HSBC’SEMERGINGMARKETSCURRENCYGUIDE:LEADINGTHEWAY1218.ppt
《HSBC’SEMERGINGMARKETSCURRENCYGUIDE:LEADINGTHEWAY1218.ppt》由会员分享,可在线阅读,更多相关《HSBC’SEMERGINGMARKETSCURRENCYGUIDE:LEADINGTHEWAY1218.ppt(135页珍藏版)》请在三一办公上搜索。
1、Macro,Currencies Global,December 2012,HSBCs Emerging,Markets Currency,Guide 2013,Leading the way,This compendium of regulations is an essential companion for investing,hedging or simply,transacting in Emerging Market currencies,While some countries will continue to move further along the path of reg
2、ulatory tightening,some,are relaxing their regulatory frameworks,This guide provides the in-depth knowledge one needs to make the most of the increasing,opportunities that Emerging Market currencies continue to offer,Disclosures and Disclaimer This report must be read with the disclosures and analys
3、t,certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it,MacroCurrencies Global,abc,December 2012Emerging Markets FX:Regulatory understanding,a priorityUnderstanding the regulatory environment for Emerging Market currencies is a top priority.Given thesignificant per
4、iods of financial market stress seen in recent years,many countries will continue to promotefinancial stability as a key part of their economic policies.This in turn suggests that potential regulatorychanges will be influential for an increasing number of EM currencies.This regulatory shift has been
5、 unfolding over many decades and will continue to do so as the transfer ofcapital across borders intensifies.While some countries will continue to move further along the path ofregulatory tightening,other countries are relaxing their regulatory frameworks and opening their economiesup further.Howeve
6、r,as we have said for some time,the legitimacy of regulation,which can impactcurrencies,is very much here to stay.Another key focus in the coming year will be how Emerging Market currency liquidity develops.Regulatorswill face the twin challenge of minimising exchange rate volatility while also keep
7、ing their FX marketsliquid.How different authorities approach these two tasks will need careful monitoring and will no doubtprovide certain opportunities in various currencies.One market of particular interest in recent years that will remain in the spotlight is the Chinese renminbi(RMB).In 2010,we
8、flagged the opening of the offshore renminbi(or CNH)market.Once again,2012has seen a slew of changing regulations on the RMB in both the onshore and offshore markets,and thisguide contains all the latest regulatory updates and market information on that fast-growing currency.Weexpect the offshore RM
9、Bs development to continue to evolve at a rapid pace in 2013.Emerging markets will continue to drive global growth in coming years.These markets will become an evengreater focus for investment,new product development and currency regulation.Knowing the ins and outsof these currencies and how to deal
10、 in them is becoming increasingly important for investors and corporatesall across the world.This guide provides the in-depth knowledge that one will need to make the most of thebroadening global economy and the increasing opportunities that Emerging Market currencies offer.We hope you find this yea
11、rs Emerging Markets Currency Guide useful.1,MacroCurrencies GlobalDecember 2012Currency publications,abc,Currency OutlookOur Currency Outlook comprises feature pieceson the longer-term currency market outlook and ispublished monthly.It focuses on the G20.Currency WeeklyPrimarily focused on G10 FX,an
12、d published on aweekly basis,our Currency Weekly includes afeature on the major theme for the coming weekand trade ideas.The document also includesupdates of our Quantitative Indicators.EM FX RoadmapOur monthly EM FX Roadmap outlines the macrooutlook for EM currencies.It contains our tradingportfoli
