Chinese Fixed Income: Time to Divest or to Diversify?

Anna Stupnytska

Global Macro Economist

Fidelity International

Anna Stupnytska is Global Macro Economist at Fidelity International. Working closely with investors across asset classes, she is part of Fidelity’s Global Macro & SAA team, responsible for developing research on key macroeconomic themes and their associated implications for markets, informing tactical and strategic asset allocation. Anna joined Fidelity in 2014 from Goldman Sachs, where in the role of Macroeconomist, first as part of Global Investment Research and then part of Asset Management, she was a leading member of the team famed for coining the concept of BRICs. Her career began in 2004 in Merrill Lynch’s Investment Banking Group. Anna holds a first class MA (Hons) degree in Economics from the University of Cambridge and a Masters of Philosophy in Economics (with Distinction) from the University of Oxford.

Freya Beamish

Head of Macro Research

TS Lombard

Freya Beamish is Chief Economist at TS Lombard. Freya began her career in Hong Kong, covering China. Freya’s successful calls span policy, cyclical forecasting and secular shifts. In 2013, using the Lombard architecture of flow of funds analysis, she highlighted unsustainability of Asian borrowing before the taper tantrum shake out. In 2016, she showed how building financial fragilities in Japan’s ex­ternal balance sheet would force the Bank of Japan to switch to yield curve control. During her time covering China, her development of liquidity indicators helped her consistently to forecast Chinese cyclical trends, and decode opaque PBoC monetary objectives. In 2020, her forecast of China’s Q1 GDP contraction in the eye of the Covid storm was the closest among Bloomberg forecaster contributors, lending weight to her real GDP estimates, at a moment when the authorities chose to reveal all in their official GDP print. Last year, Freya’s liquidity analysis and characterisation of the global economy and equities as stuck in a pincer between a heating US labour market and globally slowing growth turned out to be prescient, ahead of the peak in the S&P. Recently, Freya has been focussed on the implications of the new geopolitical era for valuations.

Dr. Hanyang Chen

Managing Director

FICC, CICC

Dr. Chen Hanyang, who joined CICC in May 2021, is a Managing Director in the FICC department, based in London. He is responsible for setting up CICC’s FICC business in the UK and Europe. Prior to CICC, Dr. Chen was a senior trader at Citi Bank in Hong Kong, managing all offshore RMB related cross currency books. He also set up and ran the Interest Rate and FX trading business at CITIC Securities International (CSI) in Hong Kong. Before, CSI, Dr. Chen was with Credit Suisse, where he was Head of USD Interest Rate Exotics Trading globally, and European Head of Longevity Market Trading, out of various locations including London, New York and Hong Kong. Between 1995-2008, Dr. Chen had worked in London with various other North American and European banks, mainly running derivatives trading books/desks at increasing levels of responsibilities. Dr. Chen is a graduate of the Gifted Juvenile Class at University of Science and Technology of China, with a B.S. in physics. Dr. Chen holds a D.Phil of Engineering Science from the University of Oxford.

Jianheng Chen

Managing Director, Chief Strategist and Head of Fixed Income Research

CICC Research

Mr. Chen joined CICC in 2005. With many years of experience in bond research, Chen has accumulated profound knowledge in analyzing macroeconomy and bond investment strategies. Chen was awarded the Golden Bull Award of Best Analyst by China Securities Journal in 2018-2020, and the top 1 Best Local Currency Bond Individuals in Research in China by The Asset in 2018-2021. Chen received his Master’s degree and Bachelor’s degree in Finance from Tsinghua University. CICC Fixed Income Research team has stayed on top 3 in Best Analyst in Bond Research by New Fortune for 16 consecutive years, including top 1 in 2007, 2009-2011, and 2017. The team also stayed on top of Crystal Ball Awards for Sell-side Analysts by Capital Week in 2009-2011, 2015-2018, and 2020.

Ning Lin

Managing Director

AM CICC HK

Ning Lin is Managing Director of CICC Hong Kong Asset Management Limited. He started at Lehman Brothers in Tokyo from 1999, and worked also at Nomura International after the merger in 2008, as the main trader of exotic rates, FX and hybrids portfolio across major G10 and EM currencies. From 2010 to 2016, he worked at UBS as a Managing Director and APAC fixed income trading head. He was one of the firm-wide “key risk taker” (KRT). Mr. Lin also served as Executive Officer (EO) representing UBS AG under HKMA. Lin was Partner and CEO of 9M Stone Capital Limited before joining CICC in 2017. Mr. Lin holds a Master’s degree in Business and is also a CFA® charter-holder. Mr. Lin was named “CEO of the Year, Hong Kong” by Asia Asset Management in January 2022.

