Yesterday the foreign media reported that three major U.S. bond insurer Ambac Financial Group, MBIA FGIC Corporation and the company is working with a number of banks deliberations write-off 125 billion U.S. dollars worth risk bond insurance to reduce credit crisis on the insurance industry to combat.
Bond insurance rating was downgraded to force these insurers eager to deal with these "hot potato." Earlier, the three major bond insurers to credit default contract transactions in the form of these products will be sold to banks, to ensure that the bank holding the mortgage bond debt payments.
At present banks hold a large number of such contracts, such as Merrill Lynch had a 18.8 billion U.S. dollars of such contracts, Citigroup bought a 10.5 billion U.S. dollars of similar products. At present more than in the bond insurance risks financial institutions have been held by the insurance for their reduction, Merrill Lynch & Co. in the fourth quarter of last year and first quarter of this year has reduced holdings of 1.34 billion U.S. dollars of assets, Citigroup A reduction of 1.5 billion U.S. dollars.
The three companies in the smallest FGIC rating has been reduced to junk category. Moody's and Standard & Poor's also MBIA and Ambac rating will be lowered. The Standard & Poor's also said, MBIA and Ambac rating was reduced the impact will spread to the structural financial markets, and increase the pressure on a number of financial institutions.
2008年6月30日星期一
Capital market opening should not be based on the exchange of political interests
Recently the Fourth Sino-US strategic economic dialogue (SED), Chinese Vice Premier Wang Qishan, U.S. Treasury Secretary Paulson of their respective teams on both sides of the Sino-US economic and trade issues of concern were discussed and signed a Related agreements. Unlike in the past is that the Americans seem to have attached great importance to the previous financial market opening up, the less attention. U.S. Treasury Secretary Paulson said before the talks, the dialogue will focus on financial and macro-economic cycle of change, trade and open markets and increase investment and expand cooperation in energy and environmental cooperation.
Coincidentally, Chinese Vice Premier Wang Qishan, recently also an unprecedented for the British "Financial Times" Written on the theme: Strengthening Sino-US cooperation in energy conservation and environmental protection. Is successive Americans are most concerned about opening up the financial markets, the appreciation of the renminbi issue, no one has been a concern? »
In fact, the two sides on the Sino-US strategic economic dialogue that the open position, so that Sino-US negotiations can not be bypassed the financial markets open this "heart guitar." In fact, China and the United States will be issued after the joint note also mentioned that this strategic economic dialogue between the two countries and financial cooperation and financial liberalization has made many substantial progress and achievements. China agreed to allow eligible overseas in the A-share listed companies, QFII lock period reduced to three months. But during the meeting, the Commission approved a sudden Credit Suisse (CreditSuisse) in China to set up a joint venture securities companies. Highly concerned about the market after the market opening measures have been suspended for two years, this is the SFC promulgated in December last year, foreign investment in the securities industry on the new requirements, the first successful company. The SFC spokesman said that in a period of time, will continue to "gradual and orderly progress, security, control, competition cooperation, mutual benefit and win-win" the basic principle to a positive and pragmatic attitude, an appropriate time to expand the securities industry and capital market opening to the outside world.
This time the choice of opening up the financial issues official statement, this open, with a strong political flavor, the United States means that certain political interests of the exchange. However, based on the political interests of the exchange of financial openness, we need you »
Sino-US strategic economic dialogue started, there were six foreign stock exchanges to establish representative offices in China; QFII total investment of up to 30 billion U.S. dollars, "foreign equity securities companies to set up rules" amendment to restore approval of the establishment of joint venture securities companies; " Securities companies to establish subsidiaries trial provisions "release, the joint venture allow qualified securities companies to expand business scope in line with the conditions to allow foreign companies to issue renminbi-denominated shares. These capital market liberalization measures, not in a great international political pressure, "squeezing toothpaste" like a development. The question is, this forced the market opening, has never been to maximize choice.
Let the market Xiangbu Tong is the point: why domestic assets times of high prices is not open, domestic asset prices and relatively inexpensive, open up the market's voice decibels sudden increase » If asset prices in times of high finance had a greater number of the country, not only our financial assets can卖个好价钱, more importantly, we can by virtue of this golden opportunity in exchange for huge amount of foreign investment, and foreigners used the money To improve our financial market infrastructure, with foreign investors more power to promote the internationalization of the valuation system, the market can also provide a higher degree of market-oriented financial services professional skills, can also access a lot counterparties, to A market-oriented interest rate and exchange rate markets now…… Unfortunately, we missed the minimum cost of this reform opportunity.
At this point, we can still continue to open the financial door, but we do not act Nengna foreign money, only their own money, the reasons for that, in the past year the intensity of the austerity policy to allow the financial assets now substantially diminished, Foreigners can buy cheaper, which is since January this year, a substantial inflow of foreign investment rose 55 per cent of the reasons. Of course, at this time accelerated the deregulation of capital markets, in the political negotiations is beneficial: Because we all know that cheap, and the price can have more space.
But we have to remind that, if only to the capital market liberalization measures serve political interests of the exchange, rather than on the development of China's financial market to build their own needs and the reform of the financial market, it is likely to commit the wrong priorities. After all, political interests is the establishment of the national strategic interests based on the simple exchange of international political interests, not necessarily the interests of our national strategy to maximize the best choice.
Today, China's capital market development and construction, inflation did not become a nightmare, it still can draw on the next great room for development, to promote the bond market, short-mechanism, market-oriented distribution, medium and small investors, and other systems to protect the building And improved. The opening to the outside world, should open up internally, improve the internal system within the framework to advance, after all, foreign investors have come in the domestic market based on the rules of trading. If we missed the time before the deterioration of inflation, China's capital market-building process probably will be postponed for at least another 10 years.
Coincidentally, Chinese Vice Premier Wang Qishan, recently also an unprecedented for the British "Financial Times" Written on the theme: Strengthening Sino-US cooperation in energy conservation and environmental protection. Is successive Americans are most concerned about opening up the financial markets, the appreciation of the renminbi issue, no one has been a concern? »
In fact, the two sides on the Sino-US strategic economic dialogue that the open position, so that Sino-US negotiations can not be bypassed the financial markets open this "heart guitar." In fact, China and the United States will be issued after the joint note also mentioned that this strategic economic dialogue between the two countries and financial cooperation and financial liberalization has made many substantial progress and achievements. China agreed to allow eligible overseas in the A-share listed companies, QFII lock period reduced to three months. But during the meeting, the Commission approved a sudden Credit Suisse (CreditSuisse) in China to set up a joint venture securities companies. Highly concerned about the market after the market opening measures have been suspended for two years, this is the SFC promulgated in December last year, foreign investment in the securities industry on the new requirements, the first successful company. The SFC spokesman said that in a period of time, will continue to "gradual and orderly progress, security, control, competition cooperation, mutual benefit and win-win" the basic principle to a positive and pragmatic attitude, an appropriate time to expand the securities industry and capital market opening to the outside world.
This time the choice of opening up the financial issues official statement, this open, with a strong political flavor, the United States means that certain political interests of the exchange. However, based on the political interests of the exchange of financial openness, we need you »
Sino-US strategic economic dialogue started, there were six foreign stock exchanges to establish representative offices in China; QFII total investment of up to 30 billion U.S. dollars, "foreign equity securities companies to set up rules" amendment to restore approval of the establishment of joint venture securities companies; " Securities companies to establish subsidiaries trial provisions "release, the joint venture allow qualified securities companies to expand business scope in line with the conditions to allow foreign companies to issue renminbi-denominated shares. These capital market liberalization measures, not in a great international political pressure, "squeezing toothpaste" like a development. The question is, this forced the market opening, has never been to maximize choice.
Let the market Xiangbu Tong is the point: why domestic assets times of high prices is not open, domestic asset prices and relatively inexpensive, open up the market's voice decibels sudden increase » If asset prices in times of high finance had a greater number of the country, not only our financial assets can卖个好价钱, more importantly, we can by virtue of this golden opportunity in exchange for huge amount of foreign investment, and foreigners used the money To improve our financial market infrastructure, with foreign investors more power to promote the internationalization of the valuation system, the market can also provide a higher degree of market-oriented financial services professional skills, can also access a lot counterparties, to A market-oriented interest rate and exchange rate markets now…… Unfortunately, we missed the minimum cost of this reform opportunity.
At this point, we can still continue to open the financial door, but we do not act Nengna foreign money, only their own money, the reasons for that, in the past year the intensity of the austerity policy to allow the financial assets now substantially diminished, Foreigners can buy cheaper, which is since January this year, a substantial inflow of foreign investment rose 55 per cent of the reasons. Of course, at this time accelerated the deregulation of capital markets, in the political negotiations is beneficial: Because we all know that cheap, and the price can have more space.
But we have to remind that, if only to the capital market liberalization measures serve political interests of the exchange, rather than on the development of China's financial market to build their own needs and the reform of the financial market, it is likely to commit the wrong priorities. After all, political interests is the establishment of the national strategic interests based on the simple exchange of international political interests, not necessarily the interests of our national strategy to maximize the best choice.
Today, China's capital market development and construction, inflation did not become a nightmare, it still can draw on the next great room for development, to promote the bond market, short-mechanism, market-oriented distribution, medium and small investors, and other systems to protect the building And improved. The opening to the outside world, should open up internally, improve the internal system within the framework to advance, after all, foreign investors have come in the domestic market based on the rules of trading. If we missed the time before the deterioration of inflation, China's capital market-building process probably will be postponed for at least another 10 years.
Only information transparent to enable the loss of market rumours
The response to these rumors, in the recently held a meeting of the Commission, the China Securities Regulatory Commission Chairman Shang Fulin said that a series of recent rumours intensify the market is unstable, and therefore must take practical and effective measures to intensify the Involving the capital market rumours spread of illegal activities, such as accountability, and severely crack down, resolutely punish malicious Zaoyaohuozhong acts.
Recommended Reading
Chang-ching: three ways to save China's stock market… HAN Zhi-guo: Size of non-triggered crash
Xie: see "Chinese speed" Wang investigated who fought the face »Ba Shusong: full circulation era will bring up penny stock Wang Qishan Washington speech Why stir» Crude oil will soon "collapse" electricity price increases, why do not oppose the people of the » Since the capital market after rumours on the market and forged a relationship, whether the international community which claims to have the mature market, or is still in the "emerging and transition" in the Chinese market, almost all "song haunt" Shadow, massive fluctuations in the market when the rumor is particularly prosperous. In fact, this situation very well understood, and the capital market is an information market, investors trading of a stock based on the final analysis, he is the master of the message, a total lack of understanding of information from entering the market, like the blind riding a blind horse Midnight A deep pool And the risk of is self-evident. Some market manipulator is the use of the market's characteristics, concocted by rumors, in order to lead the market sentiment to their needs direction. Small to a listed company's business, the country's major political changes in the economy, extreme even important political figures of life and death, rumors can become a maker of tools. As China's capital market is still in the "emerging and transition" phase, during which various interests of the main struggle, full of contradictions, in particular the "City policy" characteristics difficult to shake off, the rumors appear more market. Such rumours are not only negative, the so-called "bad news", but also have a positive, the so-called "good news", all depending on the needs of the rumors maker.
Rumors spread, the capital market is a Wanji, and it is a serious consequences caused by the excessive volatility of the market, especially to small and medium investors into panic. To solve this problem, indeed the need for creators to combat rumors, until their punishment in accordance with the law. But this requires time, when a series of investigations and detection of results achieved when the market has long been a number of rumors disruption of the return. Therefore, rumours spread against the reality of a more effective means should be to strengthen transparency of information. Apart from the listed companies should do a good job in accordance with relevant provisions of the disclosure of information, some of the rumors macro level, it should be even more timely clarification. In this regard, the State Council and people's livelihood close relationship between the number of ministries and leave the front, respectively, have established a system spokesman, press spokesman's name, contact phone have been published in the online, but have not yet established that the SFC Of the system, the authority of the SFC poor information channels, the objective is also to the rumours who provided the opportunity. This so-called "road could not track popular."
