CorporateTreasurer

Refinitiv: How to take the pain of risk management away in China | 路孚特(Refinitiv):如何减轻中国企业风险管理之痛

By Refinitiv | Jan 8, 2020

With reach across the globe and access to some of the world’s best data sources, companies operating in China have the availability to make the best risk management decisions for the business | 在中国运营的公司业务遍布全球,能从世界上最好的数据源中进行选择,为企业制定最佳的风险管理决策。

November 2019 marked the second annual China International Import Expo, a venue where foreign exporters looked to partner with Chinese companies and tap China’s middle class of more than 400 million people. Moreover, many of them were from countries involved in China’s Belt and Road Initiative (BRI) infrastructure projects. The successful event was a clear sign China is open for business.

第二届中国国际进口博览会于2019年11月成功举办,国外出口商希望借此机会寻找中国合作伙伴,共同挖掘中国超过4亿人口的中产阶级巨大潜在市场。参加进博会的国外出口商,多数来自参与中国“一带一路倡议”(BRI)基础设施项目的国家。这次进博会成功举办,是中国加强对外开放的一个明显标志。

In recent years China has implemented many exciting programmes to attract more investment inflows into China. From a financial standpoint, the introduction of the bond and stock connect programmes are such examples, allowing international investors access — through Hong Kong — into Shanghai and Shenzhen.

近年来,中国已经实施了一系列令人振奋的计划,以吸引更多的投资流入中国。从金融市场来看,债券和股票互联互通机制(bond and stock connect)的推出就是一个典型的例子,该计划允许国际投资者通过香港进入上海和深圳。

The 2019 launch of the Shanghai London Stock Connect provides another model where investors can trade depository receipts. This is partly because of the time gap between the two exchanges.

2019年上海-伦敦股票互联互通机制的启动,为投资者提供了另一种交易存托凭证的模式。推出该项计划的部分原因是由于两个交易所之间存在一定的时差。

Where Refinitiv fits in | 路孚特的角色

And this is where Refinitiv, a global provider of financial markets data and infrastructure, comes into its own.  Serving over 40,000 institutions in over 190 countries, Refinitiv also has a long-standing affiliation with China and with supporting companies wanting to either gain access to it, or with those wanting to internationalise.

身为全球最大的金融市场数据和基础设施提供商之一,这是路孚特在中国的新纪元与新机遇中所扮演的角色。除了为全球190多个国家和地区的40,000多家机构提供服务,路孚特与中国多家企业和机构保持着长期的合作关系,同时协助那些希望进入中国市场,或希望将企业国际化的内地公司。

“Our business can be traced back to 1871 when Reuters established a business in Shanghai. We have been in the Chinese market for more than 100 years and seen steady growth in that time,” said Nicole Chen, managing director, China, Refinitiv. “Our clients today include major banks, corporations, governments, and research institutions.”

路孚特中国区董事总经理陈芳女士表示:“我们的业务可以追溯到1871年路透社在上海成立的时候。我们在中国市场已经有100多年的历史,公司在这期间实现了稳步的增长。到目前为止,我们的客户包括大型银行、公司、政府部门和研究机构。”

It has been a very exciting period for Refinitiv. In August 2019, the London Stock Exchange (LSE) agreed with Blackstone to buy the company, which owns 55% of the data provider (with Thomson Reuters owning the rest), for $27 billion. Although the deal still requires final approval, expectations are that it will be finalised in the second half of 2020. “Combining our data with the LSE, we are confident we can provide the financial community with very good financial infrastructure.”

对于路孚特来说,这是一个非常令人振奋的时期。伦敦证券交易所(LSE)与黑石集团在2019年8月达成协议,同意以270亿美元的价格收购路孚特。黑石集团拥有路孚特55%的股份,汤森路透(Thomson Reuters)拥有其剩余股份。该交易仍需最终批准,但预计将在2020年下半年完成。“我们的数据在与伦敦证券交易所(LSE)结合后,我们有充分的信心,路孚特将能够为金融界提供无与伦比的金融基础设施。”

Connecting with the BRI | 对接“一带一路”倡议BRI

With specific context to China, Refinitiv has been developing exciting new tools to help companies navigate developments along the BRI. This year it launched BRI Connect, an application on the Eikon platform, which allows users to search for projects within the initiative that span across more than 70 countries. Users can search the database in many ways; by industry, deal volume, or deal amount, for example. At present, there are around 2700 projects being tracked and updated,” said Chen.

