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1. Through the analysis of the banking instry in developed countries and international banks, we find that financial management is actually one of the core contents of banking business in developed countries. With the development of interest rate and exchange rate marketization, asset securitization and mixed operation, financial management will become one of the core businesses of China's banking instry<

host Li Qian, special guest Wu Tianpeng

Wu Tianpeng, senior economist, deputy general manager of global financial market department of Bank of China, graated from English Department of Beijing Foreign Studies University, joined the head office of Bank of China in 1978, and has been engaged in capital business such as money market, foreign exchange market and bond market for a long time
, He has working experience in the head office and overseas branches of Bank of China, and once served as assistant general manager of Bank of China Frankfurt Branch and Bank of China, Canada

with the graal introction of RMB financial services in joint-stock banks, financial services have become a competitive means and a new profit growth point of commercial banks
in financial management business, although RMB financial management has just emerged in China's banking instry, foreign exchange financial management business has become one of the key businesses of commercial banks
as we all know, foreign exchange financial management business is the forerunner of financial management business in China's banking instry, and will ultimately promote the development of people's currency financial management business. However, it also faces fierce competition and challenges from foreign banks. Bank of China has a leading position in the field of domestic foreign exchange financing business, which benefits from the historical accumulation of foreign exchange professional banks and the cultivation of talents, especially the strong proct innovation ability, timely risk control ability and perfect global investment system< To this end, we invited Wu Tianpeng, deputy general manager of global finance department of Bank of China, to have a "dialogue". In view of the problems existing in the current foreign exchange financing market, Wu Tianpeng suggested that Chinese banks should look at the development of banking financing business from a strategic perspective, and make preparations for proct innovation, risk monitoring and global investment system, so that all commercial banks can smoothly extend from foreign exchange financing business to RMB financing business when the market environment is graally improved, And then promote the innovation and development of
banking business as a whole<

host: foreign exchange financing business is the forerunner of banking financing business in China, and will ultimately promote the development of people's currency financing business. Then, please introce the financial services of banks in developed countries< From the perspective of interest rate liberalization, exchange rate liberalization, asset securitization and mixed operation of banking business in developed countries, wealth management business has penetrated into all aspects of banking business and is one of the core contents of banking business

guest: wealth management business is one of the core contents of banking business in developed countries. According to the data of FDIC, since 1980s, the non interest income of American banks has graally increased from 20% to 43.72% in 2003. This change in the U.S. banking instry is e to the graal deregulation of deposit interest rate in the 1980s, which not only leads to the intensified competition in the traditional credit business market, squeezing the interest income space, but also creates the development space of interest rate related derivatives (including financial procts); Second, the rapid development of the capital market provides an environment for expanding
capital market business
from the perspective of interest rate liberalization, exchange rate liberalization, asset securitization and mixed operation of banking business in developed countries, wealth management business has penetrated into all aspects of banking business, which is one of the core contents of banking business, thus promoting banks to establish a customer-centered service tenet. In fact, the bank is a kind of financial institution, and the bank can make profits by
financing for customers. However, if we divide the needs of bank customers into financing and wealth management, we can call both financing and wealth management business as wealth management business in a broad sense, or wealth management business as wealth management business in a relatively narrow sense. Of course, customers can be divided into indivials and institutions, which can also be called natural person and legal person
host: we know that the financial services of Citigroup and HSBC group play an important role in their development. The business of Huaqi Group is mainly composed of global consumer finance group, global corporate finance and investment banking group, asset management group and Meibang private client group. In 2003, the above business groups accounted for 55%,
31%, 10% and 4% of Citigroup's net profit respectively. The business of HSBC Group is mainly composed of personal financial services (including consumer financing), commercial
banking, corporate investment banking and marketing, private banking and other business departments. In 2003, the above business units accounted for 44%, 23%, 32% and 2% of the group's pre tax profit respectively. What can we learn from it

