Capital Markets Trading and Investment Strategies in China: A Practitioner's Guide

By Xiaojiang Zhang

Book Overview

Part 1. Portfolio building blocks covering foreign exchange, money markets, fixed Income and derivatives Instruments1、Traded Foreign Exchange Instrumentsa) Onshore CNY FX instrumentsi. The markets, currency pairs traded and various market convention. ii. FX Spotiii. FX Forwardiv. FX Swapv. FX Optionvi. The pricing mechanism in the onshore wholesale market and retail market.b) Offshore CNY/CNH FX Instrumentsi. The markets, currency pairs traded and various market convention. ii. Deliverable vs. NDFiii. FX forward tradeiv. FX Optionv. The pricing mechanism in the offshore wholesale and retail marketc) The capital flow and pricing transmission between Domestic CNY market and offshore CNY/CNH market2、Traded Money Market Instrumentsa) Onshore CNY Marketi. Diversified participantsii. Liquidity and historical developmentiii. Short maturity dominationiv. Instruments traded1. Repo and Reverse Repo2. Loan Deposit3. Sec Lending4. Cross-border CNY financing with Loan/Dep5. CD6. MM fundv. Different MM indices: SHIBOR, Repob) Offshore FX managementi. Instruments traded1. Repo and Reverse Repo2. Loan Deposit3. Commercial Paper4. Short treasury securities5. CD6. FX Swapii. Transaction initiation channels1. Loan/Deposit with Reuters and other terminals, Broker quotes, Counterparty quotes2. FX with Reuters and other terminals, Counterparty quotes3、Fixed Income Instruments market condition, pricing mechanism, quoting and settlement conventiona) Instruments by issuersi. Government Bondii. Local Government Debtiii. Policy Bank Bondiv. Commercial Paperv. Short Commercial Papervi. Central Bank Billvii. Corporate/ MTNviii. ABS.b) Instruments by cashflow structures i. Fixed rate bondii. Floatersiii. Option-embedded bondsiv. Convertiblesv. Small-and-Medium Enterprise Collective Notes (SMECN)vi. High yieldvii. Asset-Backed Securities c) Market condition and trading conventioni. Exchange, interbank, and retail marketii. Regulatory regime for the fixed income market place iii. Participants distribution for tradingiv. Investment community distributiond) Specific Interbank market vs. Exchange market differences i. Liquidity and issuanceii. Player participation and risk appetite iii. Leverage usage4、Derivatives market condition, pricing mechanism, and trading conventiona) Swapsi. Instrument definition, indices and applicationii. Participants and trading liquidityb) Bond Futuresi. Contract definition and Instrument applicationii. Cheapest-to-deliver and IRRiii. On-the-run bonds
Part 2. Macro Economics, Monetary Cycle, Industry Cycle, Monetary Condition, Supply and Demand5、Macro cyclea) Import/Export cycle, Trade Balance, PMI Indexi. GDP and growth contribution ii. Export dependency, market distribution, surplus and TPPiii. PMI relevance, pork price and othersb) Real Estate Cycle i. New construction, sales and existing inventoryii. GDP and growth contributionc) Government-driven Investmenti. Government spending and its historyii. Budget deficit constraint and real estate

• Format: Paperback
• Language: English
• ISBN: 9811341699
• ISBN13: 9789811341694
• Release Date: January 2019
• Publisher: Springer
• Length: 331 Pages
• Weight: 1.06 lbs.
• Dimensions: 0.7" x 6.1" x 9.2"