Based in Shanghai, Chris Chen provides clients with advisory and guidance on the China market and banking environment, as well as assistance with establishing local accounts across Mainland China.
Chen has extensive domestic and international payment experience working with PNC’s Treasury Management group. Prior to joining the Shanghai Representative Office, Chen managed PNC’s Automated Clearinghouse (ACH) services and product development for International Cash Management services, including European and RMB offerings.
Chen holds a bachelor’s degree in economics and music from the Schreyer Honors College, Pennsylvania State University. Chen is originally from Taiwan and is fluent in Mandarin.
William (Bill) Adams is vice president and senior international economist for The PNC Financial Services Group. His responsibilities include forecasting economic conditions and exchange rates, covering emerging Asia, the Eurozone, Canada and Latin America. Adams serves as the principal spokesperson on global economic issues for PNC, and frequently presents to PNC clients on the international economic outlook.
Adams joined PNC in July 2011 after serving as resident economist for The Conference Board China Center from 2009 to 2011. In that position he served as spokesman on the Chinese business cycle and was a designer of The Conference Board Leading Economic Index for China®, a widely-followed, market-moving economic indicator. Adams lived in China for five years and is fluent in Mandarin Chinese. In March 2015, he was named vice president.
He is a member of the Economics Advisory Council of the Duquesne University Palumbo Donahue School of Business, is an advisory board member and center associate of the University of Pittsburgh Asian Studies Center, and was a 2014 American Council on Germany Young Leader. He serves on the board of directors of the Economic Club of Pittsburgh - the local chapter of National Association of Business Economics (NABE).
Adams is co-author with Damien Ma of In Line Behind a Billion People: How Scarcity Will Define China's Ascent in the Next Decade, published in 2013 by the Financial Times Press, and translated into Chinese in 2014 by Gusa Publishing (Taiwan).
Adams holds a master degree from the Johns Hopkins School of Advanced International Studies and is a graduate of Harvard College.
Hilary Love specializes in providing advisory and execution services in foreign currency risk management and international treasury management. She has worked extensively with a range of risk management instruments. Before she joined PNC, she was with the capital markets group at CoreStates (now Wells Fargo Bank). Prior to that, she was with Bankers Trust, New York (now Deutsche Bank) in their capital markets area, trading and marketing fixed income securities.
She has a bachelor’s degree in international economics from The Johns Hopkins University, Baltimore, Maryland and a master’s of business administration from The Wharton School, The University of Pennsylvania.
Senior International Economist
Normal Abnormality in the Markets
Uncertainty regarding U.S. economic strength, global considerations and unanticipated events will likely result in continued market volatility over the near term. Read Now »
Investment for a Post-Monetary World Order
Stocks and bonds are expensive relative to history, growth remains sluggish, and corporate earnings have been unable to gather sustainable momentum. Read Now »
Future Direction in U.S.- China Trade Policy
How it Affects your Business
Wednesday, April, 19, 2017, 2:00 p.m. - 3:00 p.m.
Understand the macroeconomic outlook as it affects transactions with China, identify best practices for doing business in China, outline key issues and considerations related to setting up on-the-ground operations in China and gain insight into the currency market and the growing role of the renminbi (RMB) in international trade.REGISTER NOW
Long a trusted resource for financial institutions, SWIFT also supports corporate treasurers as they face expanding roles and shrinking resources.
SWIFT provides messaging standards that define a common means of structuring data for a broad range of financial purposes, from cash management and foreign exchange to trade finance. Additionally, SWIFT provides a highly secure proprietary communication platform and products such as SWIFT FileAct, which supports the exchange of bulk files between corporates and banks.
Stocks and bonds are expensive relative to history, growth remains sluggish, and corporate earnings have been unable to gather sustainable momentum.
We remain in a difficult market to forecast, particularly regarding the complex interactions between what we see as the weak fundamental backdrop and how current monetary policy might affect the dollar, interest rates, and investor risk preferences.
Some of the considerations for U.S. companies doing business in Canada and the industries with the most potential; manufacturing, agriculture, forestry, infrastructure and energy.
Although Canada offers opportunity in most industries, there are some that have unique and specific potential today. Similarities between industries across the border, foreign exchange advantages and simply the growth potential of each sector within Canada are among them.
It's clear that corporations and individuals need to understand the risks and opportunities as an uncertain situation evolves.
Britain's Brexit vote upended expectations with 51.9 % of voters backing the "leave" campaign versus 48.1% backing "remain." The result sent shock waves through the markets and created an unstable political environment in the United Kingdom in the weeks following.
If you are one of the growing number of companies doing business in China, recent moves to liberalize its currency can have substantial
bottom-line benefits for you.
