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RMB Internationalization(人民币国际化——进程及未来).pdf

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RMB Internationalization(人民币国际化——进程及未来).pdf

1RMBInternationalization–Progress,FutureStepsandImplicationsSincetheonsetofthefinancialcrisis,Chineseofficialshaveundertakentoelevatetherenminbitothestatusofamajorinternationalcurrencyandinthesecondhalfof2010,followedthroughbylaunchingawaveofmeasuresthatdramaticallybroadenedthescopeforoffshorerenminbibusinessseeAppendix1.Keyreformsincludedallowingcertainoffshorefinancialinstitutionstotapintotheonshoreinterbankbondmarket,usingtheRMBincurrencyswapswithemergingmarkettradingpartnersandallowinginstitutionsacrossindustriestoopenRMBaccountsinHongKong.InSeptember,theChinesecurrencyalsocrossedanotablemilestoneintermsofachievingstatusasareservecurrencywhenMalaysiascentralbankreportedlyaddedasumofRMBassetstoitsholdings.Thefollowingreportispresentedintwoparts.ThefirstpartexaminesthestepsthathavebeentakeninrecentmonthstopromoteinternationalizationoftheRMB,whilethesecondpartexaminesinQAformatsomeofthekeyissuessurroundingthiseffort.I.RMBInternationalization–ProgresstoDateRMBtradesettlementboostsHongKongsRMBdepositsIntheclosingweeksof2010,theChinesegovernmentroundedoutaneventfulyearbyexpandingitscrossborderRMBtradesettlementprogramtoover67,000exporters,dramaticallyexpandingthescopeforRMBbusinessalongthetradedimension.Forexportindustries,theabilitytopricecontractsinRMBoffersameanstomitigatecurrencyriskatatimewhentheUSdollarisexpectedtomaintainadownwardtrajectoryinthemediumterm.ThevolumeofcrossborderRMBtradesettlementhasgrownrapidlysincetheexpansionofChinaspilotprograminmid2010.BetweenJuneandNovember,crossbordertradetransactionssettledinChinesecurrencyamountedtoRMB340billion,morethan7timesthetotalvolumeinJanMay.Evenso,thetotalvolumeoftradesettledinRMBin11M2010RMB380bnonlyrepresents2ofChinastotaltrade.During2010,thepoolofRMBdepositsinHongKongexpanded378,goingbytheestimateofRMB300bnindepositsatend2010,madebyNormanChan,theChiefExecutiveoftheHongKongMonetaryAuthorityseeFigure1.AsignificantmarketforRMBdenominatedproductsappearedtobetakingshapeintheterritory,withRMB41.4bninbondissuancefortheyear,comparedtoRMB16.bnin2009.Renminbidepositsgrewtoaccountforabout45ofHongKongstotaldepositbaseatend2010J.P.MorganHongKongbanksanalystJosephLeungforecaststhatthisratiowillriseto15atend2011.Newinitiativesandproductsin2011IntheearlyweeksoftheNewYear,policymakersareclearlypushingaheadwithincrementalstepstoexpandtheuseofthecurrencyoverseasandtoliberalizethenationscapitalaccount.AmongrecentdevelopmentsHANDSONCHINAREPORTJanuary24,2011JingUlrichManagingDirector,Chairman,ChinaEquitiesCommodities85228008635jing.l.ulrichjpmorgan.comAmirHoosain85228008641amir.h.hoosainjpmorgan.comBenjaminWong,CFA85228008932benjamin.mc.wongjpmorgan.comKelvinWong85228008962Kelvin.x.wongjpmorgan.com2JingUlrichHANDSONCHINAREPORT–January24,2011square6ThePeoplesBankofChinaPBoCannouncedthatChinesefirmswouldbepermittedtotransferRMBoffshoretoinvestinnewventures,MAandstakepurchasesabroad.ChinasonshorebankswillbeabletoextendRMBdenominatedloansfortheseoverseasinvestmentsandprofitsmayalsoberepatriatedtoChinainRMB.square6ResidentsinthewealthycoastalcityofWenzhouwillbeallowedtoparticipateinatrialschemethatwillentitlethemtomakedirectoverseasinvestmentsofuptoRMB200millionperyear.square6BankofChinasNewYorkbranchhasbegunofferingRMBaccountswhoseholdersmayexchangeuptoUSD4,000perday,withaUSD20,000capperannum.square6TheChiefExecutiveofHongKongExchangesandClearinghassaidthattheexchangeisactivelylookingatmeanstomakethelistingofRMBdenominatedsharesviableandexpectssuchissuancestobeginthisyear.Anumberofinstitutions,includingBankofChinaInternationalandCheungKongHoldings,havealreadyannouncedaninterestineventuallyraisingRMBdenominatedequityinHongKong.square6Accordingtorecentmediareportscitingunnamedsources,theearlieranticipatedminiQFIItrialisagaininthepipelineatleast80offundsraisedmustbeinvestedinthedomesticbondmarket.TheserecentdevelopmentshavehadtheeffectofgeneratingconsiderableexcitementaboutHongKongsprospectsasanoffshoreRenminbicenter,withperceivedbeneficiariesincludingHongKongbanks,HKeXandvariousinvestmentbanksandassetmanagers.Butdespitesuchupbeatmarketsentiment,therearesubstantialhurdlestorenminbiinternationalization,nottheleastofwhichisthelimitedavenuesforoffshoreRMBpoolstoberepatriatedtothemainlandwithoutcasebycaseregulatoryapproval.Withpolicymakersconcernedaboutexcessivedomesticliquidityandassetpricebubbles,thecurrentbarriersareunlikelytoberelaxedexceptthroughverymeasuredstepssuchasaminiQFIItrial.Thismeansthatwideracceptanceofthecurrencyhingesontheavailabilityofwiderinvestmentoptionsoffshorebeyondmerecurrencyappreciation,whichinturnhingesonthedevelopmentofanadequateliquiditypooltoencouragethenecessaryintroductionofproductinnovationsandsecuritiesissuances.Thewidespreadacceptanceoftherenminbiasareservecurrency–perhapstheultimatemeasureofinternationalization–appearsadistantprospect.050100150200250300May04Nov04May05Nov05May06Nov06May07Nov07May08Nov08May09Nov09May10Nov10Figure1RenminbiDepositsinHongKongRMBbnFigure1RenminbiDepositsinHongKongRMBbnSourceHKMA3JingUlrichHANDSONCHINAREPORT–January24,2011II.QuestionsandAnswersiWhattypesofRMBinvestmentproductsarelikelytobeintroducedinHongKongHongKongsdevelopmentasanoffshoreRMBcenterisstillverymuchinitsinfancywhenconsideredagainstthefullspectrumofproductsandservicesalreadyavailableinHKD.AttheAsianFinancialForum,anannualconferenceorganizedbytheHongKonggovernment,theissueofRMBinternationalizationfeaturedprominentlyindiscussionsinvolvingHongKongandMainlandfinancialauthoritiesandfinancialexecutives.AccordingtoProfessorK.C.Chan,HongKongsSecretaryofFinancialServicesandTreasury,theproliferationofRMBdenominatedinvestmentproductsislikelytooccurinitiallywithproductsthatdonotrequireanactivesecondarymarket.Thusatthefirststage,theRMBdenominatedinvestmentproductslaunchedinHongKonghavemainlyconsistedoffixedinterestproductsthataretypicallyboughtandheldforstableincomestreams,ratherthanthosewhichareactivelytradedforcapitalreturnrequiringanactiveandliquidsecondarymarket.TocreatealiquidsecondarymarketforRMBfinancialproducts,theremustbelargepoolofRMBfundsthatarereadilyaccessibleforlocalandoverseasinvestorsandexchangeableintoforeigncurrency.CurrentrestrictionsoncurrencyconversioncappedatRMB20,000/dayforHongKongretailcustomersandsubjecttoapprovalforcorporates–unlessthefundsareusedfortradesettlementandalimitedliquiditypoolsuggestthatitisstilldifficulttobuyorsellRMBonalargescaleforinvestmentpurposes.InProfessorChansopinion,theabsenceofanadequateliquiditypoolcomplicatestheintroductionofproductssuchasthroughanequityIPO,whereasoundpricingfunctionisexpectedofthemarket.Whilenotimetablehasbeenannounced,recentcommentsbytheHongKonggovernment,regulatorsandtheexchangepointtothedevelopmentofinfrastructuretosupporttheintroductionofequityrelatedproducts,suchasRMBdenominatedsharelistings,ETFsandmanagedfundsintherelativelynearfuture.iiWillrelaxationsonoutwardRMBinvestmentbefollowedbysimilarmovestoallowtherepatriationofoffshorefundsfordomesticinvestmentOnJanuary6,thePBoCannouncedthatChineseenterprisesareallowedtoremitRMBoffshoreforoverseasMAandinvestmentpurposes.BanksarealsoallowedtoprovideRMBfinancingtotheseChineseenterprises.Furthermore,thereturngeneratedfromsuchinvestmentscanberepatriatedtoChina.ThesearepromisingstepsthatallowRMBfundstocirculateoffshore,however,fundsintendedforsubsequentinvestmentintoChinamustundergoscrutinybyChinasforeignexchangeregulator,whichimpliesadegreeofpolicyrisk.AttheAsianFinancialForum,ZhangJianjun,PresidentoftheShenzhenCentralSubbranchofthePBoC,agreedthatformoresignificantamountsofRMBtoflowbetweenonshoreandoffshorejurisdictions,theFDIchannelmustberelaxed.Currently,investmentsbetweenChinaandothercountriesareheavilybiasedtowardsoutboundChineseinvestments.Thecentralgovernmenthasbeenproceedingverygraduallyinhopesofcontrollingthelevelofspeculationthatmayaccompanyamoreextensiverelaxationofcapitalcontrols.Withrespecttoportfolioflows,althoughtheQDIIprogramhasbeguntoshowsignsofreturningtolifewiththeintroductionofmoreinnovativeproductssuchasLionFundManagementsgoldfund,whichrecentlymetits500millionsubscriptiontarget,theflowofinboundandoutboundportfolioinvestmentsthroughQDIIandQFIIwilllikelyremainrelativelyinsignificantintheshortterm.ThevolumeofQFIIquotaapprovedbythegovernmentisstillvastlyinadequatetosatisfythedemandofforeigninvestors.AneventualminiQFIItrial,whichwouldbeaimedatprovidingaconduitforoffshoreRMBtoinvestintheonshoreequityanddebtmarkets,maygaincriticalmassinthefuturehowever,itsdeploymentislikelytobeverygradual.4JingUlrichHANDSONCHINAREPORT–January24,2011iiiWhoaretheexpectedbeneficiariesofacceleratedgrowthintheoffshoreRMBmarketAlthoughthegrowthinthesizeoftheoffshoreRMBmarkethasbeennothingshortofextraordinary,theabilitytomonetizethisgrowthiscurrentlyquitelimitedduetoalackofproductdiversity.AccordingtoJ.P.MorgananalystHarshModi,HongKongExchangeandClearing388HK,Overweight,PT168isexpectedtobeoneofthekeybeneficiariesofRMBliberalizationoverthenext510years,asmorelistedRMBrelatedproductsbecomesavailablethroughtheterritoryssoleexchangeandclearingoperator.ForexampleCharlesLi,CEOofHKeX,suggestedinearlyJanuarythatRMBdenominatedIPOscouldberolledoutasearlyasthisyear.BankofChinaHongKong2388HKcouldalsobenefitmarginallyfromRMBliberalization,sinceitcurrentlyservesastheonlyauthorizedclearinginstitutionbetweenthePBOCandotherHongKongbasedfinancialinstitutions.WhileagradualincreaseintheamountofRMBdenominatedproductsisexpectedtoimprovebanksprofitability,J.P.MorgananalystJosephLeunganticipatesthatatleastintheshortterm,therecouldbeacertaindegreeofcannibalizationbetweenproductsdenominatedindifferentcurrencies.OverallheexpectstheearningscontributiontoBOCHKtobe1inabearcasescenarioand9inthebullcase.ivWhatdoestheprocessofRMBinternationalizationimplyastotherelativeimportanceofHongKongandShanghaiasfinancialcentersAttheAsianFinancialForum,variousspeakers,includingFangXinghai,DirectorGeneralofShanghaisFinancialServicesOfficeandGaoYingxin,DeputyChiefExecutiveofBankofChinaHongKongemphasizedthattherewasextensivecooperationbetweenauthoritiesinthetwojurisdictions.However,Dr.FangnotedthatShanghaihasbeenmandatedbythecentralgovernmenttobecomeChinasinternationalfinancialcenterandthatthecityaimstorankintheglobaltop3bymostmajormeasurese.g.equitymarketvalue,bondmarketvalue.Indeed,hearguedthatHongKongsambitiontobecomeChinascenterforoffshoreRMBbusinesswascontingentonprogressinShanghai.UnderascenariowhereoffshoreRMBfundscanberepatriatedfreelywhichDr.FangindicatedhewasnotinfavorofwhiletheRMBbondmarketinShanghaidevelopsslowly,ChinesecompanieswouldnaturallyflocktotheHongKongmarketforitscheaperfundingcostsandlowerregulatoryburden.However,thiswouldmeanthatthePBoCwouldlosecontroloverinterestratesandthedevelopmentofChinasonshorebondmarketwouldlanguish.ThusthetwomarketsdevelopmentshouldbecoordinatedandthebestapproachwouldbetopromotetheonshoreRMBbondmarket,whichshouldberegulatedbyChineseauthoritiesbutopentoforeigninvestors.vHowquicklywilltheadoptionoftradesettlementinRMBproliferate,ifatallForoverseascompanies,RMBfundsgainedthroughtradesettlementwillhavelimitedconduitsforreinvestment.CompaniesintendingtorepatriateRMBfundsasFDIwillrequireapprovalfromSAFE,whichcarriesahighdegreeofuncertainty.ThisimpliesthatRMBreceivedoffshoreismainlydestinedforconversionatcentralbanksorclearinghouses.SuchrestrictionsdonotapplytotraditionaltradesettlementinUSD.AnincreaseinRMBinvestmentinstrumentsoffshoreorarelaxationofFDIpolicywouldservetoexpeditetheproliferationofRMBsettlement.FortradewithU.S.companies,theAmericancounterpartyisusuallytheimporterfor2010,73.4ofbilateraltradebetweenChinaandtheU.S.camefromUSimports.SwitchingtoRMBsettlementtransferstheexchangerateriskfromtheChineseexportertotheUSimporter.ThiseffectivelytransfersthehedgingcostfromtheChinesetotheAmericancounterparty,erodingcompetitiveness.WedontseesufficientbargainingpowerontheChinesesideforthistooccur,aspricecompetitionisoftenkeyinChineseexportindustries.However,fortradewithnonUScompanies,particularlythoseinemergingmarkets,settlinginoneofthecurrenciesofthecounterpartiesinsteadofthedollarcangreatlyreduceforeignexchangecosts.viWhatfactorsmightdissuadeaChinesecompanyfromraisingdebtcapitalinHongKong5JingUlrichHANDSONCHINAREPORT–January24,2011OneofthemainconsiderationsinafundraisingsituationiswhethertheRMBdebtfundedinvestmentwillgeneratereturninaforeigncurrency.Insuchacase,theborrowerwillsufferfromRMBappreciationasloanswillhavetoberepaidinRMB.Inthesameway,borrowerswillgainfromRMBappreciationiffundsareborrowedinaforeigncurrencyandthedebtfundedinvestmentgeneratesreturninRMB.Atmaturity,RMBisconvertedbackintoaforeigncurrencyforrepayment.ThishasbeenthemajorimpedimenttotheproliferationofRMBloansgiventhestrongsentimentthatRMBwillappreciate.J.P.MorganexpectstheRMBtostrengthento6.3/USDattheendof2011,implyinganappreciationofabout4.5.ThemajorincentiveforcompaniestoraisedebtcapitalintheoffshoreRMBmarketisthelowercost.Bondissuanceispricedatlessthan3for23yearsintheoffshoremarket,comparedtotheonshoremarketwhichchargesroughly1higherfordebtfinancing.AsinthecaseofRMBsettlement,proceedsthatareintendedfordeploymentinChinawillrequireapprovalfromSAFE.viiHowarebondissuancespromotingtheproliferationofRMBuseoffshoreOneofthemainincentivestoholdRMBistheperceivedstrengthofthecurrencyagainsttheU.S.dollarandothercounterparts.Asmentioned,J.P.MorgansharestheconsensusviewthattheRMBwillcontinuetoappreciatein2011,specificallyat4.5.Normally,thiswouldencouragetheholdingofRMBassets,asfuturecurrencyappreciationwillsupplementinvestmentgainsorhedgeinvestmentlosses.However,intheabsenceofinvestmentvehicles,expectedcurrencyappreciation,whichhasahighdegreeofpolicyriskinitself,isnotsufficienttojustifysubstantialholdings.RMBbondsareprovidingtheadditionalreturntofillthegap.ThecurrentoutstandingbalanceofRMBdenominatedbondsandnotesinHongKongisapproximatelyRMB49billionseeFigure2,morethantriplethatoftheRMB16billionbalanceattheendof2009.TheabsenceofalternativesforoffshoreRMBinvestmentandtheinabilitytocovertoffshorefundsintoforeigncurrencieshascausedoffshoreRMBbondholderstomaintaintheirpositionsasaconsequence,thesecondarybondmarkethaslittleornovolume.HongKongbasedRMBdepositsreachedRMB280billionattheendofNovember,ofwhich60wasintimedepositsearninginterestratesofapproximately0.8fora612monthsterm.Thiscomparestoa1.8couponona6monthHSBCoffshoreRMBnoteissuedinNovember2010or2.4coupontypicallyofferedon23yearnotes.viiiWhatarethestepsinvolvedintheinternationalizationoftheRMBWetakerenminbiinternationalizationtorefertotherelaxingofcapitalcontrolssothattheRMBcanbecomeamorewidelyusedtradecurrency,followedbyitsuseasaninvestmentdenomination,andfinallyareservecurrency.AccordingtoSimonSong,J.P.MorgansChinaratesstrategist,theinternationalizationofRMBinvolves5steps1TheexitingofRMBfromChinaprimarilyviatradesettlementprogram.ThePBoChasalsoannouncedapilotprogramtoallowRMBdenominatedoutwarddirectinvestments.2Circulationoffshore.MostoffshoreRMBiscurrentlydepositedinHongKongaccounts.Whiletheprospectofcurrencyappreciationattractssomedepositors,investorswhotargethigherreturnswillrequiremoreinvestmentoptions.3Returntothemainland.Amidconcernsaboutexcessliquidityandinflationarypressures,ChinasauthoritieshavebeencautiousinallowingtherepatriationofoffshoreRMB.CurrentlycertainforeigncentralbanksandrenminbiclearingsettlementbanksareallowedtoparticipateinChinasinterbankbondmarket,providingachannelfortherecyclingofoffshorefunds.4GradualexpansionofglobalRMBcirculation–thisisexpectedaspilotprogramsaregraduallyopenedtowiderparticipation.Theavailability,acceptanceandusageofthecurrencywillbroadenintheinternationalarena,makingtheoffshoreRMBmarketmoreactive,liquidandinvestable.6JingUlrichHANDSONCHINAREPORT–January24,2011Transactioncostswillgraduallydecrease,differentialpricingofthecurrencyinvariouscountrieswillconverge,morehedginginstrumentswillbecreatedtomanageriskandtheRMBwillgraduallybeperceivedasaviablestoreofvaluebyretailandinstitutionalfinancialmarketparticipants.5Openingofthecapitalaccount–thisisexpectedtobethefinalstepoftheinternationalizationprocess.Atthemoment,thecurrentaccountisfullyconvertibletradeproceedsandprofitscanberepatriatedwithoutlimit,whilethecapitalaccountisonlypartiallyopenedtoapprovedbusinessFDIandODIandportfolioinvestments.01020304050609/1/200810/1/200811/1/200812/1/20081/1/20092/1/20093/1/20094/1/20095/1/20096/1/20097/1/20098/1/20099/1/200910/1/200911/1/200912/1/20091/1/20102/1/20103/1/20104/1/20105/1/20106/1/20107/1/20108/1/20109/1/201010/1/201011/1/201012/1/20101/1/20111/19/2011Figure2RenminbibondsoutstandinginHongKongRMBbnFigure2RenminbibondsoutstandinginHongKongRMBbnSourceSAFE7JingUlrichHANDSONCHINAREPORT–January24,2011Appendix1MajorDevelopmentsinRMBInternationalizationJanuary2009PresentJan09CurrencyswapagreementsignedbyHKMAandPBOCforuptoRMB200bnJul09PilotprogramofdirectsettlementofRMBtransactionsforcrossbordertradebetweenShanghaiand4citiesofGuangdongononeside,andHongKong/Macau/ASEANascounterparties.Sep09FirstsovereignoffshoreRMBbondissuebyChineseMinistryofFinanceFeb10HKMAannouncedanimportantelucidationwhichessentiallyexpandedscopeofRMBbankingbusinessandapprovedmainlandsnonfinancialcorporatetoissueRMBbondsinHongKongJun10ExpandedpilotprogramofJul09to20mainlandprovincesandallforeigncountriesascounterparties.Jul10RelaxedrestrictionsontypesofindustriesthatareeligibleforopeninganRMBaccountinHongKong,andeliminatedtheupperlimitonRMBexchangeforbusinesses.AlsoallowedpaymentsandtransferoffundsbetweenRMBaccountsinHK.AllowingfinancialinstitutionstoopenRMBaccountseffectivelyclearedamajorobstacleintheissuanceofRMBdenominatedproductsinHongKong.HopewellHighwayInfrastructuralLtd.issuedthefirstlocalcorporatebond.Aug10McDonaldsCorporationissuedthefirstforeigncorporatebond.Openeduptheonshoreinterbankbondmarkettoauthorizedcentralbanks,clearingcentersinHongKongandMacau,aswellasbanksthatareparticipatinginthecrossborderRMBsettlementscheme.Oct10HKMAactivatedtheRMB200bnswaplineasBankofChinaexhausteditsRMB8bnquota.Nov10verbatimSAFEtightenscapitalaccountrules,causingsignificantdisruptiontoon/offshoreforwardmarkets,requiringbankstomaintainlongUSDpositionsattheendofeachday,amongothermeasuresExpandedthenumberofMainlandenterprisesthatcansettlemerchandiseexportsinRMBfrom365to67,359.TheHKMAenactedfurtherrulestorestricttheamountofRMBheldbyauthorizedinstitutionsintheRMBsettlementprogram1requiredAIstosquaretheirpositionswiththeClearingBankonlywhentheyhaveutilizedRMBtradeproceedsfromtheircustomers.2AIscanonlypurchaseRMBthroughtheClearingBankinShanghaiforthecustomersinrelationtotradetransactionsdueforpaymentstotheMainlandwithinthreemonths.3Lastly,AIsneedtolimittheirnetopenpositionsinRMBto10ofRMBassetsorliabilities.HKMAstatedthatitwillsetupastandbycreditfacilityof20bnRMBthroughitscurrencyswaplinewiththePBoCinanticipationofhigheryuansettlementdemandinHongKongfor2011Dec10BoCHongKonglaunchedtheBankofChinaHongKongOffshoreRMBBondIndex,thefirstRMBbondindexinHongKong.Itismeanttotrackthetotalreturnperformanceof28offshoreRMBbonds,whichrepresented90ofmarketvalue.8JingUlrichHANDSONCHINAREPORT–January24,2011DisclaimerJ.P.MorganisamarketingnameforinvestmentbankingbusinessesofJPMorganChaseCo.anditssubsidiariesworldwide.JPMorganChaseCo.oranyofitsaffiliatescollectively,J.P.Morganmakesnorepresentationorwarrantyregardingtheaccuracyorcompletenessoftheinformationherein.J.P.Morganisnotanadvisortoanypersoninrespectofanyreferencedtransaction.ThismaterialisnottheproductofJ.P.MorgansresearchdepartmentsandalongwithanyassociatedverbalpresentationtogetherthePresentationispurelyindicativeandisbasedoncurrentassumptionsandmarketconditions.Althoughinformationcontainedhereinhasbeenobtainedfromsourceswhichwebelievetobereliable,noneofJ.P.Morgan,noranypersonactingontheirbehalf,makesanyrepresentationorwarranty,impliedorexpressregardingtheaccuracyorcompletenessoftheinformationcontainedherein.ThePresentationisnotintendedasanofferorsolicitationforthepurchaseorsaleofanyfinancialinstrument,nordoesitconstituteacommitmentbyJ.P.MorgantoenterintoanytransactionreferredtointhePresentation.J.P.MorganshallincurnoresponsibilityorliabilitywhatsoevertotheclientortoanyotherpersoninrespectofthePresentationandintheeventthatJ.P.MorganentersintoanytransactiondescribedinthePresentationthensuchtransactionshallbegovernedexclusivelybytherelevanttransactiondocuments.Therecipientmustmakeanindependentassessmentofanylegal,credit,tax,regulatoryandaccountingissuesanddeterminewithitsownprofessionaladvisorsanysuitabilityorappropriatenessimplicationsofanytransactionreferencedhereininthecontextofitsparticularcircumstances.J.P.Morganassumesnoresponsibilityorliabilitywhatsoevertoanypersoninrespectofsuchmatters.Thismaterialisdirectedexclusivelyatmarketprofessionalsandinstitutionalinvestorsandisnotfordistributioninanyjurisdictionwheresuchdistributioncontravenesapplicablelawsofanyrelevantjurisdiction,norcoulditbedistributedtoanyotherpersonorreplicatedinanyformwithoutthepriorwrittenconsentofJ.P.Morgan.NotwithstandinganypriorwrittenconsentprovidedbyJ.P.Morganforthefurtherdistributionorreplicationofthesematerialsandasconsiderationtherefore,theinitialrecipientofthesematerialsacknowledgestoJ.P.MorganthatitshallholdJ.P.Morganharmlessfortheconsequencesofsuchfurtherdistributionorreplicationasthecasemaybe.Copyright2011JPMorganChaseCo.Allrightsreserved.Additionalinformationisavailableuponrequest.

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