China’s Financial Markets: An Insider’s Guide to How the Markets Work 1st Edition by Salih N. Neftci (PDF)

Description

China’s financial markets represent about $2 trillion and are expected to grow to about $10 trillion by 2008. As these markets continue to open to outside investment, a thorough understanding of how they operate will be essential for success. In this book, Salih Neftci, an expert in finance whose teaching and research span North America, Europe and Asia, and Michelle Menager-Xu, a Chinese finance professional currently working in Geneva, bring together an unprecedented collection of Chinese insiders who are experts in their respective industries. These experts provide a detailed description of the banking system, the money, equity, futures, FX, and bond markets, the insurance sector, the mortgage market and mortgage instruments, and the regulators. Readers will learn how each of these financial sectors operates, how the government, regulators, and the central bank are involved, each sector’s history, size and projected growth, an analysis of its current situation and discussion of future trends, the major players, and how the game is played. This is a must-read book for financial success in this emerging market.

User’s Reviews

Editorial Reviews: Review “This timely and comprehensive book is certain to become an essential reference tool for anyone interested in the development of financial markets in China. Its broad and up to date coverage makes it particularly valuable for understanding the rapidly evolving nature of the financial system on the Mainland.” –Hans Genberg, Director, Hong Kong Institute for Monetary Research “This book is destined to be a standard reference for anyone interested in China’s financial markets.” –Herbie Skeete, Managing Director, Mondo Visione Ltd, Publishers of the Handbook of World Stock, Derivative & Commodity Exchanges Review The first insider’s guide to China’s financial markets Book Description The first insider’s guide to China’s financial markets From the Back Cover China’s Financial Markets:An Insider’s Guide to How the Markets WorkSalih N. Neftci and Michelle Yuan Menager-Xu“This timely and comprehensive book is certain to become an essential reference tool for anyone interested in the development of financial markets in China. Its broad and up to date coverage makes it particularly valuable for understanding the rapidly evolving nature of the financial system on the Mainland.” –Hans Genberg, Director, Hong Kong Institute for Monetary Research “This book is destined to be a standard reference for anyone interested in China’s financial markets.”–Herbie Skeete, Managing Director, Mondo Visione Ltd, Publishers of the Handbook of World Stock, Derivative & Commodity ExchangesAmong the hundreds of books about doing business in China, this book stands out. It is a comprehensive and careful description of each sector of China’s financial markets, written by insiders–Chinese executives and officials in these sectors. Translated into English and carefully edited by finance professionals Salih Neftci and Michelle Yuan Menager-Xu, this book provides a look into the details of China’s financial markets that outsiders could never access on their own.Salih Neftci, an expert in finance whose teaching and research span North America, Europe and Asia, and Michelle Yuan Menager-Xu, a Chinese finance professional currently working in Geneva, bring together an unprecedented collection of Chinese insiders to provide a detailed description of the banking system, the money, equity, futures, FX, and bond markets, the insurance sector, the mortgage market and mortgage instruments, and the regulators. Readers will learn how each of these financial sectors operates, how the government, regulators, and the central bank are involved, each sector’s history, size and projected growth, an analysis of its current situation and discussion of future trends, the major players, and how the game is played. This is a must-read book for serious finance professionals seeking financial success in this emerging market.Salih N. Neftci teaches at the Graduate School, City University of New York, ICMA Centre, University of Reading, UK, and at the Hong Kong University of Science and Technology, Hong Kong.Michelle Yuan Menager-Xu teaches at IFM, Geneva, and is a Senior Financial Consultant at Ruiji-Regis, a major consulting firm based in Shanghai, China (www.ruiji-regis.com).[Inside front jacket flap]China’s Financial Markets:An Insider’s Guide to How the Markets WorkSalih N. Neftci and Michelle Yuan Menager-XuTable of ContentsCh 1 An Overview of China’s Financial Markets –Lisheng Liu, Renmin University and Wuhan University, and Officer of the International Cooperative Department in the China Securities Regulatory CommissionCh 2 China’s Money Markets–Xu Zheng, Fund Manager for Yin Hua Fund Management CompanyCh 3 China’s Money Markets: Policies and the Banks–Thom Thurston, CUNYCh 4 China’s Foreign Exchange Markets–Yan Le, Deputy General Manager, Bank of China Trading CentreCh 5 China’s Bond Markets–Jiachun Le, Senior Editor and Reporter, Shanghai Securities NewsCh 6 China’s Convertible Bond Market–Qiang Liu, University of Electronic Science and Technology of ChinaCh 7 China’s Equity Markets–Wentao Tan, Treasury Dealer, Malayan Banking Berhad, Shanghai BranchCh 8 A History of China’s Stock Markets–Wentao Tan, Treasury Dealer, Malayan Banking Berhad, Shanghai BranchCh 9 China’s Futures Market–Wentao Tan, Treasury Dealer, Malayan Banking Berhad, Shanghai BranchCh 10 China’s Derivatives Markets–Michelle Yuan Menager-Xu, IFM, Geneva, and Senior Financial Consultant, Ruiji-Regis, ShanghaiCh 11 China’s Mortgage and Housing Market–Wu Xu Chuan, People’s Bank of China Research CenterCh 12 China’s Insurance Market–Lin Guan, China Insurance Regulation CommissionCh 13 Investment Funds in China–Xianjie Mu, Director, Golden Asset Management Co. Ltd, Shanghai About the Author Professor Neftci completed his Ph.D. at the University of Minnesota and was head of the FAME Certificate program in Switzerland. He taught at the Graduate School, City University of New York; ICMA Centre, University of Reading; and at the University of Lausanne. He was also a Visiting Professor in the Finance Department at Hong Kong University of Science and Technology. Known his books and articles, he was a regular columnist for CBN daily, the most influential financial newspaper in China. Salih Neftci was already suffering from gliosarcoma, a malignant brain cancer, while writing the second edition. It published just 5 months before his death on April 15, 2009.Michelle Yuan Menager-Xu graduated from the School of Business, University of Lausanne, Switzerland. She holds Master’s degrees in both Actuarial Science and in Banking & Finance. Michelle is an associate of the Swiss Actuarial Society, and has worked at various consulting firms and in insurance and reinsurance companies in both Switzerland and China. Previously she worked at Swiss Reinsurance Company in Zurich, Switzerland, and was in charge of business in the China Region (Mainland, Hong Kong, Taiwan and Macao), including risk management, reserve issues, and various insurance and bank-insurance product pricing. Currently she is writing her Doctoral Thesis at the Institute of Actuarial Science, Lausanne University. Her research focuses on applications of swaption pricing theory to surrender options found in insurance contracts. Her research areas are: risk management, FX market, Fixed income, financial engineering and tourism economics. Read more

