2021: A Pivotal Year for China's Financial System?

2021 may mark a turning point in the global standing of China’s financial system. The country’s Digital Yuan recently began its first trial in Suzhou, and will begin its national rollout soon, with implications for traditional trade, cross-border e-commerce, and the US Dollar’s global standing, to name a few. In more direct relation to the US, China recently opened its financial services market to US firms, and its purchases of US treasuries has not been inconsequential in enabling the US’ current fiscal stimulus. Taken together, trends point towards considerable technological change in China’s financial system, alongside complicated and fraught entanglements with the US. This panel explores the direction of these trends, and seeks to plot the path forwards of China’s financial system in a geopolitical context.



This event was held on Tuesday 9 March 2021.


Joyce Chang is Chair of Global Research for J.P. Morgan’s Corporate and Investment Bank, a global leader in Banking, Markets and Investor Services. J.P. Morgan’s Global Research professionals study all sectors in which the firm does business, including equities, fixed income, currency and commodities, emerging markets, derivatives and structured finance.

Lucy Gazmararian is the founder and managing partner of Token Bay Capital, a fully regulated alternative investment firm based in Hong Kong which is focused on identifying niche investment opportunities in the digital assets and blockchain space. She is also Co-Chair of the FinTech Association of Hong Kong’s Blockchain Committee which helps to build networks, create partnerships and drive adoption and growth across Asia’s crypto and blockchain ecosystem. Lucy also founded ‘Women in Crypto’ in Hong Kong.

Geoffrey Yu is an FX and macro strategist for EMEA, BNY Mellon Markets. A proven analyst and commentator on foreign exchange markets and asset allocation, Geoff is also a specialist on economic and political developments in China. He formerly served as the UK CIO for UBS Wealth Management and as a senior FX strategist for UBS Investment Bank. Raised in the UK and China, Geoffrey holds a double BA from Carleton College in the USA and an MSc in Finance from the London School of Economics.

Lutfey Siddiqi is a Visiting Professor in Practice at LSE IDEAS, a co-investigator at LSE Inclusion Initiative and an advisory board member at LSE Systemic Risk Centre. He is also an Adjunct Professor at the National University of Singapore (Risk Management Institute) and advisory board member of the Centre for Governance (CGIO) at NUS Business School. He was previously Global Head of Emerging Markets for Foreign Exchange, Rates & Credit at UBS Investment Bank and prior to that, a Managing Director at Barclays Bank in charge of a business-line across Asia-Pacific.