guest: Yes. As far as Citigroup is concerned, global consumer finance group (GCG) is the most comprehensive financial
solution provider in the world, providing 200 million customers with its own proct portfolio, innovative technology and personalized services, so that
consumers can achieve their financial goals. GCG is composed of credit card, consumer financing and consumer finance. Citigold Wealth Management Finance (Asia), which belongs to consumer finance, has expanded its business to Hong Kong, Singapore and Taiwan, and has become the first foreign bank to open "al currency deposit" business of consumer finance in China. Global corporate finance and investment banking group (GCIB) provides global cash management, trade financing and securities services for enterprises, financial institutions and governments in addition to capital markets and financial services, and provides investment advisory fund services after the acquisition of forum financial group
Global Asset Management Group is the leading financial advisor, asset management company and insurance company, which helps indivial
investors and their families and consultants to achieve the corresponding long-term financial goals. It also faces the government, enterprises and institutions, contributes to economic growth, creates employment opportunities and provides employee retirement plans. Global asset management group consists of private banking (CP
b), asset management (CAM) and life insurance and Annuity (Li & A). Meibang private client group is a
wealth management and financial planning business department, mainly engaged in independent private client financial advisory and stock research business
we find that both GCG, CPB, cam and other departments in personal business and GTS
departments in institutional business have the content of wealth management business
whether it is the traditional commercial banking business, or the investment banking and insurance business, there is also a strict sense of financial management
business included, and promote the development of other businesses. Moreover, Citigroup has independent financial advisors to support the development of its financial services
similarly, the wealth management business of HSBC Group has penetrated into all aspects of its business development, which is the core content of its business development
in addition, according to the correlation analysis, there is a strong correlation between the personal finance business departments, which can further explain the driving role of the instry. The correlation between Citibank's private banking and credit card, asset management and consumer financing, private banking and consumer finance net profit is 0.96-0.9995, the correlation between private banking and consumer finance net profit is 0.67, and the correlation between asset management and credit card net profit is 0.58< In view of this, with the interest rate and exchange rate becoming more and more market-oriented, the development of asset securitization business and the graal relaxation of financial supervision, mixed operation has become possible. Financing for customers is the specific content of bank's customer-centered strategy. The development of financing business has increasingly become the focus of competition among banks, and vigorously promotes the development of related
business. So in the future, will financial management business also become one of the core contents of China's banking business< However, further development still needs further improvement in the interest rate and exchange rate mechanism. The key lies in the organic formation of all kinds of RMB markets and the operation and establishment of financial procts and instruments in the RMB market

guest: I think so. Since 2000, China's banking business has shifted from wholesale to retail. By 2003, China's banking business has shifted from retail business to wealth management business. Financial management business is becoming a collection point of corporate business, retail business and capital business, which effectively promotes the development of the whole banking business
based on the experience of banking business development in developed countries, considering the rapid growth of China's economy and graally growing enterprises, as well as the large population and rapidly increasing wealth of residents, actively and steadily developing retail business and comprehensive financial management business will lay a solid foundation for the long-term development of China's banking instry. As far as personal financing business is concerned,
the potential of bank financing business is far from being effectively tapped. China's per capita GDP has exceeded US $1000 in 2003,
residents' domestic and foreign currency savings are still high. At the end of November 2004, the local currency was 11.76 trillion yuan and the foreign currency was 81 billion US dollars. The financial management demand of the market was very strong
host: the pace of interest rate marketization reform in China is speeding up, coupled with the graal improvement of RMB exchange rate mechanism
, the space of financial management market will be broader, and now RMB financial management is still in the cultivation period. What do you think of the development of China's financial market< Guest: on the one hand, the RMB financial management market has developed to a certain extent, but further development still needs further improvement in interest rate and exchange rate mechanism. The key lies in the organic formation of various RMB markets and the establishment and improvement of financial procts and tools in the RMB market. At present, major institutions such as insurance and funds have actively participated in the people's
currency financial management market, and some commercial banks have also started to set foot in the RMB financial management business. The emergence of money market funds and bond market funds of commercial banks, as well as the entry of foreign banks into the RMB market business, will further increase the competition in the RMB financing business market< On the other hand, the foreign exchange financing market is still the focus of major commercial banks, but it will take some time for the foreign exchange financing market to be perfect and mature. As most foreign currencies have market-oriented exchange rates and interest rates, some commercial banks are also qualified to invest in foreign exchange overseas, so it is natural to carry out foreign exchange financing business. However, we still can not ignore the risk factors: commercial banks have operational risks, and investors themselves need to bear a certain risk of exchange rate or interest rate changes. Therefore, the bank's own operating ability, especially the ability to control risks, and the investors' proper expectations of income and risks are of great significance for the further development of foreign exchange financing business
of course, with the graal improvement of the RMB exchange rate formation mechanism and the corresponding foreign exchange market, the relationship between local currency and foreign currency financial management has become more and more important

