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CLOSED-DOOR SESSIONS
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08:30 – 09:00 |
REGISTRATION FOR CLOSED-DOOR SESSIONS AND REFRESHMENTS
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09:00 |
MORNING PROGRAMME
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Morning Session Chair
Lillian Cheung, Acting Executive Director (Research), HKMA
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09:00 – 09:10 |
WELCOME REMARKS
Eddie Yue, Deputy Chief Executive, HKMA
David Marsh, Managing Director, OMFIF
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09:10 – 10:30 |
SESSION I: THE GROWING IMPORTANCE OF RENMINBI INTERNATIONALISATION FOR THE WORLD ECONOMY
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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
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09:10 – 09:15 |
Moderator
David Marsh, Managing Director, OMFIF
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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
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09:40 – 10:30 |
General discussion
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10:30 – 11:00 |
REFRESHMENT BREAK
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11:00 – 12:20 |
SESSION II: THE ROLE OF THE RENMINBI IN INTERNATIONAL RESERVE MANAGEMENT AND OTHER OFFICIAL-SECTOR FINANCIAL TRANSACTIONS
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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
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11:00 – 11:05 |
Moderator
Jai Arya, Member of the Board of Directors, OMFIF
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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
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11:30 – 12:20 |
General discussion
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12:20 – 13:20 |
WORKING LUNCH
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Introduction
David Marsh, Managing Director, OMFIF
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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)
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13:20 |
AFTERNOON PROGRAMME
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Afternoon Session Chair
David Marsh, Managing Director, OMFIF
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13:20 – 14:40 |
SESSION III: THE RENMINBI’S ROLE IN INTERNATIONAL CAPITAL MARKETS AND TRADE FINANCING/INVESTMENT
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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
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13:20 – 13:25 |
Moderator
Hon Cheung, Managing Director & Regional Director, Official Institutions Group, Asia, State Street Global Advisors
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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
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13:50 – 14:40 |
General discussion
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14:40 – 14:50 |
REFRESHMENT BREAK
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14:50 – 16:10 |
SESSION IV: RENMINBI INTERNATIONALISATION - FUTURE CHALLENGES, OPPORTUNITIES, AND RECOMMENDATIONS
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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
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14:50 – 14:55 |
Moderator
Julia Leung, former Under Secretary, Financial Services, The Treasury, Hong Kong
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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
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15:20 – 16:10 |
General discussion
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16:10 – 16:20 |
CLOSING REMARKS
David Marsh, Managing Director, OMFIF
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16:20 |
END OF CLOSED-DOOR SESSIONS
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OPEN SESSION
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16:50 – 17:00 |
WELCOME REMARKS AND INTRODUCTION
Lillian Cheung, Acting Executive Director (Research), HKMA
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17:00 – 18:00 |
CHANGES IN CHINA AND IMPLICATIONS FOR ASIA AND THE WORLD
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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
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17:00 – 17:05 |
Moderator
David Marsh, Managing Director, OMFIF
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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
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17:20 – 18:00 |
Q&A with audience
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18:00 - 18:10 |
CLOSING REMARKS
David Marsh, Managing Director, OMFIF
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18:10 |
END OF OPEN SESSION
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