Author Topic: CHINESE MARKETS  (Read 1651 times)

Online king

  • King
  • ***********
  • Posts: 79,469
CHINESE MARKETS
« on: March 13, 2016, 08:58:13 AM »



 0 0 0 New
China won’t reintroduce stocks circuit breaker soon – securities regulator
March 13, 2016
china

BEIJING: China will not reintroduce the circuit breaker mechanism to its stock markets in the next few years, Liu Shiyu, chairman of the China Securities Regulatory Commission (CSRC), told reporters in Beijing on Saturday.
A circuit breaker mechanism introduced in January by Liu’s predecessor Xiao Gang was dismantled after only a few days. The mechanism was blamed by investors for worsening a sharp selloff in Chinese stocks.
China’s Shanghai and Shenzhen stock markets slumped as much as 40 percent in just a few months last summer.
“I feel a heavy responsibility,” said Liu, in his first public comments since being appointed to the CSRC last month. He was previously chairman of the Agricultural Bank of China.

 
Liu compared the stock market collapse last July to an oil truck losing its brakes on a downhill slope.
He said plans to shift to a registration system for initial public offerings (IPOs) of stocks would take time, requiring research and feasibility studies, technical preparations and new rules.
The CSRC has been discussing transformation of its current approval-based system — seen as distorting the IPO market and encouraging official corruption — to a system that would let the market decide who can list and for how much, since 2014.
China’s securities regulator has come under intense scrutiny for its handling of the stock market crash, and the earlier run-up in share prices.
In February, Premier Li Keqiang offered a rare public criticism, stating regulators had not responded adequately or reacted in a timely way to the stock market turmoil.
-Reuters

Offline ongchef

  • Marquess
  • ********
  • Posts: 16,029
Re: CHINESE MARKETS
« Reply #1 on: March 13, 2016, 11:38:47 AM »
 :D :D :D...cehhhhhhh!!!........whatsnot.situpit blind ABC aptil fool follower over panlai lic-king :P  :D :D :D,.....real gold no scarce melt under fire,outdated Ah PekChoked Sorrow 97 *-ed out half way 98,quietly Sun Tzu will boil  this frog in pan!!! :thumbsup: :thumbsup: :thumbsup: :D :D :D  :clap: :clap: :clap:

Online king

  • King
  • ***********
  • Posts: 79,469
Re: CHINESE MARKETS
« Reply #2 on: March 21, 2016, 08:22:34 PM »



A Desperate China Begged Fed For "Plunge Protection Playbook" As Its Market Crashed
Tyler Durden's pictureSubmitted by Tyler Durden on 03/21/2016 07:46 -0400

8.5% B+ China Citadel Commodity Futures Trading Commission Currency Peg Department of the Treasury Federal Reserve FOIA Housing Bubble Market Crash Monetary Policy President's Working Group Recession Reuters Securities and Exchange Commission Shenzhen Short-Term Gains Transparency White House


 
inShare
 
 
Last June, China’s stock market miracle ended in tears.

The SHCOMP’s inexorable, parabolic ascent was to a large degree facilitated by an explosion of margin debt, the likes of which could not be found in any other major market across the globe. For instance, by the end of June, the outstanding balance of margin transactions as a percentage of the SHCOMP’s free float market cap was nearly 14% compared to just 5.5% for the S&P and less than 1% for the TOPIX.

A dramatic unwind in the half dozen backdoor margin lending channels that had funneled an additional CNY1.5 trillion into equities brought the party to a thunderous end and by late July, the market was off by more than 30% from its peak.

Chinese officials had already begun to panic by mid-month and then, on the 27th, the bottom fell out.

A harrowing bout of late day selling led the SHCOMP to post its worst one-day drop since February of 2007 and its second worst single session decline in history as the market collapsed by 8.5%.



More than two-thirds of stocks in the index traded limit down that day.



At that point, China was out of ideas. It had been nearly three weeks since Beijing announced it would inject capital into China Securities Finance Corp., effectively giving the PBoC a mandate to not only underwrite brokers’ margin lending businesses but in fact to buy A-shares directly, and nothing seemed to be working to arrest the slide.

Indeed, starting on June 27 (by which time the Shenzhen had fallen by more than 20% from its peak) the PBoC unleashed an eye watering array of measures that encompassed everything from an RRR cut to the easing of regulations to state mandated investments by pension funds to verbal interventions in the form of threats against “malicious” shorts. Nothing was working.

At a loss, the PBoC’s New York-based chief representative for the Americas, Song Xiangyan fired off an e-mail on the morning on July 27 to the institution China figured knew the most about propping up markets: the Fed.