2. In December 1996 and August 1998, China allowed qualified foreign banks to set up RMB business in Pudong, Shanghai and Shenzhen. When China joined the WTO in December 2001, it cancelled the geographical and customer restrictions for foreign banks to handle foreign exchange business. At the same time, it promised to graally cancel the geographical restrictions for foreign banks to operate RMB business. Finally, it will cancel all geographical restrictions within five years after China's accession to the WTO and allow foreign banks to provide services to all Chinese customers, including domestic residents. As promised, China has opened Shenzhen, Shanghai, Dalian, Tianjin, Guangzhou, Wuhan, Cheng and Chongqing to foreign banks. Beijing, Xiamen, Shenyang, Xi'an and other 18 cities. At the same time, China's supervision of foreign banks is also constantly adjusted and improved, foreign banks graally lift the shackles, through the initial acclimatization, and graally pose a new challenge to Chinese banks< As of the end of October 2004, a total of 62 banks from 19 countries and regions have set up 204 business institutions in China. 105 foreign banks have been approved to operate RMB business, of which 61 are approved to operate RMB business of Chinese enterprises; By the end of October 2004, the total assets of foreign banks in China had reached 66.86 billion US dollars, accounting for about 1.8% of the total assets of China's banking financial institutions. The loan balance was 32.3 billion US dollars. The market share of foreign exchange loans accounted for 18%, and the non-performing rate was 1.3%. The pre tax profit of the first 10 months was 1.74 billion yuan. Foreign banks have become an important part of China's financial instry

according to the current laws and regulations, foreign banks are still subject to some restrictions to fully open RMB business. For example, they can only apply for the establishment of one branch within one year, they need to open RMB business for more than three years and make profits continuously in the two years before the application. In terms of business scope, the RMB business that foreign banks can set up is also limited to: absorbing deposits, issuing loans, handling bill acceptance and discount, providing letter of credit services and guarantees, handling domestic and foreign settlement, trading. Acting for foreign exchange trading, foreign exchange and interbank lending. Due to various restrictions, the scale of RMB business of foreign banks is still small, but the expansion of foreign banks is rapid. In recent years, the total amount of RMB assets is growing at a double-digit rate every year< As far as retail business is concerned, personal foreign exchange business has been opened to foreign banks since China joined WTO in 2001; The RMB business of non residents is also open to foreign investment when Opening RMB business; The RMB business of domestic residents will not be opened until after 2006. Before 2006, the impact of foreign banks on retail business of Chinese banks was limited to indivial foreign exchange business. In this regard, foreign banks have begun to emerge. All 10 branches of HSBC in China have launched foreign exchange business for domestic residents. In 2004, the market share of personal foreign exchange remittances and remittances of 11 foreign banks in Xiamen reached 23.9% and 49.7% respectively, of which the market share of HSBC was 8.5% and 20.8% respectively, which was only lower than that of Bank of China. In terms of personal foreign exchange financing business based on foreign exchange derivatives, foreign banks are also eating into the market share of high-end personal foreign exchange customers of Chinese banks

RMB retail business is more attractive and challenging to foreign banks. The rapid expansion of foreign banks in corporate RMB business and personal foreign exchange business may repeat itself in domestic RMB business in the future< Second, the competition situation in the future. With the opening of China's banking instry to foreign investment in 2006, foreign banks, which have high hopes for the retail market in the mainland, have accelerated their distribution in the Chinese market. The competition between Chinese and foreign banks will evolve from mutual peace to more confrontation. The competition between the two sides in terms of customers, procts, channels and talents will be more intense

in terms of customers, the current customers of foreign banks are mainly expatriates in China. In the future, the Chinese in Hong Kong, Macao and Taiwan will focus on the high-income groups in China's rich cities, such as private entrepreneurs and senior managers

in terms of procts, at present, the business focus of foreign banks is mainly on financing and international settlement. Deposit and loan, guarantee, remittance, etc. In recent years, foreign banks have launched more than 100 kinds of procts and services to the Chinese market, which is more than three times that of domestic commercial banks, showing the advantages of foreign banks in proct development and innovation. In terms of personal banking, foreign banks are good at providing credit card, private loan, mortgage, deposit and wealth management services, and retail business often generates more than 50% of profits. In the future, foreign banks will make full use of their technology, experience, brand and talents to innovate and promote more procts< Chinese banks will be greatly impacted in the following aspects:

