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Book SynopsisCritical analysis of RMB internationalization and the coming global currency shift Renminbi Rising charts the emergence of China''s internationalizing currency and provides an in-depth analysis of the global repercussions. Written by a team of renown economics researchers, this book describes the pressures that enabled the emergence of a new global monetary system and why China''s Renminbi (RMB) became the default ''second in line'' as the U.S. receded from leadership. Policy makers and regulators will appreciate the examination of the motivations behind those driving the shift, and financial professionals will find valuable guidance in the discussion surrounding business opportunities that the RMB brings to the table. Coverage includes the emergence of new Chinese-sponsored financial institutions, the scale of various RMB businesses and the coming transformation of the global financial system. Effective management of international monetary affairs has never been moTable of ContentsList of Figures xi List of Tables xiii Foreword xv Acknowledgments xvii About the Author xix CHAPTER 1 Internationalizing the RMB 1 The Conditions for Becoming a Global Currency 2 Business and RMB 10 RMB-Product Markets 11 Reserve Currency 14 The Emerging Monetary Order 16 CHAPTER 2 The Rise and Fall of Currencies – Historical Lessons for the RMB 21 Risks in International Monetary System Transitions 23 The Role of Eurodollars in the 2008 Global Financial Crisis 26 2008: Year Zero for a New International Monetary System? 27 Conditions for Currency Internationalization: Market Demand and Institutional Supply 30 Institutional Inertia and Disruptive Events 35 Offshore Currencies and International Liquidity 36 Current International Reactions to the RMB’s Rise 41 RMB Internationalization 44 Conclusion 46 References 47 CHAPTER 3 Economic and Institutional Foundations for the Rise of the RMB 49 Economic Foundation 49 Surprises 58 New Growth Engines 60 Capital-Account Liberalization 62 Institutional Quality 68 Conclusion 80 References 81 CHAPTER 4 Can the Chinese Bond Market Support a Potential Global Renminbi? 83 Overview of the Chinese Bond Market 84 Chinese Treasury Market in International Perspective 91 A Dilemma and a Bold Public-Debt Consolidation Scheme 98 Government-Backed Debt Securities 103 Conclusion 107 References 107 CHAPTER 5 Waxing and Waning of the Chinese Stock and Banking Markets 109 Chinese Stock Market: Growing Despite Immaturity Flaws 109 A Massive Chinese Banking Market Opening 125 Conclusion 133 References 133 CHAPTER 6 Rising FX Turnover of the RMB 135 Could the Market Accommodate More Global Currencies? 135 What Determines the FX Liquidity of the RMB? 138 Potential for Rising RMB Turnover by Market Segment 143 Conclusion 149 References 150 CHAPTER 7 A Spreading Global Network for RMB Trade 151 The RMB’s International Position 152 Hong Kong Still the Dominant Offshore RMB Center 155 More Offshore Centers Catch Up to Spread a Global Network 158 Prospects for Offshore RMB Centers 164 Conclusion 169 References 169 CHAPTER 8 Brief Examples of Business Use of the Internationalizing RMB 171 Samsung’s Use of RMB to Reduce Foreign Exchange Conversion Costs 171 Alstom’s Use of RMB as Corporate Treasury Currency 173 Chinese Importers’ Profit Incentives from Use of RMB Trade Settlement: Changhong 175 Conclusion 178 Reference 178 CHAPTER 9 The RMB as a Reserve Currency 179 Global Perspectives 179 Scale of RMB Holdings 181 Drivers of Change 182 Exchanging RMB in a Crisis 190 Onshore and Offshore Access 190 Offshore Alternatives 191 Conservatives Change Course 192 Roadblocks Ahead? 193 RMB Inclusion in SDR 195 Capital-Account Reform 197 Conclusion 198 References 199 CHAPTER 10 Concluding Reflections 201 Appendix A: China RMB Financial Statistics and Forecasts by Other Institutions 207 Glossary 213 Index 215

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Book SynopsisChapter 1 Introduction.- Chapter 2 Literature Review.- Chapter 3 Is RMB Becoming Systemically Important?.- Chapter 4 Why is RMB Systemically Important?.- Chapter 5 Is RMB a Safe Haven Currency?.- Chapter 6 Conclusions.- References.

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Book SynopsisRESPATIALISING FINANCE In Respatialising Finance Sarah Hall uses the internationalisation of the Chinese Renminbi (RMB) to work through a sympathetic conceptual and empirical critique of prevailing analyses of International Financial Centres (IFCs). Her conceptual (re)framing stresses the politics, institutions and economics of IFCs and will be essential reading for all social scientists interested in the dynamism of contemporary finance and financial centres.'Professor Jane Pollard, Centre for Urban and Regional Development Studies (CURDS), Newcastle University, UKThrough detailed study of Chinese RMB internationalisation and combining analytical insights from economic geography, sociology, and international political economy, Sarah Hall shows why offshore networks anchored in territories such as the City of London are both core to global monetary and financial landscapes, and provide a key terrain for state power and politics.'Professor Paul Langley, DepartmTable of ContentsList of Figures vi List of Tables vii List of Abbreviations viii Series Editors’ Preface ix Acknowledgements x 1 Global Monetary Transformation and Respatialising the Geographies of Finance 1 Part I Theorising Changing Monetary and Financial Geographies 19 2 Thinking Geographically about States, Power and Politics in the Global Monetary System 21 3 Thinking Geographically about the International Financial System 43 Part II The Geographies of RMB Internationalisation in London 63 4 Respatialising Research in International Financial Centres 65 5 London’s Financial Centre as a Territorial Fix within RMB Internationalisation 87 6 Chinese Financial Labour Markets in London’s Financial Centre 110 7 Respatialising Financial Regulation Through Offshore RMB Market Making in London 137 8 RMB Internationalisation in Retrospect and Prospect: For Revitalised Geographies of Money and Finance 155 Index 171

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Book SynopsisA comprehensive guide to understanding and assimilating into dim sum bond markets The expansive growth of the dim sum bond market in the last five years has peaked investor interest and inspired companies to seek out investing opportunities that negate China''s capital controls. In a four-pronged approach, Dim Sum Bonds examines the development of the dim sum bond market and its role in China''s RMB internationalization policy, characteristics of dim sum bonds and its market, investors'' investment objectives and the investment performance of dim sum bonds, motivations of issuers, and underwriters'' roles in the dim sum bond market. You will familiarize yourself with every aspect of the dim sum bond market from an issuer, an investor, and an underwriter''s perspective. Academics, financial advisors, investment bankers, underwriters, investors, and policy makers should not be without this informative and detailed guide to the offshore market central to China''s internatTable of ContentsPreface xi Acknowledgments xvi List of Acronyms and Key Terms xvii Chapter 1 New Market—Developments, Opportunities, and Challenges 1 1.1 Introduction 1 1.2 Overview of the Dim Sum Bond Market 6 1.3 Policies Supporting the Growth of Offshore Renminbi 8 Chapter 2 Offshore RMB-Denominated Bonds—Dim Sum Bonds 21 2.1 Definition 21 2.2 Bond Issue Characteristics 24 2.3 Conclusion 46 Chapter 3 Issuers 49 3.1 Issuers 50 3.2 Classification of Issuers by Type of Organization 52 3.3 Classification of Issuers by Industry 60 3.4 Classification of Issuers by Domicile and by Deal Nationality 63 3.5 Motivations behind Issuers 67 3.6 Conclusion 75 Chapter 4 Investors 79 4.1 Investor Type and Mix 80 4.2 Motivation 82 4.3 Risk/Return Analysis 86 4.4 Conclusion 98 Chapter 5 Investment Banks and the Dim Sum Bond Issuing Process 101 5.1 Dim Sum Bond Issuing Process 101 5.2 Primary Issues 104 5.3 Bookrunner/Manager Rankings 116 5.4 Bond Issuing Fees 118 5.5 Retail versus Institutional Tranches 118 5.6 Conclusion 119 Chapter 6 Case Studies of Landmark Issues 121 6.1 Landmark Issues 121 6.2 Case 1: The First Dim Sum Bond and the First Chinese Financial Institution Issuer—China Development Bank (and the First 15-Year and 20-Year Bonds) 126 6.3 Case 2: The First Dim Sum Bond Issued by a China-Incorporated Foreign Bank—The Bank of East Asia (China) Limited 131 6.4 Case 3: The First Dim Sum Bond Issued by the Chinese Central Government 135 6.5 Case 4: The First Dim Sum Bond Issued by a Foreign Multinational Corporation—McDonald’s Corporation 137 6.6 Case 5: The First Dim Sum Bonds Issued by a Supranational Agency—Asian Development Bank (and the First 10-Year Dim Sum Bond) 142 6.7 Case 6: The First Dim Sum Bonds Issued by a Chinese Company, Incorporated Outside Mainland China and Listed in Hong Kong (Red-Chip Corporation)—Sinotruk (Hong Kong) Limited 145 6.8 Case 7: The First Mainland Chinese Corporation Listed in Hong Kong (H-share) Issuer of Dim Sum Bonds—Beijing Capital Land Ltd. 149 6.9 Case 8: The First PRC-listed (A-Share) Issuer of Dim Sum Bonds—Gemdale Corporation 153 6.10 Conclusion 157 Chapter 7 Conclusion 159 7.1 Review and Preview of the Development and Growth of the Dim Sum Bond Market 159 7.2 Market Participants 166 7.3 Ongoing Developments Affecting the Dim Sum Bond Market 174 7.4 Final Remarks 176 About the Authors 179 Index 181

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Book SynopsisIn the past 30 years or so, reform and opening-up are the two major themes for China's economic and social development. Since the beginning of the 21st century, China has made great explorations in the depth and breadth of opening-up. This book provides a comprehensive overview of some issues and policies of mutual benefit and win-win strategies, which include China's foreign trade and technical barriers to trade, China's technology progress, China's service outsourcing industry, China's direct investment and RMB internationalization. It is an important reference book for Chinese policy-makers, Chinese businessmen and foreigners.

