人民币将是未来少数具备超越其他全球货币能力的货币之一

自从货币基金组织决定即美元、欧元、英镑和日元之后，自2016年起将人民币纳入特别提款权（SDR）篮子，人民币的国际化迈出了坚实的一步，这将使得未来对人民币的需求大大提升，极大地增强人民币的地位。

美国国内利率正常化的大背景下美元却仍可能走强，而人民币很可能保持稳定，而非对美元贬值。渣打银行驻香港高级利率策略师刘洁表示，人民币将会是仍能跑赢美元的少数货币之一。

中国国际金融有限公司首席经济学家梁红称，人民币在今年至少会与美元一样表现强劲，并很有可能超过美元。

就一些分析机构认为人民币在2016年会持续下行，李克强总理上周五评论道中国能够维持人民币汇率基本稳定在一个合理和平衡的水平，不存在持续贬值的基础。中国副主席李源潮在刚刚举办的瑞士达沃斯世界经济论坛年会上补充道：“中国政府没有意愿也没有政策来使货币贬值，因为货币市场的波动是市场力量的结果”。

王雷（Rani Jarkas）在亚洲有多年的金融经验。他表示，“人民币的下行压力将会缓解。我相信人民币仍是在未来能超越美元的少数货币之一。”

RMB will be one of the few currencies that can still outperform global currencies in the future

Since IMF decided to include the yuan in the basket of Special Drawing Rights (SDR) from 2016, joining the dollar, the euro, the pound and the yen, the internationalization process of renminbi has made a solid step forward and it will prompt China’s currency to strengthen dramatically as demand for the renminbi rises in the future.

The renminbi will likely be "stable" rather than depreciate against the greenback, while the US dollar is due to become stronger against the backdrop of rates normalization in the US. RMB might prove to be one of the few currencies that can still beat the US dollar, said Becky Liu, Senior Rates Strategist at Standard Chartered Bank (HK) Ltd.

Liang Hong, Chief Economist at China International Capital Corporation, added that "RMB will be at least as strong as the US dollar this year, if not stronger."

While some forecast that RMB will retain a depreciating bias in 2016, Premier Li Keqiang commented last Friday that China can maintain yuan exchange rate “basically stable at a reasonable and balanced standard,” adding there’s “no basis for a continued depreciation.” The Chinese government has no intention and no policy to devalue its currency, as the fluctuations in the currency market are a result of market forces, said Li Yuanchao, China’s Vice president, on the World Economic Forum’s annual meeting in Davos, Switzerland.

Rani Jarkas, Chairman of Cedrus Investments, an investment pioneer with years of financial experience in Asia, said, “Downward pressure on RMB is expected to ease. I expect RMB will remain one of the few currencies that can outperform the US dollar in the years to come.”

对于中国市场的投资需要时间、耐心和多样性

尽管市场波动剧烈，但中国的基本经济形式仍然相对乐观。作为一名关注中国权益市场多年的投资专家，我能给出的建议是投资需要时间、耐心和多样化。

因为A股加入摩根士丹利资本国际（MSCI）新兴市场指数，更多的长期资金即将涌入。然而，中国股市刚刚经历了动荡的一年，也引起了全球股市的连锁反应。

中国已经发出了一个明确信息信号，经济增长有可能会下滑。但是，在总体经济大环境的影响下依然能呈现出非常强劲和整张良好的势头。如果你再深入观察，可以发现制造业之中存在着过剩的产能。但向更强大发展更优质的服务型经济的转变，大部分来源于私人企业和业务的长期可持续发展。

赛德思投资董事长王雷（Rani Jarkas）先生在亚洲拥有多年金融经验，他表示：“关于市场估值，每当投资者看到这种大行情波动，拥有多样化的投资组合的客户，包括固定收益、股票、大宗商品和其他另类投资类别，通常能跑赢大盘。这样的时刻提醒着他们多元化投资的重要性。”

Investing require time, patience and diversification with the Chinese market

Despite market volatility, the country's underlying economy is relatively sanguine. Investing requires time, patience and diversification is the advice that a financial veteran offers to investors whose eyes are fixed on China's equity market.

Because of the A-share's inclusion into the MSCI Emerging Market index, more capital with long-term commitment will enter the market. However China's stock market has gone through a volatile year, which also had a ripple effect on the global market.

China has sent a clear message that its growth will decline, but in aggregate the economy is still very strong and with high quality of growth compared to other countries. If you look deeper, there's some overcapacity in the manufacturing sector. But what has taken place is a transition towards much stronger service economy with better quality of growth and much of that being built by private enterprises and long-term sustainable business development.

Rani Jarkas, Chairman of Cedrus Investments, an investment pioneer with years of financial experience in Asia,  added, “In terms of market valuation and whenever investors see this kind of volatility, clients with diversified portfolios that include fixed income, equities, commodities and other alternative asset classes will outperform the market. Moments like this remind clients of the importance of diversification.”

