China is the second-largest economy in the world and is expected to become the largest in the near future. In contrast to its economy, the financial system in China has yet to be further developed. China is facing many complex issues and challenges in its financial sector, which has crucial implications for both China and the world.
The Center for China Financial Research (CCFR) at the University of Colorado Denver Business School is inter-disciplinary and encompasses finance, economics, statistics, mathematics, and related fields. The center has an open-architecture structure with active members within and outside the University of Colorado Denver. CCFR facilitates research on securities markets, banking, financial regulations and closely related broader issues of economic reform in China. CCFR provides a visible platform outside greater China and connects academic researchers around the world with the expertise, the Chinese government, international organizations, and the business community.
Program Director
Founding Director: Jian Yang, .P. Morgan Endowed Chair & Research Director of J. P. Morgan Center for Commodities (JPMCC), Professor and Discipline Director of Finance, Business School, University of Colorado Denever; Research Fellow (Adjunct), National Institute of Financial Research, Tsinghua University (jointly with all major financial regulators in China), Faculty Affiliate (External), Cornell Institute of China Economic Research, Cornell University
Contact: Jian Yang, jian.yang@ucdenver, ccfr@ucdenver.edu
Center for China Finance Research Activities
(Since the CCFR director became the JPMCC Research Director in September 2017, research activities have typically focused on commodity futures markets in China and promoting the visibility of JPMCC instead of CCFR, even though Chinese futures markets are also part of China’s financial system)
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Jian Yang delivered the keynote on the first workshop on China’s oil futures at Xiamen University (China), June 2018 (in Chinese)
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Jian Yang weighs in on crude oil futures at top commodities conference, December 2017
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CU Denver researcher helping shape financial policy in China, May 2017
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Jian Yang completes prestigious PBoC visiting fellowship, August 2016
- Invited research presentation on Chinese currency RMB at Hong Kong Institute of Monetary Research, January 2016
Center for China Finance Research Media Exposure
Since the CCFR director became the JPMCC Research Director in September 2017, great effort has been made to primarily entertain media interviews regarding Chinese commodity markets and promote the visibility of JPMCC instead of CCFR. Clearly, commodity futures markets are only relatively a small part of China’s financial system. For more information on the global media exposure on Chinese commodity markets via the director (in multiple languages and across dozens of countries), please visit the News and Events page of the JPMCC website. Nevertheless, out of over 90 news items via the director with the JPMCC affiliation (from September 2017 to April 2020), there are also some significant media exposure on various issues of China’s financial system (beyond commodity futures markets in China).
Particularly noteworthy, the media exposure in Chinese via the director on Chinese commodity markets in particular and China’s financial system, in general, have greatly promoted the visibility and the reputation of the university (科罗拉多大学(丹佛校区) in Chinese) and JPMCC (摩根大通商品研究中心 in Chinese). Many of these news items in Chinese have been reposted on the official websites of Chinese central government, various national government agencies in China (e.g., Ministry of Transport (of China), Ministry of Commerce (of China), National Energy Administration (of China)), and some largest companies or largest public companies in the world in 2019 (e.g., Sinopec (No. 2 on Fortune Global 500), CNPC (No.4 on Fortune Global 500), ICBC (No.1 on Forbes Global 2000) ). The media exposure below after September 2017 is limited to only a few sample news items, generally with a broad emphasis on China’s financial system. They are also best considered as complementary to global news items on commodities via the director on the JPMCC website.
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Crude Oil Futures in China Fuels up the Real Economy (原油期货为实体经济“加油”), Economic Daily(经济日报, the only newspaper sponsored by the State Council of China), March 26, 2020(Chinese, featuring additional findings of the JFM 2020 publication)
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Exclusive Interview with Jian Yang: How research can help manage systemic risk in China (杨坚:防范系统性金融风险需要科研助力), Financial News (金融时报of PBOC, the central bank of China), December 30, 2019 (Chinese, featuring the research findings of the PBFJ 2019 publication)
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Exclusive Interview with Jian Yang: China has become a regional financial power (中国已成为区域性金融强国) , Economic Daily – China Economic Net(经济日报-中国经济网), Dec 9, 2019 (Chinese, featuring the research findings of the PBFJ 2019 publication; The excerpt was published as one of two News in Brief items on China Banking and Insurance News中国银行保险报, the only newspaper of China Banking and Insurance Regulatory Commission, Dec.19, 2019)
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Exclusive Interview with Jian Yang: Trading volume of China's crude oil futures ranks third in the world (中国原油期货交易量跃居全球第三), China Chemical Industry News (中国化工报), July 8, 2019(Chinese, featuring the research findings of a work in progress and the JFM 2020 publication)
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Exclusive Interview with Jian Yang: China’s oil futures market is quite effective (中国原油期货市场有效性好), Economic Daily(经济日报) , July 4, 2019 (Chinese, featuring the research findings of a work in progress and the JFM 2020 publication)
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China’s oil futures has been in operation for 100 days (中国原油期货运行满百日 日平均成交量跃居世界第三), China National Radio (中央人民广播电台), July 5, 2018(Chinese, featuring preliminary findings of the JFM 2020 publication)
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Deleveraging helps the economy move forward (去杠杆轻装前行稳根基), Economic Daily (经济日报, the only newspaper sponsored by the State Council of China), January 14, 2018 (Chinese, a top story on the front page)
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China expands foreign ownership in the financial sector, China Daily USA, November 15, 2017
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China's Frenzied Commodities Boom Is Over, For Now. October 10, 2017, Forbes.
