Chief Adviser to the China Banking Regulatory Commission
President of the Fung Global Institute, Hong Kong (2011-14)
Chairman of the Hong Kong Securities and Futures Commission (1998-2005)
Andrew Sheng is well known in global financial circles as a former central banker and financial regulator in Asia and a commentator on global finance.
Andrew is the Chief Adviser to the China Banking Regulatory Commission, a Board Member of Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, a member of the international advisory council of the China Investment Corporation, the China Development Bank, China Securities Regulatory Commission and the Securities and Exchange Board of India. He is also an advisor to the United Nations Environment Program Inquiry into the Design of a Sustainable Financial System.
He served as Chairman of the Securities and Futures Commission of Hong Kong from 1998 to 2005, having previously been a central banker with the Hong Kong Monetary Authority and Bank Negara Malaysia. He also worked with the World Bank from 1989 to 1993. From 2003 to 2005, he chaired the Technical Committee of the International Organisation of Securities Commissions (IOSCO).
Andrew has published widely on monetary, economics and financial issues. He is author of, “From Asian to Global Financial Crisis: An Asian Regulator’s View of Unfettered Finance in the 1990s and 2000s” (2009), and co-editor (with Ng Chow Soon) of the book, “Bringing Shadow Banking into the Light: Opportunity for Financial Reform in China” (2015).
He is also an Adjunct Professor at the Graduate School of Economics and Management, Tsinghua University, Beijing and the University of Malaya, Kuala Lumpur. In 2009, he became the Pro-Chancellor of Universiti Tun Abdul Razak.
He is a columnist for Project Syndicate, AsiaNewsNet and leading economic magazines and newspapers in China and the Asian region. In April 2013, Andrew was named by Time magazine as one of the 100 most influential people in the world. He also appeared in the Oscar-winning film “Inside Job” in 2010.
This is a unique insider account of the new world of unfettered finance. The author, an Asian regulator, examines how old mindsets, market fundamentalism, loose monetary policy, carry trade, lax supervision, greed, cronyism, and financial engineering caused both the Asian crisis of the late 1990s and the current global crisis of 2008-2009. This book shows how the Japanese zero interest rate policy to fight deflation helped create the carry trade that generated bubbles in Asia whose effects brought Asian economies down. The study’s main purpose is to demonstrate that global finance is so interlinked and interactive that our current tools and institutional structure to deal with critical episodes are completely outdated. The book explains how current financial policies and regulation failed to deal with a global bubble and makes recommendations on what must change.
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