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Book SynopsisRESPATIALISING FINANCE In Respatialising Finance Sarah Hall uses the internationalisation of the Chinese Renminbi (RMB) to work through a sympathetic conceptual and empirical critique of prevailing analyses of International Financial Centres (IFCs). Her conceptual (re)framing stresses the politics, institutions and economics of IFCs and will be essential reading for all social scientists interested in the dynamism of contemporary finance and financial centres.'Professor Jane Pollard, Centre for Urban and Regional Development Studies (CURDS), Newcastle University, UKThrough detailed study of Chinese RMB internationalisation and combining analytical insights from economic geography, sociology, and international political economy, Sarah Hall shows why offshore networks anchored in territories such as the City of London are both core to global monetary and financial landscapes, and provide a key terrain for state power and politics.'Professor Paul Langley, DepartmTable of ContentsList of Figures vi List of Tables vii List of Abbreviations viii Series Editors’ Preface ix Acknowledgements x 1 Global Monetary Transformation and Respatialising the Geographies of Finance 1 Part I Theorising Changing Monetary and Financial Geographies 19 2 Thinking Geographically about States, Power and Politics in the Global Monetary System 21 3 Thinking Geographically about the International Financial System 43 Part II The Geographies of RMB Internationalisation in London 63 4 Respatialising Research in International Financial Centres 65 5 London’s Financial Centre as a Territorial Fix within RMB Internationalisation 87 6 Chinese Financial Labour Markets in London’s Financial Centre 110 7 Respatialising Financial Regulation Through Offshore RMB Market Making in London 137 8 RMB Internationalisation in Retrospect and Prospect: For Revitalised Geographies of Money and Finance 155 Index 171

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Book SynopsisAdvances in Materials Science Research. Volume 34 begins with a review of results on the modelling of the plasma-assisted growth of vertically aligned carbon nanostructures (VACNs). Growth of carbon nanofibers, single-walled carbon nanotubes and other carbon nanostructures are considered, as well as studies that use the mechanistic models based on mass balance equations for species. Next, data on the application of Rayleigh and Mandelstam-Brillouin scattering (RMBS) spectroscopy to controlling the elastic, elasto-optic, optical parameters of inorganic glasses, crystals, and glass-crystalline materials is reviewed. The possibilities of using RMBS spectroscopy for research and development of materials for optical and electro-optical fiber drawing, as well as glasses doped with rare earth ions and quantum dots, are considered. The authors go on to propose that the purification of graphene from heavy metals can be performed by bombardment with noble gas clusters. The method of molecular dynamics is used to study the removal of copper, lead, and mercury from graphene by irradiating the target using a beam of Ar13 or Xe13 clusters with energies of 530 eV at angles of incidence 0, 45, 60, and 90. As an indispensable component of future flexible electronics, flexible resistive switching memories have recently garnered great interest globally. As such, a comprehensive review on the recent progress in this field is presented with a particular emphasis on materials and devices. A short discussion on the current challenges and future prospects of flexible resistive switching memories is also provided. Following this, the authors aim to present a comprehensive examination of the different catalysts used in hydroisomerization reactions, focusing: the acid support, mainly zeolites, the precious metals that offer the hydrogenating sites and the methodologies used to produce effective bifunctional catalysts. The catalysts used in industrial refining processes as well as new research trends are surveyed. A fast, efficient and versatile route for the synthesis of 4,4-diaminotriarylmethanes using Sr(DS)2 as a Lewis acid-surfactant-combined catalyst (LASCs) in the presence of N,N-dimethyl aniline and aryl aldehydes is reported in closing. LASCs not only act as a Lewis acid to activate substrate molecules, but also serve as a surfactant to form stable colloidal dispersion systems with organic substrates.

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Book SynopsisThis indispensable book provides a comprehensive analysis of monetary and financial integration in East Asia. It assesses the steps already taken toward financial integration and brings forward different proposals for future exchange rate arrangements in what has now become the world's most dynamic region.With contributions from distinguished experts this timely book evaluates the economic and politico-economic arguments and conditions for monetary and financial integration in East Asia. It explores how and to what extent the countries of the region can integrate despite their heterogeneity and their underlying political tensions. Drawing on the European experiences, this book analyzes the economic logic of monetary and financial integration in East Asia and its political feasibility.This invaluable broad analysis will be of interest to academic researchers, students, policy-makers and professional economists working on matters of international economic cooperation, common currency areas, international open economy macroeconomics, and East Asian integration.Trade Review'Towards Monetary and Financial Integration in East Asia is an important book. East Asia, led by China, has been and will continue to be the largest, most rapidly growing region in the world. Major global imbalances persist, with East Asia in large surplus. Yet East Asian financial and monetary integration is only in the early stages of what will necessarily be a long-run process. These 14 essays by different authors address, in six Parts, fundamental long-run issues and prospects. These include the development of a regional financial architecture, liquidity provision and crisis management, surveillance mechanisms, exchange rate arrangements, currency baskets, an Asian Currency Unit, and ultimately even a single currency. The implications of the rise of China and the role of Japan underlie much of these analyses. However imperfect, the EU is the dominant relevant experience for East Asian financial and monetary integration. It is important to understand, as the authors do, that it took 47 years from the EU's nascent founding to the establishment of the euro, and that economic integration has preceded political integration. This book importantly addresses such basic issues in this time frame and with an appreciation of the political economy difficulties of financial integration.' -- Hugh Patrick, Columbia University, US'The book edited by Professors Hamada, Reszat, and Volz gives a comprehensive overview of the current status and challenges of economic integration in East Asia. Monetary and financial integration in East Asia has proceeded gradually but steadily since the Asian financial crisis of 1997-98. The book is an authoritative cutting-edge collection of papers in respective topics which brings the reader to the frontier of the literature.' -- Takatoshi Ito, University of Tokyo, JapanTable of ContentsContents: Foreword Richard N. Cooper Introduction: Prospects for Monetary and Financial Integration in East Asia – Dreams and Dilemmas Koichi Hamada, Beate Reszat and Ulrich Volz PART I: THE POLITICAL ECONOMY OF REGIONAL INTEGRATION 1. The ASEAN Economic Community and the European Experience Michael G. Plummer and Reid W. Click 2. The Political Economy of European Economic and Monetary Union Negotiations and Implications for East Asia Heungchong Kim 3. International Political Conflicts and Economic Integration Koichi Hamada and Inpyo Lee PART II: DEVELOPING BOND MARKETS IN EAST ASIA 4. Learning by Doing in Market Reform: Lessons from a Regional Bond Fund Guonan Ma and Eli Remolona 5. Currency Denomination in Asian Bond Markets Eiji Ogawa and Junko Shimizu PART III: EXCHANGE RATE POLICIES IN EAST ASIA: THE ROLE OF THE DOLLAR 6. East Asia’s Role in the Revived Bretton Woods System Michael P. Dooley, David Folkerts-Landau and Peter Garber 7. Current Account Surpluses and Conflicted Virtue in East Asia: China and Japan under the Dollar Standard Ronald McKinnon and Gunther Schnabl PART IV: TOWARD MONETARY INTEGRATION IN EAST ASIA? 8. Three Cases for Monetary Integration in East Asia Ulrich Volz 9. Monetary and Exchange Rate Policy Coordination in ASEAN+1 William H. Branson and Conor N. Healy PART V: CURRENCY BASKETS FOR EAST ASIA? 10. Capital Markets and Exchange Rate Stabilization in East Asia: Diversifying Risk Based on Currency Baskets Gunther Schnabl 11. Asian Currency Baskets John Williamson 12. The Role of an Asian Currency Unit Masahiro Kawai PART VI: THE ROLE OF CHINA 13. The Illusion of Precision and the Role of the Renminbi in Regional Integration Yin-Wong Cheung, Menzie D. Chinn and Eiji Fujii 14. Institutional and Structural Problems of China’s Foreign Exchange Market and the RMB’s Role in East Asia Zhang Jikang and Liang Yuanyuan Index

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Book SynopsisAs an economic superpower, China has become an increasingly important player in the international monetary system. Its foreign exchange reserves are the largest in the world and its exchange rate policy has become a major subject of international economic diplomacy. The internationalization of the renminbi (RMB) raises critical questions in international policy circles: What kinds of power is China acquiring in international monetary relations? What are the priorities of the Chinese government? What explains its preferences? In The Great Wall of Money, a distinguished group of contributors addresses these questions from distinct perspectives, revealing the extent to which China's choices, and global monetary affairs, will be shaped by internal political factors and affect world politics. The RMB is a likely competitor for the dollar in the next couple of decades; its emergence as an important international currency would have substantial effects on the balance of powerTrade ReviewAs Helleiner (Univ. of Waterloo, Canada) and Kirshner (Cornell Univ.) affirm, discussions of China's contemporary and potential future roles in global monetary relations have usually been framedthrough the narrow lens of economic analysis. By stressing power and politics as essential determinants of Chinese monetary policies, the contributors to this timely volume's eight chapters seek to redress this deficiency, approaching the subject from a wide range of perspectives. The essayists include both China scholars and international monetary specialists, and they focus widely on the various types of international monetary power the People's Republic of China (PRC) party-state is acquiring. These include financing payment imbalances; steadily gaining greater influence in key institutions, such as the International Monetary Fund; and fostering the global status of China's currency (renminbi). At issue is whether China will basically accept the existing rules of the international monetary game, demand significant changes in those rules, or breakcompletely with the current system. The divergent explanations in these essays of the PRC's priorities and preferencesmirror Beijing's own policy ambivalence. They suggest that although China has cautiously accepted but frequently critiqued the status quo, it has thus far conspicuously failed to offer any grand scheme to replace it. -- R.P. Gardella * Choice *Eric Helleiner and Jonathan Kirshner's edited volume, which examines the role, rationale, and impact of decisionmaking in China’s monetary and financial sectors, represents an important contribution to the literature on Chinese political economy. Offering readers an accessible examination of the nexus of political economy and power politics in China, this is a valuable addition to a rather under-researched field (though published material on business and management is quite extensive). While industry stakeholders and commentators have written extensively on China’s currency reform, exchange rate policy, and IMF’s Special Drawing Rights Basket, they offer little insight into the why—the motivations, players, andpriorities—behind China’s approach to monetary policy and relations. In this volume, each chapter blends an impressive combination of research methods, expertise, and critical insights, filling this gap effectively. -- Winnie King * H-Diplo *This excellent collection of essays, derived from a conference held in 2012, centres on the question posed by its editors, Eric Helleiner and Jonathan Kirshner, in the introduction: broadly speaking, will the world's second largest economy prove to be a 'taker', ‘maker’ or ‘breaker’? -- Kerry Brown * International Affairs *The Great Wall of Money is a timely and rigorous study on the role that power and politics play in forging China's international monetary relations.... [It] is highly recommended for scholars of international political economy of money and China specialists. As the book examines both international and domestic sources of China's international monetary policy, it will leave the reader with a deep sense of carefulness when it comes to the temptation to make sweeping judgements about China's rising monetary power. -- Zhaohui Wang * China Review *Table of ContentsIntroduction: The Politics of China's International Monetary Relations by Eric Helleiner and Jonathan Kirshner1. The China Question: Can Its Rise Be Accommodated? by Benjamin J. Cohen2. The Hidden History of China and the IMF by Eric Helleiner and Bessma Momani3. Why Has China Accumulated Such Large Foreign Reserves? by David A. Steinberg4. Global Imbalances and the Limits of the Exchange Rate Weapon by Hongying Wang5. China's Engagement with International Macroeconomic Policy Surveillance by Andrew Walter6. The Limits of China’s Monetary Diplomacy by Yang Jiang7. China’s Rising Monetary Power by Gregory Chin8. Regional Hegemony and an Emerging RMB Zone by Jonathan KirshnerReferences Index