The interests of the capital market is a market, the spread of rumors Yuanshen Yu other areas. We can see that the regulatory departments of listed companies to disclose the information very seriously, have established a well-established system, the listed companies is not just news outcrop, the company can promptly in accordance with the requirements of clarification, rumors quickly collapse. But investors to invest in the stock market, not only to understand a single listed company information in order to circumvent the system of non-market risk, should also be aware of macroeconomic information, in order to avoid systemic risk. In this regard the loss, the market will greatly increase the risk factor is not conducive to investors to make the right decisions. Therefore, market supervision departments must attach great importance to open the channels of information, spread rumors in order to plug the channels.
May 1 this year, to build a transparent government, guarantee citizens the right to know the purpose of the "Government Information Disclosure of the" formal implementation. Believe that the Commission will establish an information system as open implementation "regulations" an important step, through a thorough public information so that investors fully and timely understanding of information, establish long-term confidence in the market. In this way, even if Nanyigenchu rumours on the market, but the market will eventually gradually shrinking.
Recommended Reading
Chang-ching: three ways to save China's stock market… HAN Zhi-guo: Size of non-triggered crash
Xie: see "Chinese speed" Wang investigated who fought the face »Ba Shusong: full circulation era will bring up penny stock Wang Qishan Washington speech Why stir» Crude oil will soon "collapse" electricity price increases, why do not oppose the people of the » Since the capital market after rumours on the market and forged a relationship, whether the international community which claims to have the mature market, or is still in the "emerging and transition" in the Chinese market, almost all "song haunt" Shadow, massive fluctuations in the market when the rumor is particularly prosperous. In fact, this situation very well understood, and the capital market is an information market, investors trading of a stock based on the final analysis, he is the master of the message, a total lack of understanding of information from entering the market, like the blind riding a blind horse Midnight A deep pool And the risk of is self-evident. Some market manipulator is the use of the market's characteristics, concocted by rumors, in order to lead the market sentiment to their needs direction. Small to a listed company's business, the country's major political changes in the economy, extreme even important political figures of life and death, rumors can become a maker of tools. As China's capital market is still in the "emerging and transition" phase, during which various interests of the main struggle, full of contradictions, in particular the "City policy" characteristics difficult to shake off, the rumors appear more market. Such rumours are not only negative, the so-called "bad news", but also have a positive, the so-called "good news", all depending on the needs of the rumors maker.
Rumors spread, the capital market is a Wanji, and it is a serious consequences caused by the excessive volatility of the market, especially to small and medium investors into panic. To solve this problem, indeed the need for creators to combat rumors, until their punishment in accordance with the law. But this requires time, when a series of investigations and detection of results achieved when the market has long been a number of rumors disruption of the return. Therefore, rumours spread against the reality of a more effective means should be to strengthen transparency of information. Apart from the listed companies should do a good job in accordance with relevant provisions of the disclosure of information, some of the rumors macro level, it should be even more timely clarification. In this regard, the State Council and people's livelihood close relationship between the number of ministries and leave the front, respectively, have established a system spokesman, press spokesman's name, contact phone have been published in the online, but have not yet established that the SFC Of the system, the authority of the SFC poor information channels, the objective is also to the rumours who provided the opportunity. This so-called "road could not track popular."
The interests of the capital market is a market, the spread of rumors Yuanshen Yu other areas. We can see that the regulatory departments of listed companies to disclose the information very seriously, have established a well-established system, the listed companies is not just news outcrop, the company can promptly in accordance with the requirements of clarification, rumors quickly collapse. But investors to invest in the stock market, not only to understand a single listed company information in order to circumvent the system of non-market risk, should also be aware of macroeconomic information, in order to avoid systemic risk. In this regard the loss, the market will greatly increase the risk factor is not conducive to investors to make the right decisions. Therefore, market supervision departments must attach great importance to open the channels of information, spread rumors in order to plug the channels.
May 1 this year, to build a transparent government, guarantee citizens the right to know the purpose of the "Government Information Disclosure of the" formal implementation. Believe that the Commission will establish an information system as open implementation "regulations" an important step, through a thorough public information so that investors fully and timely understanding of information, establish long-term confidence in the market. In this way, even if Nanyigenchu rumours on the market, but the market will eventually gradually shrinking.
Ruoshi trigger bank financial market changes
2008 is bound to be an unusual year. 1-5 months Shangzhengzongzhi fell 34.75 percent, 306 Gongmu Fund (not including money funds) net down 23.72%. The stock market substantially reduce the average daily number of accounts, once again showed several accounts together with the market or the scene. At the same time, the performance fell a direct impact on the issuance of the new fund. Since the start of this year more than 1 billion scale is quite rare, was set up in May of seven new fund only the first scale of 5.28 billion yuan, an average of only to each fund only 880 million yuan. Intimidated by the investors, have Gerou end, he fled from the capital market. That these funds have escaped Where is the » Look at the incremental savings deposits of residents, the incremental bank financing products, may be the answer. May this year, financial institutions for balance of RMB savings deposits of 43.11 trillion yuan, an increase of 19.64 percent, of which at household deposits increased 236.9 billion yuan, up by more than 515.4 billion yuan (278.4 billion yuan in the same period last year). April, the financial institutions for balance of RMB savings deposits of 42.22 trillion yuan, an increase of 17.69 percent, of which at household deposits increased by 99.2 billion yuan, up by more than 266.6 billion yuan (167.4 billion yuan in the same period last year). At the same time, the first five months of the fiscal management of the commercial banks of the scale of new products 910 billion yuan. 910 billion yuan, the Chinese people witnessed the powerful strength of the investment, the huge investment needs, the urgent wishes of the investment. Can not be said that the banking financial market Chouzou the capital market funds, but is absolutely outside of the capital market a paradise. Ruoshi trigger investment funds looking for other exports, and at this moment, banks and financial markets on savings deposits together with a commitment to divert the capital market outflow of funds mandate. 身处Ruoshi enhance risk awareness of investors, while investment philosophy also quietly change, fear of loss of hope away from the stock market, but just tasted sweetness of investment, where the heart with the investment insulation » Were awakened awareness of the investment began to seek ways to achieve relatively stable, and the bank financing products receipts higher than deposit rates, lower than the risk of equity funds, as its退而求其次choice. "Capital market has its system of 'blind spots', the bank financing products came into being." This is a bank line managers feelings. For example, investors look for in stocks, bonds between the products, security, good in equities, bonds lower than a yield of better than bonds, lower than the stock of products, it is not the structure of banking products? » For instance many asset securitization products, very slowly, and in fact many companies now have a strong impulse to the financing, the future is also a very good cash flow, bank financing trust product categories can quickly realize the needs of enterprises to meet the investors愿望. Ruoshi more calls for financial innovation, this time, the banking industry walk in the forefront of financial innovation, best use of the situation, with the market moving, timely response, demand-oriented product design, the first step to success. Inferred from today's situation, if the broker, funds, trusts and other financial institutions can not respond as early as possible to make a policy, then, after a bull market and bear market change, the bank will become the largest financial market in the winner.
Ruoshi trigger bank Evolution of the financial market
2008 is bound to be an unusual year. 1-5 months Shangzhengzongzhi fell 34.75 percent, 306 Gongmu Fund (not including money funds) net down 23.72%. The stock market substantially reduce the average daily number of accounts, once again showed several accounts together with the market or the scene. At the same time, the performance fell a direct impact on the issuance of the new fund. Since the start of this year more than 1 billion scale is quite rare, was set up in May of seven new fund only the first scale of 5.28 billion yuan, an average of only to each fund only 880 million yuan.
Intimidated by the investors, have Gerou end, he fled from the capital market. That these funds have escaped Where is the »
Look at the incremental savings deposits of residents, the incremental bank financing products, may be the answer.
May this year, financial institutions for balance of RMB savings deposits of 43.11 trillion yuan, an increase of 19.64 percent, of which at household deposits increased 236.9 billion yuan, up by more than 515.4 billion yuan (278.4 billion yuan in the same period last year). April, the financial institutions for balance of RMB savings deposits of 42.22 trillion yuan, an increase of 17.69 percent, of which at household deposits increased by 99.2 billion yuan, up by more than 266.6 billion yuan (167.4 billion yuan in the same period last year).
At the same time, the first five months of the fiscal management of the commercial banks of the scale of new products 910 billion yuan. 910 billion yuan, the Chinese people witnessed the powerful strength of the investment, the huge investment needs, the urgent wishes of the investment.
Can not be said that the banking financial market Chouzou the capital market funds, but is absolutely outside of the capital market a paradise.
Ruoshi trigger investment funds looking for other exports, and at this moment, banks and financial markets on savings deposits together with a commitment to divert the capital market outflow of funds mandate.
身处Ruoshi enhance risk awareness of investors, while investment philosophy also quietly change, fear of loss of hope away from the stock market, but just tasted sweetness of investment, where the heart with the investment insulation » Were awakened awareness of the investment began to seek ways to achieve relatively stable, and the bank financing products receipts higher than deposit rates, lower than the risk of equity funds, as its退而求其次choice.
"Capital market has its system of 'blind spots', the bank financing products came into being." This is a bank line managers feelings. For example, investors look for in stocks, bonds between the products, security, good in equities, bonds lower than a yield of better than bonds, lower than the stock of products, it is not the structure of banking products? » For instance many asset securitization products, very slowly, and in fact many companies now have a strong impulse to the financing, the future is also a very good cash flow, bank financing trust product categories can quickly realize the needs of enterprises to meet the investors愿望.
Ruoshi more calls for financial innovation, this time, the banking industry walk in the forefront of financial innovation, best use of the situation, with the market moving, timely response, demand-oriented product design, the first step to success.
Inferred from today's situation, if the broker, funds, trusts and other financial institutions can not respond as early as possible to make a policy, then, after a bull market and bear market change, the bank will become the largest financial market in the winner.
Intimidated by the investors, have Gerou end, he fled from the capital market. That these funds have escaped Where is the »
Look at the incremental savings deposits of residents, the incremental bank financing products, may be the answer.
May this year, financial institutions for balance of RMB savings deposits of 43.11 trillion yuan, an increase of 19.64 percent, of which at household deposits increased 236.9 billion yuan, up by more than 515.4 billion yuan (278.4 billion yuan in the same period last year). April, the financial institutions for balance of RMB savings deposits of 42.22 trillion yuan, an increase of 17.69 percent, of which at household deposits increased by 99.2 billion yuan, up by more than 266.6 billion yuan (167.4 billion yuan in the same period last year).
At the same time, the first five months of the fiscal management of the commercial banks of the scale of new products 910 billion yuan. 910 billion yuan, the Chinese people witnessed the powerful strength of the investment, the huge investment needs, the urgent wishes of the investment.
Can not be said that the banking financial market Chouzou the capital market funds, but is absolutely outside of the capital market a paradise.
Ruoshi trigger investment funds looking for other exports, and at this moment, banks and financial markets on savings deposits together with a commitment to divert the capital market outflow of funds mandate.
身处Ruoshi enhance risk awareness of investors, while investment philosophy also quietly change, fear of loss of hope away from the stock market, but just tasted sweetness of investment, where the heart with the investment insulation » Were awakened awareness of the investment began to seek ways to achieve relatively stable, and the bank financing products receipts higher than deposit rates, lower than the risk of equity funds, as its退而求其次choice.
"Capital market has its system of 'blind spots', the bank financing products came into being." This is a bank line managers feelings. For example, investors look for in stocks, bonds between the products, security, good in equities, bonds lower than a yield of better than bonds, lower than the stock of products, it is not the structure of banking products? » For instance many asset securitization products, very slowly, and in fact many companies now have a strong impulse to the financing, the future is also a very good cash flow, bank financing trust product categories can quickly realize the needs of enterprises to meet the investors愿望.
Ruoshi more calls for financial innovation, this time, the banking industry walk in the forefront of financial innovation, best use of the situation, with the market moving, timely response, demand-oriented product design, the first step to success.
Inferred from today's situation, if the broker, funds, trusts and other financial institutions can not respond as early as possible to make a policy, then, after a bull market and bear market change, the bank will become the largest financial market in the winner.
Chairman of the SFC to boost capital market
The China Securities Regulatory Commission Chairman Shang Fulin said on the 22nd, China's capital market development entities have a good economic base, the system environment and internal and external conditions such as the strong support of its stable and healthy development of the foundation will not be shaken, to achieve long-term sustainable development The path has not changed. Should pay close attention to market changes in the external environment for capital market development and operation of the impact, and actively take steps to deepen the capital market reform and institutional mechanisms, focus on strengthening market supervision, balanced, focused, and promote the healthy development of capital market stability.
