETS – Interbank FX Market May 2005 – China’s interbank foreign currency pairs went live in CFETS. Market makers quote 2-way prices on EUR, AUD, GBP, JPY, CAD, CHF, HKD, and EURJPY. This