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RMB Internationalization: Are We There Yet? May 11, 2017, Forbes.
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Impact of capital outflow rules debated, China Daily USA, December 2, 2016
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China passes US in outbound M&A, China Daily, October 10, 2016 (also #1 top story on China Daily USA, October 7, 2016)
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Economy stabilizes in first quarter, China Daily USA, April 14, 2016 (#1 top story)
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China factories face competition, China Daily USA, April 7, 2016 (#2 top story)
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Anbang seeks Starwood to stabilize returns: Analysts, China Daily USA, March 29, 2016 (#2 top story)
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China playing major role in oil selloff, China Daily, January 19, 2016
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Meltdown 2.0 led by China selloff, again, China Daily USA, January 8, 2016 (#2 top story) (An extension of Prof. Yang’s arguments was published in Chinese in Chinese Business Review, or Yicai)
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What the future holds: China’s 2016 economy, China Daily USA, January 1, 2016 (The director’s prediction about 2016 GDP growth rate in China turned out to be among the most accurate)
Center for China Finance Research Research Publications
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Yang, Jian, and Yinggang Zhou. “Return and Volatility Transmission between Chinese and International Oil Futures Markets: A First Look,” Journal of Futures Markets, forthcoming, June 2020. (the first publication in English on international linkages of China’s crude oil futures, which is the first futures market in China open to foreign investors.)
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Yang, Jian, Ziliang Yu, and Jun Ma. “China’s Financial Network with International Spillovers: A First Look,” Pacific Basin Finance Journal, Vol. 58, December 2019, 101222. (the publication results from the director’s PBOC visiting fellow appointment in 2016, and is a joint work with a PBOC Monetary Policy Committee member. An earlier abridged version of the paper published as the PBOC working paper 2017-4 and was featured in New York Times, Reuters, CNBC, Daily Mail (UK) and totally about 35 media outlets in English and Chinese in 2017)
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Yang, Jian, Ziliang Yu, and Yongheng Deng. “Housing Price Spillovers in China: A High-Dimensional Generalized VAR Approach,” Regional Science and Urban Economics, Vol. 68, January 2018, pp.98-114. (The first study to comprehensively use Chinese city-level housing price indexes and document high interactions among 70 cities in China. Media commentary in Chinese based on the paper)
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Yu, Zhuangxiong, Jie Li, Jian Yang. “Does corporate governance matter in competitive industries? Evidence from China,” Pacific Basin Finance Journal, Vol. 43, June 2017, pp. 238-255.(Introduced a new comprehensive corporate governance index of Chinese public firms; competition does not substitute for corporate governance in China!)
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Tong, Jiadong, Zijun Wang, and Jian Yang. “Information Flow between Forward and Spot Markets: Evidence from the Chinese Currency,” Journal of Futures Markets, Vol. 36, No. 7, July 2016, pp.695–718. (offshore NDF FX market in Hong Kong can predict the huge onshore spot RMB rate during 2005-2013)
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Hao, Xiangchao, Jing Shi, and Jian Yang. “The Differential Impact of the Banking-Firm Relationship on IPO Underpricing: Evidence from China,” Pacific-Basin Finance Journal, Vol. 30, November 2014, pp. 207-232. (Big Four state-owned banks improved their performance dramatically in the last decade, although they were still not as good as ideally they should be. Media commentary in Chinese based on the paper.)
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Yang, Jian, Zihui Yang, and Yinggang Zhou. “Intraday Price Discovery and Volatility Transmission in Stock Index and Stock Index Futures Markets: Evidence from China,” Journal of Futures Markets, Vol. 32, No. 2, February 2012, pp.99-121. (Likely the first empirical study in English on the functioning of the new stock index futures in China)