Russia hopes to before the 2011 inflation rate dropped to 6 percent
According to ITAR-Tass reported that Alexei Kudrin said that the Russian government will further discuss the issue of curbing inflation, and plans to adopt inflation targets including the establishment of mechanisms, and a number of measures.
Russian President Medvedev on the 23rd convened the government's economic officials held a meeting and announced that on the 2009-2011 budget signed the statement. Budget address, including the main tasks of ensuring stability and balance the budget system, and to curb inflation fell to an earlier set the goal of establishing a long-term stability of the pension system, improve the efficiency of budget expenditure to health, education, scientific research and transportation infrastructure Facilities and so on and so inclined.
Every year the Russian President in writing to the Government and the Parliament's Budget statement.
In order to contain inflation, the Russian has already adopted a series of measures, including in February and April twice a slightly higher interest rates. However, the Russian Central Bank First Deputy Governor of Melikijan on the 17th of this month, the country's inflation rate this year is estimated at 12 percent, more than previously forecast 10.5 percent.
Russian President Medvedev on the 23rd convened the government's economic officials held a meeting and announced that on the 2009-2011 budget signed the statement. Budget address, including the main tasks of ensuring stability and balance the budget system, and to curb inflation fell to an earlier set the goal of establishing a long-term stability of the pension system, improve the efficiency of budget expenditure to health, education, scientific research and transportation infrastructure Facilities and so on and so inclined.
Every year the Russian President in writing to the Government and the Parliament's Budget statement.
In order to contain inflation, the Russian has already adopted a series of measures, including in February and April twice a slightly higher interest rates. However, the Russian Central Bank First Deputy Governor of Melikijan on the 17th of this month, the country's inflation rate this year is estimated at 12 percent, more than previously forecast 10.5 percent.
The first gold futures contract retail investors withdrew more than 80% of severe losses
China's first listed gold futures contracts Au0806 sustained in the haze in the completion of the historic mission. June 16 is June contract was last trading day, from June 17 start of the five trading days formal entry into the physical delivery period.
Gold futures since January 9 this year, landing it to the Shanghai Futures Exchange, has been the concern of many investors. However, due to the international gold Chonggao decline continued slump, domestic gold "fever" has rapidly receded, the increasingly shrinking turnover. Most investors have only Shayuergui.
Turnover massive atrophy
According to the Shanghai Futures Exchange, physical delivery of gold only institutional investors, customers may not participate in natural persons. All natural persons, held in June gold futures contract positions, trading on the date of implementation will directly by the Stock Exchange of forced positions. Therefore, many small and medium-sized retail pain to open. It is understood that entered the front-month June, turnover fell significantly, from the June 11 start had any turnover.
In fact, gold futures is the popular "flash in the pan." Compared with the beginning of listing, trading volume continued to shrink. The first day, all gold futures contracts were up there, all six contracts total turnover of 120,000 breakthrough in hand, the total turnover amounted to 27.347 billion yuan. Positions to the end of March to around 40,000 in hand, with a decline to about 18,000 in hand. Volume fell in April reached 62.8 percent, also shrink further by the end of May, the turnover from the original more than 270 million dropped to about 50 million yuan.
Purcell, chief economist at the high gold-Riley said that the international gold since March hit a record high of 1,032 U.S. dollars, has been in a process of amendment. In addition, a wave of dollar rebound, to bring pressure on gold. Limiting the domestic and international gold market trading interest.
"The market is not perfect, small and medium-sized retail investors do not have the expertise is also one of the main reasons." Industry experts believe that most domestic investors are also shareholders, in the hope that the gold bull market中分a share. Therefore, when under pressure after the gold, but also maintain full positions, not only Zhuizhang recovery or investment ideas. "They do not know how to build futures and wind control mechanisms used to go short the trading practices."
According to some futures companies that, as at present, gold futures to participate in the retail losses amounted to 90%, of which more than 80% of severe losses.
Go to the main contract in December
In view of the recent price trend is still in the blur state of the domestic gold futures contract transferred to the main force in December. June 16, Au0812 fell 0.58 percent, to close at 193.85 yuan / gram. Volume of 14,766 hand over a 996 day increase in hand, turnover increased from 195 million to 2.88 billion yuan. In view of this, the end of this investment is not optimistic about the gold.
But analysts believe that some institutions still remain the gold bull market has not yet concluded view, premature delivery is also unwilling to major gold futures contract postponed to December of the main reasons. Currently, the United States and other major gold futures contract is the main market in August.
The market generally believes that the momentum gained support gold value and investment both in terms of inflation in the current global status quo under the short-term are difficult to change. In particular, the Vietnamese economic crisis, leading to all the functions of the gold value the renewed interest. Therefore, the long-term perspective can still bargain hunting buying.
Gold futures since January 9 this year, landing it to the Shanghai Futures Exchange, has been the concern of many investors. However, due to the international gold Chonggao decline continued slump, domestic gold "fever" has rapidly receded, the increasingly shrinking turnover. Most investors have only Shayuergui.
Turnover massive atrophy
According to the Shanghai Futures Exchange, physical delivery of gold only institutional investors, customers may not participate in natural persons. All natural persons, held in June gold futures contract positions, trading on the date of implementation will directly by the Stock Exchange of forced positions. Therefore, many small and medium-sized retail pain to open. It is understood that entered the front-month June, turnover fell significantly, from the June 11 start had any turnover.
In fact, gold futures is the popular "flash in the pan." Compared with the beginning of listing, trading volume continued to shrink. The first day, all gold futures contracts were up there, all six contracts total turnover of 120,000 breakthrough in hand, the total turnover amounted to 27.347 billion yuan. Positions to the end of March to around 40,000 in hand, with a decline to about 18,000 in hand. Volume fell in April reached 62.8 percent, also shrink further by the end of May, the turnover from the original more than 270 million dropped to about 50 million yuan.
Purcell, chief economist at the high gold-Riley said that the international gold since March hit a record high of 1,032 U.S. dollars, has been in a process of amendment. In addition, a wave of dollar rebound, to bring pressure on gold. Limiting the domestic and international gold market trading interest.
"The market is not perfect, small and medium-sized retail investors do not have the expertise is also one of the main reasons." Industry experts believe that most domestic investors are also shareholders, in the hope that the gold bull market中分a share. Therefore, when under pressure after the gold, but also maintain full positions, not only Zhuizhang recovery or investment ideas. "They do not know how to build futures and wind control mechanisms used to go short the trading practices."
According to some futures companies that, as at present, gold futures to participate in the retail losses amounted to 90%, of which more than 80% of severe losses.
Go to the main contract in December
In view of the recent price trend is still in the blur state of the domestic gold futures contract transferred to the main force in December. June 16, Au0812 fell 0.58 percent, to close at 193.85 yuan / gram. Volume of 14,766 hand over a 996 day increase in hand, turnover increased from 195 million to 2.88 billion yuan. In view of this, the end of this investment is not optimistic about the gold.
But analysts believe that some institutions still remain the gold bull market has not yet concluded view, premature delivery is also unwilling to major gold futures contract postponed to December of the main reasons. Currently, the United States and other major gold futures contract is the main market in August.
The market generally believes that the momentum gained support gold value and investment both in terms of inflation in the current global status quo under the short-term are difficult to change. In particular, the Vietnamese economic crisis, leading to all the functions of the gold value the renewed interest. Therefore, the long-term perspective can still bargain hunting buying.
60 trillion financial assets of state-owned investors tend to the Ministry of Finance
Long-standing dispute was finally suspended pending a conclusion. If no accident, the Ministry of Finance will become a state-owned financial assets of 60 trillion of investors.
This was informed that the upcoming second trial next week's "state-owned assets law" for the first time to join the clear terms.
It is familiar with the practices of the NPC Standing Committee, the NPC Legislative Affairs Commission in each meeting held before the 12 days, will be arranged on a draft law to amend the last time before being finalized. Therefore, the key provisions will be in the final minute before being modified, still a few variables.
Once the funding of the Ministry of Finance as a financial investor, can confirm is that the SAC model, the mode and the Temasek model will not become the future management of China's financial capital of the reference samples.
"Whispering" the Ministry of Finance
Responsible for "state-owned assets law" drafted by the NPC Standing Committee, concerned that the current "state-owned assets law" in the draft, the financial investor of state-owned assets only in principle, not detailed requirements.
"This should be clear as soon as possible. Now no one tube, no one regardless, this situation, the financial development, financial security are very negative. However, the contradiction between the particular sector, there is no consensus, no one should be from their own Tube. "Financial Science Institute of the Ministry of Finance Liu Shangxi, deputy director said.
Currently, China's central bank assets, including the financial assets total nearly 60 trillion yuan, from 10 before the financial assets of the world's total share of 1 percent, rising to 4% -5%.
The NPC Standing Committee, "state-owned assets law" drafting work group member, China University of Political Science, Graduate School of Vice-President Professor Li Shuguang said that the world can not find any one country like China that the total so enormous, so wide span of the financial State-owned assets.
Of these, the scope includes: state-owned and state-controlled, state-owned shareholding commercial banks, brokerages, futures, insurance companies, trust industry, rural finance, China Investment Co. Ltd., the Central Huijin Investment Co., Ltd., the foreign currency assets, Four asset management companies, the Social Security Fund Council, the various financial holding company, window company, the provincial control of the financial assets.
At the same time, China's existing financial assets management system is also confusion, the central bank, the SAFE, the Ministry of Finance, China Banking Regulatory Commission, Securities and Futures Commission, and other local governments have their own responsibilities.
Once the financial state-owned assets identified "Whispering" the Ministry of Finance, the next step will be to consider what mode of the Ministry of Finance to manage financial assets.
Liu Shangxi, from several internal discussions of the situation, "First is to find out the state-owned financial assets of the floor. In addition, the state-owned financial asset management should not imitate the SASAC 'management of personnel, other affairs, the assets' management . "
Liu Shangxi, a state-owned financial asset management and assets of different entities, the sensitivity and risk of a higher, we need a new way of thinking.
Liu Shangxi, "Singapore Temasek model," there is no reference to China significance. This is because Singapore's financial model and the Chinese did not have much comparability.
Liu Shangxi, a state-owned financial asset management is not appropriate to take "The payment model." He said that now the payment has been merged in the vote, the payment as a business unit or a tool of the company, not the owner or the investor's role.
State Council Development Research Center, Li Zhaoxi, deputy director of enterprises that should be integrated in the Ministry of Finance and the Meeting of the vote in the relationship and the establishment of relations between all levels of the agency.
This was informed that the upcoming second trial next week's "state-owned assets law" for the first time to join the clear terms.
It is familiar with the practices of the NPC Standing Committee, the NPC Legislative Affairs Commission in each meeting held before the 12 days, will be arranged on a draft law to amend the last time before being finalized. Therefore, the key provisions will be in the final minute before being modified, still a few variables.
Once the funding of the Ministry of Finance as a financial investor, can confirm is that the SAC model, the mode and the Temasek model will not become the future management of China's financial capital of the reference samples.
"Whispering" the Ministry of Finance
Responsible for "state-owned assets law" drafted by the NPC Standing Committee, concerned that the current "state-owned assets law" in the draft, the financial investor of state-owned assets only in principle, not detailed requirements.
"This should be clear as soon as possible. Now no one tube, no one regardless, this situation, the financial development, financial security are very negative. However, the contradiction between the particular sector, there is no consensus, no one should be from their own Tube. "Financial Science Institute of the Ministry of Finance Liu Shangxi, deputy director said.
Currently, China's central bank assets, including the financial assets total nearly 60 trillion yuan, from 10 before the financial assets of the world's total share of 1 percent, rising to 4% -5%.
The NPC Standing Committee, "state-owned assets law" drafting work group member, China University of Political Science, Graduate School of Vice-President Professor Li Shuguang said that the world can not find any one country like China that the total so enormous, so wide span of the financial State-owned assets.
Of these, the scope includes: state-owned and state-controlled, state-owned shareholding commercial banks, brokerages, futures, insurance companies, trust industry, rural finance, China Investment Co. Ltd., the Central Huijin Investment Co., Ltd., the foreign currency assets, Four asset management companies, the Social Security Fund Council, the various financial holding company, window company, the provincial control of the financial assets.