Although U.S. companies have historically believed that negotiating international agreements in USD insulates them from exposure to currency volatility, it also puts them at a competitive disadvantage compared to companies that transact in local currency.
China’s dramatic growth in international trade has made it the second largest economy in the world. The Chinese Renminbi is now the fifth most common currency in world trade.
The Chinese government has undertaken a process to liberalize and internationalize its currency, relaxing rules to become more equal trading partners with other developed countries. This includes expanding the use of the Chinese Renminbi (RMB) for global trade settlement, encouraging a robust offshore RMB environment and liberalizing access to on-shore RMB accounts.
Around the world, the momentum behind the move to real-time payments (RTP) — or “Immediate Payments,” as they’re often termed — is unstoppable and growing.
The U.S. has been conspicuous in its absence from the list of countries embracing RTP. That’s changing fast, with a surge of activity and initiatives under way to bring payments in the U.S. up to speed with the rest of the world. These moves involve a broad range of players, and an approach specifically geared to the unique needs and requirements of the U.S. market.
Learn how to better manage intercompany payments, reduce transaction costs and improve intracompany reconciliation.
Multinational corporations face many challenges in managing growth across multiple continents, currencies, and accounting systems. Treasury managers can facilitate cross-border settlements among affiliates, increase productivity and generate cost savings with a multilateral netting solution.
Companies must do their part in maintaining the integrity of the trade supply chain.
About 80 percent of illicit financial flows from developing countries are now channeled through trade-based money laundering (TBML), according to Global Financial Integrity (GFI), a research and advocacy organization.
There are several reasons that options should be a part of your risk management strategy. They provide protection, upside, flexibility and they can be customized to suit your needs.
Condensed from an Advisory Series Webinar, this presentation explains various types of options and the pros and cons of each. Options contracts function similar to insurance policies. They require an up front premium, offer you a form of protection and you're better off if you don't need to use them. Download Slides »
The strength of the dollar, a favorable interest
rate environment and an abundance of cash on
hand may make this a good time for domestic
companies to invest outside the U.S.
Companies considering a cross-border merger or acquisition should evaluate the currency risk during the due-diligence stage of the deal to ensure that currency rate volatility does not adversely affect the target price.You can perform a “Value at Risk” analysis to quantify the currency risk between now and closing.
In the past four years, the U.S. recorded a 44% increase in exports. Imports have also expanded significantly and the number of U.S. firms that are exporters has grown by more than 35%.
The primary reason for international expansion is to accelerate revenue growth while reducing dependence on mature domestic markets. Yet establishing trade and maintaining an international presence create unique operational challenges as companies deal with different time zones, languages, regulations and culture.
Canada’s Office of the Superintendent of Financial Institutions has granted PNC Bank Canada Branch (“PNC Canada”) a full-service branch license.
Canada is the United States' largest export market and the second largest source of imports after China. Companies doing business in Canada face a number of challenges as they deal with customs documentation and adapt their operations for sales tax accounting, procurement procedures and even packaging and labeling. PNC can help.
China has experienced strong growth and is now the largest exporter of manufactured goods and the second largest economy in the world.
Transacting in Chinese currency allows importers to realize cost savings and efficiencies, while allowing the invoice payment to be made in the exporters’ native currency, thereby reducing their cost as well.
Foreign currency volatility has reduced earnings from both a transaction and translation perspective. Explore strategies for mitigating the currency impact on earnings and cash flow.
Find out how a strengthening dollar can create a headwind for companies doing business internationally. The recent spike in foreign currency volatility has taken a big bite out of earnings, from both a transaction and a translation perspective. This presentation helps explain these issues.
Exchange rate volatility exists between most currencies. By transacting in the local currency, companies are able to manage exchange rate risk, effectively reducing potential premiums.
Over the past two decades, the U.S. economy has become increasingly linked to global markets, both for sourcing and sales. Historically, U.S. companies tended to prefer to negotiate all international agreements in U.S. dollars. However, they may increasingly placed themselves at a competitive disadvantage by doing so.
As international business grows more important to U.S. companies, it's vital to recognize that import and export activities are heavily regulated by the U.S. Government.
If you are conducting international business, if you are engaging in new types of transactions, if you are doing business with new entities or in new geographic regions, you may receive questions from government entities or your financial institution. Everyone involved is responsible for compliance and could face penalties or fines for noncompliance.
In addition to expanded opportunity, international investing helps reduce portfolio risk through diversification. Allocations to non-U.S. stocks can reduce portfolio volatility.
