Quotidien Fintech & Blocktech / Daily News

Vendredi 29 Novembre 2013

3rd Sino-French Financial Forum in Beijing

The 3rd Sino-French Financial Forum in Beijing today, organized by Paris EUROPLACE and NAFMII , has been opened by ZHOU Xiaochuan, Governor of the People's Bank of China (PBoC), and Christian NOYER, Governor of Banque de France.

ZHOU Xiaochuan pointed out that “the objective today is to pursue economic growth to help to sustain the needs of an important population and preserve the employment. That's why China pushes forward financial reforms to improve the ability of financial industry to serve real economy. The next step for the PBOC is to deepen reforms in accordance with the comprehensive roadmap made on the Third Plenary Session of 18th National Congress of the CPC, with the following priorities:
1. Reduce PBoC interventions on currency markets and enhance market-driven prices; accelerate the RenMinBi capital account convertibility;
2. Accelerate market-driven interest rate reform, to promote efficient market pricing;
3. Widen market accessibility to Chinese financial institutions, and accelerate the Chinese financial market reforms; ease QDII and QFII quota approvals, to accelerate Chinese investment abroad and foreign investments in China.”

The Chinese financial institutions invest in international financial markets, including in France. ZHOU Xiaochuan said that “France has well-developed financial system and financial markets and has accumulated much precious experience in financial reforms. China and France will have large space for deeper cooperation in the future.”

Christian NOYER, Governor of Banque de France, has underlined that in the European Union “all the causes of the crisis have been addressed. Measures include a significant consolidation of public finances and in-depth restructuring of the banking system, structural reforms to improve the economy's competitiveness and a strengthening of euro area economic governance.”

He also stressed that “the establishment of the Banking Union is a crucial step towards a more resilient euro area and structural reforms under way in Europe are the only means to ensure future competiveness and growth.”


Paris EUROPLACE has launched two years ago an offensive strategy to consolidate its position as a preeminent RMB international financial center outside Asia, based on the strong trade relationships between France and China.

Arnaud de BRESSON, CEO, Paris EUROPLACE has highlighted that the Paris financial center is already an active RMB financial center in Europe:
• Nearly 10% of the Sino-French trade is already settled in RMB;
• French and Chinese banks in Paris have developed diversified instruments and services for their clients: deposits, trade finance, cash management, cross border transfers, corporate banking etc. RMB deposits amount to RMB 20bn;
• According to SWIFT, France is now ranked n°4 in the world for RMB payments, behind, Singapore, Taiwan and UK;
• French corporates have already issued RMB 10 bn.

The next priorities of the Paris EUROPLACE 2014 RMB strategy are:
• to consolidate the Paris RMB-denominated offer and services for European corporates, including SMEs;
• to accelerate French Corporate RMB issuers in Paris as well as in Hong-Kong and to welcome Chinese Euro issuers to list on Euronext;
• to develop an efficient offshore RMB liquidity pool in Paris to accompany and to put to work RMB flows, including Sino-African business flows, which are traded through Paris;
• to capitalize on the recently signed liquidity swap between the ECB and the PBoC to ensure that banks established in Paris will be in a position to play a leading role in the offshore RMB market.


All euro area countries have a clear target:
• To accelerate fiscal consolidation and make it as growth-friendly as possible by prioritizing capital investment over current spending. The objective reaffirmed beginning of November by the French Government is to reduce deficit from 4.8% of GDP in 2012 to 3.9% this year and a further 3% in 2015;
• To raise competitiveness in a convergent way and increase underlying productive capacities. Reforms of the labor market are particularly essential.


European capital markets and Paris as the euro hub offer attractive opportunities to Chinese investors, on both:
•Euro-securities debt market, with:
- a pre-eminent position for short-term paper in Europe;
- a leading corporate bonds market in Europe with 35% of market issues, ahead of London (27%) and Germany (10%);
• Stock market in Europe: 34 French companies listed in Paris are in the Global Fortune index 500. The CAC 40 index, the most internationalised index in the world, remains today under-priced and it represents a real opportunity for international investors looking for the highest couple risk/return, also compared to the US market.

Arnaud de BRESSON added that IPOs are on an accelerating path on Euronext, with 16 new listings and €1.7bn issued since January 2013. Almost 10 new introductions are planned before the end of this year.



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