At the same time, China's existing financial assets management system is also confusion, the central bank, the SAFE, the Ministry of Finance, China Banking Regulatory Commission, Securities and Futures Commission, and other local governments have their own responsibilities.
Once the financial state-owned assets identified "Whispering" the Ministry of Finance, the next step will be to consider what mode of the Ministry of Finance to manage financial assets.
Liu Shangxi, from several internal discussions of the situation, "First is to find out the state-owned financial assets of the floor. In addition, the state-owned financial asset management should not imitate the SASAC 'management of personnel, other affairs, the assets' management . "
Liu Shangxi, a state-owned financial asset management and assets of different entities, the sensitivity and risk of a higher, we need a new way of thinking.
Liu Shangxi, "Singapore Temasek model," there is no reference to China significance. This is because Singapore's financial model and the Chinese did not have much comparability.
Liu Shangxi, a state-owned financial asset management is not appropriate to take "The payment model." He said that now the payment has been merged in the vote, the payment as a business unit or a tool of the company, not the owner or the investor's role.
State Council Development Research Center, Li Zhaoxi, deputy director of enterprises that should be integrated in the Ministry of Finance and the Meeting of the vote in the relationship and the establishment of relations between all levels of the agency.
Fund Notes under the big planes the second half of the petrochemical market, or pull back to 4500 points
Big bets in advance of funds "petrochemical double-Bear" on the South China encumbered chips
"Second half of the year will be up oil prices, oil in the petrochemical market may pull back to 45 points,"
Big positive. The evening of June 19, the State Development and Reform Commission announced price increases. This seems to be expected as early as the Fund. There are signs that the recent advance over the layout of the oil Sinopec.
Game oil policy, oil, petrochemical Baotuan heating funds into the new port
The story has been Quzhongrensan Unicom, the largest weight of banking stocks are still faced with the suffering of macro-control policies, then Festival, the Fund Game oil policy choices, in the petrochemical, oil in a new heating Baotuan object.
Although the first quarter of this year, petrochemical, "planes" played a "double-Bear" the embarrassing role, shares were down 48.23 percent (Sinopec), 44.38 percent (of oil).
However, from April onwards, the surge in international oil prices accelerated upward, the Shanghai index down Tandi speed up the double negative attacks, "the petrochemical double-Bear" is unusually strong, as at June 13, since the second quarter, two market Shares index fell only 5.93 percent (Sinopec), 12.95 percent (of oil), far lower than the TOPIX index of 19.87 percent decrease.
Behind the resilience of the support of the Fund. China is the main force to do more funds and the South Fund.
Fund collective strength to do more, China, South beginning
"Oil prices rose on the ship that is the time"
"The Fund can not see the likes of such clear timetable for the" policy is expected. "Like the previous Makers Zuozhuang style, once the message clear, the major benefits will take more fled the recent case in China Unicom is the Fund (600,050, It shares) (600,050) operation. "A market that really Daidao oil prices rose, that is, the date of shipment.
Level2 data showed that as at June 13, A-shares in the petrochemical institutions reached 22.60 percent ratio positions, compared with holdings of nearly two months ago, 5 percent; oil in the A-share institutional position of 10.20 percent, compared to about two months ago by A nearly 4 percent.
On behalf of the Fund and the G word trading seats from April 1 to June 13 within the range of net buying in the petrochemical 264,239 million, 227,652 million in oil and signs of continued Zengcang obvious.
In the oil above, the South Fund for the two seats G30368 and G29837 trading in oil prices broke through late May at 140 dollars, bought a net over 200 million yuan, to become the first major large do more.
Sinopec above, the Huaxia Fund's three seats in transactions in batches 4, 5, 6, bought a net 200 million yuan.
Director of Research for the two funds: the inflation increase is the largest oil prices hampered, oil, petrochemical thermal power was the most optimistic about
"International crude oil market continue to record high oil prices, China, the world's second-largest oil-importing countries, the annual oil import up to 160 million tons, China adopted measures to limit oil prices, resulting in domestic demand for oil has not reduced or even increasing trend Therefore, as long as China continues to take measures to control oil prices, oil prices will continue to rise, from this level speaking, the Chinese Government has faced great pressure, the whole world is concerned about China when the oil price hikes. "
In Shanghai, a joint venture fund companies, research director, the current oil prices, rose to 2,500 yuan to compensate for loss of Sinopec, but this result will lead to global hyperinflation.
Director Liang Feng allies China and Thailand agreed to the above investment, research director at the point of view, he told reporters: "very real, the Chinese anti-inflation policies on oil demand have some negative impact. It must be acknowledged that oil price control is We have an important anti-inflation tool. Constantly faced with higher oil prices, an increasing number of Governments have moved away from the control of oil prices, but China has also carrying it with a large number of China's trade surplus and foreign exchange reserves have great relations, the Government A relatively good foundation for anti-inflation. "
"Second half of the year will be up oil prices, oil in the petrochemical market may pull back to 45 points,"
Big positive. The evening of June 19, the State Development and Reform Commission announced price increases. This seems to be expected as early as the Fund. There are signs that the recent advance over the layout of the oil Sinopec.
Game oil policy, oil, petrochemical Baotuan heating funds into the new port
The story has been Quzhongrensan Unicom, the largest weight of banking stocks are still faced with the suffering of macro-control policies, then Festival, the Fund Game oil policy choices, in the petrochemical, oil in a new heating Baotuan object.
Although the first quarter of this year, petrochemical, "planes" played a "double-Bear" the embarrassing role, shares were down 48.23 percent (Sinopec), 44.38 percent (of oil).
However, from April onwards, the surge in international oil prices accelerated upward, the Shanghai index down Tandi speed up the double negative attacks, "the petrochemical double-Bear" is unusually strong, as at June 13, since the second quarter, two market Shares index fell only 5.93 percent (Sinopec), 12.95 percent (of oil), far lower than the TOPIX index of 19.87 percent decrease.
Behind the resilience of the support of the Fund. China is the main force to do more funds and the South Fund.
Fund collective strength to do more, China, South beginning
"Oil prices rose on the ship that is the time"
"The Fund can not see the likes of such clear timetable for the" policy is expected. "Like the previous Makers Zuozhuang style, once the message clear, the major benefits will take more fled the recent case in China Unicom is the Fund (600,050, It shares) (600,050) operation. "A market that really Daidao oil prices rose, that is, the date of shipment.
Level2 data showed that as at June 13, A-shares in the petrochemical institutions reached 22.60 percent ratio positions, compared with holdings of nearly two months ago, 5 percent; oil in the A-share institutional position of 10.20 percent, compared to about two months ago by A nearly 4 percent.
On behalf of the Fund and the G word trading seats from April 1 to June 13 within the range of net buying in the petrochemical 264,239 million, 227,652 million in oil and signs of continued Zengcang obvious.
In the oil above, the South Fund for the two seats G30368 and G29837 trading in oil prices broke through late May at 140 dollars, bought a net over 200 million yuan, to become the first major large do more.
Sinopec above, the Huaxia Fund's three seats in transactions in batches 4, 5, 6, bought a net 200 million yuan.
Director of Research for the two funds: the inflation increase is the largest oil prices hampered, oil, petrochemical thermal power was the most optimistic about
"International crude oil market continue to record high oil prices, China, the world's second-largest oil-importing countries, the annual oil import up to 160 million tons, China adopted measures to limit oil prices, resulting in domestic demand for oil has not reduced or even increasing trend Therefore, as long as China continues to take measures to control oil prices, oil prices will continue to rise, from this level speaking, the Chinese Government has faced great pressure, the whole world is concerned about China when the oil price hikes. "
In Shanghai, a joint venture fund companies, research director, the current oil prices, rose to 2,500 yuan to compensate for loss of Sinopec, but this result will lead to global hyperinflation.
Director Liang Feng allies China and Thailand agreed to the above investment, research director at the point of view, he told reporters: "very real, the Chinese anti-inflation policies on oil demand have some negative impact. It must be acknowledged that oil price control is We have an important anti-inflation tool. Constantly faced with higher oil prices, an increasing number of Governments have moved away from the control of oil prices, but China has also carrying it with a large number of China's trade surplus and foreign exchange reserves have great relations, the Government A relatively good foundation for anti-inflation. "
Fuyao Glass main fled dished out four hours a total of about 28 million yuan (2)
Three major risk drag Fuyao Glass 2008 a difficult year, regardless of the Fuyao Glass, or the owner of the shares for. Fuyao Glass 2007 Main achieving a total revenue 4959235400 yuan, of which 1458410100 yuan from overseas, accounting for about 29.4 percent, mainly to the U.S. dollar clearing. And this year about the appreciation of the RMB against the U.S. dollar by 6%, and have accelerated the trend of appreciation. Three major risks, this one. Second, if the company said the reorganization A stock market is the eternal themes, then the first half of 2008 to contend with the subject matter is no doubt the concept of price increases, coke, vitamins, phosphate, pesticides, and so all through "rose Price "was out of a wave of independence in the market prices. However, Fuyao Glass, the price hikes is not a good story, Fuyao Glass opened the first quarter 2008 performance report found that its main business of float glass and car-mail the decline in gross margins, sales Gross margin from 2007's 37.69 percent decline in the mid-2008 to the first quarter of 32.95 percent. The reason, in addition to the appreciation of the renminbi, the biggest factor behind the cost is rising. If, as the main raw materials of automotive glass soda, in 2008 the first five months of the end of 2007 than the average price has climbed about 20 percent. In addition, automotive glass manufacturers need to consume a large amount of heavy oil, in 2008 all the way since the international crude oil prices soaring, the current stability in about 130 U.S. dollars, Fuyao Glass on the same cost control resulted in greater pressure. The prices of raw materials in the context of the entire automotive industry's declining gross margin level, which makes Fuyao Glass to the cost pressures being transmitted to the lower reaches of the vehicle industry is even more difficult. The third is from the policies of the risks. China's current auto consumption pattern is very expensive car prices, cheaper and fuel prices. Chinese consumers, the main consideration is the vehicle to buy a one-time expenditures, and the day-to-day support to worry about spending less. Long-term perspective, China's current low oil price policy is obviously not conducive economic environment for sustainable development, with the disposable income of residents continue to improve, low fuel domestic policy may lead to changes in the structure of car models, that is, more people Like to buy high-emission fuel consumption of fuel-efficient cars and to gradually abandon the economic cars, which like China a country with a large population is difficult to sustain. Therefore, the refined oil prices is bound to open up. This is almost on all vehicles and auto parts stocks are a big negative.
Fuyao Glass main fled dished out four hours a total of about 28 million yuan (1)
In June 16 lasted 4 hours, a total of 121, sell seats suspected Guotai Junan A21907 seats
June 16, Hu Zhi struggling slightly up 0.18%, K Line left a cross on the stars, Duokong see-saw fierce. In fierce fighting, Fuyao Glass quietly selling the auto, basically every one minute, a sum of the sale of 159 hand-will appear.
Four hours, sold 159 per minute automatic hand
The trading hours of the day four hours, every minute around the first 36 seconds, Fuyao Glass on the disk will be dished out a big sell orders, of which 159 hands in four hours, a total of 121, 160,161, etc. Also frequent, taking into account the Shang Jiaosuo Details of the transaction are brought together every three seconds, does not rule out the sale of 160 single-hand by hand with another 159 single-handedly formed.
Weekly financial reporter for the day Fuyao Glass topview data found that most of the day is to sell the business department of Guotai Junan seats A21907, sold 27.11 million yuan the day, not buy. Net sellers occupy the second with the famous QFII seats - the Shanghai Shenyin Wanguo Xinchang Road business department, sold 5.9194 million yuan, the same did not buy.
June 16, Fuyao Glass opened at 7.51 yuan lower, to close at 7.19 yuan a single day down 4.64 percent, the average price 7.37 yuan. If the main short-dished out 159 per minute hand, in four hours of trading hours, dished out a total of 38,160 hand. To date average basis, dished out a total of about 28.1239 million yuan, and topview data showed the same day sold the largest Guotai Junan business department of the seats sold roughly a considerable amount. But after the Fuyao Glass does not show what is special about, June 17 it fell as the market inertia, the next three days in the market and driven drift.