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Book SynopsisChina's Economy in the Post-WTO Environment comprises a set of concise and comprehensive chapters by leading specialists on the Chinese economy.The book explores the implications of both the extension of the market into key parts of the Chinese economy and the integration of China into the global economy. The main focus of the book is on the role and nature of China's financial system and its ability to transform enterprise and household behavior and the performance of investment finance, notably in the context of a two-way flow of foreign direct investment. All the extensive chapters highlight the issue of sustainability - some see the incompleteness of market reform as a problem; others are more willing to accept a pragmatic blending of the operation of the free market and government intervention.Containing up-to-the-minute data, this book will appeal to academic researchers who are engaged in research, as well as teaching and learning, in the fields of business studies, the Chinese economy, international business and Asia-Pacific economies. Academics and students in economics and business and business people who have an interest in China will also find much to interest them in this unique book. Contributors include: S. Ardekani, C. Chen, H. Chen, X. Chen, P. Drysdale, G.R. Durden, N. El-Haber, J. Li, K.B. Oh, C. Pang, L. Song, S. Sun, W.-M. Tian, J. Wang, Y. Wu, L. Xu, Y. Xu, J.X. Zhang, Y. Zhang, Y. Zheng, Z.-Y. Zhou, H. ZhuTable of ContentsContents: Foreword Colin White Preface Lilai Xu PART I: STOCK MARKET AND FINANCIAL SERVICES 1. Who is More Important – a Leading Power or a Close Neighbor? Yi Zheng and Heng Chen 2. Condition Constraints and Player Behavior in China’s Stock Market Huaiqing Zhu and Changfeng Pang 3. China’s Changing Demographics and their Influence on Financial Markets K.B. Oh, Xuebin Chen, Jianmei Wang, Geoffrey R. Durden and Nicole El-Haber PART II: CHINA’S FDI AND FDI IN CHINA 4. Going Global: China’s Outward Foreign Direct Investment Lilai Xu 5. Determinants of Investment Intensity of Source Economies in China Chunlai Chen 6. Foreign Strategic Investment and Banking Efficiency in China Ying Xu 7. The Role of Geographical Proximity in FDI Productivity Spillovers in China Sizhong Sun, Ligang Song and Peter Drysdale PART III: PRICE DETERMINANTS AND POLICY CHALLENGES 8. Fluctuations of Prices in the World Grain Market: Policy Responses by the Chinese Government Wei-Ming Tian and Zhang-Yue Zhou 9. RMB Appreciation or Fiscal Stimulus, and their Policy Implications James Xiaohe Zhang PART IV: DISTORTION AND ECONOMIC SUSTAINABILITY 10. From Policy-driven Opening to Institutional Opening – A Discussion on Policy-imposed Distortion in China’s Economic Development Youwen Zhang 11. Urban Sustainability: The Case of the Transportation System in Big Cities Jianling Li, Siamak Ardekani and Stephen Mattingly 12. Has Capital been Utilized Efficiently in China? Yanrui Wu Index

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Book SynopsisThis comprehensive collection provides a remarkable wealth of information and a timely assessment of China's economic development and integration with the global economy after WTO accession.Chunlai Chen brings together a distinguished group of scholars who employ economic theories, econometric modelling techniques and the latest statistics to analyse many important issues. These hotly debated topics include China's economic growth, international trade, regional trade arrangements, foreign direct investment, banking sector liberalization, exchange rate reform, agricultural trade and energy demand. Aimed at an international audience, this highly focused book will be of great benefit to academics and postgraduate students involved in Chinese economy and business studies as well as researchers in international trade and foreign investment.Trade Review'. . . this book provides a benchmark for China's global integration since its WTO accession in 2001. The 15 compilers present an intense analysis, employing economic theories, modeling techniques and the latest statistics.' -- Peter F. Eder, World Future ReviewTable of ContentsContents: Preface 1. China’s Economy After WTO Accession: An Overview Chunlai Chen PART I: ECONOMIC GROWTH AND GLOBALIZATION 2. China’s Foreign Trade: Trends and Issues After WTO Accession Kunwang Li and Xiaosong Wang 3. Capital Stock Estimates by Region and Sector Yanrui Wu 4. The WTO and China’s Transparency Requirements Vivienne Bath 5. What Does a Free Trade Area of the Asia-Pacific Mean to China? Tingsong Jiang and Warwick McKibbin PART II: FOREIGN DIRECT INVESTMENT AND EXCHANGE RATE 6. Characteristics of FDI Firms in China After WTO Accession Chunlai Chen 7. Foreign Banks in China: Market Segmentation and Expanded Presence in the Post-WTO Environment Lilai Xu 8. The Impact of the RMB Revaluation on China and the World Economy James Xiaohe Zhang PART III: AGRICULTURAL TRADE AND ENERGY DEMAND 9. China’s Grain TRQs: Five Years Since WTO Accession Zhangyue Zhou and Xia Kang 10. The Impact of the ASEAN-China Free Trade Area on China’s Economy and Regional Agricultural Development Jun Yang, Huanguang Qiu and Chunlai Chen 11. Linking Economic Development with Demand for Energy: A Discontinuous Estimation of Energy Demand Elasticity Ligang Song and Yu Sheng Index

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Book SynopsisSynthetic securitization and structured products are revolutionizing the financial industry and changing the way banks, institutional investors and securities traders do business both domestically and globally. While potentially beneficial, these important instruments are complex structures that are often misunderstood and frequently mishandled.Table of ContentsPreface to the Second Edition. Preface to the First Edition. Part 1: Securitization: Concepts & Markets. 1. Securitization and structured finance. Basic meaning of securitization. Securitization of receivables. Securitization and asset-backed finance. Securitization and structured finance. The big picture of securitization of finance. Securitization as a tool of risk management. Economic impact of securitization. The alchemy of securitization: Is the sum of parts more than the whole? Risks inherent in securitization. Securitization terminology. 2. Securitization: Methodology, structures, Motivators and Demotivators. Modus operandi of securitization briefly explained. Economic substance of securitization: where does the alchemy lie? Features of securitization of receivables. Securitization and factoring. Securitization and ring fencing. Asset classes. Broad types of securitization structures. Direct portfolio transfers. Pass-through structure. Pay-through structure. Collateralized mortgage obligation bonds. Future flows of securitization. Advantages of securitization for the issuer. Advantages to the investors. Threats in securitization. 3. The world of securitization. Part II: Financial Substance and Ratings. History of securitization. The life cycle of securitization. Present state of securitization (US, Europe, Central America, Asia, The Pacific). Trends in global securitization. 4. Structuring and credit-enhancing securitization transactions. Basics of securitization structuring. Structuring variables. Parties involved Steps in a securitization transaction. Credit enhancements. Originator credit enhancements. Structural credit enhancements. Third-party credit enhancements. Sizing of credit enhancements. Liquidity enhancements. Pay-down structure. Maturity of the securities. Profit extraction devices. Cashflow waterfall. 5. Understanding the nature and risks of asset-backed securities. Asset-backed securities and the underlying collateral. Risks in asset-backed securities. Modelling of asset risks. 6. Understanding prepayment risk in asset backed securities. Prepayment as a risk. Prepayment risk in asset-backed securities. Prepayment risk in mortgage pools. Prepayment modeling. Static prepayment models. The PSA prepayment model. The CPR and the other static models. Dynamic or econometric prepayment models. Projection of interest rates. Prepayments for adjustable rate mortgages. Prepayment model for commercial mortgages. Prepayment models for non-U.S. pools. 7. Understanding default risk in asset backed securities. Nature of default risk – default as an option. The option to default on mortgages. Default rates as a function of seasoning. Default risk for different securities. 8. Cashflow modeling for asset-backed securities. Constructing the cashflow model. Understanding the asset and its repayment over time. The factors that affect asset cashflows. The factors that affect the factors that affect cashflow. Understanding transaction structure. Modelling a real life case. Stress testing the model. 9. Securitization: Financial evaluation for the originator. Securitization: The quantifiables and the non-quantifiables. Securitization versus the unknown. The NPV of originator’s residual interest. Impact of prepayment. Factors affecting originator’s residual interest. Expected value of originator’s residual interest. 10. Investor evaluation of asset-backed securities. Spreads inherent in asset-backed securities. Understanding of duration. Understanding of convexity. Impact of prepayment on ABS investments. Computation of option-adjusted spread. Understanding default risk. 11. Rating of securitization transactions. Structured finance ratings vs other fixed income ratings. Rating agency concerns. The rating process. Rating models. Differences between structured finance and corporate finance ratings. What credit ratings do not rate. Servicer evaluation. Role of ratings in structured finance. Part 2: Securitization: Asset classes and applications 12. Residential mortgage-backed securitization. Mortgage funding systems. Government support to housing finance. Why secondary mortgage markets. Origin of the secondary mortgage markets. Overview of the US RMBS market. Secondary mortgage market in other countries. Structuring of RMBS transactions. Case studies of RMBS. Home equity loans securitization. Manufactured home loans. Investing in the MBS market. Mortgage bonds. 13. Commercial mortgage-backed securitization. What is CMBS? CMBS market. Types of CMBS. Structure of a CMBS transaction. Case study: GMAC’s 2001WTC transaction. Case study: Canary Wharf – a Typical UK CMBS. Investing in CMBS: Performance of CMBS. 14. Credit cards securitization. Nature of credit card debt. An overview of the market. Transaction structure. Development of the master trust structure. Components of a credit card structure. 15. Auto loan securitization. Forms of car funding. Auto loans securitization market. Collateral quality. Typical structures. Specific issues in auto loan securitization. Case Study – Daimler-Chrysler Auto Trust. 16. Equipment Lease Securitization. Investing in equipment lease securitizations. 17. Collateralized Debt Obligations. What is a CDO? Types of CDOs. Growth of the CDO market. Balance sheet CDOs. Arbitrage CDOs. Market value CDOs. Ramp up period. The CDO manager. The CDO investors. The CDO trustee. Credit enhancer ad swap counterparty. Managing the assets of CDOs. Asset quality tests. Cashflow coverage tests. Resecuritization or structured finance CDOs. Distressed debt CDOs. Hedge fund CDOs or fund of funds. Investing in CDOs. Risks in CDO investment – structure and collateral risks. Taxation of CDOs. Legal issues specific to CDOs. CDOs and index trading. Current problems facing the CDO sector. Rating agencies approaches to CDOs. 18. Asset-backed commercial paper. Genesis of asset-backed commercial paper. The ABCP market. Types of ABCP conduits. ABCP collateral. Credit enhancements structure. Liquidity support. Parties to an ABCP program. Rating of ABCP conduits. Case study: Spinnaker Capital ABCP Program. 19. Future flows securitization. What future flows are securitizable. Why future flow securitization? Types of future flow deals. Structural features. Existing asset, future income: A case of toll revenues securitization. Servicing risks in future flows. The future flows market. Legal taxation and accounting issues. Experience with future flows. 20. Whole business and operating revenues securitization. Market development. Methodology. Structural and credit enhancements. The legal basis. Businesses where whole business securitization is possible. Why SPV in a whole business structure. Case study: South East Water (Finance) Ltd. 21. Other miscellaneous asset classes. Securitization of intellectual property. Securitization of non-performing loans. Government receivables. Financial future flows. Inventory securitization. Insurance securitization. 22. Synthetic securitization and other risk transfer devices. Cash vs synthetic securitization. Advantages of synthetic securitization over cash transfers. Inefficiencies of a synthetic securitization. Distinction between cash-funded and synthetic securitization. Balance sheet and arbitrage synthetic securitization. Elements of balance sheet synthetic securitization. Arbitrage synthetic CDOs. OC and IC triggers for synthetic CDOs. Pay-down structure. Evolution and growth of synthetic securitization. Investing in synthetic CDOs. Insurance risk securitization and other methods of alternative risk transfer. Part IV: Technical and Operational Aspects. 23. Legal issues in securitization. The significance of legal issues in securitization. Why are securitization legal issues complicated? Securitization: The big picture. What are the main legal issues? Securitization and loan obligations. The true sale question. Case law on true sale. The factors that make or mar a true sale. Factors in determination of a sale. Methods of transferring receivables. Legal system and assignment of receivables. Procedure for assignment of actionable claims. Equitable assignment. Stamp duty on securitization. Avoiding stamp duty by shifting jurisdiction. Stamp duties on transfer of securities of the SPV. Stamp duty on securitization transactions: Indian case. Stamp duty relaxations in other countries. Secured loan structures. Legal issues in synthetic structures. Bankruptcy remote securitization. Organizational forms of SPVs. Bankruptcy remoteness of SPVs. Consolidation of the SPV. Legal rights of the investor: Legal nature of the investor’s right. Legal nature of a future flow securitization. Legal issues in arbitrage transactions. Ideal legal framework for securitization. UNCIRAL initiative for uniform law on assignment of receivables. 24. Legal documentation for securitization. Basic structure of documentation. The pooling and servicing agreement. Servicing covenants. The trust deed. 25 Operational issues in securitization. Significance of operational risk. Types of servicers. Servicer strengths. Servicer qualities. Servicing transition. Backup service. Reporting by the servicer. Role of trustees in operation of the transaction. Fraud risk. 26 Tax issues in securitization. Concept in tax neutrality or tax transparency. Substance of the transaction: sale or financing. Tax treatment in the originators’ hands. Tax treatment of the Special Purpose Vehicle (SPV). U.S. taxation rules for securitization. Thin capitalization rules and SPV taxation. Taxation of SPVs where no specific provisions exist: India. Deductibility of expenses by the SPV. Tax treatment in the hands of the investors. Withholding taxes. 27. Accounting for securitization. Securitization accounting in flux. The basic accounting rule: Substance over form. Development of accounting principles on securitization. Sale treatment vs loan treatment. Pre-conditions for sale treatment. Pre-conditions for sale accounting. Qualifying SPV. Sale treatment – balance sheet and revenue impact. Retained interest valuation in a real life case. Gain on sale accounting. IAS 39 Revised and securitization. Financing treatment and linked treatment. Comparative view of sale and financing treatment. Disclosures by the originator. Accounting by the SPV. Consolidation of SPV accounts with the originator. Consolidation of variable interest entities under U.S. Attaining sale treatment for accounts and loan treatment for taxes. Accounting for revolving asset securitizations. Accounting for future flow securitization. Investor accounting. Other securitization accounting standards. Servicing rights and QSPE amendments. 28. Regulation AB: Securities regulation on asset-backed securities. 29. Regulatory and economic capital in securitization. The regulator’s concerns. Background of regulatory concerns. Overview of Basle-II norms. Basic approach to securitization. Pre-requisites for regulatory relief. Generic principles of securitization. Capital rules under standardized approach. Internal ratings-based approach. U.S. regulatory requirements: Historical. Basle IA. FSA UK’s guidelines for capital relief. EU capital directive. Regulatory requirements in other countries. Securitization and economic capital. 30. Investing in securitization instruments. Part V: Investing in Asset-backed Securities. Distinguishing between securitization instruments and other fixed income investments. Investors’ concerns in securitization investments. Performance of securitization investments. Evaluation of an ABS investment. Index. Tables of Cases.