陈芳女士表示:“路孚特在中国市场的具体情况,一直在开发新型工具,以帮助不同机构适应“一带一路”的发展。去年,路孚特推出了BRI Connect,作为路孚特的金融市场桌面工具Eikon上独有的应用,该平台能够让用户搜索跨越70多个国家的项目。用户可以通过多种方式对数据库进行搜索;例如,按照行业、交易量或交易金额等。目前,大约已经有2,700个特定项目可以在平台上进行监控和更新。BRI Connect能够帮助金融专业人士获得无可比拟的融资交易和一级资本市场信息,以及准确的、最新的国家风险评级,从而更好地了解“一带一路”倡议的投资机会,并降低在“一带一路”沿线国家进行跨境交易时的交易对手风险。

But BRI Connect is just one example. Refinitiv has in its possession a series of very powerful products corporate treasurers can use, from managing short-term cash requirements with liquidity instruments to executing foreign exchange trades.

但BRI Connect 仅仅是其中一个例子。路孚特已开发了一系列领先的交易工具和平台可供公司财务人员使用,包括从利用流动性工具管理短期现金需求到执行外汇交易。

With services such as Eikon and FXall, treasurers can leverage vital information sourced from more than 180 data providers and 2,300 institutional clients. For example, Refinitiv has a relationship with the China Foreign Exchange Trade System & National Interbank Funding Center (CFETS), part of China’s central bank, which contains hundreds of thousands of data points which can enhance its client’s decision making.

借助Eikon和FXall等工具所提供的服务,财务主管可以利用从180多个数据供应商和2,300多个机构客户处获得重要信息。例如,路孚特与中国中央银行下属的中国外汇交易系统和国家银行间同业拆借中心(CFETS)保持着密切的关系,该中心包含成千上万个数据点,可以增强客户的决策能力。

Making the right FX decisions | 做出正确的外汇决策

In terms of managing currency risk, there exist more than 2,000 contributing sources with over 500 currency pairs. Just as importantly treasurers can execute on this data in the same platform – trading spots, forwards, and swaps and offering straight through processing for every trade made.

在管理货币风险方面,路孚特拥有超过2,000个贡献数据源,多达500多个货币配对。同时,路孚特的财务部门可以在同一个平台上执行这些数据包括——现货交易、远期交易和掉期交易,并为每一笔交易提供直通式处理。

For Chinese companies today, management of foreign exchange is increasingly a prominent part of the normal activity of operating an international business. Since the historic devaluation(s) of the renminbi by China’s central bank in the summer of 2015, it is clear that companies must prepare to handle currency volatility.

对于当今的中国企业而言,外汇管理已日益成为促进国际业务日常活动的重要部分。自2015年夏季中国人民银行对人民币进行历史性贬值以来,企业都已经认识到做好应对汇率波动准备的重要性。

Refinitiv’s depth of service enables treasurers to work through the entire trade process – pre-trade, trade, post-trade - on one platform. They have access to all available pricing data they require, a range of contracts (e.g. forwards, options, swaps) which can be obtained either via request for quotation or QuickTrade, and the necessary controls and limits trading teams require to ensure they are not breaking their own risk parameters.

路孚特所提供的深层次服务能够让财务人员在一个平台上执行交易前、交易中和交易后的整个过程。交易过程包括财务人员有权获得所需的所有可用定价数据、可通过询价或QuickTrade获得的一系列合同(如远期交易、期权交易、掉期交易),以及交易团队所需的必要控制和限制,以确保财务人员不会破坏自己的风险参数。

“As Chinese companies go global, they will set up operations offshore and deal in multiple currencies to trade. At Refinitiv, we can help treasury departments obtain an overall picture at the group level of their exposures, allowing either to naturally hedge any mismatches, or make a decision to buy a derivative to offset any risk,” explained Bruce Nie, director of account management at Refinitiv.

路孚特客户管理总监Bruce Nie 解释:“随着中国企业不断走向全球化的新时代,更多企业都会在海外开展业务,并需要以多种货币进行交易。通过路孚特,我们可以帮助财务部门在集团层面上更了解风险暴露的总体情况,从而可以使企业对冲任何错误匹配,或决定购买衍生产品以抵消任何风险。”

This level of support is important, especially when working overseas in new markets.

对于在在海外新市场开放的企业来说,这种支持显得更为重要。

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