From the stock, the Fuyao Glass from the February high of 38.49 yuan fell to June 20 of 13.47 yuan (right-price), the last 26 trading days, has a 20 Yinxian. May 7 Fuyao Glass to reduce stamp duty after reaching a new high of 30.4 yuan, then the 30 trading days funding agencies have 26 days net outflow, institutions accounted positions fell by 71.68 percent to 59.08 percent, while the stock ownership General account has soared to 35,104 by June 18 of 76830.
159 hands, the hands of humor Caopan »
Caopan a familiar hand, told reporters last stage of rapid market decline, Caopan become Wushikezuo hand most of the time, sold 159 per minute automatic hand may only Caopan hands of humor only. This reporter for the regular automatic sold 159 per minute hand was whether the opponent will know in advance of the operation strategy so as to cause losses to the side, the Caopan hand, now this market has been very difficult to find opponents set , All-Gerou, even for those brave Chaodi of funds, they also secretly Xichou only, not a proactive approach.
South Fund, a fund manager of Jian-Qiang said in an interview that such operations could not explain the tactics and what special significance, the issue of fund managers to buy or sell instructions, and not on specific methods of operation to issue Other instructions, the main force may be used for short-"159 hand" issued by the bets language, built on their strong that it is difficult to determine, after all bets language often with Yixiang ingredients.
And our allies China and Thailand Fund, a fund manager Wang Hui said that the computer automatically sell the stock under the single-certain extent, reflected the weak market, sell such practices not only show that fund managers are not optimistic about stocks of investors, fund managers also note the Are not too optimistic about the market. Wang Hui said that fund managers are usually issued instructions to buy or sell, Caopan hand for the specific mode of operation will not interfere, as long as Caopan hand in a price range to complete the fund managers issued the directive even if the completion of tasks, gymnastics Has a hand-or the freedom. Caopan against the hand that the market was already difficult to find opponents of the argument, Wang Hui said with a smile, "This may indicate that the market has not far from the end."
June 16, Hu Zhi struggling slightly up 0.18%, K Line left a cross on the stars, Duokong see-saw fierce. In fierce fighting, Fuyao Glass quietly selling the auto, basically every one minute, a sum of the sale of 159 hand-will appear.
Four hours, sold 159 per minute automatic hand
The trading hours of the day four hours, every minute around the first 36 seconds, Fuyao Glass on the disk will be dished out a big sell orders, of which 159 hands in four hours, a total of 121, 160,161, etc. Also frequent, taking into account the Shang Jiaosuo Details of the transaction are brought together every three seconds, does not rule out the sale of 160 single-hand by hand with another 159 single-handedly formed.
Weekly financial reporter for the day Fuyao Glass topview data found that most of the day is to sell the business department of Guotai Junan seats A21907, sold 27.11 million yuan the day, not buy. Net sellers occupy the second with the famous QFII seats - the Shanghai Shenyin Wanguo Xinchang Road business department, sold 5.9194 million yuan, the same did not buy.
June 16, Fuyao Glass opened at 7.51 yuan lower, to close at 7.19 yuan a single day down 4.64 percent, the average price 7.37 yuan. If the main short-dished out 159 per minute hand, in four hours of trading hours, dished out a total of 38,160 hand. To date average basis, dished out a total of about 28.1239 million yuan, and topview data showed the same day sold the largest Guotai Junan business department of the seats sold roughly a considerable amount. But after the Fuyao Glass does not show what is special about, June 17 it fell as the market inertia, the next three days in the market and driven drift.
From the stock, the Fuyao Glass from the February high of 38.49 yuan fell to June 20 of 13.47 yuan (right-price), the last 26 trading days, has a 20 Yinxian. May 7 Fuyao Glass to reduce stamp duty after reaching a new high of 30.4 yuan, then the 30 trading days funding agencies have 26 days net outflow, institutions accounted positions fell by 71.68 percent to 59.08 percent, while the stock ownership General account has soared to 35,104 by June 18 of 76830.
159 hands, the hands of humor Caopan »
Caopan a familiar hand, told reporters last stage of rapid market decline, Caopan become Wushikezuo hand most of the time, sold 159 per minute automatic hand may only Caopan hands of humor only. This reporter for the regular automatic sold 159 per minute hand was whether the opponent will know in advance of the operation strategy so as to cause losses to the side, the Caopan hand, now this market has been very difficult to find opponents set , All-Gerou, even for those brave Chaodi of funds, they also secretly Xichou only, not a proactive approach.
South Fund, a fund manager of Jian-Qiang said in an interview that such operations could not explain the tactics and what special significance, the issue of fund managers to buy or sell instructions, and not on specific methods of operation to issue Other instructions, the main force may be used for short-"159 hand" issued by the bets language, built on their strong that it is difficult to determine, after all bets language often with Yixiang ingredients.
And our allies China and Thailand Fund, a fund manager Wang Hui said that the computer automatically sell the stock under the single-certain extent, reflected the weak market, sell such practices not only show that fund managers are not optimistic about stocks of investors, fund managers also note the Are not too optimistic about the market. Wang Hui said that fund managers are usually issued instructions to buy or sell, Caopan hand for the specific mode of operation will not interfere, as long as Caopan hand in a price range to complete the fund managers issued the directive even if the completion of tasks, gymnastics Has a hand-or the freedom. Caopan against the hand that the market was already difficult to find opponents of the argument, Wang Hui said with a smile, "This may indicate that the market has not far from the end."
Jukui the first quarter of the Fund with 650 billion as huge management fees 5000000000 (2)
Pianleng market rates but promote sales drop
Published more than 20 fund companies preferential Notice
Beijing a fund company on the financial markets of the weekly newspaper said that in the last year, the sales performance of the popular, fund performance continued to surge, the Fund frequently issued hundreds of billion yuan, maintaining a high level of rates or rate increases can understand, but now the market cold , Higher rates make investors more sensitive.
In order to win over investors, fund companies have reduced rates to attract investors. Just entering June, on the coming Jiashi, Galaxy, Taiwan, cross-Schroeder, easy to reach and many other fund companies in the banking channels for fund sales agency for the implementation of preferential purchase rates in May were nearly 20 fund companies voted for the publication of such notice. Recently, Taida He announced that Bank's Monetary Fund in addition to eight other than the fund will be June 19, 2008 from participation in the Bank of China (601,988) launched the front end of the regular fixed purchase rates for business activities. During regular business front-end fixed rate for purchase of 8%.
At the same time, side-by also announced that its its steady growth, growth strategy, 50 index, positive growth of eight to participate in the Bank of Communications (601,328) launched fixed for the regular activities, that is, regular fixed commission rates to 8% Concessions, the discount rate of not less than 0.6 percent. Prior to E of the Fund has just announced that in addition to easy opening of the China Everbright Bank, to enhance the return outside the 10 open-end fund scheduled for business and for easy side of steady growth, the Fund's growth strategy for the business, are To purchase, the concessionary rate of 8%. At this point, investors in the Bank of China, Industrial and Commercial Bank (601,398), China Everbright Bank, China Construction Bank (601,939) fund to buy the company can enjoy preferential rates.
In addition to Taida He silver and easy to reach, there are Hua Baoxing the recent announcement of external funds through the purchase of the Construction Bank of the seven Hua Baoxing industry can enjoy the purchase, the Fund 8% discount rate, Jiashi, Cathay Pacific, intermediation And many other fund companies have also joined the trend of discount rates.
Industry experts point out that in the course of the operation of the product design or the beginning of a fund balance of short-term gains. Therefore, the lower Shanghai foreclosure rates for investors to fund short-term investments arbitrage undoubtedly more favourable.
Published more than 20 fund companies preferential Notice
Beijing a fund company on the financial markets of the weekly newspaper said that in the last year, the sales performance of the popular, fund performance continued to surge, the Fund frequently issued hundreds of billion yuan, maintaining a high level of rates or rate increases can understand, but now the market cold , Higher rates make investors more sensitive.
In order to win over investors, fund companies have reduced rates to attract investors. Just entering June, on the coming Jiashi, Galaxy, Taiwan, cross-Schroeder, easy to reach and many other fund companies in the banking channels for fund sales agency for the implementation of preferential purchase rates in May were nearly 20 fund companies voted for the publication of such notice. Recently, Taida He announced that Bank's Monetary Fund in addition to eight other than the fund will be June 19, 2008 from participation in the Bank of China (601,988) launched the front end of the regular fixed purchase rates for business activities. During regular business front-end fixed rate for purchase of 8%.
At the same time, side-by also announced that its its steady growth, growth strategy, 50 index, positive growth of eight to participate in the Bank of Communications (601,328) launched fixed for the regular activities, that is, regular fixed commission rates to 8% Concessions, the discount rate of not less than 0.6 percent. Prior to E of the Fund has just announced that in addition to easy opening of the China Everbright Bank, to enhance the return outside the 10 open-end fund scheduled for business and for easy side of steady growth, the Fund's growth strategy for the business, are To purchase, the concessionary rate of 8%. At this point, investors in the Bank of China, Industrial and Commercial Bank (601,398), China Everbright Bank, China Construction Bank (601,939) fund to buy the company can enjoy preferential rates.
In addition to Taida He silver and easy to reach, there are Hua Baoxing the recent announcement of external funds through the purchase of the Construction Bank of the seven Hua Baoxing industry can enjoy the purchase, the Fund 8% discount rate, Jiashi, Cathay Pacific, intermediation And many other fund companies have also joined the trend of discount rates.
Industry experts point out that in the course of the operation of the product design or the beginning of a fund balance of short-term gains. Therefore, the lower Shanghai foreclosure rates for investors to fund short-term investments arbitrage undoubtedly more favourable.
Jukui the first quarter of the Fund with 650 billion as huge management fees 5000000000 (1)
This year, the stock market to continue to pullback, the net all the way down. According to relevant statistics, the nearest one-quarter loss of 650 billion yuan. However, although the loss of funds, but fund companies are still more than 50 million management fee income.
Bull market, most investors make money, after deducting management fees that generally do not care, but in a bear market, the situation may be quite different, the major fund group, users of the Fund to earn the high management fees Masheng one.
Last year, the data even more surprising, 58 fund companies of 341 funds in 2007 Annual Report show that last year the management fee income totaled 27.905 billion yuan, the data in 2006 than the 5.536 billion yuan for substantial growth 404.06%.
Charges of poor earnings more than eight Fund
Ruifu aggressive net minimum, King-fund charges a maximum of two Great Wall
Statistics show that only in the first quarter, the net value of equity funds fell by an average of 22.58 percent, to enter the second quarter, the market looks forward to the "red May" after all absent, and "red in June," also encountered head-on blow.
The first half of 2008, the overall losses of up to 1 trillion yuan, exceeding the national economy as a central pillar of the 169 enterprises of the total profits in 2007, more than China in 2006 and 2007 two years of financial revenues.
According to statistics, as of June 13 this year, since the decline in the net in the first row of UBS Investment Fund Ruifu progressive decline has been more than 50 percent, to 58.66 percent, the fund's net assets fell 0.478 yuan, a record The domestic fund industry's net new low. In addition, the growth of core governance days, days WONG Featured, Hua Baoxing multi-industry growth strategy, the new century Optimization dividends, Cathay Pacific's Shanghai and Shenzhen 300 units respectively, the net value of only 0.5597 yuan and 0.5743 yuan, 0.583 yuan and 0.5969 yuan, 0.597 yuan, and Net hovering in the 6 cents to 1 dollar between the Fund is as high as 163.
Despite the substantial loss of investors, but fund companies are earning management fees or, as always, huge.
All 388 open-end funds, seven funds in the purchase rate of 2.0 percent over 19 funds at 1.5 percent.
According to financial weekly statistics, the fund company charges the highest in the King Shun is the Great Wall of two funds: the Great Wall of domestic demand growth with King 2, King selected blue chips with the Great Wall, the two fund to 2.5 percent of the purchase fee and 0.5% The fund charges redemption fees ranked the top list. Xianbu Shui Fund does not earn money, investors "into a" one must pay 3 percent of the cost of the bear market of people, some of these higher costs. But what was even more depressing is that investors, King-the Great Wall of domestic demand growth this year on the 2nd for the most serious since the net value of the fund, the net value of the Fund fell 35.79 percent, King selected blue chips with the Great Wall Fund also performed poorly this year, the net value of the Fund since dropped 32.30%.