中国精准医疗的未来

自美国总统奥巴马2015年初宣布启动新的医疗研究努力——精准医疗计划以来，中国也在指定自己更大的精准医疗项目。中国一些领先研究机构包括清华大学、复旦大学以及中国医学科学院都纷纷建立精准医学中心。例如四川大学华西医院计划完成一百万个人体基因序列，与整个美国的计划目标相同。

中国政府有望在今年3月份批准下一个五年计划，尽管目前还不清楚将会投入多少资金，但几乎可以肯定的是， 会比美国2.15亿美元的计划规模更大，投入的资金更多。

今年1月9日，中国科学院宣布启动“中国人群精准医学研究计划”，将在4年内完成4,000名志愿者的基因信息采集。

当前中国一些基因测序公司已相继竞争提供测序服务，中国多年以来为超高的基因测序能力而引以为傲。2010年，总部位于深圳的基因研究院华大基因估测其测序能力超过了整个美国。但这也要感谢其从加州圣迭戈的Illumina公司购买的设备，这些设备在当时代表着最为尖端的技术。但中国的其他基因公司随后也从Illumina公司购买了升级后的产品，包括来自上海的药明康德和云健康基因，以及来自北京的诺禾致源。

美国国立卫生研究院院长弗朗西斯•柯林斯于2015年大连夏季达沃斯论坛上表示，他希望在未来看到中美双方在精准医疗上更多的合作。

我认为，中国在基因序列和识别突变基因这些与个性化治疗相关的方面发展会比美国迅速，这是因为中国每种疾病都有庞大的病患数量，使得研究拥有足够的样本，加之中国政府对成功的决心。然而，中国能否将这些发现都应用到患者的个性化治疗上面，仍然有待观察。

The future of precision medicine in China

Since US President Barack Obama unveiled the new medical research effort called Precision Medicine Initiative at early 2015, China has been finalizing plans for its own, much larger project. China’s leading institutes — including Tsinghua University, Fudan University and the Chinese Academy of Medical Sciences — are scrambling to set up precision-medicine centres. Sichuan University’s West China Hospital, for instance, plans to sequence 1 million human genomes itself — the same goal as the entire US initiative.

The Chinese government is expected to officially announce the initiative after it approves its next five-year plan in March. Just how much the effort will cost is unclear — but it will almost certainly be larger and more expensive than the US$215-million US initiative.

On January 9^th, the Chinese Academy of Science (CAS) announced its precision medicine research plan targeting Chinese people, which will spend four years colleting genetic information of 4,000 volunteers.

Genome-sequencing companies are already competing to provide services to deal with the anticipated demand. For several years, China has boasted high genome-sequencing capacity. In 2010, the genomics institute BGI in Shenzhen was estimated to host more sequencing capacity than the entire United States. This was thanks to its equipment, purchased from Illumina of San Diego, California, which at the time represented state-of-the-art technology. But Illumina has since sold upgraded machines to at least three other genomics firms — WuXi PharmaTech and Cloud Health, both in Shanghai, and the Beijing-based firm Novogene.

Francis S. Collins, the director of the US National Institutes for Health, spoke at Summer Davos in Dalian in September 2015 that someday he would like to see the United States and China cooperate more on precision medicine.

As far as I’m concerned, China will be faster than the United States at sequencing genomes and identifying mutations that are relevant to personalized medicine because China’s larger populations of patients for each disease will make it easier to find sufficient numbers to study, combined with the Chinese government’s determination to succeed. Still, it remains to be seen whether China has the resources to apply these insights to the individualized care of patients due to the dearth of doctors.

Diversified Capital Enters Into China Market Where is the “tailwind” for China’s biotechnology industry?

SHANGHAI, 15 January (Xinhua) – Genome sequencing, protein-structure analysis, and large-scale cell culture……With China’s growing leadership in global biotechnology industry, biotechnology is regarded as an emerging industry in China’s 13^th “Five-year Plan”, attracting both domestic and global investors to rush into this “tornado”. Where is the “tailwind” for biotechnology industry with a market size of 10 trillion yuan? Rani Jarkas, Chairman of Cedrus Investments, a well-known global boutique investment firm in biotechnology industry, accepted the interview with the reporters from Xinhua.

Gap between basic research and clinical application

Xinhua: As one of the foreign investors, what do you think about the development of biotechnology industry in China?

Rani Jarkas: China’s potential to influence and eventually take a leadership role in the global biotechnology market became apparent. Recently, China has begun investing vast sums of money into the domestic biotechnology industry, including the development of translational sciences centers, to draw top talent from around the world and apply findings from fundamental research into medical and nursing practice with beneficial health outcomes.

Although China has made tremendous progress in fields like genome sequencing and protein-structure analysis, it has produced relatively few drugs and other medical products. Hence, the Chinese government is keen to bridge the gap between basic research and clinical application, and the construction of translational sciences centers, for instance, is part of the effort to push domestic innovations in terms of developing medical treatments. Given the momentum underway, the sheer scale of the effort expended and its immense market size, China will ultimately be able to make a significant impact on the biotechnology industry globally.