Reviews from Amazon users which were colected at the time this book was published on the website:

⭐This book really went into depths explaining not only how the Chinese financial markets are today, they also discussed what they need to do to be more competitive, what they are currently doing to resolve issues, and how the markets got they way that they are. A truly informative resource.

⭐What is famous professor of Financial Engineering Salih N. Neftci doing writing about China’s financial markets? What could this possibly have to do with his excellent work demonstrating equivalent cash flows and creating synthetic instruments?Well “omnia et nihilos” (everything and nothing). Neftci’s welcome clarity is once again evident here (this time with an edditor’s hand), and his efficiency in breaking down topics into digestible bites is also very much in evidence. But Neftci must have picked up his interest in China’s growing financial markets from the (now a whole generation) of the excellent Chinese students he has trained. Undoubtedly his students are well placed on Wall Street, China, and globally and this book will bridge their financial engineering skills with this essential study of this important emerging market’s microstructure.This is an excellent reference tool for those interested in the development of financial markets in China and would make a wonderful gift from CLSA for those who attend its annual Shanghai-Hong Kong two-week conference on Asian investments. The CLSA conference is justifiably famous for having the best speakers, firms, institutional investors, and discussions.Hong Kong-based shareholder activist David Webb has long pointed to the dangers of minority shareholding and security holding in the Hong Kong market (and Taiwan). In Neftci’s “China’s Financial Markets: An Insider’s Guide to How the Markets Work” Webb’s concerns are amplified for the mainland China markets as well.The Shanghai and other mainland Chinese markets are rapidly evolving, and such concepts as a limited liability non-natural person owner (a corporation), the ability to short stock (possible for floor traders, not possible for investors), and the repatriazation of profits are among the challenges that need to be faced as Chinese regulators and a global investor class seek to deploy capital efficiently. The contributions of expert Chinese insiders provide descriptions of the banking system, the mortgage, money, equity, futures, FX, and bond markets, and the all-important capital formation arms of the insurance sector. The baffling roles of government, regulators, and the now globally-powerful Chinese central bank are also covered.Size alone won’t cure poor regulatory environment or respect for property rights and repatriazation of profits. Nevertheless China’s financial markets currently represent about $3 trillion and are expected to grow to “about $10 trillion by 2008.” In ths face of such rapid change (delta = opportunity) it is no wonder that the master of the greeks Salih Neftci wrote this wonderful book. An excellent thoughtful work that provided first-class information and could easily have been double the size.

⭐I very much enjoyed this book discussing China’s financial markets. There are very few books available in English which cover this information. This book does not have the same political commentary as Bloomberg Press’ China’s Stockmarket.I’d love to have more detail in each chapter, but this book is designed to provide a general overview of various financial markets in the People’s Republic of China and contrasts China’s markets with US and European markets.The language in the book isn’t very technical and anyone with a basic knowledge of the markets should be able to understand.

⭐This book has great details on current status, issues on china finanial markets include equity, fixed income, mortgage. most important , it discusses the future trends with deep inside.I also like Neftci’s book “principal of financial engineer” with precise description on important conception.

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