(1) personal financial services

ordinary retail financial services rely on the support of institutional outlets, and foreign banks will focus on the competition of high-income groups from the perspective of human cost and other benefits. Since 2002, foreign banks which have been allowed to operate personal foreign exchange business have set up financial management centers one after another to seize the attractive cake of high-quality customers through private financial management business. Citigroup. HSBC, Standard Chartered, East Asia, Hang Seng and other foreign banks have set up financial management centers in China to provide customers with complete services including marriage, funeral, ecation, health insurance, property investment management, moving, tourism and retirement plan management. Although the foreign banks with all-round banking system can not give full play to the advantages of their group in the mixed operation of banking, securities and insurance in China, they still have a new investment concept. Mature wealth management tools, professional financial talents and rich operational experience make foreign banks familiar with personal finance, and their entry will accelerate the loss of high-quality customers of Chinese banks< At the end of October 2004, China's foreign exchange deposits reached 158.4 billion US dollars, including 83.6 billion US dollars of residents' foreign exchange savings deposits. With the drastic change of exchange rate and the frequent adjustment of foreign currency interest rate, both residents and banks have the demand to open indivial foreign exchange transactions. In 2003, Citibank's "Youli account" and Standard Chartered Bank's "Huili account" have been tested in Shanghai and other big cities. After the CBRC issued the "Interim Measures for the administration of derivatives trading business of financial institutions" in 2004, Citibank, Standard Chartered Bank, HSBC and other 24 banks have successively obtained the qualification of derivatives. BNP Paribas has also set up a trading office in Shanghai. Foreign exchange structured procts launched by foreign banks have caused the loss of foreign exchange savings of Chinese banks. In the increasingly important personal foreign exchange market, foreign banks have an advantage, while Chinese banks do not have the ability to independently develop and manage derivatives. They can only act as sales representatives of foreign banks' procts in a back-to-back way, which is inevitable to be controlled by others< (3) credit card business

credit card is not only the financial proct with the highest daily usage rate of customers, but also the best carrier of new bank procts. China's credit card market is very attractive to foreign banks. At present, the CBRC is working with relevant departments to draft regulations on the management of bank cards to promote the card issuing business of foreign banks. Before being allowed to issue cards separately, foreign banks have joined hands with domestic partners to enter the credit card business. After Citigroup and Shanghai Pudong Development Bank established a strategic alliance partnership in 2003, Shanghai Pudong Development Bank officially launched the first al currency credit card in the mainland with management and technical support from foreign banks in February 2004, marking that foreign banks have formally entered the credit card market in the mainland of China. In December 2004, Citigroup PUFA changed its condescending attitude and announced that it would both lower the application threshold for general card and gold card, and expand the card issuing cities from Shanghai, Shenzhen and Guangzhou to 10 cities. In addition, the shenka international credit card created by the cooperation between HSBC and Bank of Shanghai and the instrial credit card created by the cooperation between Instrial Bank and Hang Seng Bank also appeared in 2004. After HSBC took a share in Bank of communications in August 2004, the two banks set up a Pacific Credit Card Center, which is expected to start issuing cards in the first quarter of 2005; In December 2004, American Express also cooperated with ICBC to launch peony express card

the joint card issuing enables foreign banks to bypass the restrictions of RMB objects and regions and enter the RMB retail market ahead of time, bringing pressure to other Chinese banks. Foreign banks get familiar with the domestic market through cooperative card issuing, and make a good market for independent card issuing in the future. Prepare for brand and publicity. At present, the UnionPay gold card project in large and medium-sized cities in China provides convenience for all banks to share network outlets and equipment resources. After foreign banks independently issue cards, they can save time and cost of laying the domestic network, and the competition of credit cards will become more intense< (4) personal credit business

