The RMB Handbook
The RMB Handbook
Hai Xin
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The Chinese government has introduced a host of new measures to free the currency, making its intention clear: to make RMB a fully convertible currency and one of the major reserve currencies alongside the US dollar.
The RMB Handbook provides a comprehensive guide to the evolution of RMB, examining the issues relating to trading, investing and hedging of the Chinese renminbi against other currencies. Emphasis is placed particularly on the practical problems and solutions for investors, hedgers, traders, and speculators.
The book is divided into six main sections:
- Background on the Chinese economy, banking system and capital market
- Background on the Chinese RMB
- Onshore FX Instruments and Market
- Offshore FX Instruments and Market
- Practical issues related to renminbi trading, hedging, and investment
- Future Developments
The RMB Handbook is an essential guide for those who need to know exactly how they can capitalise on the restrictions being lifted, and how they can use financial instruments linked to RMB. After reading the Handbook, readers will be able to trade, invest and hedge Chinese renminbi. Practitioners such as traders, portfolio managers, research analysts, risk managers, treasurers, and finance directors wanting to stay ahead of the game will be brought completely up-to-date regarding the history, regulation, practice and future progress of the increasingly crucial RMB.
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Table of contents
1 Background on Chinese Economy, Banking System and Capital Market
1.1 Introduction
1.2 The name of the currency
1.3 Renminbi notes and coins
1.4 A brief overview of the Chinese economy
1.5 A brief overview of the Chinese domestic banking system
1.6 A brief overview of the Chinese capital markets
1.7 Real estate market
1.8 Chinese investors investing offshore
1.9 Overseas investors investing in China
1.10 Cross-border borrowers and lenders
1.11 China's external financial assets
1.12 The reform agenda
1.13 The liberalisation of domestic interest rate
1.14 Summary
2 Background on the Chinese RMB
2.1 Introduction
2.2 History of renminbi exchange rate policy
2.3 Current exchange rate policy and implementation
2.4 Other institutions involved in RMB
2.5 Settlement systems
2.6 Offshore RMB
2.7 The links to renminbi
2.8 Foreign exchange management practice
2.9 Summary
3 Onshore FX Instruments and Market
3.1 Introduction
3.2 Regulations
3.3 The interbank market and CFETS
3.4 Renminbi spot
3.5 FX forwards and FX swaps
3.6 FX options
3.7 Cross currency interest rate swaps
3.8 Interest rate products
3.9 Onshore currency related products
3.10 Main players
3.11 Documentation
3.12 Main obstacles for the onshore market
3.13 Summary
4 Offshore FX Instruments and Market
4.1 Introduction
4.2 Non deliverable forward (NDF) and related products
4.3 Offshore deliverable renminbi (CNH) and products
4.4 Main Players
4.5 Documentation
4.6 Summary
5 Practical issues related to renminbi trading, hedging, and investment
5.1 Introduction
5.2 Trade settlement and hedging
5.3 Investment
5.4 Trading: banks and other financial institutions
5.5 Associated Risks
5.6 Information sources
5.7 Summary
6 Future Developments
6.1 Introduction
6.2 Capital account liberalisation
6.3 Reforming the renminbi exchange rate mechanism and interbank foreign exchange market
6.4 Renminbi internationalisation
6.5 Offshore renminbi trading centres
6.6 Current topics of discussion
6.7 Risk in the process of RMB internationalisation
6.8 Conclusion