Bank of America China Huang: Bric market hot

Reporter Ye Huiyin Hainan boao report into the Chinese market more than 30 years later, foreign commercial banks are destined to reassess their market strategy, in a more fragmented market competition.　　More importantly, the foreign firms that have been in China for many years have gradually opened up more emerging markets after China's foothold. "All the big financial institutions in the world are entering the emerging markets represented by the BRICS countries," he said. "The market is big enough and there is no life-and-death competition," said Huang, head of Bank of China, chief executive of Bank of America and China's banking department, in an interview with reporters before the opening of the Boao Forum.　　"He refers to the financial institutions, including the flowering banks he served and the Bank of America, which, on September 14, 2008, merged with Merrill Lynch to become BofA Merrill Lynch.　　Before joining BofA Merrill Lynch, Huang was the Chinese governor of Citibank and the first local governor of the first foreign-owned bank.　　He said that after the financial crisis, the world's major commercial banks a new round of development, mainly rely on the BRICS to represent the emerging markets. Take China for example.　　"Foreign commercial banks currently share only about 2% per cent of the market in China," PwC said in its 2010 report on foreign banks in China. "But it should not be overlooked that all foreign-funded businesses are growing and profits are growing, which can only mean that the market is big enough and still has a lot of potential to dig."　　"Huang said.　　He said that the current changes in the Foreign investment bank in China is a more important trend. "With the Chinese market as the representative, the major foreign commercial banks have gradually appeared two different development trends."　　"he said.　　After the reform and opening-up, HSBC, Standard Chartered, overseas Chinese, Citigroup, Bank of America, East Asia, Oriental, etc. 8 are allowed to open branches in Shanghai, these banks mainly for import and export business services, in the Chinese enterprises for all types of syndicated loans, multinational corporate finance and other business is not familiar with the period, the first batch of international business in China.　　After the Asian financial crisis and the 2008 financial crisis, foreign banks have gradually emerged from the bottleneck of China's market development. "At the moment, one of the biggest changes is that some foreign banks are advocating a strong localized competition strategy and starting to scale economies like local banks," he said. Huang said, "These banks become ' foreign local banks '. "In this scale of economic layout, including the opening of as many outlets as possible, the introduction of small difficult to simplify the product."　　Huang pointed out that the current implementation of the strategy include Standard Chartered, HSBC, Citigroup, East Asia, including the four major foreign banks in China.　　On the other hand, the foreign commercial banks, represented by BofA Merrill Lynch, JP Morgan, Deutsche and Barclays Bank, are relatively keen to continue to exploit the market in more complex products. Huang pointed out: "With BofA Merrill Lynch as the representative, we have more experience in the public and wholesale business, we will design more products in these subdivision areas." At the same time, with the continuous breakdown of foreign banks in the Chinese market, foreign banks andThe development of local banks outside China is also becoming clearer.　　Huang that, for the time being, China, represented by emerging markets in Asia, is still continuing to import resources from other Asian countries and export trade and capital flows to Europe and the United States, but this trend is changing. "Banks follow their customers, and we also follow Chinese customers to the ground in other emerging markets to win our long-term business experience." "he said. But he also stressed that domestic demand in emerging markets, represented by China, is being fully tapped and that its capital flows will change accordingly. "In addition, he revealed that the current major foreign investment banks in the internationalization of the renminbi are mouth-watering." "For example, once the renminbi bond yield curve is established and the renminbi is freely convertible, we create various hedging and value-added tools accordingly." ”