China Bond Outlook: Still Investable Despite Challenges

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Chief Economist

BLOOMBERG/ ECONOMICS WASHINGTON DC

Tom Orlik is Bloomberg’s Chief Economist, based in Washington DC. Previously, Tom was the Chief Asia economist for Bloomberg and China economics correspondent for The Wall Street Journal, based in Beijing. Prior to eleven years in China, he was an advisor to the UK Executive Director of the International Monetary Fund and policy analyst at the British Treasury and European Commission. He is the author of Understanding China’s Economic Indicators and China: The Bubble that Never Pops.

Martin Maciak

Head of U.S. Client Relationship, Financial Institution Department

Bank of China, New York Branch

Martin is Head of U.S. Client Relationship for Financial Institutions at Bank of China, New York Branch. Martin joined Bank of China from HSBC where he was in charge of Asia Origination & RMB Internationalization. Based in New York City, he originated and managed cross-border capital market businesses and flow businesses across Asia-Pacific, North America, and Latin America, with main focuses on RMB-denominated and Asia-related business opportunities.

Martin supervised client relationship management and collaborated across business lines for product features, enhancements, marketing, operations, and customer supports to advance businesses and drive revenues both ways in Asia-Americas corridor. He also served as Chairman of HSBC US RMB Steering Committee and Co-Chair of Regulatory Considerations Subcommittee of Michael Bloomberg’s US RMB Working Group, where he advised the US marketplace on RMB trading, clearing, management and settlement capabilities and educates corresponding operation practices and regulatory requirements.

Under his stewardship, Bank of China U.S. and HSBC U.S. was named Best RMB Bank of the year. He also pitched and won HSBC Canada, Chile and Argentina four years in a row, and first time ever in 2020 for HSBC Mexico and Uruguay were name best Renminbi Banks, by The Asset. His efforts and commitment have also led HSBC to be awarded Outstanding Member of the Year by China General Chamber of Commerce in 2016.

Martin has more than 24 years of experience in financial services and he joined HSBC in 2001 from Morgan Stanley.

Dr Xiaolin Chen

Head of International

KraneShares

Xiaolin is the Head of International at KraneShares and manages the firm’s business outside of the United States. 

She oversees efforts to solidify KraneShares’ thought leadership throughout the industry. Before joining the firm, Xiaolin was responsible for managing $70 billion in client portfolios at J.P. Morgan Private Bank. 

Xiaolin has extensive experience developing strategic asset allocation for clients globally investing across traditional and liquid alternative investments. Having lived and worked in Asia, Europe, and the U.S., Xiaolin brings an unparalleled market insight to her client engagements worldwide.  Xiaolin holds a Bachelor and PhD’s Degree in Computer Science obtained from Nottingham University in the United Kingdom.

David Zhang

Head of Foreign Institutional Business

FICC, CITIC Securities

Head of Foreign Institutional Business FICC, CITIC Securities Head of China Business Development and Chief Liaison Officer, UK, CITIC CLSA

Mr. Zhang joined CITIC Securities in 2008. He is based in London and heads CITICS’s foreign investor service for FICC, and the overall China related business in Europe at CITIC CLSA. Previously, he held a number of positions at different departments at CITICS, including investment banking, debt capital markets, and fixed income department. Prior to CITICS, Mr. Zhang worked as a senior analyst for the Office of Management and Budget for the Mayor of New York City between 2006 to 2008. Mr. Zhang is a native Chinese, with bachelor's degree from Beihang University in Beijing, and master's degree from Columbia University in New York.

RACHEL LI

China Product Manager

BLOOMBERG/ 731 LEX

Ms. Qi Li, who joined Bloomberg in 2014, is the New York based China product manager. Before relocation to US, Qi has worked in China as Bloomberg APAC Fixed Income Market Specialist for six years. Prior to her career with Bloomberg, Qi was a portfolio manager in Taikang Life Asset Management Corporation, a portfolio manager for RMB bond market in China Citic Bank and she led China fixed income team, bond and IRS market for Standard Chartered Bank(China) LTD.

Qi holds mater’s and doctor’s degree in finance from the PBC School of Finance, Tsinghua University.

Stephen Chiu

Chief Asia FX and Rates Strategist

Bloomberg Intelligence

Stephen Chiu joined Bloomberg Intelligence's FICC team on June 3, 2019 and was promoted to Chief Asia FX and Rates Strategist in November 2021. Before joining Bloomberg, Stephen acquired FX/rates trading and research experience at Bank of Tokyo-Mitsubishi UFJ. (2010-2016), and furthered his FX research career at China Construction Bank (Asia) (2016-2019).

Stephen holds a Bachelor's degree in Physics (First Class Honours) from the University of Oxford and a Master's degree in Finance (Distinction) from Imperial College London. Stephen also earned the Chartered Financial Analyst (CFA) membership in 2014.

Jason Lee

FICC Senior Associate, China Local Government Bond Markets

Bloomberg

Jason Lee joined Bloomberg Intelligence’s FICC team as the Credit, FX and Rates Associate in 2019. Before joining Bloomberg Intelligence, Jason acquired data science experience in multi-asset classes in Bloomberg Global Data (2014-2019). Jason holds a Bachelor's degree in Statistics from the University of California at Berkeley and a Master's degree in Investment Management from the Hong Kong University of Science and Technology.