Dr Wensheng Peng

Managing Director, Chief Economist and Head of Research Department

CICC

Dr. Peng Wensheng is the Chief Economist and Head of Research at the China International Capital Corporation Limited (CICC)，and also the Executive Dean of the CICC Global Institute. He was the Chief Economist and Head of Research at Everbright Securities from October 2016-May 2020, Global Chief Economist and Head of Research at CITIC Securities from 2015-2016, and Chief Economist for the CICC from 2010-2014. From 2008 to 2010, he was Head of China Research at Barclays Capital. Prior to that, he worked at the Hong Kong Monetary Authority for ten years, serving as Head of Economic Research Division and Head of Mainland China Affairs Division at different points of time. From 1993 to 1998, he worked as an Economist for the International Monetary Fund (IMF) in Washington, D.C. Dr. Peng received a Bachelor’s degree in Economics from Nankai University in 1986, and continued to study at the postgraduate school of the People’s Bank of China. He received Master’s degree in Banking and Finance, and PhD in Economics from University of Birmingham in England in 1988 and 1993, respectively. Dr. Peng is an adjunct professor at Nankai University, a founding member of China Financial Forum, and a member of CF40. He currently serves as a member of the Currency Board Sub-committee of the HongKong Exchange Fund Advisory Committee. Dr. Peng has published numerous papers in international academic journals. His book “Seek new economic balance in China” (in Chinese) was awarded the Sun Yefang financial innovation book prize in 2015, and his book “The Ascending Financial Cycles” (in Chinese) was awarded CF40 annual book prize in 2018. Dr. Peng co-authored “Business Cycles: Theory and Evidence” (published by Wiley-Blackwell in 1993) and co-edited “Currency Internationalization: Global Experience and Implications for the Renminbi” (published by Palgrave Macmillan in 2009).

Yuan Gao

Vice President

CICC

Yuan joined China International Capital Corporation (UK) Limited in January 2022. She is currently working as a Rates Group Sales of FICC department in London. Before joining CICC, Yuan was a Vice President in Group Asset Management of Swiss Re, where she worked as an experienced Quantitative Analyst in both liquid and illiquid interest rates products for six years. She has been instrumental for a number of successful projects on Strategic Asset Allocation (SAA) and Tactical Asset Allocation (TAA), Private Debt, Direct Real Estate as well as initialising collaboration with key decision makers of investments in Swiss Re. Yuan holds a PhD and MSc in Engineering from Newcastle University in the UK specialising in mathematical modelling of combustion process and a BEng from Tsinghua University, China. She also holds an MBA from Quantic School of Business and Technology from the US. Yuan is a Professional Risk Management (PRM) charter holder. Currently, Yuan serves as the Secretary General and Vice Chairwoman of the UK Tsinghua (Alumni) Association.

Zhe Li

Executive Director

FICC, CICC SH

Ms. Zhe Li currently serves as the Executive Director of the FICC Department at China International Capital Corporation Limited. She has more than 11 years of experience in investment banking and institutional sales. Prior to joining CICC, she worked at Morgan Stanley Huaxin Securities, mainly responsible for bond underwriting and sales. Ms. Li is in charge of CICC fixed income global macro sales, with teams in Beijing, Shanghai, Shenzhen, Hong Kong, Tokyo and London, covering more than 400 international investors from 60 countries and regions. The client types include central banks and sovereign institutions, banks, asset management companies, pension funds and insurance companies. The team is mainly responsible for the sales of cross-border rates bonds in both the primary and secondary market and the macro derivatives in OTC market.

Adeem Altaf

EMEA Head of Sales

Bloomberg L.P.

Adeem has been working for Bloomberg for the past 20 years in various position's. He recently became the Head of EMEA Core Sales department, after spending the past three years leading the region’s European buy side-sales group .

Prior to this, Adeem ran both our EMEA Product Specialists team, as well as our London Major sell-sides group, building a significant expertise across both the buy and sell-sides, in addition to areas of market specialisation.

Adeem graduated from the London School of Economics in 2000 with a MSc in Econometrics and Mathematical Economics.

Timothy Tan

Senior Asia Fixed Income & Credit Strategist

Bloomberg Intelligence

Timothy has been in the fixed income and credit space since 1999 when he worked started the credit trading and derivative desk in UOB Asia in Singapore. Since then he has been involved Structured Products and EM at Standard Bank Asia, and headed the credit trading desk in Bayerische Landesbank. He was the credit strategist of Oasis Capital Management, and managed the proprietary fixed income and macro trading book in Yuanta Securities. He was also the Senior Strategist/PM for the start-up Global Credit Long/Short Macro hedge fund in One Tree Partners.