Just after 11 a.m. ET, the e-mail appeared in the inbox of senior Fed staffer Steven Kamin. The subject line read as follows: “Your urgent assistance is greatly appreciated!"

"My Governor would like to draw from your good experience,” Song told Kamin, the director of the Fed's International Finance Division. "Could you please inform us ASAP about the major measures you took at the time?,” Song asked.

Song was referring to what the Fed did to try and allay market fears in the wake of Black Monday when the S&P collapsed 20% on October 19, 1987. Reuters obtained the messages between Song and Kamin via an FOIA request.

“We’ll try to get something to you soon,” Kamin told Song.

“What followed five hours later was a 259-word summary of how the Fed worked to calm markets and prevent a recession,” Reuters writes, adding that “Kamin also sent notes to guide PBOC officials through the many dozens of pages of Fed transcripts, statements and reports that were attached to the email.”

Those documents, Reuters goes on to note, had all been publicly available on the Fed’s website for years and “detail how the Fed began issuing statements the day after the market crash, pledging to supply markets with plenty of cash so they could function.”

Apparently, Song was especially interested in the Fed’s use of repos to inject cash. “In 1987, the Fed contacted banks directly and encouraged them to meet legitimate funding needs’ of their customers,” Reuters continues, recounting more details from Kamin's email to Song. “In addition to its pledges and cajoling, the U.S. central bank in 1987 eased collateral restrictions on Wall Street and tried to calm markets by intervening in trading earlier than normal.”

But US officials did more than that. They also created the PWG or, "the President's Working Group on Financial Markets," or, as we know it, the "Plunge Protection Team." The group was created by an executive order from the Reagan White House in the wake of Black Monday and officially serves as a kind of consortium of top officials who advise the White House on markets when something goes horribly awry. Unofficially, the group directs, facilitates, and otherwise engineers futures buying to support the market. Or so "conspiracy theorists" believe.

As Reuters concludes, "it is unclear if [the Fed's help] played a role in shaping Beijing's actions." Right. But what is clear is that when it comes to central bank intervention, the PBoC thinks the Fed has plenty of experience from which to draw dating back specifically to the 1987 crash that precipitated the creation of the body which nowadays operates from 33 Liberty and directs its barely-arm's-length trading division at Citadel when someone needs to step in and "provide" a bit of ES liquidity.

If these were the messages exchanged between lowly "senior staffers" at the Fed and PBoC, one can only imagine what higher level talks might have come later because as you might recall, things got much, much worse for China after July 27. If China's subsequent plunge protection efforts in any way reflect something they learned from the Fed, then there may be a book full of equities sitting around on a secure server in the basement of the Eccles Building that no one's ever seen. But as noted above, Yellen and Dudley have plenty of leveraged proxies when they think the market might be a bit short on "liquidity."

Finally, we would note that if China intends to adopt the post-Black Monday Fed playbook, we're in for two decades of lunatic monetary policy characterized by unnecessarily low rates and the deliberate perpetuation of the myth that fantastic wealth is simply a matter of multiple expansion. Perhaps we'll even see the institution of the "Zhou put."

*  *  *

For those who might have missed it, here's Deutsche Bank's note from last summer discussing the "mythical" plunge protection team and comparing 1987 to China's market rout

The '87 US plunge protection team: sweet & sour lessons for China

Unlike 1987 when Greenspan was a one-man plunge protection team using rate cuts to support the market, China has fewer constraints to substantive direct price keeping operations, but there are strong arguments against actions going beyond smoothing activity.

The PBOC is struggling with ‘the holy trinity’ - maintaining a currency peg for stability, targeting interest rates and RRR directed at the real economy, providing equity support, and all this while attempting to liberalize interest rates and open the capital account. It’s a tall ask. Internationalization of the currency should be slowed.

The sweet

1) The slide in Chinese equities has some characteristics of the US 1987 crash in so much as ’the October crash’ in 1987 unwound relatively short-term gains mostly established in the prior 10 months. As per Figure 1, the one-year prelude to the 1987 US crash showed a similar pattern to China equity gains, albeit Figure 2 also shows how China’s equity appreciation was much larger than the US gains that immediately preceded the 1987 crash. The important point is the equity surge was relatively shortlived, so there never was quite enough time for a feedback loop to develop from higher asset prices driving a stronger real economy driving the asset bubble ever higher. The real economy implications are not as acute when a short-lived bubble pops.

2) Remember the mythical ‘plunge protection team’. The market has consistently spoken about how the 1987 crash prompted the creation of a ‘crisis group’ of senior US officials that would draw up lines of support for the equity market if faced with a similar collapse in equity prices. For better and worse, China is much more willing and has fewer constraints on official intervention, and the role of the PBOC funding China’s Securities Finance Corp as a source of support notably for a small cap stocks, at a minimum has the prospect of smoothing any price decline.



The sour
1) The flip side of any official equity intervention, and as important the recent suspension of trading in some shares, is the obvious lack of transparency. This has resulted in good stocks/assets being sold to hedge illiquid asset exposure that itself destroys confidence even as it creates good value for select equities. China has the resources to support the equity market in the shortterm, but there are inherent problems in artificially supporting prices. It undermines the markets confidence that a base has been reached, and in the long-term further distorts the allocation of capital. These are arguments why plunge protection should be no more than a smoothing facility to encourage fair price discovery.

2). The US substituted a late 1990s equity bubble with a housing bubble which did not end well. China’s experiment in substituting housing froth with equity froth, is plainly not succeeding.This all falls under the title: ‘troubles with policy traction’ that adds to China’s growth risks.

3). Collateral damage. The problems of credit creation dominated by bank lending is compounded by the sizable part of lending that is backed by property and a much smaller but substantial amount of collateral comprised of ‘movable’ assets like equities, commodities, and receivables. There is then more scope for contagion to work across asset classes and intercede directly into the banking system via the impact on collateral. This space needs to be watched closely.

4). ‘Proof’ that the PBOC is not omnipotent. Greenspan’s rate cuts immediately after the 1987 crash did seem to stabilize the situation. He was a one man plunge stabilization team, and this was in retrospect the early stages of the ‘Greenspan put’. Even this ‘put’ distortion was ultimately seen having huge costs. The PBOC is already much more stretched than the Fed ever was. They are struggling with ‘the holy trinity’ - maintaining a currency peg for stability, interest rates and RRR directed at the real economy, equity support, and all this while attempting to liberalize interest rates and open the capital account while maintaining fiscal discipline. It’s a tall ask. It would suggest that some objectives like the internationalization of the Rmb be deferred.

*  *  *

Bonus: Text of Executive Order 12631

Executive Order 12631--Working Group on Financial Markets

Source: The provisions of Executive Order 12631 of Mar. 18, 1988, appear at 53 FR 9421, 3 CFR, 1988 Comp., p. 559, unless otherwise noted.

By virtue of the authority vested in me as President by the Constitution and laws of the United States of America, and in order to establish a Working Group on Financial Markets, it is hereby ordered as follows:

Section 1. Establishment. (a) There is hereby established a Working Group on Financial Markets (Working Group). The Working Group shall be composed of:
(1) the Secretary of the Treasury, or his designee;
(2) the Chairman of the Board of Governors of the Federal Reserve System, or his designee;
(3) the Chairman of the Securities and Exchange Commission, or his designee; and
(4) the Chairman of the Commodity Futures Trading Commission, or her designee.
(b) The Secretary of the Treasury, or his designee, shall be the Chairman of the Working Group.
Sec. 2. Purposes and Functions. (a) Recognizing the goals of enhancing the integrity, efficiency, orderliness, and competitiveness of our Nation's financial markets and maintaining investor confidence, the Working Group shall identify and consider:
(1) the major issues raised by the numerous studies on the events in the financial markets surrounding October 19, 1987, and any of those recommendations that have the potential to achieve the goals noted above; and
(2) the actions, including governmental actions under existing laws and regulations (such as policy coordination and contingency planning), that are appropriate to carry out these recommendations.
(b) The Working Group shall consult, as appropriate, with representatives of the various exchanges, clearinghouses, self-regulatory bodies, and with major market participants to determine private sector solutions wherever possible.
(c) The Working Group shall report to the President initially within 60 days (and periodically thereafter) on its progress and, if appropriate, its views on any recommended legislative changes.
Sec. 3. Administration. (a) The heads of Executive departments, agencies, and independent instrumentalities shall, to the extent permitted by law, provide the Working Group such information as it may require for the purpose of carrying out this Order.
(b) Members of the Working Group shall serve without additional compensation for their work on the Working Group.
(c) To the extent permitted by law and subject to the availability of funds therefore, the Department of the Treasury shall provide the Working Group with such administrative and support services as may be necessary for the performance of its functions

Offline ongchef

  • Marquess
  • ********
  • Posts: 16,029
Re: CHINESE MARKETS
« Reply #3 on: March 21, 2016, 08:37:09 PM »
 :).....fung *** again!!! :P :P

Online king

  • King
  • ***********
  • Posts: 79,469
Re: CHINESE MARKETS
« Reply #4 on: March 22, 2016, 10:52:36 AM »