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Book SynopsisDevelop the skillset essential to successful securitisation swaps management Securitisation Swaps is a complete practitioner's guide to this unique and complex class of derivatives. This detailed examination follows the entire life cycle of securitisation swaps to give quants, structurers, traders, originators, issuers and lawyers a common reference for understanding their shared objective. Broad in scope to provide a common-ground perspective yet detailed enough to promote full understanding the discussion takes a distinctly cross-disciplinary approach that encompasses the multi-faceted knowledge base required to successfully execute these complex trades. Despite the fact that the size of the market is trillions of dollars in notional principal, securitisation swaps have thus far been neglected in both academic and practitioner literature. The numerous stakeholders that work together on these complex deals will all greatly benefit from a thorough underTable of ContentsAbout the Author xiii Foreword xv Acknowledgements xix Chapter 1 Introduction 1 Chapter 2 Overview of Structured Funding 5 Funding 5 Funding Instruments 7 Securitisation 8 The Securitisation Process 8 Structured Funding Participants 9 Asset and Cash Flow Transformation 16 Summary of Securitisation 18 Master Trusts 18 Securitisation and the GFC 21 Covered Bonds 22 Documentary Framework 24 Offer Document 24 Subscription Agreement 25 Sale Agreement 25 Trust Documentation 25 Servicing Agreement 27 Swaps 27 Ancillary Service Provider Documentation 28 Structured Funding Markets 31 Risks 32 Credit Risk 32 Market Risk 32 Liquidity Risk 33 Prepayment Risk 33 Extension Risk 34 Downgrade Risk 34 Operational Risk 35 Legal Risk 35 Chapter 3 Asset-Backed Debt Structures 37 Loan Pool Dynamics 37 Derivation of Eq. (3.1) 38 Pool Amortisation 42 Securitisation Structures 42 Standalone Structures with Pass-Through Tranches 42 Standalone Structures with Bullet Tranches 47 Standalone Structures with Controlled Amortisation Tranches 48 Tranche Conservation Laws 49 Master Trust RMBS Structures 50 Credit Card ABS Structures 55 Covered Bond Structures 57 Hard Bullets 57 Extendible Maturity Structures 58 Comparison of Structures 59 Chapter 4 Swaps in Structured Funding 61 An Overview of Vanilla Swaps 61 Interest Rate Swaps 61 Cross-Currency Swaps 64 Vanilla Swap Pricing 66 Asset Swaps 68 Liability Swaps 70 Standby Swaps 72 Swap Priority and Flip Clauses 74 Chapter 5 Swap Prepayment Risk 79 What is Swap Prepayment Risk? 79 The Expected Swap Schedule 80 Balance Guarantee Swaps 83 Re-Hedging 84 What Factors Drive Prepayment Rates? 90 Monte Carlo Modelling of Swap Prepayment Risk 91 Working with a Mixed Measure 92 Modelling Prepayment 93 Modelling the Market Risk Factors 96 Simulation Methodology 97 Greeks, Hedging and VaR 103 Computing Greeks 103 Hedging 104 Value-at-Risk 106 XVA 108 Computing XVA for Swaps with Prepayment Risk 108 Intermediated Asset Swaps 109 Mitigation Strategies 110 Risk Transfer 110 Controlled Amortisation Structures 111 Reducing Prepayment Volatility via Diversification 112 Due Diligence and Surveillance 114 Duty of Continuous Disclosure 115 Step-Ups 116 System Issues and Whole-of-Life Deal Management 116 Trade Capture 116 Trade Maintenance 117 Risk Systems 118 Chapter 6 Swap Extension Risk 119 What is Swap Extension Risk? 119 Examples of Extension Risk 121 Dependence on the Capital Structure: Standalone SPVs 126 Extension Risk in UK RMBS Master Trusts 127 Covered Bond Extension Risk 127 A Simple Pricing Framework for 1-Factor Stochastic FX 128 Full Pricing Framework in a Multi-Factor Setting 132 Mitigation Strategies 133 Pre-Trade Structuring versus Real-Time Hedging 133 Pre-Trade Structuring 135 Real-Time Hedging 138 Stress Testing 139 Chapter 7 Downgrade Risk 141 Rating Agency Criteria 142 Criteria Specifics 144 Examples 146 Legal Aspects 149 Updates of Counterparty Criteria 151 Trade Capture and System Challenges 153 The Competitive Landscape for Third-Party Swap Providers 155 Basel III and the Liquidity Coverage Ratio 157 Liquidity Transfer Pricing 159 Constructing the LTP Curve 161 Updating the LTP Curve 162 Contingent Funding Valuation Adjustment 162 What Is CFVA? 162 Costs and Probabilities 163 The CFVA Calculation 165 Revaluation and Hedging 170 Risk Limits 171 Tenor 172 Currency 172 Purpose 172 Mitigation Strategies 172 Choice of Rating Agencies 173 Contractual Protections 174 Optimum Implementation of Counterparty Criteria 174 Risk Transfer 176 Collateralisation from Day One 176 Replacement Risk 177 Replacement of the Swap Provider 178 Third-Party Guarantors 178 Restructuring 179 Mitigants 179 Chapter 8 Deal Management 181 Pricing 181 The Total Swap Cost 181 Pricing Transparency 183 Execution Charges 184 Deal Checklist for Swap Providers 185 Closing the Deal 186 The Pricing Call 186 Executing the Documents 187 Covered Bond Coupon Rounding 187 Market Risk Management 188 Measurement 189 Monitoring 189 Governance and Risk Limits 189 Inform and Act 190 Future Regulation 193 Accounting 194 Fair Value 194 Revenue Reserves 196 Fair Value Hierarchy of Valuation Inputs 197 Glossary 199 References 201 Index 203

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Book SynopsisA serious source of information for those looking to reverse engineer business deals It's clear from the current turbulence on Wall Street that the inner workings of its most complex transactions are poorly understood. Wall Street deals parse risk using intricate legal terminology that is difficult to translate into an analytical model. Reverse Engineering Deals on Wall Street: A Step-By-Step Guide takes readers through a detailed methodology of deconstructing the public deal documentation of a modern Wall Street transaction and applying the deconstructed elements to create a fully dynamic model that can be used for risk and investment analysis. Appropriate for the current market climate, an actual residential mortgage backed security (RMBS) transaction is taken from prospectus to model by the end of the book. Step by step, Allman walks the reader through the reversing process with textual excerpts from the prospectus and discussions on how it directly transferTable of ContentsPreface. Acknowledgments. About the Author. CHAPTER 1: Introduction. The Transaction. The Documents. The Process. How This Book Works. CHAPTER 2: Determining Dates and Setting Up Timing. Differences in Timing Approaches. A First Look at the Prospectus. Important Dates. Transforming Dates and Timing from Words to a Model. Model Builder 2.1: Reversing Dates and Timing. Conclusion of Dates and Timing. CHAPTER 3: Creating Asset Cash Flow from Prospectus Data. It’s All in the Prospectus Supplement. The Basics of Amortization. Performance and the Prospectus Supplement. Delinquency. Loss. Prepayment. Recovery. Creating Cash Flow. A Complex Implementation. Model Builder 3.1: Entering in the Raw Asset Information. Model Builder 3.2: Entering in the Default and Prepayment Assumptions. Model Builder 3.3: Interest Rates and Additional Asset Amortization Inputs. Model Builder 3.4: Introducing VBA and Moving Data In and Out of the Model. Model Builder 3.5: Loading Loan Performance Assumptions into VBA. Model Builder 3.6: Global Functions. Model Builder 3.7: Loan-Level Asset Amortization. CHAPTER 4: Setting Up Liability Assumptions, Paying Fees, and Distributing Interest. Identifying the Offered Securities. Model Builder 4.1: Transferring the Liability Information to a Consolidated Sheet. The Liability Waterfall: A System of Priority. Model Builder 4.2: Starting the Waterfall with Fees. Interest: No Financing Is Free. Model Builder 4.3: Continuing the Waterfall with Interest Paid to the Certificate Holders. More on Waterfalls and Wall Street’s Risk Parsing. Model Builder 4.4: Mezzanine Interest. Continuing the Waterfall: It Only Gets More Complicated. CHAPTER 5: Principal Repayment and the Shifting Nature of a Wall Street Deal. Model Builder 5.1: The Deal State and Senior Principal. Mezzanine Principal Returns. Model Builder 5.2: The Mezzanine Certificates’ Priority of Payments. Number Games or Risk Parsing? CHAPTER 6: Credit Enhancement Mechanisms to Mitigate Loss. Model Builder 6.1: Excess Spread, Overcollateralization, and Credit Enhancement. CHAPTER 7: Auditing the Model. Model Builder 7.1. CHAPTER 8: Conclusion of Example Transaction and Final Thoughts on Reverse Engineering. Mortgage Insurance and Servicer Advances. Reverse Engineering in the Current and Future Market. Appendix. Automatic Range Naming. About the CD-ROM. Index.

