The Chinese Yuan: Internationalization and Financial Products in China


This timely book by Dr. Zhang systematically summarize CNY financial products at home and abroad and offers a thorough analysis of the interrelationship between onshore and offshore CNY markets. This is the most comprehension discussion on the issue thus far.
Yi Gang, Deputy Governor, People’s Bank of China

Peter Zhang has devoted himself to the study of Chinese yuan products for many years. His book summarizes both the use of financial ...

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This timely book by Dr. Zhang systematically summarize CNY financial products at home and abroad and offers a thorough analysis of the interrelationship between onshore and offshore CNY markets. This is the most comprehension discussion on the issue thus far.
Yi Gang, Deputy Governor, People’s Bank of China

Peter Zhang has devoted himself to the study of Chinese yuan products for many years. His book summarizes both the use of financial products in the global financial crisis and the related lessons drawn in the context of China’s economic and financial development. This book is not only enlightening, it also provides real value to those in the financial sector to better understand and use financial derivative products.
Zhu Min, Former Deputy Governor of the People’s Bank of China, Special Adviser to the IMF

Dr. Zhang was directly involved in innovations relating to financial product design, valuation and risk control in the international financial market over a decade ago. Since his return to China, he has been closely tracking every twist and turn of Chinese yuan financial Product innovation domestically and oversea. This book introduces CNY financial products and related market analyses in the macroeconomic and financial context. It is of practical value and a good reference to the promotion of financial innovation in China.
Hu Huaibang, Chairman, Bank of Communications.

Chinese yuan financial product innovation has been the focal point of innovation in China’s financial sector. It has also been the crux for enhancing the core competitiveness of China’s financial industry and establishing Shanghai as an international hub. Since publication of its first edition, the book has been widely used by a majority of key domestic banks and many foreign banks. It has also played an important role in promoting financial innovation in China. I believe this book will further contribute to China’s financial innovation.
Yan Qingmin, Director General, Shangai Bureau of China Banking Regulatory Commission

The book analyses the trading of major Chinese yuan financial products in offshore markets by looking at China’s economy and financial market systematically. It is very timely and I highly recommend it.
Li Fuan, Director General, Business Innovation and Supervision Department, China Banking Regulatory Commission

The internationalization of the Chinese yuan will be an important policy area for China in the coming years. As the authors make clear. This involves reform of China’s domestic capital markets as well as freer international capital flows. This book is a very useful introduction to all the issues involved.
Paul Cavey, Head of China Economics, Macquarie Securities

Peter Zhang’s work functions both as a useful reference on the operations of Chinese financial markets as well as a thorough description of the recent reforms that contributed to the introduction of key financial products in China. In addition, the book contains one of the most systematic and detailed discussions available concerning the issues involved in China’s incremental and gradual approach to internationalization of the currency, including lessons from Japan’s experience with the yen, the role of Hong Kong, and the importance of sequencing steps in line with domestic market reforms.
— Logan H. Wright, Ph.D., Director – China, Medley Global Advisors, LLC

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Product Details

  • ISBN-13: 9780470827376
  • Publisher: Wiley
  • Publication date: 2/22/2011
  • Series: Wiley Finance Series , #678
  • Edition number: 1
  • Pages: 250
  • Product dimensions: 7.30 (w) x 10.00 (h) x 1.00 (d)

Meet the Author

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.

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Table of Contents




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.



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