Bilal Hafeez, Foreign Exchange Strategy Head, Duetsche Bank AG
0 Comments | CEO Wire, May 24, 2010
(This is not a legal transcript. Bloomberg LP cannot guarantee its accuracy.)
BILAL HAFEEZ, GLOBAL HEAD OF FOREIGN EXCHANGE STRATEGY AT DUETSCHE BANK AG, TALKS TO ANDREA CATHERWOOD ABOUT CHINA’S CURRENCY AND THE GREEK CRISIS MAY 24, 2010 SPEAKERS: BILAL HAFEEZ, GLOBAL HEAD OF FOREIGN EXCHANGE STRATEGY, DUETSCHE BANK AG ANDREA CATHERWOOD, BLOOMBERG NEWS ANDREA CATHERWOOD, BLOOMBERG NEWS: I am joined by the Global Head of Foreign Exchange Strategy at the world’s biggest Forex dealer, Deutsche Bank, Bilal Hafeez, good morning to you. BILAL HAFEEZ, GLOBAL HEAD OF FOREIGN EXCHANGE STRATEGY, DUETSCHE BANK AG: Good morning. CATHERWOOD: Let’s look, first, at what is happening in China. We have heard these words gradual, independent, and really very little has changed. Is this a signal to the U.S. delegation that they are not really going to get anywhere on the movement on the yuan this time around? HAFEEZ: Well, what we have seen over the last few months is on both sides, but the U.S. and Chinese side has much more dialogue, having previously been one where the whole topic was very political. So I do think that although we may necessarily any big announcements today, we are moving towards a scenario where they do actually revalue their currency. CATHERWOOD: I suppose the key question is when and that is what nobody seems to have the answer to. HAFEEZ: I wouldn’t be surprised if they did move to some kind of revaluation over the next three or four months. CATHERWOOD: What effect do you think the euro crisis may be having on their thoughts about what to do with the yuan and when? HAFEEZ: Well, it complicates the picture somewhat in the sense that the euro decline has been so rapid that the Euro/China exchange rate has moved so much. And Europe is a larger trade partner with China than the U.S
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