2016年03月22日 06:57 AM
2016年中国股市十大引爆热点
英国《金融时报》中文网专栏作家 周掌柜
 

被大部分人所感知的“极度悲观点”已经过去,我在3月初开始一直认为A股已经具有结构性创新导向的投资机会。原因和投行、分析师们的数据化视角有一定差别,主要基于A股历史的运行规律,以及近距离对多家上市公司商业进化的观察体会。

包括这么几个维度:一是,A股是政策市,证监会主席的更换,应该说就是政策底;二是,从经济多次的周期性规律来看,上证综指已经严重失真,不能真实反应A股的价值变化以及中国资本市场的发展进程,所以我们不能仅仅从该指数的点位看资本市场的活力,创业板将是真正的价值衡量中枢,相对于主板是健康的泡沫,2月底创业板已有大量资金进入布局;三是,包括创业板在内的A股公司具备高溢价是符合逻辑的,不仅仅是资本供给的关系,更多由于封闭市场导致的上市公司稀缺性;四是,A股的真理是“机会是跌出来的”,一般来说市场都是3-5年获得一次结构性机会,但由于股灾,在两年内可能出现两次机会,或许现在就是巴菲特所言“最佳击球区”。

亲爱的读者,我们注意到您在30天内连续阅读了5篇以上文章,如果您喜欢FT中文网,我们诚邀您登录访问或免费注册为FT中文网的会员。

尽享FT中文网会员专属服务:

■ 收藏您喜爱的文章

■ 使用FT商学院的互动教程

■ 发表评论并同步到微博

■ 免费享受内容定制服务邮件,并无限制阅读全文

■ 受邀参加会员专属的线下活动与高端论坛

立即注册
请登录

会员名称
密码
忘记密码?
在这个电脑上记住我
登录
上述这些都提醒资本市场的参与者,在A股的进化之路上,悲观者的获利机会只可能在市场欢腾的时候,恐惧的时候悲观只会带来机会的丧失。这个规律对于机构、私募和散户概莫能外。

股票投资都是有风险的,全球市场都一样,不过有三点需要再次提醒投资者:其一,在全球经济比烂的时代,中国经济不是最差的,A股也不是最差的;其二,改革被逆转的可能性较小,如果把中国改革比喻成骑自行车,左和右的腾挪归根到底都是为了前行,从政府到上市公司的进取心都是不可低估的;其三,全球范围内正在进入“人机智能时代”,一个以“战国技术”(WAR核心技术的统称,包括Vehicle智能交通、VR虚拟现实、AI人工智能、Robot机器人,WAR由以上四个单词首字母组成)为核心的技术创新周期正在到来。


悲观的视角,所谓“注册制”在新三板已经如火如荼的进行,我们恐惧的一切正在有序的发生;“调结构”也在自然优胜劣汰中呈现了效果,新一代的技术正在爆发,钢铁等产能正在边缘化。我们有理由相信中国的资本市场会健康的发展,我们也有理由相信新一代WAR科技将更强有力的推动下一个周期的经济提升。

如果从纯风险的角度审视,目前A股最大的风险是朝鲜半岛战争阴霾,以及香港楼市不确定性因素可能给内地带来的连锁反应。特别是战争阴霾,从美国东亚战略的全局思维考虑,我们目前可能低估了美日解决朝鲜问题的决心。抛开这些最悲观警示,本文聚焦的2016年A股十大引爆热点将主要从技术驱动和商业模式驱动的角度进行分析,探究技术进步的确定性机会。

智能交通工具(Intelligent Vehicle):智能汽车是WAR“战国技术”趋势的首位,从概念的热度应该超过电动汽车,原因有两个:一是,智能汽车具备终端价值,信息终端、产业链终端这两个维度决定了智能汽车有更强的战略纵深;二是,由于智能汽车是Uber式互联网连接软件、自动驾驶软件和硬件创新的价值枢纽,我们有理由相信,智能汽车是新一代“人机智能时代”WAR趋势最先产业化的突破口,其产业化价值相当可观

Online king

  • King
  • ***********
  • Posts: 79,469
Re: CHINESE MARKETS
« Reply #5 on: March 24, 2016, 08:42:04 AM »



CHINA’S H SHARE RALLY IS ONE BIG BEAR TRAP
Our Reporter | March 24, 2016
20160324_080040
The rally that’s driven Chinese stocks in Hong Kong to the cusp of a bull market will falter as concerns over yuan volatility and rising debt resurface, says Aberdeen Asset Management Plc.
The Hang Seng China Enterprises Index is up 18 percent since slumping to an almost seven-year low in February, outpacing the 10 percent rebound by MSCI Inc.’s global gauge. Shares in the city advanced as the yuan stabilized, central banks around the world took steps to boost stimulus and commodity prices rebounded. Aberdeen Asset’s Nicholas Yeo isn’t convinced the calm will last.