13、o,and concise summaries of our calls onthe three EM regions.Asian FX FocusPublished bi-weekly,our Focus looks at regionalthematic and currency-specific issues.We alsorelease ad-hoc flash notes under the“Asian FX”title which usually analyse new developments inAsian FX markets.Asian FX Policy Dashboar
14、dThe Asian FX Policy Dashboard provides acomprehensive monthly assessment of Asian FXpolicy,its costs,and the sustainability of theoverall policy regime.LatAm FX FocusRegular ad hoc pieces focusing on regionalthematic and currency issues in Latin AmericaLatAm FX PositionsThis monthly document looks
15、at FX positioningdata in the region and analyses the key risks andopportunities in light of the data.,FX EdgeOur daily FX Edge publication analyses eventsand trends in the G10 currency markets.IMM FX Futures PositionsThis weekly document analyses speculativepositions held on the IMM futures market,a
16、ndhighlights where positioning might be stretched.Trade RecommendationsOur trading notes provide short-term tacticaltrading recommendations by superimposingquantitative analysis on the underlyingmacroeconomic data,setting out specific take-profit and stop-loss levels.Quantitative AnalysisOur quantit
17、ative research focuses on constructingcurrency tools that offer systematic intelligenceon the markets.Flagship products include“risk on risk off”,bespoke currency overlay advice,surprise indices,and market risk appetite indices.In 2011,we introduced a“Risk on-Risk off(RORO)Index”,which measures the
18、extent towhich the“risk on-risk off”phenomenon isdriving a range of different markets and assets.We also present two risk appetite indices:1)HSBC Market Risk Appetite Index aconventional price-based risk index;and 2)OpenPositions Risk Appetite Index a speculativepositioning based risk index.By watch
19、ing howmoney flows between contracts,we are able tomeasure risk appetite more explicitly.Our Surprise Indices measure,on a weekly basis,the extent to which actual economic data differfrom market expectations in the G10 andAsian countries.,In addition to the HSBC Research Web site,these publications
20、are also available on Bloomberg HSBO 2,6,94,8,10,96,15,98,21,23,26,32,38,40,46,49,53,56,66,73,79,84,82,89,91,MacroCurrencies GlobalDecember 2012Contents,abc,AsiaBangladeshi Taka(BDT)Brunei dollar(BND)Chinese renminbi(CNY)Offshore Chinese renminbi(CNH)Hong Kong dollar(HKD)Indian rupee(INR)Indonesian
21、rupiah(IDR)Malaysian ringgit(MYR)Mauritian rupee(MUR)Pakistani rupee(PKR)Philippine peso(PHP)Singapore dollar(SGD)South Korean won(KRW)Sri Lankan rupee(LKR)Taiwan dollar(TWD)Thai baht(THB)Vietnamese dong(VND)Latin AmericaArgentine peso(ARS)Brazilian real(BRL)Chilean peso(CLP)Colombian peso(COP)Costa
22、 Rican coln(CRC)Guatemalan quetzal(GTQ)Mexican peso(MXN),5425969707686,Europe,Middle East and AfricaBahraini dinar(BHD)Croatian kuna(HRK)Czech koruna(CZK)Egyptian pound(EGP)Hungarian forint(HUF)Israeli shekel(ILS)Jordanian dinar(JOD)Kazakh tenge(KZT)Kuwaiti dinar(KWD)Lebanese pound(LBP)Omani rial(OM
23、R)Polish zloty(PLN)Qatari riyal(QAR)Romanian leu(RON)Russian ruble(RUB)Saudi riyal(SAR)South African rand(ZAR)Turkish lira(TRY)UAE dirham(AED)Contacts listDisclosure appendixDisclaimer,9395100102104105107109110112114115117120122124126128130132,Peruvian nuevo soles(PEN)Uruguayan peso(UYU)3,4,MacroCur
24、rencies GlobalDecember 2012,This page has been left blank intentionally,abc,MacroCurrencies Global,abc,December 2012Asia5,MacroCurrencies Global,abc,December 2012Bangladeshi Taka(BDT)Bangladesh Bank(BB),the central bank of Bangladesh,sets foreignexchange and monetary policies,and maintains the curre
25、ncy in amanaged float regime The BDT is non-deliverable and only convertible on the current account The market is closed on Friday and Saturday,SpotAn active and deep two-way market in USD-BDT is yet,Normal market conditionsNormal market conditions,to fully evolve.There are also some activities in F
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- HSBC SEMERGINGMARKETSCURRENCYGUIDE LEADINGTHEWAY1218
链接地址:https://www.31ppt.com/p-2233350.html