The high-risk and high-cost nature of biotechnology industry requires entrepreneurship and patience from the participants

Xinhua: What lessons can China learn from the development of biotechnology in the West?

Rani Jarkas: The biotechnology industry was founded in the U.S. in the 1970s, and the U.S. has always been the global leader in research and development (R&D) spending in this field and currently has the largest biotechnology market of the world. In the West, the biotechnology industry could best be described as a venture involving trial and error, high risk, entrepreneurship, high costs, patience, and likely failure.

The following lessons have been learned by those entrepreneurs and investors participating in the biotechnology industry in the West over decades: First, participants must either know what they are doing, or be aligned with those who do in order to be successful. Second, biotechnology is unlike other sectors that can benefit from broader industry trends. In biotechnology, a company succeeds or fails on its own merits. Third, very few investors possess the relevant expertise to adequately evaluate the unknowns and manage the risk inherent in biotechnology investing. Therefore, having a broad network of knowledgeable industry participants, including regulators, clinical professionals, executives of companies and experienced investors, is critical for market intelligence before making investment decisions.

The dramatic growth in the number of cross-border deals in China’s biotechnology industry may help China eventually take a leadership role in the global biotechnology market

Xinhua：What will be the opportunities for China’s biotechnology industry?

Rani Jarkas: A very interesting and unique aspect of China’s biotechnology industry is the dramatic growth in the number of cross-border deals completed in recent years. Domestic and Western venture capital firms have contributed notable funding to China’s life sciences start-ups. For example, the country’s top-10 market players are mainly multinational or their joint ventures with foreign companies. For many years, collaboration between multinational pharmaceutical companies and their Chinese peers (including private Chinese companies) has been critical in generating mutual benefits together with driving the industry growing at a faster pace, and most industry experts believe this will continue.

China has been tremendously influenced by how the U.S. has wisely funded R&D innovations in the past, according to The National Bureau of Asian Research. During the process of global collaboration and cross-fertilization, on one hand, the flow of Chinese scientists returning to China provides the talent and know-how  as well as the expertise to facilitating cross-border licensing and acquisitions, among others and positions China’s domestic biotechnology industry to compete internationally as well in the future. On the other hand, given that the biotechnology industry’s profiles have similarities in many dimensions, including regulatory, financing, liquidity, execution, reimbursement and safety, China’s approach, is both efficient and effective and has the potential of developing the global biotechnology industry further and faster.

Cedrus’ team has been involved in the investment banking business of the life sciences industry for over 15 years. Cedrus Investments is a trusted partner and advisor in promoting the flow of cross-border innovations, business and capital in the life sciences industry between China and the U.S., Europe and Australia. Cedrus currently advises and manages over US$1.5 billion in assets in multiple funds, including one solely on life sciences. In 2016, Cedrus will host an exclusive life sciences investor conference in Shanghai.

News Background:

Cedrus Investments, a global boutique investment firm, is at the forefront of serving as a trusted partner and advisor in promoting the flow of cross-border innovations, business and capital in the life sciences industry between China and the U.S., Europe and Australia. Cedrus has a local presence, with offices in Beijing, Hong Kong, Shanghai, Jakarta and the Cayman Islands and a team of multi-disciplinary experts. The company has been doing business in the Greater China region for over a decade.  The firm has the advantage of understanding both the Western and Eastern cultures and interests, and it knows how to build trust to cement win-win partnerships and facilitate deal executions.

Cedrus’ team has been involved in the investment banking business of the life sciences industry for over 15 years, primarily in the U.S. and Europe. Moreover, it has unparalleled relationships within the venture capital community, with global institutional investors, life sciences companies and academic experts from leading institutions in the U.S. and Europe, such as MD Anderson in Texas, the leading cancer research center in the world.  Its team of advisors and investment bankers is comprised of graduates from Harvard and Stanford Universities, all of whom are actively participating in sourcing and evaluating unique investment opportunities. Cedrus currently advises and manages over US$1.5 billion in assets in multiple funds, including one solely on life sciences.

Cedrus’ life sciences team is focused on: a) advising Chinese companies on a variety of cross-border transactions, including accessing technology and business partners in the West and Australia that are of interest to them; b) working closely with domestic investors to identify promising life sciences investment opportunities locally and abroad, and c) bringing life sciences companies from the West and Australia with technologies and products that would be valuable in addressing crucial healthcare issues in China to meet with relevant Chinese companies and investors. In the end, it is Cedrus’ primary objective to become a trustworthy business partner and advisor to Chinese companies and investors alike looking to conduct productive and valuable cross-border business.

In 2016, Cedrus will host an exclusive life sciences investor conference in Shanghai that will focus on bringing leaders in the biotechnology industry from the U.S., Europe, and Australia, to Shanghai to meet with their Chinese counterparts from various parts of China to explore partnership, merger and acquisition, and financing opportunities. By hosting this conference annually, Cedrus is committing to bringing together the right mix of international players from a variety of disciplines to help Chinese companies and local investment managers achieve their goals and lend momentum to Shanghai becoming one of the world’s most important biotechnology centers.