King with the Great Wall of domestic demand growth on the 2nd Fund was established in October 2006, at the time when fund companies have raised the rate of the sales increase, and the bull market began rising number of factors, a substantial increase domestic demand on the 2nd application fee rising to the first fund industry.
Other charges higher Fund, such as Guangdong Development Fund Selection, 1.8 percent of the purchase fee and 0.5 percent for the redemption of the Fund since the fund this year, the net decrease of 35.11 percent. East Select funds, 1.8 percent of the purchase fee and 0.5% redemption fee, the Fund since the fund this year, the net decrease of 33.13 percent. Peng, industry growth fund, 1.6 percent of the purchase fee and 0.5% of the redemption fee, the Fund since the fund this year, the net decrease of 30.52 percent.
According to the Shenzhen company to a fund, the Fund's purchase / subscription rates are issued with the relevant time, in recent years the issue of late, relatively higher rates. Moreover, the general called on the 2nd of all, such as the King with domestic demand growth in the Great Wall No. 2. Purchase, subscription rates to most of the consignment at institutions such as banks, brokerages and fund companies themselves with a small head, management fees, fund companies redemption fee is the bulk of their money. But if the fund company in the loss of the more serious cases, the more consideration the feelings of the holder, such as appropriate to reduce the proportion of management fees, etc., perhaps more to win the holders adhere to and respect.
Bull market, most investors make money, after deducting management fees that generally do not care, but in a bear market, the situation may be quite different, the major fund group, users of the Fund to earn the high management fees Masheng one.
Last year, the data even more surprising, 58 fund companies of 341 funds in 2007 Annual Report show that last year the management fee income totaled 27.905 billion yuan, the data in 2006 than the 5.536 billion yuan for substantial growth 404.06%.
Charges of poor earnings more than eight Fund
Ruifu aggressive net minimum, King-fund charges a maximum of two Great Wall
Statistics show that only in the first quarter, the net value of equity funds fell by an average of 22.58 percent, to enter the second quarter, the market looks forward to the "red May" after all absent, and "red in June," also encountered head-on blow.
The first half of 2008, the overall losses of up to 1 trillion yuan, exceeding the national economy as a central pillar of the 169 enterprises of the total profits in 2007, more than China in 2006 and 2007 two years of financial revenues.
According to statistics, as of June 13 this year, since the decline in the net in the first row of UBS Investment Fund Ruifu progressive decline has been more than 50 percent, to 58.66 percent, the fund's net assets fell 0.478 yuan, a record The domestic fund industry's net new low. In addition, the growth of core governance days, days WONG Featured, Hua Baoxing multi-industry growth strategy, the new century Optimization dividends, Cathay Pacific's Shanghai and Shenzhen 300 units respectively, the net value of only 0.5597 yuan and 0.5743 yuan, 0.583 yuan and 0.5969 yuan, 0.597 yuan, and Net hovering in the 6 cents to 1 dollar between the Fund is as high as 163.
Despite the substantial loss of investors, but fund companies are earning management fees or, as always, huge.
All 388 open-end funds, seven funds in the purchase rate of 2.0 percent over 19 funds at 1.5 percent.
According to financial weekly statistics, the fund company charges the highest in the King Shun is the Great Wall of two funds: the Great Wall of domestic demand growth with King 2, King selected blue chips with the Great Wall, the two fund to 2.5 percent of the purchase fee and 0.5% The fund charges redemption fees ranked the top list. Xianbu Shui Fund does not earn money, investors "into a" one must pay 3 percent of the cost of the bear market of people, some of these higher costs. But what was even more depressing is that investors, King-the Great Wall of domestic demand growth this year on the 2nd for the most serious since the net value of the fund, the net value of the Fund fell 35.79 percent, King selected blue chips with the Great Wall Fund also performed poorly this year, the net value of the Fund since dropped 32.30%.
King with the Great Wall of domestic demand growth on the 2nd Fund was established in October 2006, at the time when fund companies have raised the rate of the sales increase, and the bull market began rising number of factors, a substantial increase domestic demand on the 2nd application fee rising to the first fund industry.
Other charges higher Fund, such as Guangdong Development Fund Selection, 1.8 percent of the purchase fee and 0.5 percent for the redemption of the Fund since the fund this year, the net decrease of 35.11 percent. East Select funds, 1.8 percent of the purchase fee and 0.5% redemption fee, the Fund since the fund this year, the net decrease of 33.13 percent. Peng, industry growth fund, 1.6 percent of the purchase fee and 0.5% of the redemption fee, the Fund since the fund this year, the net decrease of 30.52 percent.
According to the Shenzhen company to a fund, the Fund's purchase / subscription rates are issued with the relevant time, in recent years the issue of late, relatively higher rates. Moreover, the general called on the 2nd of all, such as the King with domestic demand growth in the Great Wall No. 2. Purchase, subscription rates to most of the consignment at institutions such as banks, brokerages and fund companies themselves with a small head, management fees, fund companies redemption fee is the bulk of their money. But if the fund company in the loss of the more serious cases, the more consideration the feelings of the holder, such as appropriate to reduce the proportion of management fees, etc., perhaps more to win the holders adhere to and respect.
U.S. economy not show signs of resumption of the Federal Reserve may delay raising interest rates (1)
U.S. economy not show signs of recovery
The Philadelphia Fed announced yesterday in their manufacturing index. The Philadelphia Fed data released Thursday showed that the Federal Reserve to measure the status of area manufacturing activity in June manufacturing index fell to -17.1,5 2003 and April respectively -15.6 and -24.9. Before the market is expected to -11.0. The index for manufacturing activity in that negative contraction, but said that manufacturing activity is expanding.
The Philadelphia Fed said in the report, the June manufacturing prices paid index of 53.8 from May to 69.3, while manufacturing prices index was 31.6 from the previous month to 29.7. Data also showed that in June from the manufacturing new orders index fell to -3.7 last month's -12.4, manufacturing shipments index last month from 2.2 to -6.7. In addition, the June index for manufacturing employment in -6.9,5 for -1.0.
The data is for the first seven months fell. In addition, the U.S. May housing market also dropped to a 17 to the lowest level. Industrial production accidents has dropped.
Outside the Fed forecast interest rate increase will be delayed
According to the Chicago Mercantile Exchange, the Futures Exchange, the Fed forecast the outside world on the 25th of this month will be the inter-bank overnight call rate from the current 2 percent increase the probability of 0.25 percentage points to 10 percent, with the probability of a fall a week ago. Earlier, outside the Federal Reserve interest rate increase forecast the probability of 22%. At the same time, the outside world in August predicted the Fed will raise the cost of borrowing rate also declined.
Scotiabank foreign exchange capital for Steven - Bale said: "I think at this time for the Fed interest rate increase is a huge mistake, this will jeopardize the economy. In the second half of this year, we will face the sluggish U.S. economy The new round of the impact, we expect also will enter a new round of the weak. "
U.S. dollar weakness re -
U.S. manufacturing sector contracted by the impact, the Fed reduced the outside world in the 25th of this month after the end of a two-day meeting expectations of a rate hike. U.S. dollar against the yen this week a devaluation. As the outside world predicted the European Central Bank Jean-Claude Trichet later in a speech today that policy makers will likely be a rate hike next month, for the euro against the yen exchange rate was a sixth week of appreciation. Earlier, the appreciation of the euro against the yen exchange rate over the longest time of the year.
Japan's biggest brokerage Nomura's Nomura Trust and Banking foreign exchange manager Hideki Amikura said: "The dollar exchange rate will further decline in the future also. The U.S. economy remains sluggish, if carried out when the Federal Reserve interest rate increase will allow I was shocked . Trichet as the European Central Bank interest rate increase hard-line stance, the euro exchange rate has been very good support. "
In Tokyo, Japan 8:48, the U.S. dollar against the euro exchange rate for Australian 1.5497 U.S. dollars, and yesterday did not change too much, but compared with last week fell 0.8 percent. U.S. dollar against the yen the dollar fell to 108.00 yen, from starting on the 13th of this month has dropped by 0.2 percent. The euro against the yen exchange rate for Australian 167.42 yen this week has risen 0.7 percent. Amikura Forecast for Today, the dollar fell to Australian 1.5560 U.S. dollars, 1 dollar to 107.80 yen.
A possible new wave of dollar selling
In the U.S. Federal Reserve Chairman Ben Bernanke said on the 9th of this month the U.S. economy risks being weakened. To this end, the outside world more and more people think the Fed will be raising interest rates this year, inflation accelerated to resist. Bernanke's remarks also make the dollar against the euro exchange rate set a new high within a month, reaching Australian 1.5303 U.S. dollars.
The Philadelphia Fed announced yesterday in their manufacturing index. The Philadelphia Fed data released Thursday showed that the Federal Reserve to measure the status of area manufacturing activity in June manufacturing index fell to -17.1,5 2003 and April respectively -15.6 and -24.9. Before the market is expected to -11.0. The index for manufacturing activity in that negative contraction, but said that manufacturing activity is expanding.
The Philadelphia Fed said in the report, the June manufacturing prices paid index of 53.8 from May to 69.3, while manufacturing prices index was 31.6 from the previous month to 29.7. Data also showed that in June from the manufacturing new orders index fell to -3.7 last month's -12.4, manufacturing shipments index last month from 2.2 to -6.7. In addition, the June index for manufacturing employment in -6.9,5 for -1.0.
The data is for the first seven months fell. In addition, the U.S. May housing market also dropped to a 17 to the lowest level. Industrial production accidents has dropped.
Outside the Fed forecast interest rate increase will be delayed
According to the Chicago Mercantile Exchange, the Futures Exchange, the Fed forecast the outside world on the 25th of this month will be the inter-bank overnight call rate from the current 2 percent increase the probability of 0.25 percentage points to 10 percent, with the probability of a fall a week ago. Earlier, outside the Federal Reserve interest rate increase forecast the probability of 22%. At the same time, the outside world in August predicted the Fed will raise the cost of borrowing rate also declined.
Scotiabank foreign exchange capital for Steven - Bale said: "I think at this time for the Fed interest rate increase is a huge mistake, this will jeopardize the economy. In the second half of this year, we will face the sluggish U.S. economy The new round of the impact, we expect also will enter a new round of the weak. "
U.S. dollar weakness re -
U.S. manufacturing sector contracted by the impact, the Fed reduced the outside world in the 25th of this month after the end of a two-day meeting expectations of a rate hike. U.S. dollar against the yen this week a devaluation. As the outside world predicted the European Central Bank Jean-Claude Trichet later in a speech today that policy makers will likely be a rate hike next month, for the euro against the yen exchange rate was a sixth week of appreciation. Earlier, the appreciation of the euro against the yen exchange rate over the longest time of the year.
Japan's biggest brokerage Nomura's Nomura Trust and Banking foreign exchange manager Hideki Amikura said: "The dollar exchange rate will further decline in the future also. The U.S. economy remains sluggish, if carried out when the Federal Reserve interest rate increase will allow I was shocked . Trichet as the European Central Bank interest rate increase hard-line stance, the euro exchange rate has been very good support. "
In Tokyo, Japan 8:48, the U.S. dollar against the euro exchange rate for Australian 1.5497 U.S. dollars, and yesterday did not change too much, but compared with last week fell 0.8 percent. U.S. dollar against the yen the dollar fell to 108.00 yen, from starting on the 13th of this month has dropped by 0.2 percent. The euro against the yen exchange rate for Australian 167.42 yen this week has risen 0.7 percent. Amikura Forecast for Today, the dollar fell to Australian 1.5560 U.S. dollars, 1 dollar to 107.80 yen.
A possible new wave of dollar selling
In the U.S. Federal Reserve Chairman Ben Bernanke said on the 9th of this month the U.S. economy risks being weakened. To this end, the outside world more and more people think the Fed will be raising interest rates this year, inflation accelerated to resist. Bernanke's remarks also make the dollar against the euro exchange rate set a new high within a month, reaching Australian 1.5303 U.S. dollars.
SFC: go all out to safeguard the capital market and stable operation
Recently, the large fluctuations in Shanghai and Shenzhen stock markets, this, the SFC issued yesterday evening, sources said, the SFC will take a number of measures to maintain the stable operation of capital markets.
