Business / Companies

Bloomberg to increase hiring

By CHEN JIA (China Daily) Updated: 2015-04-02 10:34

The company describes its strategy as to "develop local products and partnerships in step with China's financial reform that will enable greater cross-border investment opportunities between China and the rest of the world", betting on continuing liberalization of the capital markets.

China plans to make the renminbi capital account convertible by the end of this year, the central bank Governor Zhou Xiaochuan said during the China Development Forum in Beijing on March 22, when he met chief executive officers from the world's top business groups.

That means Chinese residents could directly invest in equity and financial products in overseas markets and foreign residents' investment needs on the Chinese mainland will also be satisfied.

Wu Xiaoguang, a researcher at the People's Bank of China, wrote in a report that further opening of China's financial system needs more high-quality professional information in the global markets, which is directly involved with investors' interests.

"The internationalization of financial information services is an irresistible trend, which also provides new and great development opportunities for global service providers," said Wu.

He suggested that the country improve regulations and supervision on international financial information service companies to ensure a fair financial market environment.

Bloomberg LP has recently expanded its Chinese news team to enhance its capability to provide timely market-moving news and insights for global investors.

It established a China analytics group in Beijing last year, hiring and training local talent to better serve Chinese clients.

The company also expanded the global data team to broaden and deepen the set of data and information on China's markets, including but not limited to fixed income, foreign exchange and equities.

According to the Bloomberg chairman, about 62.5 percent of its installed base-the main income source of Bloomberg-is on the buy-side, which are big asset management firms, hedge funds, corporations and government agencies.

Meanwhile, its business has seen slight contraction that has occurred with the banks and brokerage firms around the world.

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