The H-share gauge is experiencing a “bear market rally or a dead cat bounce,” not a bull market, said Yeo, head of China and Hong Kong equities and a director at the fund manager, which oversees about $430 billion. “Some of the flows in equities are not really due to equities but due to taking a view on the currency.”

China’s shock yuan devaluation in August and the currency’s slump to a five-year low in January heightened concern about the nation’s economic outlook and triggered a flight from risky assets around the world. While central-bank intervention helped the yuan erase its 2016 drop this month and price swings have abated, jitters remain. China’s companies are seeking hedging services like never before and analysts surveyed by Bloomberg expect the currency to weaken 4 percent by the end of the year.
“Once that fear comes back again, that might trigger another runoff,” Yeo said.

Offline ongchef

  • Marquess
  • ********
  • Posts: 16,029
Re: CHINESE MARKETS
« Reply #6 on: March 24, 2016, 09:30:40 AM »
 :D :D :D............tai ling ngong!! :shake: :shake:......hou li hoi yu yi tau siong hoi!!!! :D :D :D

Offline CurryLee

  • Viscount
  • ******
  • Posts: 6,550
  • flying high! im on fire......
Re: CHINESE MARKETS
« Reply #7 on: March 24, 2016, 09:44:47 AM »
Really really Thai Leen Ngo'ng!!! :fubar: :devil:
malimalimaliongongongnotongchefbutishua thuatong

Offline ongchef

  • Marquess
  • ********
  • Posts: 16,029
Re: CHINESE MARKETS
« Reply #8 on: March 24, 2016, 10:10:19 AM »
 :D :D :D.......................nyin poon mao sze :),.....nyin kar li hoi ann yang jiew teow lor,yu **** hoi!!! :D :D

Online king

  • King
  • ***********
  • Posts: 79,469
Re: CHINESE MARKETS
« Reply #9 on: March 24, 2016, 11:14:58 AM »



2016年03月24日 07:22 AM
中国“新常态”面临四大挑战
作者:英国《金融时报》首席经济评论员 马丁•沃尔夫
 

未来五年中国经济将发生什么转变?对于关心世界发展前景的人而言,这是最重要的问题之一。参加今年的中国发展高层论坛(China Development Forum),为我提供了观察中国政策制定者如何看待未来挑战的一个不错的窗口。中国国务院发展研究中心(Development Research Center of the State Council)的学者们为论坛准备的演讲和论文为我们提供了洞见。

中国当前面临着四大主要挑战。第一是如何转变增长模式——既在数量上也在质量上。第二是如何相对平稳地管控潜在增长不可避免的放缓。第三是如何管理好中国与世界经济的对接。最后是如何掌控国内政治演进。

亲爱的读者,我们注意到您在30天内连续阅读了5篇以上文章,如果您喜欢FT中文网,我们诚邀您登录访问或免费注册为FT中文网的会员。

尽享FT中文网会员专属服务:

■ 收藏您喜爱的文章

■ 使用FT商学院的互动教程

■ 发表评论并同步到微博

■ 免费享受内容定制服务邮件,并无限制阅读全文

■ 受邀参加会员专属的线下活动与高端论坛

立即注册
请登录

会员名称
密码
忘记密码?
在这个电脑上记住我
登录
首先,中国已经接受了趋势增长率的下降。“十三五”期间(2016年-2020年),预计每年经济增速不会低于6.5%。虽然按国际标准衡量算快的,但对中国而言却是较慢——至少相对直至最近的几年(见图表)。


然而,这一增速仍将帮助中国实现2020年人均实际国内生产总值(GDP)比2010年翻一番,也将实现前国家主席胡锦涛提出的2020年之前建成“小康社会”的目标。到那时,按购买力平价算,中国实际人均GDP应该接近美国水平的三分之一。

中国整体增速大幅放缓并不必然导致国民福利增长大幅下滑。过去,伴随经济急速增长的是低回报投资、产能过剩、环境污染、不平等日益加剧以及社会消费领域(尤其是环境、医疗和教育)投资不足。即使GDP增长大幅放缓,中国也可能实现人民生活水平的快速提升。实际上,如果能完全放弃GDP增长目标、转而设定公共、私营部门消费增长目标,或许会更好。

在论坛上,中国国务院副总理张高丽强调了提高经济增长质量的计划。他还强调了向创新型经济转型的必要性以及控制污染的紧迫性。向低碳经济转型为中国经济发展提供了巨大的机遇。此外,“十三五”规划承诺改革城市户籍登记制度(户口),以鼓励农业转移人口在城镇落户。这将带来巨大的经济和社会效益。