The China Securities Regulatory Commission Chairman Shang Fulin said that, recently, the stock market in the complex internal and external factors and the market demand for cutting its own adjustment under the influence of the operation of the market volatility increased, the confidence of investors frustrated. Especially in the stock market adjustment process, a small number of people with ulterior motives wantonly spread all kinds of false false information, disrupt the normal market order, increase market volatility. The SFC will take practical and effective measures to intensify the dissemination of rumors of illegal activities, such as accountability, and severely crack down, resolutely punish malicious Zaoyaohuozhong acts.
At present the following will focus on the good work.
First, go all out to safeguard the capital market and stable operation. Adhere to market-oriented, reasonable balance between market supply and demand, orderly adjustment financing rhythm, regularly published in an appropriate manner to lift restrictions on sale of listed companies shares in the stock data, and encourage and guide long-term capital market, and gradually perfect the internal stability of the stock market mechanism.
Second is to further strengthen and improve market supervision. To strengthen the capital market in positive public opinion guidance, and curb the breeding and spread rumors space at the same time, the use of false information and rumors of manipulation of stock prices, and increase efforts to crack down on suspected criminal, actively cooperate with public security and judicial organs investigated and dealt with according to law. With related departments to strengthen policy coordination.
In addition, to improve the financial regulatory departments and other regulatory cooperation mechanism, concerned about the domestic and international economic co-operation and the international financial market volatility to the capital markets and stable operation of the impact. Continue to improve coordination with relevant departments, improve the policies, as soon as the co-ordination and implementation arrangements, formed jointly promote the healthy development of capital market stability in the policy environment.
Shang Fulin: capital markets stable and healthy development of the foundation will not be shaken
Shang also said that China's capital market development entities have a good economic base, the system environment and internal and external conditions such as strong support, its stable and healthy development of the foundation will not be shaken, to achieve long-term sustainable development path has not changed.
The China Securities Regulatory Commission Chairman Shang Fulin said that, recently, the stock market in the complex internal and external factors and the market demand for cutting its own adjustment under the influence of the operation of the market volatility increased, the confidence of investors frustrated. Especially in the stock market adjustment process, a small number of people with ulterior motives wantonly spread all kinds of false false information, disrupt the normal market order, increase market volatility. The SFC will take practical and effective measures to intensify the dissemination of rumors of illegal activities, such as accountability, and severely crack down, resolutely punish malicious Zaoyaohuozhong acts.
At present the following will focus on the good work.
First, go all out to safeguard the capital market and stable operation. Adhere to market-oriented, reasonable balance between market supply and demand, orderly adjustment financing rhythm, regularly published in an appropriate manner to lift restrictions on sale of listed companies shares in the stock data, and encourage and guide long-term capital market, and gradually perfect the internal stability of the stock market mechanism.
Second is to further strengthen and improve market supervision. To strengthen the capital market in positive public opinion guidance, and curb the breeding and spread rumors space at the same time, the use of false information and rumors of manipulation of stock prices, and increase efforts to crack down on suspected criminal, actively cooperate with public security and judicial organs investigated and dealt with according to law. With related departments to strengthen policy coordination.
In addition, to improve the financial regulatory departments and other regulatory cooperation mechanism, concerned about the domestic and international economic co-operation and the international financial market volatility to the capital markets and stable operation of the impact. Continue to improve coordination with relevant departments, improve the policies, as soon as the co-ordination and implementation arrangements, formed jointly promote the healthy development of capital market stability in the policy environment.
Shang Fulin: capital markets stable and healthy development of the foundation will not be shaken
Shang also said that China's capital market development entities have a good economic base, the system environment and internal and external conditions such as strong support, its stable and healthy development of the foundation will not be shaken, to achieve long-term sustainable development path has not changed.
Go all out to safeguard the capital market and stable operation
The China Securities Regulatory Commission Chairman Shang Fulin said on the 22nd, to go all out to maintain stable operation of capital markets, further strengthen and improve market supervision, and related departments to strengthen the policy coordination.
The China Securities Regulatory Commission held a meeting on the 22nd, in-depth study and implementation of the CPC Central Committee and State Council recently held in provinces, autonomous regions and central departments responsible comrades spirit of the meeting. Shang Fulin is in this meeting to make the above statement.
Shang Fulin stressed the need to pay close attention to market changes in the external environment for China's capital market development and operation of the impact, and actively take steps to deepen the capital market reform and institutional mechanisms, focus on strengthening market supervision, balanced, focused, and promote the capital market stability Healthy development.
He said that the capital market should continue to strengthen basic system building, focus on problems affecting the stable operation of the market structure, mechanism of the problem. Adhere to market-oriented, reasonable balance between market supply and demand, orderly adjustment financing rhythm, regularly published in an appropriate manner to lift restrictions on sale of listed companies shares in the stock data, and encourage and guide long-term capital market, and gradually perfect the internal stability of the stock market mechanism.
Shang Fulin said that the current market for the illegal acts of the new situation and new features to improve the securities law-enforcement inspection system, and strengthen the coordination of public security and judicial organs, and severely punish market manipulation, violation of information disclosure of listed companies, such as illegal occupation of capital crimes . To strengthen the capital market in positive public opinion guidance, and curb the breeding and spread rumors space at the same time, the use of false information and rumors of manipulation of stock prices, and increase efforts to crack down on suspected criminal, actively cooperate with public security and judicial organs investigated and dealt with according to law.
Shang Fulin said that the need to improve financial supervision and other departments of supervision cooperation mechanism, concerned about the domestic and international economic co-operation and the international financial market volatility to the capital markets and stable operation of the impact and strengthen information sharing and coordination disposal, and effectively guard against financial risks. Continue to improve coordination with relevant departments, improve the policies, as soon as the co-ordination and implementation arrangements, formed jointly promote the healthy development of capital market stability in the policy environment.
He also said that we should continue to do a good job in the securities and futures industry post-disaster reconstruction work, study and formulate the capital market to support the reconstruction of policies and measures to adhere to market-oriented, and promote reconstruction and development of the market and win-win; adhere to the law of Regulation, maintaining a fair market persist convenient efficient implementation of Teshiteban. Support the disaster areas listed companies and securities management institutions reconstruction and development, disaster areas to ensure normal market order.
The China Securities Regulatory Commission held a meeting on the 22nd, in-depth study and implementation of the CPC Central Committee and State Council recently held in provinces, autonomous regions and central departments responsible comrades spirit of the meeting. Shang Fulin is in this meeting to make the above statement.
Shang Fulin stressed the need to pay close attention to market changes in the external environment for China's capital market development and operation of the impact, and actively take steps to deepen the capital market reform and institutional mechanisms, focus on strengthening market supervision, balanced, focused, and promote the capital market stability Healthy development.
He said that the capital market should continue to strengthen basic system building, focus on problems affecting the stable operation of the market structure, mechanism of the problem. Adhere to market-oriented, reasonable balance between market supply and demand, orderly adjustment financing rhythm, regularly published in an appropriate manner to lift restrictions on sale of listed companies shares in the stock data, and encourage and guide long-term capital market, and gradually perfect the internal stability of the stock market mechanism.
Shang Fulin said that the current market for the illegal acts of the new situation and new features to improve the securities law-enforcement inspection system, and strengthen the coordination of public security and judicial organs, and severely punish market manipulation, violation of information disclosure of listed companies, such as illegal occupation of capital crimes . To strengthen the capital market in positive public opinion guidance, and curb the breeding and spread rumors space at the same time, the use of false information and rumors of manipulation of stock prices, and increase efforts to crack down on suspected criminal, actively cooperate with public security and judicial organs investigated and dealt with according to law.
Shang Fulin said that the need to improve financial supervision and other departments of supervision cooperation mechanism, concerned about the domestic and international economic co-operation and the international financial market volatility to the capital markets and stable operation of the impact and strengthen information sharing and coordination disposal, and effectively guard against financial risks. Continue to improve coordination with relevant departments, improve the policies, as soon as the co-ordination and implementation arrangements, formed jointly promote the healthy development of capital market stability in the policy environment.
He also said that we should continue to do a good job in the securities and futures industry post-disaster reconstruction work, study and formulate the capital market to support the reconstruction of policies and measures to adhere to market-oriented, and promote reconstruction and development of the market and win-win; adhere to the law of Regulation, maintaining a fair market persist convenient efficient implementation of Teshiteban. Support the disaster areas listed companies and securities management institutions reconstruction and development, disaster areas to ensure normal market order.
70 percent of industrial capital market to decide the A-share (2)
Not just industry, some units can also be seen in the clues. To the south of the Panzhihua Steel Chongcang Fund V as an example, the company will Anshan Iron and Steel Industry Group as investors, willing to accept 9.59 yuan per share of equity investors. That being the case, investors are not following the price of 9.59 yuan to buy the stock for almost risk-free arbitrage?
70 percent of industrial capital market to decide the A-share (1)
Shang Fulin: go all out to safeguard the capital market and stable operation of the dominance of the market ... Who in the hands of
Small and medium-sized plate two new shares listed on the 23rd of Deng data: Fund-wide exposure from movements in energy prices adjusted analysis of all three plate QFII magic predicted that oil prices rise again this round where the cattle market to retail investors after the yellow wood-shrinking stealth and long-term concern industrial capital Game financial capital of the South Fund Investment Director Wang Hongyuan, in the end of April this year, told reporters fiscal Weekly, "What time is no longer listed companies to finance large-scale, no longer underweight, but has started to buy back shares and the stock market has Is the bottom. "
Today, the balance has begun to favour the other side: industrial capital, that is, those non-release cage the size of the operation of the stock market are changing trajectory.
Control 70 percent of the market value of industrial capital to decide the A-share
Be regarded as "China's worth investing in the stock one of the" Ping An of China (601,318, it shares) (601318. SH), from 148.78 yuan per share fell 47.6 yuan, only spent half a year. China Ping An into the abyss, it is non-size.
Compass TOPVIEW software, only hidden in Ping An Securities in Shenzhen nosy three-way non-business department of the size of the 120 who in recent days, the dished out over 90 billion chips. In June 18, Ping An Securities in Shenzhen nosy three-way securities business department is still safe despite China rose 3.95 percent, the day the case, decided in Dieting dished out 12 million price, the total amount of 530 million yuan. Short-strong force of the demonstrated fact.
"In fact, many secondary market investors are involved in the pick-China Ping An, I know of a body on the net buy more than 3 billion yuan. But it is clear that this will not help." A weekly financial market participants to the reporter disclosed. Wang Hongyuan, the former stock market by institutional investors, but they can not now, because "some people will sell you."
Chen Li in his latest research report "difficulties in China's transition asset pricing" that the industrial capital controls 70 percent of the market, making it the future trend of the stock market far beyond the impact of financial investors. To the steel industry as an example, the next six months pending the circulation market value of the steel industry accounted for 73 percent of the current flow of the market, which will bring a tremendous impact on the secondary market.
More importantly, the industrial capital and financial capital position are differences, the value of logic and financial capital significant differences. China Ping'an, Bank of Communications (601,328, it shares) (601328. SH), and other equities, such a phenomenon particularly evident.
"I think the people too Zuo Gupiao not really the size of the non-anyway have to earn money, but the sell-off is normal." Are preparing a large-scale national enterprises listed subsidiary of the responsible person raises the aspirations of industrial capital. National Securities analyst Ma Jun Tang that "very low cost of ownership, and other factors have determined the size of the reduction of non-determination."
Wang Hongyuan, and the size of particular concern to non-industrial and financial capital valuation differences. In his view, the industrial capital valuation method is more market-based, "similar to absolute valuation," "financial capital and consider only the next 12 months, the price-earnings ratio Shijing Shuai."
Wang Hongyuan said the "absolute value" logic and the "replacement cost". In other words, the industry must be weighed against the capital in the secondary market to buy stake in cost-effective or cost-effective to build factories. From a large number of listed companies on the asset into the game can be seen, the industrial capital may still prefer to sell financial assets to investors.
Industrial capital from 2400 to 2500 to stop selling point »
"The next bull market in what is« I think at least in line with these two conditions: first, accounting for 80 percent of market value, more than 90 percent of the size of the non-lifting of the ban have been the second is the major shareholders of listed companies and no longer willing to large-scale Financing, because the stock price has been below the intrinsic value of enterprises. "Wang Hongyuan said that only industrial and financial capital at the equilibrium point, the market is at the bottom.
