Hong Kong

Responsible for all of the firm's businesses in the region.

Will this be a consistent trend?

Standard Chartered announced the appointments of Mike Garcia as Head of Hong Kong Equities Sales Trading, and Jamie White as Director, Equities Sales Trading. Both Mike and Jamie are based in Hong Kong and will report to Richard Stone, Global Head of Equities Sales Trading. In their new roles, Mike and Jamie will contribute to the Bank’s efforts to expand the Cash Equities Sales Trading platform in Hong Kong. This aligns to our ambition to meet the growing needs of our clients as we continue to build capabilities. Mike brings more than 15 years of sales and trading experience to Standard Chartered. Prior to joining the Bank, he was Head of Hong Kong Sales Trading at Barclays Capital. Mike also previously worked at Bank of America Merrill Lynch, ITG Securities, Macquarie Bank and Kim Eng Securities. Jamie also joins Standard Chartered from Barclays Capital, where he was most recently Director, Equity Sales Trading. He previously held a similar role at Bank of America Merrill Lynch. Commenting on the appointments, Tim Andrew, Global Head of Cash Equities, said, “We are very pleased to welcome both Mike and Jamie to the Bank. Mike’s wealth of sales and trading experience, and Jamie’s specialist trading skills will greatly complement our business as we continue to enhance our Cash Equities capabilities and expand our presence across the Bank’s footprint in Asia.”

Customers can use NFC-enabled phones.

Their 16.5% exposure to China concerns analysts.

Is RMB liquidity tightness a good thing?

Stock markets weaken after PBOC insists there is ample cash in the banking system.

It had a record numer of attendees.

Result shows the renminbi’s rising importance in international trade.

Find out what the 'virtual global longbox' does.

RMB assets to rise to 32% of their portfolios.

Hang Seng and HSBC will benefit the most.

London’s market share surpassed Singapore’s.

Cash flow forecasting is the primary challenge.

Given that RMB is fungible offshore, the emergence of new offshore centres simply expands the existing regime instead of creating competing systems. As such, we do not expect the recent development to have much impact on Hong Kong; especially when the market is already relatively mature after eight years of development. Being an important entrepot of the mainland, Hong Kong is currently handling more than 80% of all RMB payments and receiving over 50% of all letters of credit sent by banks in China (Chart 1).

It's structured using the new 3-month CNH HIBOR Fixing.