RMB "Dim Sum Debt" Is Still A Big Cake.

< p > from the long-term demand, the RMB will still be less than a href= "//www.sjfzxm.com/news/index_c.asp" > /a >, and the fluctuation range of exchange rate will be larger.

From the current market situation, institutions are still fully interested in RMB dim sum debt and are in a state where demand exceeds supply.

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< p > < strong > RMB a href= "//www.sjfzxm.com/news/index_c.asp" > short term depreciation < /a > does not affect market demand < /strong > /p >

The use of RMB P is expanding overseas.

In the course of RMB internationalization, I am optimistic about the widening of the scope of RMB's overseas use and the market of RMB's point debt.

Most of the demand for foreign currency comes from trade, and its utilization rate is increasing.

After having RMB clearing capacity in Singapore, the RMB trade financing demand growth rate reached 25% in 2013, and the total Singapore total increased to 300 billion yuan.

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< p > since February this year, the RMB has depreciated sharply, and the spot depreciation in the first quarter has fallen by 2.64%.

The data collected by Morgan Stanley and Depository Trust and Clearing Corp show that in 2014, in the $332 billion scale of the bet investment in Renminbi appreciation and the Chinese company's benchmark forward contract investment in the scale of US $150 billion, the total loss of RMB devaluation amounted to US $5 billion 500 million.

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< p > we have also observed the recent fluctuations in the renminbi.

From the point of view of risk management, aiming at exchange rate fluctuations, bank management and board of directors usually have limited scope for the fluctuation of management pactions, so bank risks can be controlled; and for customers, banks will help customers monitor accounts and hedge risks.

In the absence of speculation in large pactions, enterprise assets can be in a certain risk range.

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< p > for long-term trends, I insist on the trend of RMB appreciation.

This is because, in terms of long-term demand, the renminbi will appreciate and the fluctuation range of exchange rate will be larger.

From the current market situation, institutions are still fully interested in RMB dim sum debt and are in a state where demand exceeds supply.

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< p > data show that last year, the global circulation of offshore RMB bonds reached 263 billion yuan, compared with 107 billion yuan in the first two months of this year.

DBS bank predicts that by the end of this year, the figure will exceed 300 billion yuan.

In addition, RMB bonds issued before 91 billion yuan will be refinancing this year to provide continuous supply for the market.

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The issuance of offshore RMB bonds in the first two months of this year has reached 50% of last year's P.

Therefore, even in the case of full market demand, even if the short-term devaluation of the RMB is relatively large, it will not have a significant impact on the market.

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< p > despite the recent default risk events in the mainland of China, there is little impact on the offshore RMB bond market, which will continue to be active this year.

Generally speaking, overseas investors' demand for Renminbi denominated goods still exceeds supply.

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< p > < strong > > a href= "//www.sjfzxm.com/news/index_c.asp" > China Banking Industry < /a > has enough capacity to deal with risks < /strong > /p >

Prior to serving as chief financial officer of DBS Bank Group in October 2008, I served as managing director and director of DBS banking group risk management department for 6 years, and served on the Executive Committee of Global IFRI Risk Management Forum earlier.

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< p > based on my experience in banking and risk management over the past 30 years, I believe that in the face of the challenges faced by China's economy and banking industry, China's banking industry has enough capacity to cope with risks.

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< p > with the gradual downward pressure on China's economic growth rate, China's banking industry has also experienced a painful decline in net profit growth and exposure to bad loans in the past one or two years.

At the same time, China's banking industry is also facing the challenge of narrowing spreads and marketization of interest rates.

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< p > although China's banking industry does encounter these challenges, they should all be alleviated, specifically from three aspects.

First of all, the whole banking system is aware of risks and overcapacity. But there is not much prediction or observation about this risk. It is very serious because in fact, the source of loan funds is still deposits, and China's deposit rate itself is relatively high.

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< p > secondly, at present, China's lending through the banking system is still dominated by enterprises, while corporate lending is supported by its own cash flow.

At present, many enterprises still have sufficient cash flow support.

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< p > Third, most of the loans are still invested in some investment projects, so as to enhance the investment and production capacity of enterprises. In the process of investment, enterprises themselves have the opportunity to improve their productivity and productivity.

For example, when the latest policy proposes to build more high-speed rail, the investment in these areas can help increase the productivity of the whole country, which is greatly different from the impact of borrowing on purely consumption.

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At the same time, China is pushing forward the marketization of interest rates and other financial reforms. P

Similar reforms in any market are facing challenges, and there will be constant adjustments in this process.

Take Singapore as an example. In 1968, Singapore launched offshore market. At that time, it was only a small market, and now it has become an important part of the Singapore market.

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< p > this indicates that when Singapore's offshore market has just matured, it also faces the same problems, such as the existence of deposits, the demand for loans, and the needs of diversified investment tools.

But after several years of growth, the market has been able to achieve its own balance, so the savings and loan ratio of the market itself has now found its balance.

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Since the P financial crisis, DBS bank has also readjusted its group strategy.

First of all, we need to consolidate and strengthen the Singapore market. DBS bank is the strategic position of the largest bank. This is our local market.

China Hongkong has become our second largest market.

Throughout Asia, we recognize that in the four big markets of China, India, Indonesia and Taiwan, China can bring differentiation competitive advantage to us.

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< p > so when banks in some countries want to sell part of their business, if they suit our strategy in the whole Asian central market, we will be very willing to acquire their business so as to consolidate and strengthen our strategic position as the leading Asian bank.

Through these acquisitions, DBS has been able to have better differentiated competitive advantages.

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< p > adhering to the group strategy adjusted by DBS bank group, we invest more resources in the mainland market.

In December 2010, DBS China entered into a trading agreement with Royal Bank of Scotland, pferring Royal Bank of Scotland retail and small and medium-sized bank bank customers in Shanghai, Beijing and Shenzhen to DBS China. DBS bank expanded its business in China through this landmark paction.

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At present, DBS China has 10 branches and 20 sub branches in mainland China. Compared with the localization registration in 2007, its number of customers increased by more than 10 times, and the number of employees doubled to more than 2000. P

DBS China's business focuses on corporate banking, global paction services, financial markets, SME banks and high-end personal banking services.

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