Back on the ranch

The derivatives markets are not without their cowboys, but Ralph Liu literally lives out with his horses. Coming out of semi-retirement at his Californian ranch, he kick- started China's interbank interest rate swap market last year. He talks to Han-Nee Tay


Coming back to Asia last year offered an exciting change for Ralph Liu from an idyllic life at his ranch in sunny southern California. Longtime friend Guo You, also president of China Everbright Bank (CEB), approached Liu in late 2004 with an offer he could not refuse - the chance to help shape China's financial history as chief investment officer of the country's sixth biggest bank.

"It wasn't the salary, the perks or the prestigious power of the position that lured me, but the challenge to do

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