这也带来了与之密切相关的第二大挑战。这些向好的长期变化无法掩盖当下的阴霾。正是在一个经济体增速放缓时,其内在的不平衡将突显出来。中国的投资占GDP比重接近45%。随着增速放缓,这一异常高的水平很难具有合理性。此外,这种高比例的投资还带来了债务的爆炸式增长以及全要素生产率(衡量技术进步的指标)增速下滑。这样的增长路径不可持续(见图表)。


随着经济放缓以及增长重心从制造业和建筑业转向服务业,私营部门的投资需求必然会萎缩。但投资同时带来了近乎一半的需求。在投资增速放缓的同时维持总需求水平将非常具有挑战性。政策制定者拥有防止金融危机的工具,但要避免需求(以及增长)出现意外的大幅放缓将非常困难。

政策制定者已经禁不住诱惑要重启信贷驱动的投资引擎。然而,这样做将推迟必要的调整,而且几乎肯定会给未来带来更大的调整性冲击。

这进而带来了第三大挑战:管理好中国与世界经济的对接。高储蓄的中国的经济放缓带来了双重挑战。其一是对全球需求的影响,尤其是大宗商品。其二(现在同样明显)是过剩资本外流削弱汇率、进而导致出口增加、经常账户盈余扩大的趋势。北京似乎已经准备好大量动用外汇储备,而非大幅收紧资本外流管制或是让人民币汇率下跌。如何解决这些压力将带来全球性影响

Online king

  • King
  • ***********
  • Posts: 79,469
Re: CHINESE MARKETS
« Reply #10 on: March 28, 2016, 10:44:40 AM »



2016年03月28日 06:09 AM
博鳌之辩:谁是股灾祸首?
FT中文网编辑 刘皓琳
 

博鳌论坛最后一天下午,大批记者和代表已提前离开。在本届博鳌唯一一场正面探讨去年股灾的对话中,讨论嘉宾真正毫不吝啬地“畅所欲言”,打造了今年信息量最大的一场分论坛,有媒体称之为“博鳌历史上最牛对话之一”。

论坛的主题本为“‘闯祸’的杠杆”,却从首位发言者高西庆对“杠杆祸首说”的质疑开始,一路“离题”探讨股灾的真正原因以及中国资本市场的种种痼疾。对话由《财经》总编辑王波明主持,参与讨论的嘉宾包括两位证监会前副主席高西庆和李剑阁、财政部科研所原所长贾康、人大金融研究所所长吴晓求、高盛投资管理部中国副主席哈继铭,以及加拿大养老金投资委员会国际部总裁Mark Machin。

亲爱的读者,我们注意到您在30天内连续阅读了5篇以上文章,如果您喜欢FT中文网,我们诚邀您登录访问或免费注册为FT中文网的会员。

尽享FT中文网会员专属服务:

■ 收藏您喜爱的文章

■ 使用FT商学院的互动教程

■ 发表评论并同步到微博

■ 免费享受内容定制服务邮件,并无限制阅读全文

■ 受邀参加会员专属的线下活动与高端论坛

立即注册
请登录

会员名称
密码
忘记密码?
在这个电脑上记住我
登录
高西庆:不能嫁祸于杠杆,中国证券市场的问题是数据不透明

高西庆认为,杠杆只是工具而已,且是人类发明的伟大工具之一。如果说杠杆闯了祸,不是杠杆出了问题,而是使用者用得不对。不管是2008年美国市场发生的重大危机,还是去年中国的股灾,杠杆只是一个表象。比较成熟的市场对各种金融工具是有一定之规的,美国如此严规的市场还会发生问题,说明中国还是有很多地方需要完善。

首先,管制规则有问题。出了问题,各监管机构都推卸责任,说明监管的覆盖率不够。有说法建议一行三会合并起来,因为目前的监管机构之间存在空挡。但历史上很多次合并之后,各机构依旧各行其是,并未有明显效果。因此,首先要做的,是弄清楚到底哪里出了问题。覆盖面和严格执行度都不达标,就不知道覆盖到哪儿去,也不知道是谁的问题。

各监管机构应明确自己的责任,然后集中所有资源专注于这项责任。证监会的权力不能太大。中国证监会的人聪明程度不比世界上任何其他监管机构差,但是他们的兴趣不在这儿,各方面机制压力不在这儿。市场出了问题,大家都不知道该怪谁,骂谁的都有,这就是有问题了。

要弄清楚股灾的原因,监管部门、证券公司或是投资者,都有自己的立场,政府应该找一个中立机构,调查清楚到底发生了什么事。原因有说是杠杆、有说是外资、又有说是衍生工具,大家都在猜,却谁也没有数字。中国证券市场的问题是数字基本上还是保密的。美国87年危机后,机构和学者出了许多份报告对外公开。现在中国应该把数字拿出来,由合适的部门授权,让独立机构研究,然后再判断是不是杠杆问题。是的话,是哪里的杠杆?银行系统、证券公司还是保险公司?还是真的如某些人所说,根本与以上这些没有关系,是普通老百姓导致。那么,中国普通老百姓有那么大力量吗?

