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Official Monetary and Financial Institutions Forum (OMFIF) and the Hong Kong Institute for Monetary Research (HKIMR)

The Fourth Annual Meeting of the Asian Central Banks Watchers Group

"Internationalisation of the Renminbi: Implications for World Finance"

12 December 2014 (Friday)

Auditorium, 56/F, Two International Finance Centre, 8 Finance Street, Central


Programme


CLOSED-DOOR SESSIONS
08:30 – 09:00 REGISTRATION FOR CLOSED-DOOR SESSIONS AND REFRESHMENTS

09:00 MORNING PROGRAMME
Morning Session Chair
Lillian Cheung, Acting Executive Director (Research), HKMA

09:00 – 09:10 WELCOME REMARKS
Eddie Yue, Deputy Chief Executive, HKMA
David Marsh, Managing Director, OMFIF

09:10 – 10:30 SESSION I: THE GROWING IMPORTANCE OF RENMINBI INTERNATIONALISATION FOR THE WORLD ECONOMY
Issues to be discussed
 The world significance of the renminbi
 Global renminbi hot spots and ‘true’ offshore trading centres
 Importance of capital account liberalisation for Chinese economic development
 Linkages between domestic and international financial markets
 China trade volume and the under-utilisation of the renminbi
 Currency internationalisation: best practices from around the world

09:10 – 09:15 Moderator
David Marsh, Managing Director, OMFIF

09:15 – 09:40 Panel presentation
Frank Packer, Head, Economics & Financial Markets, Asia-Pacific, Bank for International Settlements
Ben Knapen, Permanent Representative to the EU institutions in Brussels, European Investment Bank
Jean-Luc Schneider, Deputy Director, Policy Studies Branch, Economics Department, OECD
Jukka Pihlman, Managing Director, Head, Central Banks & Sovereign Wealth Funds, Standard Chartered

09:40 – 10:30 General discussion

10:30 – 11:00 REFRESHMENT BREAK

11:00 – 12:20 SESSION II: THE ROLE OF THE RENMINBI IN INTERNATIONAL RESERVE MANAGEMENT AND OTHER OFFICIAL-SECTOR FINANCIAL TRANSACTIONS
Issues to be discussed
 Role of renminbi and other Asian currencies in reserve diversification
 The renminbi and financial globalisation – use in sovereign borrowing and other official-sector transactions
 Move to multi-currency reserve system – historical trends and lessons
 Future of the US dollar and euro in international reserves

11:00 – 11:05 Moderator
Jai Arya, Member of the Board of Directors, OMFIF

11:05 – 11:30 Panel presentation
Chaipat Poonpatpibul, Group Head, Principal Economist, ASEAN+3 Macroeconomic Research Office
Swantje Boulderstone, Senior Reserves Portfolio Manager, Bank of England
Vachira Arromdee, Senior Director, Bank of Thailand
Jeremy Armitage, Senior Managing Director, Asian Head, Sales & Trading and Research, State Street

11:30 – 12:20 General discussion

12:20 – 13:20 WORKING LUNCH
Introduction
David Marsh, Managing Director, OMFIF

Lunch address: Global imbalances and the need for an international monetary system
William White, Chairman, Economic & Development Review Committee, OECD (Former Economic Adviser & Head, Monetary & Economic Department, Bank for International Settlements)

13:20 AFTERNOON PROGRAMME
Afternoon Session Chair
David Marsh, Managing Director, OMFIF

13:20 – 14:40 SESSION III: THE RENMINBI’S ROLE IN INTERNATIONAL CAPITAL MARKETS AND TRADE FINANCING/INVESTMENT
Issues to be discussed
 Renminbi developments in international asset management markets – RQDII & RQFII
 ‘Renminbi-isation’ of energy, commodities, metals markets (including gold)
 Issues for China in driving financial market modernisation including regulatory and supervisory questions, and co-operation with foreign authorities
 Need for more harmonised Asian clearing & settlement procedures to spur Asian financial market integration
 Development of the CIPS system as a competitor/counterparty to SWIFT

13:20 – 13:25 Moderator
Hon Cheung, Managing Director & Regional Director, Official Institutions Group, Asia, State Street Global Advisors

13:25 – 13:50 Panel presentation
Esmond Lee, Executive Director, Financial Infrastructure, HKMA
Au King Lun, Chief Executive Officer, Bank of China (Hong Kong) Asset Management
Orhan Kandar, Deputy Executive Director, Central Bank of the Republic of Turkey
Trevor Lee, Director, Investment Products, Securities and Futures Commission

13:50 – 14:40 General discussion

14:40 – 14:50 REFRESHMENT BREAK

14:50 – 16:10 SESSION IV: RENMINBI INTERNATIONALISATION - FUTURE CHALLENGES, OPPORTUNITIES, AND RECOMMENDATIONS
Issues to be discussed
 Future challenges for Chinese authorities: how to prepare problem-solving structures
 China’s lessons learned from transatlantic financial crisis
 Financial and monetary decision-making
 Communication, transparency and institutional reform
 Interactions with global financial markets, including impact of unorthodox monetary policies in the US, Japan and Europe
 Blueprint for China’s policy-making for economic and monetary liberalisation 2015-20

14:50 – 14:55 Moderator
Julia Leung, former Under Secretary, Financial Services, The Treasury, Hong Kong

14:55 – 15:20 Panel presentation
Wensheng Peng, Visiting Fellow, HKIMR E Zhihuan, Deputy General Manager & Head of Economic Research, Bank of China (Hong Kong)
Rachael Hoey, Executive Vice President, Head of Asia, CLS-Group
Stephen Lackey, Chairman, Asia Pacific, BNY Mellon
Liu Li-Gang, Chief Economist, Greater China, Australia and New Zealand Banking Group

15:20 – 16:10 General discussion

16:10 – 16:20 CLOSING REMARKS
David Marsh, Managing Director, OMFIF

16:20 END OF CLOSED-DOOR SESSIONS

OPEN SESSION
16:50 – 17:00 WELCOME REMARKS AND INTRODUCTION
Lillian Cheung, Acting Executive Director (Research), HKMA

17:00 – 18:00 CHANGES IN CHINA AND IMPLICATIONS FOR ASIA AND THE WORLD
Issues to be discussed
 The world significance of the renminbi
 The valuation of the renminbi
 Moves to make the renminbi widely accepted and freely convertible
 The liberalisation of China’s capital account

17:00 – 17:05 Moderator
David Marsh, Managing Director, OMFIF

17:05 – 17:20 Panel presentation
Julia Leung, former Under Secretary, Financial Services, The Treasury, Hong Kong
Gary Smith, Head, Sovereign Wealth Funds and Official Institutions, Baring Asset Management
William White, Chairman, Economic Development and Review Committee (EDRC), OECD
Satoru Yamadera, Principal Financial Sector Specialist, Asian Development Bank

17:20 – 18:00 Q&A with audience

18:00 - 18:10 CLOSING REMARKS
David Marsh, Managing Director, OMFIF

18:10 END OF OPEN SESSION


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