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Chinese Offshore RMB Currency and Bond Markets:The Role of Hong Kong

China & World Economy 2012年第3期20卷 107-122页

作者： Hung-Gay Fung jot yau Dr Y.S.Tsiang Professor of Chinese Studies College of Business AdministrationUniversity of Missouri-St.LouisSt.LouisUSA. Dr Khalil Dibee Endowed Chair in Finance Albers School of Business and EconomicsSeattle UniversitySeattleUSA.

This paper discusses the role of Hong Kong in China＇s grand scheme to build up the RMB as a global reserve currency. We highlight the economic importance of Hong Kong to China in terms of channeling foreign direct investment into China, some of which, in the future, will be denominated in the RMB. We discuss the development of China＇s RMB currency swap and deposit markets in Hong Kong. These offshore markets enable the RMB to trade freely, setting the stage for the RMB to become fully convertible and allowing market forces to play a role in pricing the value of the RMB, and help in the development of the RMB-denominated bond （or dim sum bond） market in Hong Kong. Finally, we present evidence of the phenomenal growth of the dim sum bond market in Hong Kong, which can further enhance and strengthen the use of the RMB outside China.

关键词： dim sum bond FDI offshore market reserve currency RMB

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Financing Alternatives for Chinese Small and Medium Enterprises: The Case for a Small and Medium Enterprise Stock Market

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China & World Economy 2007年第1期15卷 26-42页

作者： Hung-gay Fung Qingfeng Liu jot yau Dr Y. S. Tsiang Professor College of Business Administration and Center for International Studies University of Missouri St. Louis USA Assistant Professor College of Business James Madison University USA Professor Department of Finance Albers School of Business and Economics Seattle University USA

Financing alternatives for small and medium enterprises in China are discussed in the present study. In particular, we analyze the significant changes and developments m China＇s ＂second board＂ stock market. China ＇s extensive network of regional assets and equity exchanges, which were set up to facilitate private equity transfer, and non-performing loan transactions seem to partially fill the void for small and medium enterprises, which cannot easily obtain approval for listing on the stock exchanges. Foreign investors can identify investment opportunities in non-listed domestic state-owned and private businesses through these regional assets and equity exchanges. At the same time, foreign stock markets are now attracting the young Chinese enterprises to list their stocks on their exchanges.

关键词： Chinese small and medium enterprise financing stock exchange

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China’s State Share Reform and Exchange Traded Funds

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China & World Economy 2005年第6期13卷 52-65页

作者： Teresa Ling jot yau Department of Economics Albers School of Business and Economics SeattleUniversity USA. Department of Finance Albers School of Business and Economics Seattle University USA.

One of the major difficulties blocking China＇s path to becoming a developed capital market is the “state share overhang” problem that hampers the development of the stock market. With almost two-thirds of the outstanding shares of the stock market owned by the central government, investors are wary of the potential sell-off by the government that would inevitably dilute the value of their stock holdings. In this paper, we review the state share reform that aims at solving the dilemma that the central government faces： releasing billions of dollars of government＇s capital locked up in the nontradable stocks of the state-owned enterprises （SOEs） without suppressing the stock prices. We also discuss the alternative of using exchange traded funds （ETFs） as a complementary means to expediting the state share conversion process.

关键词： Exchange Traded Funds (ETFs) state share reform stock-rights allocation stock compensation

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