in recent years, great changes have taken place in people's consumption concept and consumption structure, and the volume of bank consumer credit business is also on the rise. In the initial stage of personal consumer credit in China has a lot of development space. Foreign banks have advantages in building mortgage, auto finance and other businesses. At present, foreign banks such as HSBC, Standard Chartered, Citigroup and East Asia have carried out housing mortgage loan business for foreigners in Beijing, Shanghai and Hangzhou. In the domestic situation of tightening real estate credit and raising interest rates, foreign banks have taken up half of the export real estate mortgage market in some cities with the advantages of low loan interest rate, flexible loan ratio and term, more optional currencies and perfect services. In terms of auto finance, in 2004, Volkswagen finance and SAIC general finance have already started business, and the other three auto finance companies are also under preparation. After foreign banks were allowed to provide auto credit to Chinese residents in 2006, Chinese banks will face the risk of further loss of business

in terms of channels, foreign banks will increase their outlets, open online banking and merge domestic banks to enhance their penetration into the personal banking market. In addition, HSBC and East Asia are the most important ones. The number of Standard Chartered branches in China ranked the top three, among which bank of East Asia took the lead in setting up Luohu branch in Shenzhen, marking the beginning of foreign banks' march into Shenzhen retail market. In addition, Citigroup, Standard Chartered, East Asia, HSBC and other 13 foreign banks have been approved to provide comprehensive online banking services, and online banking has become an important marketing means for foreign banks. In terms of entering the market through M & A, foreign banks are no longer limited to participating in city commercial banks and other local financial institutions. At the end of 2003, Hang Seng Bank took a share in Instrial Bank, and in 2004, HSBC acquired the equity of Bank of communications and sent management personnel, which to a certain extent has gained access to the retail business market in the mainland< After 2006, domestic banks will face strong competition from foreign banks in retail business market. In the short transitional period, Chinese banks must take precautions, adjust in time, and actively respond to the competition and cooperation situation after the full opening of the domestic banking instry< (1) recognize the situation and work hard

3. In December 1996 and August 1998, China allowed qualified foreign banks to set up RMB business in Pudong, Shanghai and Shenzhen. When China joined the WTO in December 2001, it cancelled the geographical and customer restrictions for foreign banks to handle foreign exchange business. At the same time, it promised to graally cancel the geographical restrictions for foreign banks to operate RMB business. Finally, it will cancel all geographical restrictions within five years after China's accession to the WTO and allow foreign banks to provide services to all Chinese customers, including domestic residents. As promised, China has opened Shenzhen, Shanghai, Dalian, Tianjin, Guangzhou, Wuhan, Cheng and Chongqing to foreign banks. Beijing, Xiamen, Shenyang, Xi'an and other 18 cities. At the same time, China's supervision of foreign banks is also constantly adjusted and improved, foreign banks graally lift the shackles, through the initial acclimatization, and graally pose a new challenge to Chinese banks< As of the end of October 2004, a total of 62 banks from 19 countries and regions have set up 204 business institutions in China. 105 foreign banks have been approved to operate RMB business, of which 61 are approved to operate RMB business of Chinese enterprises; By the end of October 2004, the total assets of foreign banks in China had reached 66.86 billion US dollars, accounting for about 1.8% of the total assets of China's banking financial institutions. The loan balance was 32.3 billion US dollars. The market share of foreign exchange loans accounted for 18%, and the non-performing rate was 1.3%. The pre tax profit of the first 10 months was 1.74 billion yuan. Foreign banks have become an important part of China's financial instry