"We think 16 times 2008 PE counterparts on the Topix index, it should be in 2400 points to 2500 points, and industrial capital will stop selling at this time." Chen Li in an interview with financial weekly said.
Chen Li of capital from the industry point of view, when the A-share price-earnings ratio from the current 19 times to 16 times the decline, the industrial capital no longer limit the sale of shares sold, but a large scale to enter the capital market, the industrial capital market leaders find value.
One of the logic is very simple: if not cash holdings after the Industrial investment, non-fled on Size will not stop. The key is, how to follow the industrial capital to find a bear market of rare opportunity, or to avoid the risk of often.
Wang Hongyuan in Tianjin in April this year publicly stated that "in this year's prices, because we realize that the market take the lead in the inflection point is the valuation of the basic pattern of change, we made some adjustments, based on fundamentals done a number of industries targeted . "Fiscal Weekly reporter learned that his so-called" targeted industry "is actually targeting the large-scale agriculture, forestry, animal husbandry and fisheries section, the South Fund was targeted in this section of the nearly 10 billion yuan of asset size.
Huaxia Fund Chairman of the investment decision-making WANG Ya-wei has said, "If investors from the financial point of view, will find a lot of stock is very expensive, but from the perspective of industrial investment, will find that many stock valuations are cheap, A lot of investment opportunities. "He said the" opportunity "is the agricultural unit.
According to Chen Li of agriculture, forestry, animal husbandry and fisheries implied cost of equity (stock investors the expected rate of return) of 9.2%, far higher than the average over the past 10 ROE (industrial capital expected rate of return) in 2007 and three percent of the weighted Average ROE8.5%.
Information equipment, household appliances, electronic components, the implied cost of equity is higher than that of ROE, these industries reduce the size of the non-impulse relatively small, but, chemicals, nonferrous metals, light industry and manufacturing industries while the contrary.
Small and medium-sized plate two new shares listed on the 23rd of Deng data: Fund-wide exposure from movements in energy prices adjusted analysis of all three plate QFII magic predicted that oil prices rise again this round where the cattle market to retail investors after the yellow wood-shrinking stealth and long-term concern industrial capital Game financial capital of the South Fund Investment Director Wang Hongyuan, in the end of April this year, told reporters fiscal Weekly, "What time is no longer listed companies to finance large-scale, no longer underweight, but has started to buy back shares and the stock market has Is the bottom. "
Today, the balance has begun to favour the other side: industrial capital, that is, those non-release cage the size of the operation of the stock market are changing trajectory.
Control 70 percent of the market value of industrial capital to decide the A-share
Be regarded as "China's worth investing in the stock one of the" Ping An of China (601,318, it shares) (601318. SH), from 148.78 yuan per share fell 47.6 yuan, only spent half a year. China Ping An into the abyss, it is non-size.
Compass TOPVIEW software, only hidden in Ping An Securities in Shenzhen nosy three-way non-business department of the size of the 120 who in recent days, the dished out over 90 billion chips. In June 18, Ping An Securities in Shenzhen nosy three-way securities business department is still safe despite China rose 3.95 percent, the day the case, decided in Dieting dished out 12 million price, the total amount of 530 million yuan. Short-strong force of the demonstrated fact.
"In fact, many secondary market investors are involved in the pick-China Ping An, I know of a body on the net buy more than 3 billion yuan. But it is clear that this will not help." A weekly financial market participants to the reporter disclosed. Wang Hongyuan, the former stock market by institutional investors, but they can not now, because "some people will sell you."
Chen Li in his latest research report "difficulties in China's transition asset pricing" that the industrial capital controls 70 percent of the market, making it the future trend of the stock market far beyond the impact of financial investors. To the steel industry as an example, the next six months pending the circulation market value of the steel industry accounted for 73 percent of the current flow of the market, which will bring a tremendous impact on the secondary market.
More importantly, the industrial capital and financial capital position are differences, the value of logic and financial capital significant differences. China Ping'an, Bank of Communications (601,328, it shares) (601328. SH), and other equities, such a phenomenon particularly evident.
"I think the people too Zuo Gupiao not really the size of the non-anyway have to earn money, but the sell-off is normal." Are preparing a large-scale national enterprises listed subsidiary of the responsible person raises the aspirations of industrial capital. National Securities analyst Ma Jun Tang that "very low cost of ownership, and other factors have determined the size of the reduction of non-determination."
Wang Hongyuan, and the size of particular concern to non-industrial and financial capital valuation differences. In his view, the industrial capital valuation method is more market-based, "similar to absolute valuation," "financial capital and consider only the next 12 months, the price-earnings ratio Shijing Shuai."
Wang Hongyuan said the "absolute value" logic and the "replacement cost". In other words, the industry must be weighed against the capital in the secondary market to buy stake in cost-effective or cost-effective to build factories. From a large number of listed companies on the asset into the game can be seen, the industrial capital may still prefer to sell financial assets to investors.
Industrial capital from 2400 to 2500 to stop selling point »
"The next bull market in what is« I think at least in line with these two conditions: first, accounting for 80 percent of market value, more than 90 percent of the size of the non-lifting of the ban have been the second is the major shareholders of listed companies and no longer willing to large-scale Financing, because the stock price has been below the intrinsic value of enterprises. "Wang Hongyuan said that only industrial and financial capital at the equilibrium point, the market is at the bottom.
"We think 16 times 2008 PE counterparts on the Topix index, it should be in 2400 points to 2500 points, and industrial capital will stop selling at this time." Chen Li in an interview with financial weekly said.
Chen Li of capital from the industry point of view, when the A-share price-earnings ratio from the current 19 times to 16 times the decline, the industrial capital no longer limit the sale of shares sold, but a large scale to enter the capital market, the industrial capital market leaders find value.
One of the logic is very simple: if not cash holdings after the Industrial investment, non-fled on Size will not stop. The key is, how to follow the industrial capital to find a bear market of rare opportunity, or to avoid the risk of often.
Wang Hongyuan in Tianjin in April this year publicly stated that "in this year's prices, because we realize that the market take the lead in the inflection point is the valuation of the basic pattern of change, we made some adjustments, based on fundamentals done a number of industries targeted . "Fiscal Weekly reporter learned that his so-called" targeted industry "is actually targeting the large-scale agriculture, forestry, animal husbandry and fisheries section, the South Fund was targeted in this section of the nearly 10 billion yuan of asset size.
Huaxia Fund Chairman of the investment decision-making WANG Ya-wei has said, "If investors from the financial point of view, will find a lot of stock is very expensive, but from the perspective of industrial investment, will find that many stock valuations are cheap, A lot of investment opportunities. "He said the" opportunity "is the agricultural unit.
According to Chen Li of agriculture, forestry, animal husbandry and fisheries implied cost of equity (stock investors the expected rate of return) of 9.2%, far higher than the average over the past 10 ROE (industrial capital expected rate of return) in 2007 and three percent of the weighted Average ROE8.5%.
Information equipment, household appliances, electronic components, the implied cost of equity is higher than that of ROE, these industries reduce the size of the non-impulse relatively small, but, chemicals, nonferrous metals, light industry and manufacturing industries while the contrary.
U.S. bill to save the property market initially forming built 300 billion fund for the city
As the U.S. mortgage Wei Yueshuai the continued rise in the U.S. Congress to save the property market in the final package, expected in early July came to the surface. At present the Senate may propose the establishment of a value of 300 billion U.S. dollars in mortgage insurance fund, and the possible birth of a new regulatory body to manage the U.S. government supports enterprises Fannie Mae (FannieMae) and premises of the United States (FreddieMac). Reuters reported this week three, the U.S. Senate has passed a bipartisan bill to aid the property market, the full Senate is expected to be in a few days to discuss the bill, lawmakers may be on July 4 before a final bill Reference to the White House. Senate Finance Committee Chairman, Democrats Dodd, a senior Senate Banking Committee, Republican Shelby, both agreed. U.S. House of Representatives has passed a bill on the real estate market. Eventually submitted to U.S. President George W. Bush a bill may come from the Senate and the House of integrated programmes. According to the Fed funds flow data, the first quarter of this year, the U.S. mortgage lending continued to increase, the entire ring of real estate debt increased 120 billion U.S. dollars, so that the overall scale of up to 141,890 U.S. dollars a barrel. But the U.S. real estate loans accounted for the proportion of GDP remains at 100 percent level, and the fourth quarter of last year the same. The United States, loan-to-the outbreak of the crisis, the family real estate assets worth a second straight quarter of decline, down from 329 billion to 19.717 trillion U.S. dollars. Household debt ratio of the total value of housing rose 53.8 percent, set a record high. Residential mortgage debt of the United States the ratio of total debt over long-term trends, close to the record high of 35.9 percent. The Senate bill proposed the creation of a new mortgage insurance fund, from the U.S. Federal residential Authority, for up to 300 billion U.S. dollars of bad loans to provide guarantees. According to MBA data, the first quarter of this year mortgage loan market credit quality continues to deteriorate, the overall quality of the late repayment of loans from 3.24 percent to 3.71 percent, the secondary mortgage loans overdue repayment rate rose to 18.79 percent stimulated; more Seriously, the collateral loss of the right to redeem the proportion has also increased, the proportion of secondary mortgage loans from 8.65 percent stimulated rose to 10.74 percent, while high-quality loans from 0.96 percent to 1.22 percent. At the same time, the bill also proposed to the U.S. government supports enterprises Fannie Mae and premises of the United States to establish a new regulator. And for the two companies set up some new business. The bill will help the U.S. mortgage borrowers, while also establishing a nationwide mortgage broker licensing system.
SSE evaluation of small and medium-sized light work of the Steering Board sponsors phenomenon still exists
Recently, the Shenzhen Stock Exchange completed its small and medium-listed company sponsors, the sponsor representative of the sponsors of the 2007 annual evaluation of the first, and the results recorded in the integrity of small and medium-listed companies file. Evaluation results show that small and medium-sponsors of the year 2007 the overall situation better, sponsors and sponsor representative for diligence to perform duties of sponsors, the 46 sponsors competent rate reached 97.90 percent, 332 sponsors competent representative rate of 96.69% . However, the relevant official said the Shenzhen Stock Exchange, the first found in the evaluation process, sponsors, sponsors representative "re-listing sponsors, sustained light steering" the phenomenon still exists, and some sponsors, the sponsor representative in the Steering continuing failure to respect due diligence Responsible, resulting in some listed companies still exist in corporate governance structure is imperfect, the internal control system is not implemented, the information disclosure of poor quality, standardized operation of a lower level, and so on. The official said that the Shenzhen Stock Exchange attaches great importance to the evaluation process of the problems identified, have started small and medium-sponsors of amendments to the guidelines, developed fund-raising regulation, the scene for investigation, the special inspection, a sponsor opinion continued supervision of the unified standards and requirements, small Details of the sponsors and sponsors in the continuing supervision of all aspects of the work standards and requirements for continuing supervision of the key and difficult to provide guidance, strengthen sponsors, the role of a sponsor representative, to effectively improve the quality of the sponsors. Since the establishment of small and medium-sized panels, the Shenzhen Stock Exchange has attached great importance to the implementation of the sponsor system, has promulgated the "Guidelines on SME board sponsors", "on the SME board of listed companies and publicly apologize for the pilot flexible system of notification" and other related systems, Small and medium-sponsor the implementation of the system enhance the company's normal operation and information disclosure standards. To further enhance the quality of the sponsors, sponsors the Shenzhen Stock Exchange established a working evaluation system, promulgated the "SME board listed company sponsors job evaluation methods", according to the annual board of sponsors small and medium-sized companies listed on the sponsor, the sponsor representative to evaluate, to supervise Sponsors, the sponsor representative improve the quality of the sponsors. It is understood that this evaluation to sponsor representative for the units, from the issuing and listing work, and continuing supervision by the sponsors of the sustainable development of listed companies, information disclosure quality, standardized operation and the level of performance after the listing of the areas set evaluation index, Sponsors the work of its comprehensive evaluation. Details for the Shenzhen Stock Exchange in the evaluation of sponsors, but also give full consideration to their sponsors in the body, corresponding to its evaluation of listed companies, comprehensive evaluation results reflect the sponsor representative of diligence situation.
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