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Book SynopsisTheoretical Basis and Practice of Financial Innovation and Cooperation in City Clusters.- Financial Cooperation, Diversified Development and City Cluster Construction.-International Cases of Financial Innovation Cooperation in City Clusters and the Perspective of the Bay Area.- Positioning Strategies of Financial Innovation and Cooperation in City Clusters in the Light of Zhuhai-Macao Cooperation.- Financial Market Innovation, Paths of Cooperation and Practices in Zhuhai and Macao.- Macao Meeting the Needs of the RMB Market in Portuguese-speaking Countries, Providing Room for Innovative Cooperation between Zhuhai and Macao.- Promoting the Mutual Development of Macao's Offshore Financial Market and Zhuhai's Cross-border Financial Market.- Promoting the Convergence of Financial Derivatives Market in Zhuhai and Macao with the Main Focus on Gold and Bulk Commodities.- Cross-border Financial Cooperation as the Main Path to Promote the Transformation of Financial Services in Zhuhai and Macao.- Financial Innovation and Cooperation within City Clusters during the Establishment of Export Insurance Credit System in Macao with the Aid of Zhuhai.- Opportunity of the Zhuhai-Macao Cooperation in Financial Market in Developing Green Finance.- Focusing on the Development of Zhuhai-Macao City Cluster and the Cooperation between China and Portuguese Speaking Countries to Promote Macao's Financial Leasing Industry.- Paths for Macao to cooperate with Zhuhai to promote the development of wealth management.- Etc...

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Book SynopsisThe definitive guide to fixed income securitiesâupdated and revised with everything you need to succeed in todayâs marketThe Handbook of Fixed Income Securities has been the most trusted resource for fixed income investing for decades, providing everything sophisticated investors need to analyze, value, and manage fixed income instruments and their derivatives. But this market has changed dramatically since the last edition was published, so the author has revised and updated his classic guide to put you ahead of the curve. With chapters written by the leading experts in their fields, The Handbook of Fixed Income Securities, Ninth Edition provides expert discussions about: Basics of Fixed Income Analytics Treasuries, Agency, Municipal, and Corporate Bonds Mortgage-Backed and Asset-Backed Securities The Yield Curve and the Term Structure Valuation and Relative Value Credit Analysis PortfoliTable of ContentsPrefaceAcknowledgmentsContributors PART ONE: INTRODUCTION1. Overview of the Types and Features of Fixed Income Securities2. Risks Associated with Investing in Fixed Income Securities3. The Structure of Interest Rates PART TWO: BASICS OF FIXED INCOME ANALYTICS4. Bond Pricing, Yield Measures, and Total Return5. Measuring Interest-Rate Risk6. Data Science and the Corporate Credit Markets PART THREE: TREASURY, AGENCY, MUNICIPAL, AND CORPORATE BONDS7. U.S. Treasury Securities8. Agency Debt Securities9. Municipal Bonds10. Corporate Bonds11. Leveraged Loans12. Structured Notes and Credit-Linked Notes13. Commercial Paper14. Floating-Rate Securities15. Inflation-Linked Bonds16. Non-U.S. Sovereign Bonds17. The Emerging Markets Debt18. Fixed Income Exchange Traded Funds19. Nonconvertible Preferred Stock20. Private Infrastructure Debt PART FOUR: MORTGAGE-BACKED AND ASSET-BACKED SECURITIES21. An Overview of Mortgages and the Mortgage Market22. Agency Mortgage Passthrough Securities23. Agency Collateralized Mortgage Obligations24. Stripped Mortgage-Backed Securities25. Nonagency Residential Mortgage-Backed Securities: Legacy, RMBS 2.0, and Non-QM26. Covered Bonds27. Commercial Mortgage-Backed Securities28. Credit Card Asset-Backed Securities29. Securities Backed by Auto Loans and Leases, Equipment Loans and Leases, and Student Loans30. Collateralized Loan Obligations PART FIVE: THE YIELD CURVE AND THE TERM STRUCTURE31. Overview of Forward Rate Analysis32. A Framework for Analyzing Yield-Curve Trades33. Empirical Yield-Curve Dynamics and Yield-Curve Exposure34. Term Structure Modeling with No-Arbitrage Interest Rate Models PART SIX: VALUATION AND RELATIVE VALUE35. Relative Value Trading36. Valuation of Bonds with Embedded Options37. Valuation of Mortgage-Backed Securities38. Convertible Securities39. Risk Neutral Pricing of Convertible Bonds PART SEVEN: CREDIT ANALYSIS40. Credit Analysis for Corporate Bonds41. The Credit Analysis of Municipal General Obligation and Revenue Bonds42. Credit-Risk Modeling PART EIGHT: PORTFOLIO MANAGEMENT AND STRATEGIES43. Introduction to Bond Portfolio Management44. Trading in the Bond Market45. Bond Indexes and Bond Portfolio Management46. Quantitative Management of Benchmarked Portfolios47. Factor Investing in Fixed Income Securities48. Active Factor Fixed Income Investing49. Introduction to Multifactor Risk Models in Fixed Income and Their Applications50. Analyzing Risk from Multifactor Fixed Income Models51. Cash-Flow Matching52. Building Corporate Bond Portfolios53. Managing the Spread Risk of Credit Portfolios Using the Duration Times Spread Measure54. Constructing and Managing High-Yield Bond Portfolios55. Corporate Bonds and ESG56. Global Credit Bond Portfolio Management57. International Bond Portfolio Management58. Factor Investing in Sovereign Bond Markets59. Hedge Fund Fixed Income Strategies60. Financing Positions in the Bond Market PART NINE: DERIVATIVE INSTRUMENTS AND THEIR APPLICATIONS61. Introduction to Interest-Rate Futures and Options Contracts62. Pricing Futures and Portfolio Applications63. Controlling Interest-Rate Risk with Futures and Options64. Interest-Rate Swaps65. The Valuation of Interest-Rate Swaps and Swaptions66. The Basics of Interest-Rate Options67. Interest-Rate Caps and Floors68. Credit Derivatives69. Credit Derivative Valuation and Risk PART TEN: PERFORMANCE ATTRIBUTION ANALYSIS70. Principles of Performance Attribution71. Performance Attribution for Portfolios of Fixed Income Securities72. Advanced Topics in Performance Attribution Index

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Book SynopsisThis book studies China’s international relations, development strategies and development path. It provides an objective and in-depth analysis of areas including international relations in the context of China’s population and resource environment, ways to strengthen China’s external competitiveness, strategies for economic security and China’s trade currency, Sino-US relations in the 21st Century, geopolitical strategy and great renaissance of Chinese culture. The book analyzes the difficulties, challenges and unique features of China’s economic and social development. Further, it examines long-term and short-term social and economic issues as well as the difficulties in dealing with the issues. It provides objective and realistic suggestions for realizing China’s dream of the great rejuvenation of the nation. It is a valuable source of reference for researchers and practitioners interested in China’s development. Table of ContentsChapter I Introduction1. Difficult Road to Renaissance 2. China’s International Relations and Strategies and its development 3. An Analysis of China’s International Relations from Economic Perspective: A New Logical Framework Part I The International Relations of Population Resources and EnvironmentChapter II Development: Global Strategy of the Balance of Population Potential and Resource1. Being defeated without fighting: Chinese Ethnic Civil Quality Decline2. Main Resource Demands and Gaps3. Global Strategy of the Population and Resource in the futureChapter III Global Warming and China’s Development 1. The Position of China in the Negotiation of Global Climate2. China’s Strategies3. Discussion on China’s Environment Strategy in 21st Century Part II Strengthening the External Competitiveness of ChinaChapter IV The Current situation and Gaps of China’s Competitiveness in Science and Technology1. The Position of the Science and Technology Competitiveness of China in the World 2. Surpassing Strategies in Science and Technology 3. Summary and Forecast: Innovation-orientated Country and the Pattern of National Competitiveness Part III China’s Trade and Monetary StrategiesChapter V China’s Trade in Economic Globalization 1. Four Keys to the Climbing the value chain Strategies2. Trade Strategies for Realizing a Mutually BeneficialChapter VI China’s Development and World Monetary System in the future1. The Trend for Currency Appreciation2. Strategies for RMB Appreciation and Avoiding Exchange Rate Losses3. RMB Internationalization4. World Monetary System Comes into BeingPart IV Sino-U.S. in the 21st Century and Geopolitical strategyChapter VII Interest Conflict between the U.S. and China and Strategies for dealing with it.1. Forecast for the Interest Conflict between the U.S. and China2. The Strategies of China and the U.S. for National Interests.3. China’s Game Strategies to the U.S.Chapter VIII Gains and Costs from the Sino-American Game 1. What the U.S. Gains from the Sino-African Game Strategies2. Costs of the War between China and the U.S. 3. Costs and Benefits of the Game Strategies in the Cooperation of China, the U.S. and Africa4. Third Party Profits in the Game Strategies in the Cooperation of China, the U.S. and Africa5. Conclustion: Cooperative Game Strategies between the U.S. and China<Chapter IX China’s Geo Environment and Relation Strategy1. China’s Order of National Benefits in the World 2. Policies of China’s Geo Strategies Part V The Peaceful Revival of Chinese CivilizationChapter X Soft Power and Chinese Civilization 1. Evaluation of China’s Cultural Soft Power: Strengths and Weaknesses2. Goals and Strategies of China’s Cultural Development in the first half of 21st Century3. Specific Strategies in China’s Cultural Development in the Future4. ConclusionChapter XI The Road for Peaceful Development and the Renaissance of Chinese Ethnic 1. Road for Development2. Great Renaissance for Chinese Ethnic

