Banking giant Industrial and Commercial Bank of China (ICBC) has delivered stellar first-quarter results for 2014 and is now looking to further its global expansion in cash management and cross-border services. Vice president Zheng Wanchun describes strategies for a period of challenge and opportunity in an exclusive interview with Euromoney

The 30-year, $400 billion China-Russia gas deal – which will turbo-charge economic ties, more generally, from infrastructure finance, FDI and currency diversification – heralds a shift in the centre of global economic gravity.

Thanks to a pick-up in manufacturing, consumer demand and inventory restocking, commodity prices have started to stage a rebound while technicals also support a recovery. Investors should address large underweight positions in the sector.

While the MSCI upgrade of UAE and Qatar to emerging-market status this summer will open a larger market for capital raising and inflows in the medium- to long-term, the short-run impact of the upgrade might not be as large as expected and, indeed, might be negative. In any case, we remain overweight Egypt, thanks to attractive valuations and a much lower risk of an MSCI downgrade from emerging-market status.

The Fed and the Bank of England should consider hiking rates this year, thanks to the economic recovery. The later the hike, the worse the credit bubble. However, the eurozone economy remains dangerously barren thanks to Germany’s fiscal scarcity.

Recent political instability in Ukraine has once again reminded investors of the risks of investing in emerging market economies. Russian equities have fallen sharply, and the central bank has had to aggressively raise rates. This had followed months of broader volatility in mainstream emerging markets in which currencies have weakened – particularly in the so-called ‘Fragile Five’ of Indonesia, Brazil, India, South Africa and Turkey. Sovereign and corporate balance sheets are under scrutiny amidst slowing emerging markets growth

Germany’s export machine will be hit by a rebalancing of China's economy, but the special relationship between the world’s second- and fourth-largest economies might provide a springboard for the development of more sustainable economic ties.

The Bitcoin rollercoaster has lurched down as BTC China said it would no longer be accepting renminbi deposits, triggering a massive sell-off across most cryptocurrencies. But Bitcoin believers remain unbowed. Here is a round-up of the most bullish projections.

After a roller-coaster ride this year sparked by fears of Fed tapering, emerging market equities could be calmer in 2014, but will continue to face challenges as investors reappraise the risk-reward expectation.

A new Isda report reveals how the fight for currency liquidity is on as foreign exchange trading venues struggle to adapt to the new regulatory landscape

The pace of UK growth is set to almost double in 2014, but the economy is suffering structural imbalances that threaten stability in the medium term.

Buy-side involvement in repo markets has yet to recover from lows plumbed following the financial crisis, despite increasing disintermediation of banks resulting from regulatory pressures and the search for yield.

The Bank of England’s more activist mandate may push the Monetary Policy Committee to leave interest rates on hold for too long, complicating efforts to bring down inflation and cut British household debt.

It’s been a torrid year for emerging market local- and hard-currency bonds. After a 2012 rally, credit picking has reigned supreme and the conventional investment case – emerging markets are at a different stage of the credit-rating and growth cycle than developed market issuers – took a knock.

Businesses must embrace the digital revolution taking place in international trade.

Businesses may be taking on exposures to FX risk unnecessarily because they think hedging costs are too expensive. Understanding these costs is the springboard to a robust hedging strategy that avoids too much damage when an unexpected devaluation hits.

UK companies offering peer-to-peer lending are following their US counterparts into the financial mainstream, with an hospitable regulatory climate, as well as new sources of demand and products.

A Damascene conversion in some regulatory circles in favour of securitization, as a means of boosting the real economy, has heartened market participants, but regulatory hurdles remain, including the liquidity coverage ratio. While continental European issuance has demonstrated growth, there are grounds for cautious optimism that 2014 will see the securitization market, from CLOs to RMBS, spring back to life.