Investing in Asian Offshore Currency Markets provides comprehensive coverage of the development of offshore currency trading in Asia, and in particular, the issues and challenges of developing the Renminbi as an international currency. Brought together by an editor team with extensive academic and market experience, it features contributions from leading bankers, analysts, bank supervisors, economists and academics, providing timely coverage of: market microstructures; legal requirements; risk management issues; and challenges regarding emerging Renminbi market outside mainland China. The Renminbi offshore market is still in the process of rapid development. The contributions in this book provide insight and detailed discussion on how an emerging market currency goes through the process of internationalization. This process will continue with gradual liberalization of capital account in Mainland China and interest rate fixing for Renminbi in offshore interbank markets. The Renminbi offshore market starts from Hong Kong and extends to Taiwan, Singapore and London but its development faces significant challenges. These challenges are addressed in this book.
MICHAEL C. S. WONG is the founder and chairman of CTRISKS, one of the five licensed credit ratings agencies in Hong Kong, and a Professor of the City University of Hong Kong. He has published more than 40 journal articles and authoredco-authored more than 10 professional books. He has been awarded a Teaching Excellence Award as well as a Best Doctoral Dissertation Award. Before his academic career, he spent 7 years in investment banking, heading FX, metals and derivatives trading. Michael has graduated from the Chinese University of Hong Kong, the University of Essex and the University of Cambridge. WILSON F. C. CHAN was the founding treasurer of the Industrial and Commercial Bank of China (ICBC) in Hong Kong and founding executive board member of the Treasury Markets Association (TMA). He has been working in financial markets for over three decades. Wilson has three Master degrees and his DBA degree from the City University of Hong Kong, and serves as an Adjunct Professor on the MBA programme of the university. He is an editor of the Chinese version of the Model Code for financial markets and author of the book Bond Investment. He is a Senior Consultant for the Hong Kong Institute of Bankers.