Investment Commentary Video

Investment opportunities in RMB

03-02-2012

Video Duration: 03:13

Language: Cantonese

Despite RMB deposits in Hong Kong have fallen in December, RMB is emerging as an important alternative for store of value given major international currencies such as USD and EUR are at risk of losing investor's confidence. Nixon Mak from Ping An talks about RMB opportunities.

Key Highlights

Diminishing RMB appreciation pressures and contagion from the regional sell-off of Asian currencies are the two main reasons behind the recent underperformance in the offshore RMB bond market.
In the medium term, regulations that relax the backflow of offshore RMB to the onshore markets, for example, RMB QFII and FDI will support the
CNH market.
We disagree that Chinese economy will head for a hand landing. Despite there are signs of capital outflows, it's not clear that would push for sustained CNY weakness.
China has historically demonstrated sensitivity to geopolitical events. With the US presidential elections in 2012, we expect RMB will appreciate at a gradual pace.

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FundMax
Asset Allocation Strategies

Speaker Biography

Eric Fu

Head of Wealth Development, Hong Kong
The Hongkong and Shanghai Banking Corporation Limited

Eric Fu is HSBC's Head of Wealth Development, Hong Kong, Retail Banking and Wealth Management, Hong Kong. He has overall responsibility for developing and implementing strategies for wealth management products and services in Hong Kong.

Nixon Mak

Head of Fixed Income & External Advice
Ping An of China Asset Management (HK)

Nixon joined Ping An of China Asset Management (HK) in 2008 and is responsible for managing fixed income investments. Before joining Ping An, he was a fixed income portfolio manager in various international financial institutions and has more than 13 years of investment experience.

Asian market well supported

30-01-2012

Video Duration: 09:20

Language: English

As Philip Poole explained why he sees opportunities in emerging markets in the previous video, Bill Maldonado, also from HSBC Global Asset Management, further illustrates the positive momentum in Asian markets
in 2012.

Key Highlights

Asia ex-Japan has held up better than developed markets but has still been impacted by the European debt crisis.
Expectations for growth are weak in the first quarter of 2012, and inflationary pressure is likely to continue weakening in this environment. Asian governments thus have room to ease monetary policy to
stimulate growth.
The region still remains in good shape with stronger public finances and continuation of sovereign credit ratings upgrades. Corporate earnings growth also remains supportive.
Valuations for Asian equities are very attractive and suggest a positive return in 2012.

Learn more:

FundMax
Asset Allocation Strategies

Speaker Biography

Eric Fu

Head of Wealth Development, Hong Kong
The Hongkong and Shanghai Banking Corporation Limited

Eric Fu is HSBC's Head of Wealth Development, Hong Kong, Retail Banking and Wealth Management, Hong Kong. He has overall responsibility for developing and implementing strategies for wealth management products and services in Hong Kong.

Bill Maldonado

Chief Investment Officer, Asia-Pacific
Strategy Chief Investment Officer, Equities
HSBC Global Asset Management

Bill Maldonado is HSBC Global Asset Management's CIO, Asia-Pacific and Strategy CIO for Equities globally. Based in Hong Kong, Dr. Maldonado oversees the investment strategies in the region. He has worked in the asset management industry since joining HSBC in 1993 as a European derivative-based portfolio manager.

EM fundamentals stronger

20-01-2012

Video Duration: 10:55

Language: English

As credit rating agency announced another round of rating downgrades on a number of European countries, ongoing negative news surrounding the European debt crisis is anticipated to continue for a period of time. In view of this, Philip Poole, from HSBC Global Asset Management, finds opportunities in emerging markets, where both fundamentals and valuations look superior to developed markets.

Key Highlights

European policymakers have made clear progress on the debt crisis. However, more needs to be done to convince investors that the end is approaching, and solving this problem is likely to take many years.
Meanwhile political gridlock in the US is likely to stunt progress on
deficit reduction.
As a result, global growth is likely to remain weak to moderate, and volatility is set to continue.
While emerging markets may continue to be affected by this, their much stronger fundamentals suggest that they may gradually de-couple from developed marketsin terms of real economies.

Learn more:

FundMax
Asset Allocation Strategies

Speaker Biography

Eric Fu

Head of Wealth Development, Hong Kong
The Hongkong and Shanghai Banking Corporation Limited

Eric Fu is HSBC's Head of Wealth Development, Hong Kong, Retail Banking and Wealth Management, Hong Kong. He has overall responsibility for developing and implementing strategies for wealth management products and services in Hong Kong.

Philip Poole

Global Head of Macro and Investment Strategy
HSBC Global Asset Management

Philip Poole was appointed to the current role in July 2010. Prior to that, he was Chief Emerging Markets Economist and Head of Global Emerging Markets Research for HSBC Global Markets.

Mr Poole is a highly respected investment professional, with extensive research and policy experience in emerging markets.

Domestic demand-pull growth _Part 2

13-01-2012

Video Duration: 04:40

Language: Mandarin

With inflation quickly shifting to disinflation, growth stability tops the policy agenda of Chinese authorities, suggesting more aggressive easing in the first half of 2012. On top of monetary policy, Qu Hongbin, from HSBC Global Research, suggests that there is much room to use fiscal measures to counterbalance weaker external demand.

Key Highlights

China can allow tax reductions and subsidies, mainly targeting lower income groups and small business, and raise financial supports on infrastructure projects.
China should be able to achieve a GDP growth of 8% y-o-y in 2012, with the main contribution coming from domestic demand.
RMB is likely to appreciate at a slower pace in the future as the trade-to-GDP surplus continues to decline.

Learn more:

FundMax
Asset Allocation Strategies

Speaker Biography

Eric Fu

Head of Wealth Development, Hong Kong
The Hongkong and Shanghai Banking Corporation Limited

Eric Fu is HSBC's Head of Wealth Development, Hong Kong, Retail Banking and Wealth Management, Hong Kong. He has overall responsibility for developing and implementing strategies for wealth management products and services in Hong Kong.

Qu Hongbin

Chief Economist for Greater China
HSBC Global Research

Qu Hongbin is Managing Director, Co-Head of Asian Economics Research, and Chief Economist for Greater China. Joining HSBC in 2002, Hongbin has been an economist in financial markets for 17 years. He is also a deputy director of research at the China Banking Association. He previously worked as a senior manager at a leading Chinese bank and other
Chinese institutions.

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