ASIFMA's 5th Offshore RMB Markets Conference
Final Program
Date:
Tuesday 28 April 2015
Location:JW Marriott Hotel Hong Kong
Attendance: Expected 400-500 people
8:00-8:30

Delegate Check-in

8:30-8:40

Welcome Remarks
Mark Austen, CEO, Asia Securities Industry & Financial Markets Association(ASIFMA)

8:40-9:00

Opening Keynote: Beyond Dim Sum: The Way Forward
K C Chan, Secretary for Financial Services and the Treasury, The Hong Kong
Special Administrative Region Government

9:00-9:40

Panel Discussion 1 – Corporates’ Use of RMB in Businesses and Commodities
 Examples of multinational corporations using RMB in their businesses.
 Central treasury management on settlements/cash pooling and payments inRMB.
 Working within capital controls framework.
 Corporate hedging strategies.
 Role and development of Shanghai FTZ.
 RMB settlement of commodities.
 Francis Ho, Director - Group Treasury, CLP Holdings Limited & Convenor,
The Hong Kong Association of Corporate Treasurers
 Rebecca Brosnan, MD, Head of Asia Commodities, Hong Kong Exchanges andClearing Limited (HKEx)
 Raj Rai, MD, IKEA Asia Treasury Centre Ltd & Regional Treasury Manager,IKEA Asia-Pacific Matthew Clarke, Group Treasurer, Intertek Group plc
 Carmen Ling, MD and Global Head of RMB Solutions, Corporate andInstitutional Clients, Standard Chartered Peter Matza, Engagement Director, The Association of Corporate Treasurers(ACT) (Moderator)1

9:40-10:20

Panel Discussion 2 – Investment Strategies, Fund Passporting, and Other Access
Programs
 UCITS fund and its implication to cross-border fund passporting schemes inAsia.
 Investors can participate in the rise of the RMB by accessing onshore China
market or investing in offshore RMB products.
 Discussion of various investment strategies adopted by fund managers.
 Gaining efficient access to China’s onshore capital markets - discussion onChina-access programs like QFII, RQFII, Hong Kong – Shanghai Stock Connect,and mutual recognition of funds, as well as the challenges faced by theindustry.
 Increasing offshore investment into onshore CNY equity and bond markets.
 TF Cheng, MD, Head of Greater China Business, BNP Paribas Investment
Partners
 Stephen Chang, MD, Head of Asian Fixed Income, Global Fixed Income, J.P.
Morgan Asset Management Lachlan Campbell, COO, Income Partners
 Binay Chandgothia, MD – Portfolio Manager, Principal Global Investors
 Lisa Jucca, Editor in Charge, Reuters Asia Financial, Thomson Reuters(Moderator)

10:20-10:40

Coffee Break

10:40-11:00

1st Keynote: China and the IMF
Shaun Roache, Resident Representative in Hong Kong SAR, International
Monetary Fund (IMF)

11:00-11:40 Panel Discussion 3 – RMB Capital Markets: Offshore RMB Bonds and OtherProducts
 RMB capital financing and developments of RMB-denominated capitalmarkets.
 Issuers/investors motivations to participate in RMB funding –offshore/onshore considerations.
 RMB-denominated structured products.
 Panda bonds.
 Vincent Wong, Head of DCM for China and Hong Kong, ANZ
 Gaetan Gosset, Head of Product Management, Asia Pacific, Euroclear
 Gregory Suen, Investment Director, Fixed Income, HSBC Global AssetManagement
 Adrian Gostick, MD, Financial & Risk, China, Thomson Reuters Becky Liu, Director, China Rates Strategist, FICC Research, Standard Chartered
Bank (Moderator)2

11:40-12:20

Panel Discussion 4 – China Connect Programs: Stock Connect, Bond Connect, andOther Connects
 Update of Stock Connect Program since its launch.
 What does it mean for other equity markets and is this the model for othermarkets (e.g. Shenzhen-Hong Kong Stock Connect; Shanghai-London StockConnect)?
 Possibility of a “Bond Connect” program to connect China’s bond market with
G3 or G10 bonds.
 Other possible connects: futures, commodities, etc.
 David Jenkins, Market Structure and Strategy, Bloomberg & Co-Chair, Asia
Pacific Exchanges and Regulatory Committee, FIX Trading Community Bean Zhang, MD, China Investment Information Services Ltd (CIIS)
 Tae Yoo, Head of Client Business Development & Fixed Income and Currency
Development, Global Markets Division, Hong Kong Exchanges and Clearing
Limited (HKEx)
 Ian Cohen, MD, COO Equities Asia, Chief Strategy Officer Global Equities, HSBC Wenlin Juang, Head of Market Development, North Asia, Thomson Reuters Jennifer Jiang, Global Head of RMB Solutions, J.P. Morgan (Moderator)

