Thursday, 6th May 2010, Westin Beijing

8.10 Morning registration
8.50 Chairman’s welcome remarks

I. Global recovery and China’s economy

9.00 KEYNOTE ADDRESS: The State Administration of Foreign Exchange’s supervisory directions amid an economic recovery

Xiaoyi Wang, Deputy Governor, STATE ADMINISTRATION OF FOREIGN EXCHANGE

9.30 EXECUTIVE ADDRESS: Global economic outlook 2010
• The pace of recovery in the world’s major economies
• Will global economy face a second recession?
• The exit measures worldwide and their impact on the global economy

10.00 PANEL DISCUSSION: Energy, gold and commodities and the global economy
• Demand and supply of energy, gold and commodities and price forecasts
• The concept of energy and gold becoming a currency – what are the implications to the economy?
• The relationship between energy, gold and the USD
• Consequences of price volatilities of the 3 asset classes to currencies

Moderator: Dr. Hai Xin, Managing Director , Head of Asia Pacific, OVERLAY ASSET MANAGEMENT
George Milling-Stanley, Managing Director, WORLD GOLD COUNCIL

10.50 Morning break

11.10 SOLO PRESENTATION: The driving forces behind G7 and emerging market currencies
• USD vs. RMB – the struggle continued
• China’s future currency policy and implications to other currencies
• Forecasting G7 currency movements:
• Opportunities in emerging market currencies

Blair Reid, Executive Director, Global Fixed Income and Currency Management, GOLDMAN SACHS ASSET MANAGEMENT

11.40 PANEL DISCUSSION: The future of RMB as a international settlement currency
• Latest developments in the RMB settlement pilot study: coverage, market responses and volume
• Assessing the true benefits for corporates in Mainland China and Hong Kong
• Quantifying the business opportunities it poses for banks
• The establishment of infrastructure to support a full-fledged implementation
• Can RMB become a true international currency?

Lian Pin, Chief Economist, BANK OF COMMUNICATIONS
Kim Eng Tan, Director, Sovereign & International Public Finance Ratings, STANDARD & POOR’S

12.30 Lunch

II. FX innovation and supervision

13.50 MASTERCLASS: Latest breakthroughs in currency forecast techniques

14.20 PANEL DISCUSSION: Taking advantage of new trading technology to maximise profits and reduce risks
• Best practices in the execution of FX option trading in light of the growing volume
• Criterion for a bank to choose the right trading platform to fulfill its trading needs
• Streamlining operational procedures on trading, clearing and settlements to mitigate counterparty risks
• Integrating data analysis, trading execution and settlement to achieve desirable trading results

15.10 Afternoon break

15.30 KEYNOTE ADDRESS: CBRC perspective: The future landscape of China’s derivative markets

16.00 SOLO PRESENTATION: Asset allocation strategies with FX in institutional investors’ portfolios
• How has FX performed against other asset classes after the crisis?
• Determining the optimal allocation to FX in a portfolio according to your investment goals
• Understanding cross-asset class correlation

Larry Zhang, Senior Adviser, Global Investments, NATIONAL COUNCIL FOR SOCIAL SECURITY FUND CHINA

16.30 PANEL DISCUSSION: Utilising FX derivatives under tightened control and growing hedging needs
• Differentiating between hedging and speculating
• Proper management of the use of derivatives
• Considerations when using derivative provided by international banks vs. Chinese banks
• Best practices in managing risks in complex products
• The decision between exchange traded vs. OTC derivatives

Eddie Wang, Head of FX Structuring, Asia, CALYON
Keith Noyes, Regional Director, Asia Pacific, INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION (ISDA)

17.30 Chairman’s closing remarks

17.35 End of conference & cocktail reception