(Yicai Global) Dec. 12 -- Gao Feng, general manager of Deutsche Bank AG [XETRA:DBK; NYSE:DB], told Yicai Global in an exclusive interview that China's constant breakthroughs in upgrading its manufacturing technology and service sector means these emerging industries will give a fillip to the Chinese economy.
Gao expects China to hold to its current policy direction by regulating credit growth and tightening real estate policy in the next quarters.
Economic transformation will be the development focus as the Chinese economy enters a "new normal," he said. Though the challenge is huge and may take years to tackle, some achievements are now already clear.
Deutsche Bank will continue to build a "yuan house" to offer clients more diverse onshore and offshore yuan solutions by leveraging its business platform of equity, foreign exchange, fixed-income, asset-management index funds and cash management, Gao said. Deutsche Bank has also won award of the "Yuan House of the Year 2016" distinction by Asia Risk magazine this year.
The first to complete offshore yuan cross-currency swap transactions and offshore yuan swap and forward transactions, Deutsche Bank was also in the forefront in introducing several market-leading businesses since China kick-started plans to internationalize the yuan, Gao said.
For China's domestic financial market, Deutsche Bank will keep bolstering its investment in transaction banking and capital markets to provide the best cross-border banking services to Chinese firms entering global markets, he said.