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Book SynopsisTable of ContentsIntroduction 1 About This Book 1 Foolish Assumptions 3 Icons Used in This Book 4 Beyond the Book 4 Where to Go from Here 5 Part 1: Getting Started with Chinese 7 Chapter 1: Chinese in a Nutshell: The Spoken Word 9 Grasping Chinese Dialects 10 Pīnyīn Spelling: Beijing, Not Peking 11 Sounding Off: Basic Chinese Sounds 12 Starting off with initials 13 Ending with finals 14 Perfect pitch: Presenting . . . the four tones! 15 Adding Idioms and Popular Expressions to Your Repertoire 17 Chapter 2: The Written Word: Checking Out Chinese Characters 21 Perusing Pictographs, Ideographs, and the Six Scripts 22 The Chinese Radical: A Few Clues to a Character’s Meaning 24 Following the Rules of Stroke Order 25 Rule 1 25 Rules 2 through 9 25 Up, Down, or Sideways? Deciphering the Direction of Characters 26 Traditional versus Simplified Characters: When to Use Which 28 Using a Chinese Dictionary . . . without an Alphabet! 29 Chapter 3: Warming Up with the Basics: Chinese Grammar 31 The Basics of Chinese Nouns, Articles, and Adjectives 32 Nouns 33 Definite versus indefinite articles 36 Adjectives 38 Getting into Verbs, Adverbs, Negation, and Possession 39 Verbs 39 Adverbs 44 Bù and méiyǒu: Total negation 44 Getting possessive with the particle de 47 Asking Questions 47 The question particle ma 47 Yes/no choice questions using bù between repeating verbs 47 Interrogative pronouns 48 Chapter 4: Getting Started with Basic Expressions: Nǐ Hǎo! 51 Making Introductions 52 Acquainting yourself 52 Introducing your friends and family 52 Asking people for their names 53 Greeting and Chatting 55 Addressing new friends and strangers 55 Conversing around the clock 56 Talking about the weather 59 Finding out where people are from 61 Taking (that is, rejecting) compliments 63 Saying goodbye 63 Chapter 5: Getting Your Numbers, Times, and Measurements Straight 65 Counting in Chinese 66 Numbers from 1 to 10 66 Numbers from 11 to 99 67 Numbers from 100 to 9,999 68 Numbers from 10,000 to 100,000 and beyond 69 How ’bout those halves? 69 Ordinal numbers 70 Asking how many or how much 70 Telling Time 71 Asking and stating the time 71 Specifying the time of the day 71 Save the Date: Using the Calendar and Stating Dates 75 Dealing with days of the week 76 Naming the months 77 Specifying dates 77 Celebrating Chinese holidays 80 Sizing Up Weights and Measures 81 Chapter 6: Speaking Chinese at Home 85 Hanging Out at Home 85 Hunting for an Apartment 86 Decorating Your New Digs 89 Appointing Your Rooms, Fēngshuǐ Style 89 The bedroom 91 The bathroom 92 The kitchen 92 The living room 93 The basement 94 The attic 95 Part 2: Chinese in Action 97 Chapter 7: Getting to Know You: Making Small Talk 99 Establishing a Connection 99 Posing simple introductory questions 102 Chatting about family 103 Making small talk on the job 105 Talking about where you live 108 Chapter 8: Dining Out and Shopping for Food 111 All about Meals 112 Satisfying your hunger 112 Sitting down to eat and practicing proper table manners 114 Getting to Know Chinese Cuisines 115 Dining Out 116 Understanding what’s on the menu 118 Placing an order and chatting with the waitstaff 125 Dipping into some dim sum 127 Finding the restrooms 128 Finishing your meal and paying the bill 129 All the Tea in China 130 Taking Your Chinese to Go 131 Making comparisons 131 How much is that thousand-year-old egg? 132 Chapter 9: Shopping Made Easy 137 Going to Stores 137 Getting What You Want at a Department Store 140 Just browsing 141 Asking for help 141 Shopping for Clothes 143 What’s your size? 143 Comparing quality: Good, better, best 145 Comparing two items 146 What are you wearing? Chuān versus dài 149 Asking about the color and material 150 Shopping for Other Items 151 Hunting for antiques 152 Getting a Good Price and Paying 153 Negotiating prices at the night market 153 Paying for your purchase (or demanding a refund) 154 Chapter 10: Exploring the Town 157 Attending a Performance 157 Exploring different types of music 158 Buying a ticket 160 Asking whether someone has done something 160 Exploring Museums and Galleries 161 Visiting Historical Sites 163 Going to the Movies 165 Hopping Around Bars and Clubs 167 Chapter 11: Taking Care of Telecommunications 169 Getting Familiar with Telephone Terms 169 Going Mobile with a Cellphone 171 Making a Phone Call 172 Calling your friends 173 Ringing hotels and places of business 174 Phoning a client 175 Sorry, I Can’t Take Your Call Right Now 177 Listening to messages that people leave you 177 Recording and understanding greeting messages 177 Leaving messages 178 Checking Your Email 180 Going Online 182 The Great Wall Firewall, That Is 183 Chapter 12: Chinese at School and Work 187 Going to School 188 Schools and supplies 188 Teachers and subjects 189 Exams and semesters 190 Degrees and diplomas 191 Settling into Your Office Digs 192 Conducting a Meeting 195 Scheduling and planning a meeting 195 Making the initial greeting 196 Starting the meeting 198 Making a presentation 198 Ending the meeting 199 Discussing Business and Industry 201 Chapter 13: Recreation and Outdoor Activities 207 Naming Your Hobbies 208 Exploring Nature 210 Tapping into Your Artistic Side 213 Striking Up the Band 213 Playing on a Team 215 Part 3: Chinese on the Go 219 Chapter 14: Planning a Trip 221 Talking about When You Want to Travel 221 Celebrating the Chinese Holidays 222 Where To? Deciding on a Destination 223 Passports and Visas: Don’t Leave Home without ’Em 227 Packing for Your Trip 228 Enlisting the Help of a Travel Agency 229 Chapter 15: Making Cents of Money 233 Staying Current with Chinese Currency 234 Rénmínbì (RMB) in the PRC 234 Xīn Táibì in the ROC 235 Hong Kong dollars 236 Singapore dollars 236 Exchanging Money 236 Spending Money 239 Using cash 240 Paying with plastic 241 Doing Your Banking 242 Making withdrawals and deposits 243 Accessing an ATM 244 Tips on Tipping 244 Chapter 16: Getting Around 249 Flying Around the Airport 249 Making it past the check-in counter 250 Boarding your flight 253 Going through customs 254 Navigating Around Town 257 Hailing a cab 257 Hopping on the bus 260 Riding the rails 262 Chapter 17: Asking for Directions 267 Avoiding 20 Questions: Just Ask “Where?” 267 Different strokes for different folks: Saying nǎr versus saying nǎlǐ 269 Getting direction about directions 270 Understanding the answers to “where” questions 271 Expressing Distances (Time and Space) with Lí 274 Using Ordinal Numbers to Clarify Points of Reference 276 Specifying Cardinal Points 276 Chapter 18: Finding a Place to Stay 281 Making a Room Reservation 282 Checking In Before You Hit the Pool 285 Taking Advantage of Hotel Service 287 Counting on convenience 287 Getting problems fixed 288 Checking Out Before Heading Out 292 Chapter 19: Handling Emergencies 297 Calling for Help in Times of Need 297 Receiving Medical Care 298 Deciding whether to see a doctor 299 Describing what ails you 300 Discussing your medical history 305 Making a diagnosis 306 Treating yourself to better health 308 Calling the Police 308 Acquiring Legal Help 309 Part 4: The Part of Tens 311 Chapter 20: Ten Ways to Learn Chinese Quickly 313 Listen to Chinese Being Spoken 313 Check Out a Peking Opera Performance 314 Cook with a Wok 314 Shop for Food in Chinatown 314 Search Online 315 Watch Kung-Fu Flicks 315 Exchange Language Lessons 315 Make Chinese Friends 316 Study Chinese Calligraphy 316 Be Curious and Creative 316 Chapter 21: Ten Things Never to Do in China 317 Never Accept a Compliment Graciously 317 Never Make Someone Lose Face 318 Never Get Angry in Public 318 Never Address People by Their First Names First 318 Never Take Food with the Wrong End of Your Chopsticks 319 Never Drink Alcohol Without First Offering a Toast 319 Never Let Someone Else Pay the Bill Without Fighting for It 319 Never Show Up Empty-Handed 320 Never Accept Food, Drinks, or Gifts Without First Refusing a Few Times 320 Never Take the First “No, Thank You” Literally 320 Part 5: Appendixes 321 Appendix A: Chinese-English Mini-Dictionary 323 Appendix B: Chinese Verbs 355 Appendix C: Fun & Games Answer Key 359 Index 365