according to the current laws and regulations, foreign banks are still subject to some restrictions to fully open RMB business. For example, they can only apply for the establishment of one branch within one year, they need to open RMB business for more than three years and make profits continuously in the two years before the application. In terms of business scope, the RMB business that foreign banks can set up is also limited to: absorbing deposits, issuing loans, handling bill acceptance and discount, providing letter of credit services and guarantees, handling domestic and foreign settlement, trading. Acting for foreign exchange trading, foreign exchange and interbank lending. Due to various restrictions, the scale of RMB business of foreign banks is still small, but the expansion of foreign banks is rapid. In recent years, the total amount of RMB assets is growing at a double-digit rate every year< As far as retail business is concerned, personal foreign exchange business has been opened to foreign banks since China joined WTO in 2001; The RMB business of non residents is also open to foreign investment when Opening RMB business; The RMB business of domestic residents will not be opened until after 2006. Before 2006, the impact of foreign banks on retail business of Chinese banks was limited to indivial foreign exchange business. In this regard, foreign banks have begun to emerge. All 10 branches of HSBC in China have launched foreign exchange business for domestic residents. In 2004, the market share of personal foreign exchange remittances and remittances of 11 foreign banks in Xiamen reached 23.9% and 49.7% respectively, of which the market share of HSBC was 8.5% and 20.8% respectively, which was only lower than that of Bank of China. In terms of personal foreign exchange financing business based on foreign exchange derivatives, foreign banks are also eating into the market share of high-end personal foreign exchange customers of Chinese banks

RMB retail business is more attractive and challenging to foreign banks. The rapid expansion of foreign banks in corporate RMB business and personal foreign exchange business may repeat itself in domestic RMB business in the future< Second, the competition situation in the future. With the opening of China's banking instry to foreign investment in 2006, foreign banks, which have high hopes for the retail market in the mainland, have accelerated their distribution in the Chinese market. The competition between Chinese and foreign banks will evolve from mutual peace to more confrontation. The competition between the two sides in terms of customers, procts, channels and talents will be more intense

in terms of customers, the current customers of foreign banks are mainly expatriates in China. In the future, the Chinese in Hong Kong, Macao and Taiwan will focus on the high-income groups in China's rich cities, such as private entrepreneurs and senior managers

in terms of procts, at present, the business focus of foreign banks is mainly on financing and international settlement. Deposit and loan, guarantee, remittance, etc. In recent years, foreign banks have launched more than 100 kinds of procts and services to the Chinese market, which is more than three times that of domestic commercial banks, showing the advantages of foreign banks in proct development and innovation. In terms of personal banking, foreign banks are good at providing credit card, private loan, mortgage, deposit and wealth management services, and retail business often generates more than 50% of profits. In the future, foreign banks will make full use of their technology, experience, brand and talents to innovate and promote more procts< Chinese banks will be greatly impacted in the following aspects:

(1) personal financial services

ordinary retail financial services rely on the support of institutional outlets, and foreign banks will focus on the competition of high-income groups from the perspective of human cost and other benefits. Since 2002, foreign banks which have been allowed to operate personal foreign exchange business have set up financial management centers one after another to seize the attractive cake of high-quality customers through private financial management business. Citigroup. HSBC, Standard Chartered, East Asia, Hang Seng and other foreign banks have set up financial management centers in China to provide customers with complete services including marriage, funeral, ecation, health insurance, property investment management, moving, tourism and retirement plan management. Although the foreign banks with all-round banking system can not give full play to the advantages of their group in the mixed operation of banking, securities and insurance in China, they still have a new investment concept. Mature wealth management tools, professional financial talents and rich operational experience make foreign banks familiar with personal finance, and their entry will accelerate the loss of high-quality customers of Chinese banks< At the end of October 2004, China's foreign exchange deposits reached 158.4 billion US dollars, including 83.6 billion US dollars of residents' foreign exchange savings deposits. With the drastic change of exchange rate and the frequent adjustment of foreign currency interest rate, both residents and banks have the demand to open indivial foreign exchange transactions. In 2003, Citibank's "Youli account" and Standard Chartered Bank's "Huili account" have been tested in Shanghai and other big cities. After the CBRC issued the "Interim Measures for the administration of derivatives trading business of financial institutions" in 2004, Citibank, Standard Chartered Bank, HSBC and other 24 banks have successively obtained the qualification of derivatives. BNP Paribas has also set up a trading office in Shanghai. Foreign exchange structured procts launched by foreign banks have caused the loss of foreign exchange savings of Chinese banks. In the increasingly important personal foreign exchange market, foreign banks have an advantage, while Chinese banks do not have the ability to independently develop and manage derivatives. They can only act as sales representatives of foreign banks' procts in a back-to-back way, which is inevitable to be controlled by others< (3) credit card business