12:20-13:20

Lunch

13:20-13:40

Presentation: Payments in China – The Next Frontier
Claus Kwon, Head of Markets & Initiatives, North Asia & Japan, SWIFT

13:40-14:20

Panel Discussion 5 – Secondary Markets Developments and Hedging Tools
 The recent developments of secondary markets & liquidity.
 Offshore/onshore convergence.
 Recent RMB currency volatility / two-way movements of RMB.
 Use of options and the need of more sophisticated hedging products.
 Julien Martin, Head of RMB Competence Centre , BNP Paribas (Vice-Chair,Offshore RMB Committee, ASIFMA) Junjun Zhu, Senior Manager, FX Derivatives Department, China Financial
Futures Exchange (CFFEX)
 Jeffrey L Obermayer, Senior Vice President & CFO, Johnson Electric Janice Kan, Senior Vice President & General Manager for Greater China,Singapore Exchange (SGX) Andrew Bernard, MD, Head of Asia, Tradeweb
 CG Zhou, MD, Head of RMB Sales, Standard Chartered (Moderator)3

14:20-15:00

Panel Discussion 6 – Developing Trends in China Bond Ratings and Structures
 The Kaisa default and the market reaction to this.
 Onshore Chinese support for offshore bond issuance – such as Standby LCs &Keepwell deeds; function of bankruptcy regime.
 Evolution of China bond ratings.
 Unrated dim-sum bonds – a matter of concern?
 Dilip Parameswaran, Founder and Chief Executive, Asia Investment Advisors
 Ji Liu, Partner, Latham & Watkins
 Ivan Chung, Senior Vice President, Head of Greater China Credit Research andAnalysis, Moody’s Angus Hui, Fund Manager, Asian Fixed Income, Schroders
 Christopher Lee, MD, Corporate Ratings, Standard & Poor’s Rating Services(Moderator)

15:00-15:20

Coffee Break

15:20-16:10

Panel Discussion 7 – Developing Offshore RMB Markets
 Role and function of offshore RMB markets.
 Role of the new offshore RMB centers, e.g. Luxemburg, Korea, Brazil – scopefor specialization.
 Role of clearing banks and swap lines in the new markets.
 Stephane Karolczuk, Senior Associate, Head of Hong Kong, Arendt &Medernach Vincent Lee, ED (External), Hong Kong Monetary Authority (HKMA) Wenlin Juang, Head of Market Development, North Asia, Thomson Reuters Sherry Madera, Minister Counsellor and Director, Financial, Business andProfessional Services and Technology, UK Trade and Investment (UKTI)
 Lisa O'Connor, MD & Head of SS & CAT Product, NEA & GC, Standard
Chartered Bank (Co-Chair, Offshore RMB Committee, ASIFMA) (Moderator)

4

16:10-17:00

Panel Discussion 8 – New Trends in RMB as a Reserve Currency
 Bilateral arrangements between PBOC and global central banks for onshore
access.
 RMB as the component of central bank reserve management.
 RMB inclusion as SDR currency.
 RMB as a de facto reserve currency.
 Esmond Lee, ED (Financial Infrastructure Department), Hong Kong MonetaryAuthority (HKMA) Shaun Roache, Resident Representative in Hong Kong SAR, International
Monetary Fund (IMF) Jukka Pihlman, Global Head, Central Banks & Sovereign Wealth Funds,
Standard Chartered Prashant D Joshi, Senior Manager, Financial Services Advisory, Ernst & Young Evan Goldstein, MD, Global Head of Renminbi Solutions, Deutsche Bank (CoChair, Offshore RMB Committee, ASIFMA) (Moderator)

17:00

ClosingMark Austen, CEO, Asia Securities Industry & Financial Markets Association(ASIFMA)5

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