• China’s Money Market Fund Regulation in a Global Context

    The global campaign to better safeguard investors in money market funds (MMF) in the wake of the financial crisis has focused attention on fund regulatory efforts in the US and Europe. Less is known about the regulatory environment in one of the world’s fastest growing markets. The rise of MMFs in China has accelerated as investors gravitate to the relative security and diversification of professionally managed funds, not to mention the substantial yield pickup over bank deposits. However, not all MMFs in China are created equal. Financial market regulatory changes over recent years have had the effect of opening the local fund industry to further expansion, and the standards of operation vary considerably. We believe investors can benefit from insights into the range of funds available in China and the risk management guidelines under which they operate.

  • Unpacking the PBoC’s Monetary Policy Toolbox

    China’s emergence as a global business hub is reflected in the rapid expansion and deepening of its bond markets over the past decade. Growing ranks of investors are drawn to China’s securities markets to put their surplus liquidity to work, as an alternative to local bank deposits. Yet even as China’s debt markets join the global investment mainstream, relatively little is understood about the institution with the biggest impact on their market interest rates. Insights into the role and activities of the People’s Bank of China (PBoC) are critical to successfully navigating China’s markets, and maximizing the opportunities in this relatively new investment landscape.

  • John Salter, Lloyds Bank

    Transforming treasury: going the extra mile

    As treasurers become more involved in wider business activities, from enterprise risk management to board-level decision-making, regulation is challenging them to rethink the way they approach fundamental treasury tasks and relationships. Meanwhile, technology is enabling greater efficiencies, but also presenting a number of new threats. John Salter, Managing Director, Global Corporate and FI, Global Transaction Banking, Lloyds Bank, discusses five key themes for treasurers to keep firmly on their radar in the months ahead.

  • Niall Kelly, DCC

    Turning change into opportunity

    Ahead of the forthcoming Irish Association of Corporate Treasurers (IACT) Annual Summit in Dublin on 6th November, Treasury Today catches up with Niall Kelly, Head of Group Treasury at DCC – a FTSE 250 listed international sales, marketing and distribution business.

  • China’s Markets: Interpreting interest rate volatility

    China’s domestic bond market is in a new phase of its rapid evolution, as the investor base is broadening and strengthening with increased interest from institutional buyers focused on the front end of the market. The attraction for these typically more-conservative investors is a large and liquid market, which caters to a wide range of very secure borrowers, and offers more attractive yields than those available on bank deposits. However, a key idiosyncrasy of China’s market at this stage of its development is heightened volatility at the front end of the yield curve, with considerable implications for risk and returns. Understanding the nature and drivers of volatility is important for navigating China’s markets, in our view, and active management can help turn this challenge to investors’ advantage.

  • Anthony Fitzpatrick, CRH Group

    With a little help from my friends

    Ireland’s economy has been through the mill in the past few years but its corporate sector has learnt how to tackle the destructive effects of the financial crisis. Treasury Today talks to the Group Treasurer of the country’s largest company about prospects for recovery and the power of knowledge.

  • Optimal working capital: making aspiration reality

    Efficient working capital management is not about achieving a universal 'right answer'; what works for one corporation may be irrelevant for another.

  • Goldman Sachs Asset Management