credit card is not only the financial proct with the highest daily usage rate of customers, but also the best carrier of new bank procts. China's credit card market is very attractive to foreign banks. At present, the CBRC is working with relevant departments to draft regulations on the management of bank cards to promote the card issuing business of foreign banks. Before being allowed to issue cards separately, foreign banks have joined hands with domestic partners to enter the credit card business. After Citigroup and Shanghai Pudong Development Bank established a strategic alliance partnership in 2003, Shanghai Pudong Development Bank officially launched the first al currency credit card in the mainland with management and technical support from foreign banks in February 2004, marking that foreign banks have formally entered the credit card market in the mainland of China. In December 2004, Citigroup PUFA changed its condescending attitude and announced that it would both lower the application threshold for general card and gold card, and expand the card issuing cities from Shanghai, Shenzhen and Guangzhou to 10 cities. In addition, the shenka international credit card created by the cooperation between HSBC and Bank of Shanghai and the instrial credit card created by the cooperation between Instrial Bank and Hang Seng Bank also appeared in 2004. After HSBC took a share in Bank of communications in August 2004, the two banks set up a Pacific Credit Card Center, which is expected to start issuing cards in the first quarter of 2005; In December 2004, American Express also cooperated with ICBC to launch peony express card

the joint card issuing enables foreign banks to bypass the restrictions of RMB objects and regions and enter the RMB retail market ahead of time, bringing pressure to other Chinese banks. Foreign banks get familiar with the domestic market through cooperative card issuing, and make a good market for independent card issuing in the future. Prepare for brand and publicity. At present, the UnionPay gold card project in large and medium-sized cities in China provides convenience for all banks to share network outlets and equipment resources. After foreign banks independently issue cards, they can save time and cost of laying the domestic network, and the competition of credit cards will become more intense< (4) personal credit business

in recent years, great changes have taken place in people's consumption concept and consumption structure, and the volume of bank consumer credit business is also on the rise. In the initial stage of personal consumer credit in China has a lot of development space. Foreign banks have advantages in building mortgage, auto finance and other businesses. At present, foreign banks such as HSBC, Standard Chartered, Citigroup and East Asia have carried out housing mortgage loan business for foreigners in Beijing, Shanghai and Hangzhou. In the domestic situation of tightening real estate credit and raising interest rates, foreign banks have taken up half of the export real estate mortgage market in some cities with the advantages of low loan interest rate, flexible loan ratio and term, more optional currencies and perfect services. In terms of auto finance, in 2004, Volkswagen finance and SAIC general finance have already started business, and the other three auto finance companies are also under preparation. After foreign banks were allowed to provide auto credit to Chinese residents in 2006, Chinese banks will face the risk of further loss of business

in terms of channels, foreign banks will increase their outlets, open online banking and merge domestic banks to enhance their penetration into the personal banking market. In addition, HSBC and East Asia are the most important ones. The number of Standard Chartered branches in China ranked the top three, among which bank of East Asia took the lead in setting up Luohu branch in Shenzhen, marking the beginning of foreign banks' march into Shenzhen retail market. In addition, Citigroup, Standard Chartered, East Asia, HSBC and other 13 foreign banks have been approved to provide comprehensive online banking services, and online banking has become an important marketing means for foreign banks. In terms of entering the market through M & A, foreign banks are no longer limited to participating in city commercial banks and other local financial institutions. At the end of 2003, Hang Seng Bank took a share in Instrial Bank, and in 2004, HSBC acquired the equity of Bank of communications and sent management personnel, which to a certain extent has gained access to the retail business market in the mainland< After 2006, domestic banks will face strong competition from foreign banks in retail business market. In the short transitional period, Chinese banks must take precautions, adjust in time, and actively respond to the competition and cooperation situation after the full opening of the domestic banking instry< (1) to recognize the situation, to practice our internal skills diligently, and to improve fundamentally

