Bank of China: Brexit Risks and Opportunities

The following is an article initially published by Pengpai News (澎湃新闻), an internet news portal apparently operated by Oriental Morning Post (or Dongfang Morning Post),  a paper from Shanghai. According to Radio Free Asia (RFA), the paper’s then director Lu Yan (陆炎) and  deputy editor-in-chief Sun Jian (孙鉴) were removed from their posts in summer 2012. According to the Committee to Protect Journalists (CPJ), Yu Zhengsheng (俞正声), Shanghai CCP secretary at the time, had been “unhappy” with Oriental’s stories. Sun Jian apparently re-emerged later, as the name was mentioned as the concurrent director of  Oriental Morning Post’s and Pengpai News’ economy and finance news centers, in a “People’s Daily” article published in 2015, praising the innovative practice at integrating the paper and its internet platform.

Either way, the news portal’s article about the BoC’s meetings with overseas financial administration dignitaries apparently appealed to the Communist central bankers – it was republished on the BoC’s website, two days after its original publication. Here goes.

The last meeting of G-20 finance ministers and central bank governors before the G-20 summit in Hangzhou was held in Chengdu, with [Chinese] central bank governor Zhou Xiaochuan opening intensive meetings with high monetary officials from a number of countries.

G20杭州峰会前最后一次G20财长和央行行长会议在成都召开,央行行长周小川又开启了密集会见各国财金高官模式。

According to the People’s Bank of China’s official website, Zhou Xiaochuan, on July 23, met with American treasury secretary Jack Lew, Britain’s newly-appointed chancellor of the exchequer Philip Hammond, Argentine finance minister Alfonso Prat-Gay and Argentine central bank governor Federico Sturzenegger.
That said, this kind of officially issued information is generally rather simple. For example, at the meeting with the British finance minister, the two sides exchanged views on Britain’s withdrawal from the EU, the strengthening of Sino-British financial cooperation and other issues; at the meeting with the US finance minister, the two sides mainly exchanged views on the global financial markets’ situation, about the Chinese and American economies and finances, and policy coordination under the G-20 framework; and at the meeting with the two high Argentine officials, the two sides exchanged views on the international economic and financial situation, the macroeconomic Chinese and Argentine situations, the strengthening of Sino-Argentine financial cooperation and other issues.

据中国人民银行官网消息,7月23日,周小川已先后会见了美国财长雅各布•卢、英国新任财政大臣哈蒙德、阿根廷财政部长盖伊和阿根廷央行行长斯图森内格。
不过,这类会见官方发布信息均比较简单。比如,会见英国财长,双方就英国退欧、加强中英两国金融合作等议题交换了意见;会见美国财长,双方主要就近期全球金融市场形势、中国和美国经济金融形势,以及G20框架下的政策协调等问题交换了意见;会见阿根廷两高官,双方主要就国际经济金融形势、中阿宏观经济状况,以及加强中阿两国金融合作等议题交换了意见。

Currently, Britain’s withdrawal from the EU is undoubtedly a hot topic, but the central bank didn’t disclose any details. Still, the British finance minister’s time’s itinerary suggests that while withdrawing from the EU, they didn’t forget to to sell themselves.

眼下,英国退欧无疑是热门话题,不过央行并未透露任何细节。但从英国财政部此次行程来看,他们在退欧的同时,仍不忘推销自己。

According to the Bank of China, the “Sino-British Financial Services Round Table Meeting”, organized by the British embassy and co-hosted by the Bank of China, was held in the BoC’s head office’s mansion in Beijing, on July 22. British chancellor of the exchequer Philip Hammond, British deputy chancellor of the exchequer [Mark Bowen?], British Ambassador to China Dame Barbara Woodward and other British government representatives, as well as People’s Bank, the CBRC, the State Administration of Foreign Exchange, and big financial organisations and more than 40 high-ranking officials were guests at this meeting.

据中国银行消息,7月22日,由英国大使馆主办、中国银行协办的“中英金融服务圆桌会”在北京中国银行总行大厦举行。英国财政大臣菲利浦•哈蒙德、英国财政部副部长马克•博文、英国驻华大使吴百纳女爵士等英方政府代表,以及人民银行、银监会、外管局和中英两国大型金融机构的高管共约40多人作为受邀嘉宾出席了本次会议。

Hammond said at the meeting that the British economic fundamentals after the “Brexit” referendum remained fine, that Britain would continue to play an important role in the international arena, that British commerce, financial services and investment would, just as in the past, be open and competitive, and the British government would attach yet more attention to cooperation with China in the financial field.

哈蒙德在会上表示,英国公投“脱欧”后经济基本面依然良好,英国将继续在国际舞台上扮演重要角色,英国的商务、金融服务和投资领域也将一如既往地呈现开放、竞争的态势,英国政府将会更加重视在金融服务领域与中国的合作。

Chairman of the BoC board Tian Guoli said that Britain’s position in the fields of international politics, economics, and finance was highly influential. As far as Chinese and British investors were concerned, there were interdependent “risks” and “opportunities” in the “Brexit”, with both challenges and opportunities. To safeguard Chinese and British investors’ interests, there should be a continuation of promoting the two countries’ economic and trade development, global financial stability, the suggested common promotion of the building of “one belt, one road”, active participation in China’s supply-side structural reforms, the strengthening of financial cooperation, and the acceleraton of building London as an offshore center for the RMB.

中行董事长田国立则表示,英国在国际政治、经济、金融领域的地位举足轻重。对中英两国投资人而言,英国“脱欧”“危”“机”相倚,挑战与机遇并存。为守护中英投资人利益、持续推动两国经贸发展、促进全球金融稳定,建议中英双方共同推动“一带一路”建设,积极参与中国供给侧结构性改革,强化金融合作,加快伦敦人民币离岸中心建设。

At the meeting, participants discussed the two topics of “Seen from the perspective of the financial industry, Britain after the ‘Brexit’ remains a good destination for overseas investment” and “The important role of Britain as a good partner in the development and opening of the Chinese financial industry”.

会谈中,与会代表就“从金融业角度看英国‘脱欧’后仍是海外投资的良好目的地”和“在中国金融业发展开放过程中,英国如何发挥好合作伙伴的重要作用”两个议题展开讨论。

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Related

» Whose Gateway, Nov 24, 2015
» 媒体融合中, “People’s Daily” online, Sept 17, 2015
» Locomotion, Finance, Energy, July 27, 2014
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Updates/Related

» Propaganda 2.0, The Economist, Dec 13, 2014
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