International equity plays a critical role in a well-balanced portfolio. International stocks are a large and growing share of the global investment universe and offer investors the potential to capitalize on faster long-term growth trends abroad. There are also investment opportunities in industry segments that are dominated by non-U.S. companies.
Currency markets are experiencing a significant amount of volatility. Hedging programs can help companies protect profits and cash flow.
While most companies start with hedging balance sheet exposures as they are more visible, more are now considering hedging forecasted exposures such as sales or expenses. Hedging anticipated cash flows depends on the company’s ability to forecast reasonably accurately, although uncertainties can be managed by hedging a percentage of your anticipated exposure.
Companies of all sizes are increasingly looking for growth beyond borders. In order to succeed in the international marketplace, you need control and flexibility in your cash flow.
Multicurrency accounts, multibank reporting capabilities and multibank transfers should be available through a robust online portal that makes transactions easy, transparent and accurate. Introductions and support with international financial institutions and trading partners are also essential element of a successful international cash flow strategy.
Our close relationship with Canada can make us forget that it offers unique business potential and may have customs, laws, rules and regulations that require attention and insight
Whether you have subsidiaries, operations or sales offices in both Canada and the United States -- or are planning an expansion north of the border -- you will need help from your financial institution in managing payables, receivables and currency issues and arranging credit and treasury management services.
Doing business with Brazil, Russia, India, China and South Africa can be challenging for companies accustomed to the certainties of mainstream currencies.
Although the BRICS proactively promote international business, their governments remain concerned that any sudden inflow or outflow of money could de-stabilize their economies. As a result, they have implemented restrictions on international transactions. Trade and capital payments are regulated and certain hedging practices are prohibited.
Canada is a vitally important market for U.S. companies. The United States sells more goods to Canada than to all 27 countries of the European Union combined.
The ease and longevity of our relationship with Canada can make us forget that the enormous territory to the north is not just an extension of the United States. Like any other global market, Canada has its own customs, laws, rules, and regulations that require just as much attention and insight as those of our more distant trading partners.
Multicurrency accounts, multi bank reporting capabilities, multibank transfers and introductions and support are essential for international success.
In order to succeed in the international marketplace, you need control and flexibility in your cash flow. That means clear visibility into your accounts as well as cash management and liquidity structures that maximize access to funds and liquidity solutions in different local and regional markets and in multiple currencies.
More and more U.S. companies are engaging with vibrant emerging markets.Smart hedging strategies can help you reduce the risks of doing business there.
Manufacturing capacity, raw materials, labor and even technology make emerging markets attractive destinations for international expansion. At the same time, doing business with countries like Brazil, Russia, India, China and South Africa can be a challenge for companies accustomed to the certainties of mainstream currencies.
Companies need to define a risk management objective. What are you trying to hedge and why? Every company has different metrics that should be incorporated into their hedging decisions.
Companies buying, selling or capitalizing a foreign business often overlook currency risks. including impacts on valuation, financial statements, and capitalization. Get specific, actionable information on currency risk management, including pre-close exposure/hedging, managing the currency impact of capitalization decisions and financial statement impacts.
Amost half of international companies surveyed reported growth of 20% or more while those that did not do business internationally lagged behind.
The Export-Import Bank of the United States was established in 1934 to serve as the official export credit agency of the United States to create and sustain U.S. jobs by financing sales of U.S. exports to international buyers. PNC has worked with the Ex-Im Bank for more than 40 years.
The wrong strategy, the wrong partner and poor management can knock you off track in China. Learn about challenges in the operating environment.
Often companies initially focus their strategy for China on the basic how to’s: How do I start a company? How do I find an agent? How do I open a bank account? These are important questions. But these are not the issues that can inhibit your success in China.
The value of the U.S. dollar has always changed — and it will continue to change. So it's important to have a grasp on what it will be worth in the near future and longer-term.
Today the U.S. dollar is a “fiat” currency and is not supported by any physical asset. Put another way, the U.S. dollar represents value simply based on the confidence in the United States government and the United States economy. It is the full trust and belief in the power, trustworthiness, and reliability of the United States.
Hedging allows treasurers to protect profits and cash flow by locking in revenues, costs and global intercompany transactions, but accounting treatment can be uncertain.
Equity markets are highly volatile. Global currency markets have also been experiencing larger than normal swings. Fortunately foreign exchange hedging products such as forwards and options are available to protect against the potentially adverse impact of currency fluctuations.
Initiating or expanding your international business presence is key to growth. The right resources can improve your chances for success while mitigating risk.
The rewards of doing business internationally have never been greater. And it’s never been more important for businesses of all sizes to understand how to take advantage of the opportunities and mitigate the risks presented by global commerce. Here are some winning strategies to help you participate in the growth of international trade.