李剑阁:去年中国做的事没有一件符合国际惯例

李剑阁表示,有关方面说中国的救市是非常符合国际惯例的。但是后来思考一下,如果用“该不该救、什么情况下该救、怎么救、由谁来救”这几个标准衡量,去年中国做的没有一件事符合国际惯例。由监管部门带着一批监管对象去救市,就相当于裁判带着特定的运动员去踢球。他吹哨,让你进球就进球,让对方不进球就不进球,这个球是没法踢的。美国一般是美联储出面,证交会根本不参与。1998年香港救市,财政司带着金管局几个人,在极小范围作出决策。这个决策过程,证监会是不知道的,而且知道后非常愤怒,认为政府不该插手。因此,用国际的例子来说明去年中国救市的合理性是没有说服力的

Offline ongchef

  • Marquess
  • ********
  • Posts: 16,029
Re: CHINESE MARKETS
« Reply #11 on: March 28, 2016, 11:14:54 AM »
 :D :D :D..........choked sorrow,xi liao loh!!!...........coffin cover now glued,no hope sukarliao, after 1april no more fool,injoy the supersong  6'" nails!!! :thumbsup: :clap: :clap: :clap: :clap: :D :D :D

Offline CurryLee

  • Viscount
  • ******
  • Posts: 6,550
  • flying high! im on fire......
Re: CHINESE MARKETS
« Reply #12 on: March 28, 2016, 11:24:06 AM »
King suk rm14k kambing again!  :clap:
malimalimaliongongongnotongchefbutishua thuatong

Offline CurryLee

  • Viscount
  • ******
  • Posts: 6,550
  • flying high! im on fire......
Re: CHINESE MARKETS
« Reply #13 on: March 28, 2016, 11:25:32 AM »
Wow wow! Many play short short will be billionaire by May!  :clap: :clap: :D
malimalimaliongongongnotongchefbutishua thuatong

Offline ongchef

  • Marquess
  • ********
  • Posts: 16,029
Re: CHINESE MARKETS
« Reply #14 on: March 28, 2016, 11:32:00 AM »
 :D :D :D...........in end may wo!! ;).............choked sorrows usd16.4b gone 6 ft underground,buta and situpit followers 34.6b in the air, start cry papa mama!!! :shake: :shake:

Online king

  • King
  • ***********
  • Posts: 79,469
Re: CHINESE MARKETS
« Reply #15 on: April 20, 2016, 03:43:48 PM »



利多出盡?陸股重陷震盪、創7週最大跌幅、3千點失守
回應(0) 人氣(272) 收藏(0) 2016/04/20 13:54
MoneyDJ新聞 2016-04-20 13:54:18 記者 陳苓 報導
中國股市經歷年初的劇烈震盪之後,近來趨於穩定,不料今(20)日上證指數又再次大幅波動,一度重挫4%,創下七週最大跌幅,並失守3,000點大關。外界猜測可能是中國經濟數據好轉,人行不會加碼寬鬆,利多出盡導致。
嘉實XQ全球贏家系統報價顯示,台北時間20日下午1點46分,上證指數下跌3.75%、報2,928.75點;一度跌至2,905.05點,為3月17日以來盤中新低。
CNBC、巴倫(Barronˋs)網站報導,野村20日報告建議投資人從陸股撤資,指出中國成長趨穩、人幣匯率持平、資本外逃減緩,目前可能是今年上半最好的情況。未來幾個月,當地公私營企業倒債案恐會增加,供給側改革關閉殭屍企業,可能提高頭條風險(headline risk、意指不利的新聞事件衝擊股價)。另外,中國經濟成長升溫,人行暗示無意加碼寬鬆,可能也是原因之一。

