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Few topics have attracted as much attention worldwide in recent years as the RMB. These debates have gained added urgency in light of the financial crisis and the topic of RMB revaluation is now being actively debated in countries all over the world from Tunisia to the United States. This book explores the ever-changing role of the RMB and the related derivative products. However, it does so from a view that is heavily influenced by the fallout from the financial crisis as well as the in the context of the increasing maturity of the Chinese capital markets. The author has drawn on his experience as a regulator to provide invaluable views, insights and information on RMB derivative products and the development of this market going forward.

Key topics include:

Overview of current China economy and its capital marketIn-depth analysis on the China's banking system and foreign exchange systemExtensive analysis of on-shore and off-shore financial products in ChinaExplanation of the needs and reasons for RMB products innovationInsights into the internationalization of the RMB

Not only will this book leave its readers with a much clearer idea of the structure of China's capital markets but it also gives insights on the market going forward leveraged through Peter Zhang's many years of experience as both a senior banker and through his integral role in the key regulatory authority of the banking sector, the CBRC.


Dr. Guangping (Peter G.) Zhang served as manager and vice president in various financial institutions including Union Bank of Switzerland (UBS) New York Branch and Chemical Bank head office in New York in the area of over-the-counter derivatives. After working as Vice President for Chase Manhattan Bank in Tokyo, he further broadened his expertise at Harvard Law School. He jointed the Shanghai Futures Exchange in 2003 as Chief Financial Engineering Advisor and Senior Director of Research & Development Center, and the newly-established Supervisory Cooperation Department for Banking Innovation of China Banking Regulatory Commission (CBRC) in 2005 as Deputy Director General. He re-allocated to CRRC Shanghai Bureau as Deputy Director General in 2007. Dr. Zhang is an experienced financial expert with many articles and books published both in English and Chinese including Exotic Options – A Guide to 2nd Generation Options (1998); Chinese Yuan (RMB) Derivatives Products (2004, English edition), Chinese Yuan Derivatives and Practices (2006, 1st and 2008, 2nd, Chinese eds.), and Chinese Yuan Product Innovation, (2010, Chinese ed.).

Thomas Chan is an audit partner in KPMG financial services practice with more than 16 years of audit experience at KPMG China. He has comprehensive experience in auditing listed companies, accounting standard conversions and internal control compliance reviews. Thomas has extensive knowledge on operations of and regulatory requirements on commercial; banks, securities firms, trusts, asset management companies, leasing companies and private equity funds. He is a fellow member of both HKICPA and ACCA.





PART ONE The Chinese Economy and Financial Markets.

CHAPTER1 The Chinese Economy.

CHAPTER2 China’s Banking System.

CHAPTER 3 China’s Capital Market.

CHAPTER 4 China’s Foreign Exchange System and International Investment Positions.

PART TWO Major Onshore CNY Products and Their Markets.

CHAPTER 5 CNY Foreign Exchange Forwards.

CHAPTER 6 The Foreign Exchange Swap Market.

CHAPTER 7 CNY Bond Forwards.

CHAPTER 8 CNY Interest Rate Swaps.

CHAPTER 9 Forward Rate Agreements.

CHAPTER 10 Wealth Management Products in China.

CHAPTER 11 Other CNY Products.

PART THREE Offshore CNY Derivatives Products.

CHAPTER 12 CNY Non-deliverable Forwards.

CHAPTER 13 CNY Non-deliverable Options.

CHAPTER 14 CNY Non-deliverable Swaps.

CHAPTER 15 Non-deliverable CNY Interest Rate Swaps.

CHAPTER 16 Stock Index Futures and Options.

PART FOUR The Internationalization of the CNY and Development of CNY Markets.

CHAPTER 17 Major International Currencies and Their Foreign Exchange Market Liquidities.

CHAPTER 18 Lessons from the Internationalization of the Yen.

CHAPTER 19 The Current Status of the CNY Internationalization Process.

CHAPTER 20 Market and Product Trends Under the Internationalization of the CNY.