Blog

The following is a Google translation of Chinese-language "People's Daily" (05 October 2017).

"In human life, if there is an opportunity to serve the motherland, such responsibility and honor cannot be compared to anything."

He, once a well-known person on Wall Street in the United States, managed the largest public retirement fund in North America. Two years ago, he gave up the comfortable life in the United States and returned to contribute to the country's foreign exchange reserves. He is Meng Yu, the deputy chief investment officer of the Central Foreign Exchange Business Center of the State Administration of Foreign Exchange (pictured above, profile photo).

From civil engineering to finance, he dares to challenge

In 1970, Meng Yu was born in Dalian, Liaoning. With the idea of "going out and seeing", the 25-year-old went to the University of California, Davis to study civil engineering. In 1998, Meng Yu received a PhD in Civil Engineering from the University of California, Davis.

In the eyes of his peers, Meng Yu is a true hegemony. Unusual, he is keen on a variety of challenges, and after earning his PhD in civil engineering, he made an unusual decision: move to finance.

From civil engineering to finance, he studied from scratch and received a master's degree in finance from the University of California, Berkeley in 2002. Years later, when talking about this journey in life, he said, "From civil engineering to finance, the two are actually connected, and this transition is not so difficult for me."

Not only did his academic studies go smoothly, but Meng Yu who participated in the work has also been outstanding. Since 2001, Meng Yu has successively worked in many internationally renowned financial institutions such as Morgan Stanley, Lehman Brothers, and Barclays, and has successively held positions as bond trader, credit analyst, and investment director. In 2008, he joined the California Public Employees Retirement Management System, the largest public retirement fund in North America, where he was primarily responsible for asset allocation. Since 2011, Meng Yu has been the asset allocation director of the California public employee retirement management system, managing more than 300 billion US dollars of assets.

Outside of work, he also teaches courses in risk management, international finance and currency at the invitation of UC Berkeley and UC Davis. "The technological revolution is changing rapidly. When you know more, you will find that you don't know more. Therefore, I must work harder to learn new knowledge to keep up with the times." Meng Yu said.

From the United States to China, he did not forget his original intention

A successful career and a comfortable life, but Meng Yu has always beaten a red heart.

In order to comply with the national implementation of the "Thousand Talents Plan" for the introduction of high-level overseas talents, China's foreign exchange management department has been committed to identifying international investment experts and recruiting talents. Since 2010, the Central Foreign Exchange Business Center of the State Administration of Foreign Exchange has gradually introduced experts in the investment field from the international market.

"I have a deep attachment to the motherland, and my roots are in China." With the motherland in mind, Meng Yu was determined to return to work. In November 2015, as a high-level overseas talent, Meng Yu officially returned to China through the National Thousand Talents Program, joined the Central Foreign Exchange Business Center of the State Administration of Foreign Exchange, and served as the Deputy Chief Investment Officer.

Before returning to China, some of Meng Yu's friends in the United States advised him: "You have lived and worked overseas for so many years. Now when you return to China, the style of some domestic institutions will definitely make you unconvinced." However, Meng Yu felt relieved to join After the Central Foreign Exchange Business Center, he was very comfortable in his work and life. "Leaders understand technology, there is no shelf; colleagues are international and professional, and cadres are pure in style. I am almost seamless."

Meng Yu's statement is true. In many years of practice, China's foreign exchange reserves have established standardized investment institutions, rigorous and efficient investment, risk and internal control mechanisms, and a professional management team. The foreign exchange reserve management organization has developed into a professional financial investment platform, and the standardization, professionalism and internationalization of business management have been recognized by domestic and foreign peers. In 2014, the State Administration of Foreign Exchange was named "Best Central Bank Investor of 2014" and "Best Chinese Investor of 2014" in the Asia-Pacific region by "Asian Investors" Magazine, becoming the only mainland Chinese institution to receive the award of the best institutional investor of the year Agency.

From 300 billion to 3 trillion, he used Western learning

From the "transition" of the California public employee retirement management system to the State Administration of Foreign Exchange, from managing 300 billion US dollars of assets to 3 trillion US dollars of foreign exchange reserves, for Meng Yu, this is not only a change in the working environment, but also a once Need to face life challenges. Meng Yu has accumulated a lot of experience in the careers of Wall Street, government pensions, and university professors in the United States. After entering the investment management position of the State Administration of Foreign Exchange, it is necessary to constantly think about how to use the international beneficial experience in the specific operations of the center to truly play its role.

When Meng Yu joined the Central Foreign Exchange Business Center, he and his team dug deep into academic literature and extensively absorbed advanced practices, and put forward many operational investment solutions. Many of the concepts and technologies contained in it are in the leading position in the industry. He set up an analysis team in the center, and through the innovation of cross-departmental work coordination mechanism, he digs into investment information and provides reference for investment decision-making.

Meng Yu maintained close exchanges with world-class investors at all times, further promoting the influence of the Central Foreign Exchange Business Center in the international financial community. Howard Marx, the founder of Oak Capital, said at the financial seminar hosted by the center that the outstanding results achieved by the Central Foreign Exchange Business Center were not inferior to the team-building level of international financial institutions.

Meng Yu launched a "Zero Distance with Big Coffee" reading club inside the center, inviting internationally renowned investment masters to give lectures, so that young people have more opportunities to communicate with financial big coffee in textbooks at close range. At the same time, Meng Yu also “revisited the old industry” and held academic and business lectures in the center several times. The staff of the center received rave reviews and the market was full. "I understand that financial investment in practice is far more complicated than theoretical knowledge, different reality and assumptions, and different practices and theories, which have benefited us young people a lot." New colleagues who switched to the investment business department only half a year ago Praise.

"Behind technological competition is talent competition, and financial talent competition is particularly fierce." Meng Yu attaches great importance to talent training and team research capacity building, and is particularly concerned about the growth of young people. "I am willing to engage with young people and combine their ideas and work. Young people should not only be encouraged materially, but also spiritually, to create a platform for them." His past teaching experience has enabled him to Think more from the perspective of young employees, guide them to divergent thinking, ask questions, and gradually explore ways to solve problems.

"Since I chose to come back, I have never regretted it. I am full of confidence on the way ahead, and I will do my best to contribute all my energy to the national foreign exchange reserve." When saying this, Meng Yu's voice was very stunned and his eyes did not look There was no trace of hesitation.