4. I'll try to answer that. That's not right. Please correct me.
your question is inappropriate. Because there is no such statement
first of all, the currencies of all countries in the world are linked to the US dollar. As the only reserve currency in the world, the US dollar is also the only weathervane and reference. Its function is the same as that of Newton (not the name of a person) in mechanics, as the unit of valuation. For example, how many Newtons of force do you have when you hit it. So. As the only unit of valuation, US dollar is a standard to quantify the value of all commodities. The US dollar is an absolute international reserve. It has pricing power over world goods, such as oil, international assets and gold, which are priced in US dollars. With the pricing power of the world, in a sense, commodities priced in US dollars can be regarded as assets of the United States (including undeveloped oil, gold, etc.). Without the dollar unit of valuation, it is impossible to quantify the value of all goods
therefore, at present, currencies in the world will not and cannot be decoupled from the US dollar
secondly, I think your question is: now RMB and US dollar are fixed interest rates. If floating interest rates are adopted in the future, what impact will it have and what investment opportunities will it have< At present, the central government adopts a fixed interest rate of 6. 82—6 83 is relatively fixed, which is a necessary and helpless move for a country to take against its financial closure. Its advantages are: it can resist the impact of the global financial crisis on its currency, and the RMB will not rise or fall sharply. During the 1997 financial crisis, Asian powers or regions were basically occupied (Hong Kong, Singapore, Thailand, Japan, South Korea, etc.), and they all adopted floating interest rates. China's ability to avoid the impact of the financial storm is not because of its perfect financial system. On the contrary, the reason why China can avoid shocks is that the domestic financial system is fragile, so the central government adopts fixed interest rates and foreign exchange control measures to prevent its currency from being greatly impacted by overseas markets. China maintains this exchange rate in order to maintain its export competitive advantage. This exchange rate should be appropriate and appropriate. At the same time, in order to maintain the stability of the exchange rate, China needs huge foreign exchange reserves to prevent its currency from being impacted, in order to keep the exchange rate at 6. 82——6 The Chinese government needs to use a large number of funds at any time. For example, when the international hot money shortens the RMB currency, the RMB will depreciate. For example, the international hot money has increased the liquidity of RMB 200-300 billion in the market. Accordingly, the RMB will depreciate. However, in order to keep the exchange rate constant, the central government needs to recover the fund in the market at the same time and pay the corresponding US dollars to maintain the exchange rate stability. That is to say, the central government will pay US dollars according to the amount of RMB you sell
in this way, the Chinese government needs to pay a great price in maintaining the stability of its currency exchange rate< In 1997, Soros attacked the Hong Kong dollar market. A large number of short selling of Hong Kong dollar and futures index (this can make money in other countries. If short selling a country's currency, if the country wants to maintain monetary stability, it must raise the market interest rate, which will cause the stock market to fall. Therefore, short selling of currency and Futures index at the same time can make money). The central government has used nearly 300 billion US dollars to support Hong Kong. The exchange rate of Hong Kong dollar is stable

next, we will discuss what investment opportunities China has if it adopts the floating exchange rate of RMB market. At present, I estimate that China will not float the exchange rate in the next decade, because China's financial market supervision is still imperfect and fragile. If the market is open, it will easily be impacted by the international market. The yuan will go up and down. For a long time. China's huge foreign trade surplus, the international will require RMB appreciation, long-term holding will benefit, but also very vulnerable to the impact of international hot money, short RMB, devaluation

the last small suggestion: how to invest, because the current RMB is very fixed relative to the US dollar. So in a sense. RMB is equivalent to us dollar. However, the U.S. dollar depreciates sharply relative to the currencies of other countries, so the RMB depreciates sharply relative to the currencies of other countries (non-U.S.). Even if the RMB tends to appreciate against the US dollar for a long time, its appreciation speed is not as fast as that of the US dollar against other countries. Generally speaking, RMB is still devalued against other countries' currencies (non US). To sum up, the US dollar policy has strengths and weaknesses. The US dollar has been devalued against developed countries for a long time, such as Europe, Japan, Australia, Canada, etc., in order to maintain its export competitiveness. At the same time, the US dollar has been appreciating against underdeveloped regions for a long time, such as Asia, Africa, South America, etc, To keep the prices of his imports low. So. It is recommended that you buy non US currency. Such as euro, Australian dollar, Canadian dollar, etc. (Japan is an exception)

I've talked so much that I don't know if I'm right. Hope to help you, need further analysis, please contact me.

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