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Book SynopsisChinese outward direct investment (ODI) is growing rapidly in recent years. As an important phenomenon in the global economy, China's ODI deserves more thorough analysis. This book looks at China's ODI activities from multi-perspectives. With the rebalancing of China's own structural growth and China's shift towards a net capital exporter, her initiatives such as One Belt One Road (OBOR) have brought profound implications to the traditional super-sovereign or multilateral financial and investment cooperation mechanism. As her investment destinations and investment methods become more diversified and sophisticated, this book offers unique and refreshing insight into China's ODI activities.The book covers the whole range of history and policy development of China's ODI and analyses China's ODI trends and characteristics in the recent years. It reviews China's major policy changes after the Third Plenary Session of the 18th Central Committee of the Communist Party and how they mTrade Review'Over the last decade, China rapidly became a major player in global investment. In recent years, China’s Outward Direct Investment (ODI) already surpassed its inward Foreign Direct Investment (FDI). Against this background, the editors of this volume, both from China Investment Corporation, China’s sovereign wealth fund established a decade ago, assembled an impressive and diversified group of more than 30 academics, policy makers, business consultants and investment professionals from inside and outside China to contribute to a wide range of analysis on China’s ODI. The result is a timely and valuable book, which in my view will benefit those who want to understand the economic, business and investment logic of the rise of China’s ODI, to interpret related government policies, and to think about its global implications.' — Yingyi Qian, Professor and Dean, School of Economics and Management, Tsinghua University'This book provides a valuable examination of China’s emergence as a global economic powerhouse—from a global manufacturing hub to a global investor. It details, from a variety of perspectives, the shifting focus of Chinese overseas investment, including the role of state and private entities, the consequences for rebalancing of China’s domestic patterns of growth, and the experiences of a variety of Chinese firms and entrepreneurs. These are understudied areas that warrant much more attention. From World Factory to Global Investor is an important contribution. It provides a window into China today and an important dimension of its likely future economic priorities.' — Merit E Janow, Dean, School of International and Public Affairs, Professor of Practice, International Economic Law & International Affairs, Columbia University'Over the last decade, China rapidly became a major player in global investment. In recent years, China’s Outward Direct Investment (ODI) already surpassed its inward Foreign Direct Investment (FDI). Against this background, the editors of this volume, both from China Investment Corporation, China’s sovereign wealth fund established a decade ago, assembled an impressive and diversified group of more than 30 academics, policy makers, business consultants and investment professionals from inside and outside China to contribute to a wide range of analysis on China’s ODI. The result is a timely and valuable book, which in my view will benefit those who want to understand the economic, business and investment logic of the rise of China’s ODI, to interpret related government policies, and to think about its global implications.' — Yingyi Qian, Professor and Dean, School of Economics and Management, Tsinghua University'This book provides a valuable examination of China’s emergence as a global economic powerhouse—from a global manufacturing hub to a global investor. It details, from a variety of perspectives, the shifting focus of Chinese overseas investment, including the role of state and private entities, the consequences for rebalancing of China’s domestic patterns of growth, and the experiences of a variety of Chinese firms and entrepreneurs. These are understudied areas that warrant much more attention. From World Factory to Global Investor is an important contribution. It provides a window into China today and an important dimension of its likely future economic priorities.' — Merit E Janow, Dean, School of International and Public Affairs, Professor of Practice, International Economic Law & International Affairs, Columbia UniversityTable of ContentsIntroduction and OverviewPart I: Review of Chinese Outward Direct Investment1. Overseas Direct Investment by Chinese Enterprises: A Survey (2005–2016) (Chen Meng, Zhihua Lyu and Chunyang Jiang)2. From ‘World Factory’ to International Capacity Cooperation: China’s Evolving Role in the Global Value Chain (Xuedong Ding)3. China’s Economic Transition and Overseas Direct Investments (Lawrence J. Lau)4. Challenges in GVC and ODI Development: What Can China Do? (Jiong Gong, Xinding Yu and Zhongxiu Zhao)5. Chinese Outward Foreign Direct Investment – An Opportunity to Revisit International Business Theory (Peter J. Buckley)Part II: Policy Development and Implications6. Recent Changes in China’s Outbound Investment Policies and Their Implications (Zucai Hu)7. China Builds up Free Trade Areas to Facilitate OFDI (Xiangchen Zhang)8. Asian Infrastructure Investment Bank (AIIB): A New Mechanism for Global Financial Cooperation (Yaobin Shi)9. RMB Internationalization: History and Outlook (Jun Ma and Huaizhu Xie)10. Japan’s Experience of Foreign Investment and China’s Policy Options (Wenling Chen and Guanqun Mei)Part III: The Dynamics of Chinese ODI11. From Active Buyers to Active Owners (Gordon Orr and David Cogman)12. Execution is the Strategy: The key to Lenovo’s Success in IBM PC Division Acquisition (Chuanzhi Liu and Neng Liang)13. Why Go Global? The Logic behind Investing Overseas (John Zhao)14. The Dynamics of Chinese Outbound Investment – Challenges and Case Studies (Andrew Wood and Yu Cao)15. Capitalizing on Opportunities and Tackling Major Legal Challenges and Risks: A Practitioner’s Perspective (Joseph C. Shenker, Chun Wei and Jordan Oreck)Part IV: Chinese ODI in A Global Context16. Policy Implications of FDI on Financial Sector Development (Andrew Sheng)17. The History and Evolution of Chinese Companies Going Global: What to Expect in the Years Ahead (Yibing Wu)18. Chinese Investment in the UK: Great Expectations? (Lord Sassoon and Giles Blackburne)19. The "New Normal" and Its Implications for Chinese Investment in Africa (Jacko J.H. Maree and Jeremy J. Stevens)20. The Return of Bilateralism: China, Post-Brexit Britain and Trump (Erik Berglof and Vince Cable)Part V: Conclusion21. Summary and Conclusions (Xuedong Ding and Chen Meng)

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Book SynopsisShandong is a thriving economic centre with a Gross Regional Domestic Product of RMB 6.3 trillion in 2015, the third-highest in China. It is also the third-largest province by land area in the country with the second-largest resident population of 98,470,000. With such impressive characteristics, Shandong's urbanisation rate had quickly expanded from 45 percent in 2005 to 57 percent in 2017. As such, in line with the growing affluence of the province, the people's ever-growing demand for urban development in areas such as infrastructure, public services, education and environmental protection has exceeded the provision of such facilities.In view of these developments, the Asia Competitiveness Institute (ACI) at the Lee Kuan Yew School of Public Policy (LKYSPP), National University of Singapore (NUS) developed Shandong's first city-level index which assesses the levels of urban development and liveability for each city. The ranking and simulation analysis via the Urban Composite Development Index for 17 Shandong cities was constructed to provide an empirically robust framework to better understand the quality of urban development of Shandong cities in a comprehensive and rigorous manner, while at the same time highlight important policy implications for further growth and development. Further, this publication incorporates key elements which ensures that the construction of the index is unique, empirically sound and relevant to Shandong's development in the context of China.Overall, the analysis provided in this book relates to the broad dimensions of urban development of Shandong cities and can stand up to academic scrutiny as it is based on rigorous methodological foundations. In addition, the study will remain accessible and appealing to policymakers as it offers tailored policy recommendations based on the analysis that will enable them to take appropriate policy interventions in each city to improve their overall performance in urban development. This research will help to identify the strengths and weaknesses of each city and empower policymakers to formulate more effective development strategies.

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Book SynopsisIn a complex political and environmental global landscape, it has never been more critical for global organizations to understand the past, present, and future of Chinese corporate governance: this book is the key. Leveraging her dual-cultural background and using a board-level practitionerâs lens, Lyndsey Zhang offers insights that will help the global business community better understand Chinese companiesâ corporate governance practices and economic development journeys, shorten the learning curve for global business leaders and investors, and explore different economic models that better suit emerging markets. She addresses important questions such as:â How does the Chinese government manage to retain its controlling position in Chinese companies while still making them attractive to global investors?â What are the drivers for Chinese companiesâ future corporate governance improvement?â What is Chinaâs position on the worldwide ESG and climate change movements?â How can global practitioners feel less like navigating in the dark when working with Chinese companies?This book will be an invaluable resource for anyone seeking to understand the rapidly changing world of Chinese corporate governance, including global investors, senior executives in multinational corporations, consultants, financial and political policymakers, business and law students, and researchers.Trade ReviewWith her unique Chinese and American background in both business and academia, Lyndsey Zhang explains the “Compressed Journey” of Chinese corporate governance development using a number of case studies. Through addressing the success stories and upcoming challenges of Chinese companies’ global growth, Lyndsey points out the necessity of the ongoing evolution of the “China Model” and the emergence of the Model's recognition by the global community. Understanding Chinese corporate governance is essential for working with and investing in Chinese companies while comprehending the China Model provides a profound implication in the rising influences of emerging markets economies and the most suitable models to facilitate their growth. I would recommend this book to the business community, business school lecturers and students, and anyone who is interested in unlocking how Chinese culture is deeply rooted in Chinese companies' business and governance practices.—Professor Lourdes S. Casanova, Senior Lecturer of Management and the Gail and Robert Cañizares Director of the Emerging Markets Institute, Cornell UniversityLyndsey Zhang makes an important contribution to understanding how Chinese companies make decisions. Evolving over a relatively short period, China's corporate governance regime differs in many ways from Western frameworks, whether in terms of executive compensation and incentives, succession planning, risk governance, share ownership structures, audits, transparency, regulations and more. This book uses case studies to illustrate these differences and what they mean for anyone doing business with or investing in companies based in China.—Michele Wucker, author of THE GRAY RHINO and YOU ARE WHAT YOU RISK Global progress on ESG issues requires China to be all in on the subject, and this excellent book would be an important read as a result for any Chinese corporation, public or otherwise, to consider what's best for their own future, and therefore is an imperative read for investors as well.–Cary Krosinsky, Lecturer at Brown, NYU and Yale UniversityI enjoyed reading and strongly recommend Lyndsey Zhang's unique book: Understanding Chinese Corporate Governance: A Practical Guidance for Working with Chinese Partners.Why? Because the profoundly different assumptions and business norms of Western and China business are more-or-less impossible for most Western businesspeople to understand China's current corporate governance and emerging developments.To intelligently evaluate and explain China's corporate governance, you have grown up immersed in both Western and Chinese business cultures in order to understand the differences and operate adroitly rather than clumsily in one or the other very different mindsets and business cultures. Very few people have that experience and expertise.Fewer still are able, as Lyndsey does, to effectively explain China from a Chinese perspective to non-Chinese readers that have entrenched tendencies to judge all matters of corporate governance by non-Chinese norms. As a result, non-Chinese, even those with substantial China business experience don't "get" what is going on in China's corporate governance or in China as a nation. Non-Chinese tend to see China through non-Chinese assumptions. That does not work well for us now that China has grown in a single lifetime into the world second largest economy because it has both Chinese and socialist characteristics.Lyndsey's book explains, for example, the astonishing success of what has been called "The China Puzzle." Westerners have assumed only their type of corporate governance work. that a socialist economy in which politics govern business could not produce the astounding wealth and rapid economic and social development China's existing system of corporate governance has produced. But, China's socialist system with Chinese characteristics is poised to suddenly be and be seen to be the largest and in some ways the most advanced economy in the world. Lyndsey's book is unique because it combines that required dual cultural understanding immersion with real world high level Western and China executive experience and native Chinese and fluent English language skills required. She has lived, worked, researched and written a practical business book.Lyndsey knows the Western academic corporate governance practices and literature and provides very astute and up-to-date real time explanations of key topics and developments in China's evolving corporate governance and business norms and rules. Her book briefs readers on the latest developments and emerging developments in China business practice and regulation.Lyndsey's book includes chapters providing an overview of Chinese SOE and non-SOE corporate governance and risks, what is driving China's changing corporate governance developments, key Chinese and international drivers of Chinese corporate governance changes, ESG in China and the world, factors reshaping China's social and regulatory systems such as the current 5-year plan and China's Social Credit System. She explains how China's government is focusing on building a high-quality regulatory system. She also briefs readers on China's regional agreements and partnerships such as the Regional Comprehensive Economic Partnership, Belt & Road Initiative and China-Africa collaboration, RMB internationalization and digital RMB, the future of Hong Kong. In reviewing these developments she offers recommendations and a timetable for China's Governments Corporate Governance Reform.Lyndsey explains how Chinese business practice is emerging, in key respects, as more advanced than Westerners may presume because Chinese start-up companies are blazing innovative new paths to excellence and rapid global growth and significance. Many Chinese companies Lyndsey presents original case studies on are world leaders with new ways of doing business on a scale that only China's massive population and the world's most rapid economic development makes possible.–John Millian-Whyte, Chairman & CEO Protection Gap Green Finance (Bermuda) Ltd. Chairman Global Weather Risk Exchange, American China Partnership FoundationTable of ContentsForeword. Acknowledgement. List of Case Studies. Introduction. Part One – A Compressed Journey. Chapter 1 – Overview of Chinese Corporate Governance. Chapter 2 – Chinese Companies’ Key Corporate Governance Risks. Chapter 3 – What is Driving China’s Corporate Governance Development? Part Two – ESG In Action. Chapter 4 – The Rise of the ESG Movement in China. Chapter 5 – Driving ESG Revolution from China to the World. Part Three – Reshaping Social and Regulatory Systems. Chapter 6 – Building a High-Quality Social System. Chapter 7 – Building a High-Quality Regulatory System. Part Four – The Key Geopolitical Elements of Chinese Corporate Governance. Chapter 8 – Regional Agreements and Partnerships. Chapter 9 – RMB Internationalization. Chapter 10 – The Future of Hong Kong. Key Recommendations. Conclusion. Appendix 1. China’s Corporate Governance Regulation Reform Timetable. Appendix 2. Beautiful China ESG 100 Index Table 2020 – 2021. Appendix 3. List of Acronyms. Appendix 4. More Readings. Appendix 5. List of Interviewees. Index. About the Author

