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Global economy and financial markets are re-positioning irreversibly after the recent financial crisis. As a result, China is becoming one of the leading players on the world economic stage, and the Chinese financial markets are being integrated into the world financial markets. In particular the Chinese currency (CNY) market and interest rate market offer a historically unique opportunity to outside investors to diversify their international portfolio's run onshore-offshore arbitrage, and seek excess investment return. Its interest rate market is huge and deep, far more than other emerging...

Asset pricing models play a central role in finance and economic theory and applications. This book introduces a structural theory to evaluate these asset pricing models and throws light on the existence of Equity Premium Puzzle.