Le magazine du trésorier - n°73 - 1er trimestre 2011 - (Page 32)

TREASURERS’ ASSOCIATIONS The HSBC conference on China and Hong Kong financial markets was a real success SBC is a major market maker in the global FX market, and more specifically in the Emerging Markets.The Hong Kong Monetary Authority (HKMA) is, among other functions, supervising and facilitating the development of the offshore Renminbi (CNH) market in Hong Kong. It made plenty of sense to have representatives from these two companies come and discuss the topic of the day: the offshore Renminbi (CNH) market. HSBC was represented by David Pavitt, Head of FX Emerging Market Trading, Vincent Liegeois, Benelux FX Corporate Sales and Darren Smith, Head of UK Corporate FX Sales, all based in London. Mr. Esmond Lee, Executive Director, Financial Infrastructure Department, represented the HKMA. The CNH market offers an important new option to take and manage Renminbi risk. Companies can now choose between several curves when looking at hedging/trading CNY. The NDF offshore curve, the onshore CNY curve (mainland) and the new offshore deliverable curve in Hong Kong (CNH) even if cross Border payments still need SAFE approval. H Mr. David Pavitt Mr. Lee talked about the latest changes in the market regulation, the liquidity supply of RMB in HK, and described how HK has become a successful offshore RMB center. David Pavitt summarized the key aspects of the CNH market: who can access it, how it works, what are the products that can be traded, what is the liquidity, what are the market trends and positioning. Based on the number of questions raised during the Q&A, it was clear that the audience was very interested in the topic. These new market developments will potentially revolutionize the future of the FX market, with the Renminbi becoming probably one of the major currencies in the world in the coming years. The debate continues re the number of years before it is fully tradable like other deliverable currencies.Will this be 3 years or 20 years? See the answer during another conference with our guests in the future...topic. 32

Table des matières de la publication Le magazine du trésorier - n°73 - 1er trimestre 2011

Surcouv
Couverture
Sommaire
EDITORIAL - Patching of IFRS 9, reason to worry?
FINANCIAL HIGHLIGHTS
INTERVIEW - Patrick Wallerand,
FOCUS
FORUM OF ADVERTISERS
CORPORATE FINANCE - 15 minutes with QlikTech
TREASURERS' ASSOCIATIONS
NEWS

Le magazine du trésorier - n°73 - 1er trimestre 2011

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