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Book SynopsisManaging urologic cancer by preserving, as opposed to removing, affected tissue, is rapidly becoming the favoured choice for urologists and oncologists. Discover all available options and how to achieve the best possible patient management with this expert guide to the area. The editor, Mark Schoenberg, is an internationally-renown expert in this exciting new area and has recruited an outstanding team featuring some of the leading urologists/oncologists in North America and Europe to assist him.Table of ContentsList of Contributors xiii Preface xvii Cancer Genetics, Cancer Biology, and Tumor Growth and Metastasis: The Interaction of Cancer and Its Host Environment 1Mark C. Markowski and Kenneth J. Pienta Renal Cell Carcinoma 1 Bladder Cancer 3 Prostate Cancer 6 References 12 Pathological Basis of Tumor Characterization: Cytopathology, Surgical Pathology, and How Histo]Morphology Informs Treatment Decision Making 19Oleksandr N. Kryvenko and Fadi Brimo The Kidney 23 The Urothelium 27 The Testis 29 References 30 The Immunobiology of Tumor Ablation 33Rafi Kabarriti and Chandan Guha Manipulating the Immune System to Fight Cancer 33 Can We Take Advantage of Ablative Therapies to Activate the Immune System? 34 Immunomodulatory Properties of HIFU 35 Immunomodulatory Properties of Cryotherapy 36 Immunomodulatory Properties of Radiation Therapy 37 References 38 Computed Tomography of Urologic Malignancies: The Role of MDCT in Renal Cell Carcinoma and Transitional Cell Carcinoma 41Siva P. Raman and Elliot K. Fishman Introduction 41 MDCT Protocol Design 41 Three]Dimensional Reconstructions 44 Neoplasms of the Intrarenal Collecting Systems, Ureters, and Bladder 45 Solid Renal Parenchymal Lesions 49 Conclusion 55 References 55 MRI and Metabolic Imaging 59Louise Dickinson, Francesco Fraioli, Athar Haroon, and Clare Allen Magnetic Resonance Imaging 59 MRI Sequences 59 Clinical Applications of MRI for Prostate Cancer 61 Clinical Applications of MRI for Renal Cancer 63 Clinical Applications of MRI for Bladder Cancer 64 New Advances in MRI 65 Metabolic Imaging 66 Clinical Applications of PET–CT for Prostate Cancer 69 Active Surveillance for Low]Risk Prostate Cancer 113Laurence Klotz Introduction and Background 113 Rationale 113 Genetic Features of Low]Grade Prostate Cancer 114 Metastatic Potential 115 Limitations of PSA Kinetics 116 Role of MRI 116 Implications for Patient Management 117 Eligibility for Surveillance 118 Outcome of Surveillance 119 Modeling 119 AS in Practice 121 Conclusions 121 References 122 Tissue]Preserving Surgical Approaches in Urologic Oncology: The Therapeutic Mechanism for Tumor Ablation 127Ganesh Kartha and J. Stephen Jones Introduction 127 Cryoablation: Extreme Cold for Tumor Necrosis 128 Conclusion 130 References 130 Focal Therapy for Prostate Cancer: An Evidence]Based Approach to Tissue]Preserving Strategies 133Kara L. Watts, Yaalini Shanmugabavan, Victoria Chernyak, and Hashim Uddin Ahmed Introduction 133 Key Concepts in FT for PCa 134 Tissue]Preserving FTs 135 Cryotherapy 135 HIFU 137 Salvage Focal/Hemiablation HIFU 140 IRE 141 Radiation 142 Additional Therapies 143 Implications for Research 144 Conclusions 144 References 145 The Modern Basis for Nephron]Sparing Surgery in Patients with Renal Cancer: Biologic Heterogeneity, the Significance of Tumor Biopsy, and the Changing Roles of Partial Nephrectomy and Tumor Ablation 151Jeffrey J. Tomaszewski, Robert G. Uzzo, and David Y.T. Chen Introduction 151 Principal Treatment Options for SRMs and the Basis for Nephron Preservation 152 Comparative Effectiveness of Radical versus NSS 153 Rationale for Ablative Therapies 154 Treatment Trends for Stage I RCC 157 The Role of RMB 158 Challenges Posed by Intratumoral Heterogeneity 161 Conclusions 161 References 162 Bladder]Preserving Strategies in the Treatment of Urothelial Cancer: The Disease Spectrum and the Dawn of Molecular Surgical Guidance 169Stephan Kruck and Arnulf Stenzl Augmented Cystoscopy 170 Fiber]Optic Probe Technology 171 Conclusion 172 References 172 Image]Guided Thermal Ablation of Adrenal Malignancies 175Kyungmouk Steve Lee, Bradley B. Pua, and Stephen B. Solomon Introduction 175 Clinical Results 175 Preprocedural Evaluation 176 Technical Considerations 178 RFA 178 Microwave Ablation 179 Cryoablation 180 Complications 180 Follow]up 181 Conclusion 182 References 182 Managing Penile Cancer: Integrating Tissue Preservation, Energy]Based Therapeutics, and Surgical Reconstruction 185Arthur L. Burnett Introduction 185 Description 186 Diagnosis and Staging 186 Treatment 189 References 193 Testis Cancer: Testis]Sparing Cancer Surgery 199Nilay M. Gandhi and Pravin K. Rao Introduction 199 Imaging of Testicular Tumors 199 Bilateral Tumors 201 The Advent of Testis]Sparing Surgery 201 Concerns about TSS 201 Indications for TSS 204 Preoperative Considerations and Surgical Technique 204 Postoperative Care and Follow]Up 207 Considerations Regarding Surgical Technique 207 Outcomes of TSS 208 Summary 209 References 210 Nanotechnology: An Evolution in Tissue Preservation and Focal]Targeted Oncologic Therapy 213Kara L. Watts and Joshua M. Stern Introduction 213 Introduction to Nanotechnology 214 Types of Nanoparticles 214 Delivery and Use of Nanoparticles 217 Nanotechnology in Prostate Cancer 219 Imaging in Prostate Cancer 219 Therapeutics in Prostate Cancer 221 Nanotechnology in Renal Cancer 223 Nanotechnology in Other Urologic Cancers 224 Limitations of Nanoparticles 224 Future Directions and Conclusions 225 References 226 Trial Design Issues in the Study of Focal Therapy in Prostate and Kidney Cancer 233John B. Eifler and David F. Penson Issues around Endpoints in Studies of Focal Therapy 234 Issues around Defining the Study Population and the Control Arms of Comparative Studies in Focal Therapy 237 Issues around Selecting the Optimal Study Design in Focal Therapy 238 Conclusion 238 References 239 Index 000

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Book SynopsisChina is urbanizing at an unprecedented speed. Filmmakers, artists, musicians, and writers all try to come to terms with the changes of their city. How is the Chinese city-as-spectacle, visualised and thus imagined and reimagined, if not contested, in art and popular culture? What are the possible escape routes from a completely commodified cityscape? How to realign artistic expressions of the spectacle with everyday practices? The imaginations of the Chinese city in art and popular culture that this book explores are not taken as merely mirroring or reflecting ŸrealityŒ, on the contrary, they are part and parcel of the construction, destruction and deconstruction of that ŸrealityŒ. As such, these imaginations are enmeshed in the social, material and political realities that produce Chinese cityscapes. Spectacle and the City: Chinese Urbanities in Art and Popular Culture brings together essays by an interdisciplinary team of experts on Chinese cities, including world-renowned scholars like Ackbar Abbas and Chua Beng Huat, as well as leading cultural critics like Ou Ning. Aiming to steer away from an exclusive focus on Mainland China, the adjective Chinese has a cultural meaning and includes places like Singapore and Hong Kong.Table of ContentsAcknowledgements Introduction: Imagining Chinese Cities JEROEN DE KLOET AND LENA SCHEEN 1 Speed and Spectacle in Chinese Cities ACKBAR ABBAS 2 Planned Demimonde and its Aestheticisation in Singapore City CHUA BENG HUAT 3 Coming of Age in RMB City ROBIN VISSER 4 The Architecture of Utopia: From Rem Koolhaas’ Scale Models to RMB City YOMI BRAESTER 5 Fantasies of a Disappearing and Reappearing Chinese City JEROEN DE KLOET 6 Tuning Urban China JEROEN GROENEWEGEN 7 The City’s (Dis)appearance in Propaganda STEFAN LANDSBERGER 8 Claiming the Past, Presenting the Present, Selling the Future: Imagining a New Beijing, Great Olympics GLADYS PAK LEI CHONG 9 Shanghai in Film and Literature: The Danger of Nostalgia GREGORY BRACKEN 10 Nostalgia, Place, and Making Peace with Modernity in East Asia MARGARET HILLENBRAND 11 Femme Fatales and Male Narcissists: Shanghai Spectacle Narrated, Packaged and Sold LENA SCHEEN 12 City Regeneration and Its Opposition OU NING 13 Law, Embodiment, and the Case of “Harborcide” JOHN NGUYET ERNI

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Book SynopsisBeginning in 1967 and for just over 30 years, the oil industry toiled in the relative obscurity of Northern Alberta as machines peeled away earth and boreal forest to exhume what has now become one of humanity''s most precious and contentious resources: bitumen. As the years passed, the bitumen mines sprawled, poisonous tailings ponds spread, toxins polluted the environment, cancer reared its head downstream and the price of petroleum soared beyond all expectations. As plans continue to build the Keystone and Northern Gateway pipelines, a growing number of scientists, journalists, First Nations and environmentalists are fighting to raise the alarm about the implications and propaganda surrounding the world''s largest energy project. In his second RMB Manifesto, Jeff Gailus dissects the global war on truth that has come to define the battle for oil. It is a battle fought not with bullets and bombs but with a dark web of Little Black Lies that poses a threat not only to environmental and human health, but to our moral and social well-being.

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Book SynopsisOriginally published in 1954, Annora Brown's Old Man's Garden is a Canadian classic that tells the story of Southern Alberta's native plants and wildflowers through art and in consideration of Indigenous traditional knowledge from the region.Accompanying the new RMB edition of Old Man's Garden, Sidney Black of Fort Macleod, the Indigenous Anglican Bishop for Treaty 7, provides his own commentary about Annora's art and writing in relation to the Blackfoot, while independent art curator Mary-Beth Laviolette broadens the story about the artist's contribution to Canadian art.Also included in this new edition are full-colour images of Annora's later paintings of Blackfoot lodges (tipis) and regalia, the dramatic landscape of the Oldman RIver region such as Waterton National Park, and her abiding, lifelong regard for the flora of her homeland.According to Annora Brown, Old Man's Garden is a book of gossip about the flowers of the West. A one-of-a-kind work featuring 169 black-and-white drawings of flowers and native plants, this classic text is about more than botany. Throughout its pages there is a sparkle to her stories of early exploration and settlement, her concern for conservation, and her regard for the Blackfoot Nation.

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