中國近來好消息不斷,也有人認為或許是利多出盡,引發賣壓,中國第一季GDP年增6.7%,符合市場預期。不少外資紛紛調升成長展望,上週瑞銀指出,房市回溫將為催化劑,上修成長預期。20日高盛也加入唱多行列,上修Q2 GDP成長預估,由先前估計的6.3%、升至7%,並預料中國能達成6.5~7%的年度成長目標。
中國股票禁售令即將到期,或許也帶來賣壓。道瓊社4月初報導,今年年初中國投資人憂心禁售令到期,為釀成股災的原因之一。當時北京當局急了,延長去年夏天頒布的禁售令,宣布今年1月9日起,大股東的售股比例不得超過企業總股數的1%。如今3個月禁令又將屆滿,市場憂慮巨量賣壓將要出籠,讓陸股陷入低潮


全文網址: http://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=5f9b8b6b-d5b6-4e72-b832-dc5fadc47a4f&c=MB010000#ixzz46LiKeJNI
MoneyDJ 財經知識庫

Online king

  • King
  • ***********
  • Posts: 79,469
Re: CHINESE MARKETS
« Reply #16 on: July 03, 2016, 07:33:53 PM »



财经  2016年07月03日
麦莫比:英国脱欧或预示「黑暗时代」来临 中国將从中受益

AddThis Sharing Buttons
麦莫比:英国脱欧或预示「黑暗时代」来临 中国將从中受益
麦莫比说,「欧洲和英国如此动盪,可能促使人们进入其他市场,进行多样化投资。」

邓普顿新兴市场集团执行主席麦莫比称,对正努力提高全球金融市场影响力的中国来说,英国决定脱离欧盟是个好消息;麦莫比认为,发展中世界里,亚洲是个「好去处」。

麦莫比周三在伦敦接受採访称,英国脱离欧盟的公投结果,「震惊了很多消息灵通的人士」,並引发全球市场下挫,亚洲將被视为相对更理想的投资地,因其在很大程度上与欧洲的动盪隔绝开来。

今年79岁的麦莫比四十多年来一直在投资新兴市场,他说,担心社会走入「民族主义、反全球化的黑暗时代,这对所有相关人士都不利。」

中国正在推动人民幣进一步国际化,其最大贸易伙伴国包括美国、日本和韩国,而无欧洲国家。人民幣將於今年10月加入国际货幣基金组织(IMF)的特別提款权(SDR)篮子,与美元、欧元、日圆和英镑的地位看齐,而且中国政府料將最终统一在岸和离岸人民幣匯率。


未来5年资金流向中国

麦莫比说,从现在开始的未来5年,「人们將在中国、而非伦敦或纽约筹集资金。如果重心移位,则將对银行界、投资者產生极大的影响。英国脱欧会加快这一进程。」

在英国公投结果出炉之后,上证综指4天里上涨了1.4%。相比之下,MSCI新兴市场指数同期下跌1.5%,富时100指数上涨了0.4%。

根据《彭博》行业研究计算,一旦英国脱欧造成全球经济下滑,中国这个世界最大出口国仍可能受到冲击。全球贸易每下降1%,中国国內生產总额(GDP)增速就可能减少0.5%,进而促使政府采取刺激措施予以应对。

《彭博》匯编的数据显示,在15亿英镑(20亿美元)的邓普顿新兴市场投资信託中,中国的权重最大。今年到目前为止,该信託跑贏了80%的同行。

麦莫比说,「欧洲和英国如此动盪,可能促使人们进入其他市场,进行多样化投资。


利多出盡?陸股重陷震盪、創7週最大跌幅、3千點失守
回應(0) 人氣(272) 收藏(0) 2016/04/20 13:54
MoneyDJ新聞 2016-04-20 13:54:18 記者 陳苓 報導
中國股市經歷年初的劇烈震盪之後,近來趨於穩定,不料今(20)日上證指數又再次大幅波動,一度重挫4%,創下七週最大跌幅,並失守3,000點大關。外界猜測可能是中國經濟數據好轉,人行不會加碼寬鬆,利多出盡導致。
嘉實XQ全球贏家系統報價顯示,台北時間20日下午1點46分,上證指數下跌3.75%、報2,928.75點;一度跌至2,905.05點,為3月17日以來盤中新低。
CNBC、巴倫(Barronˋs)網站報導,野村20日報告建議投資人從陸股撤資,指出中國成長趨穩、人幣匯率持平、資本外逃減緩,目前可能是今年上半最好的情況。未來幾個月,當地公私營企業倒債案恐會增加,供給側改革關閉殭屍企業,可能提高頭條風險(headline risk、意指不利的新聞事件衝擊股價)。另外,中國經濟成長升溫,人行暗示無意加碼寬鬆,可能也是原因之一。

中國近來好消息不斷,也有人認為或許是利多出盡,引發賣壓,中國第一季GDP年增6.7%,符合市場預期。不少外資紛紛調升成長展望,上週瑞銀指出,房市回溫將為催化劑,上修成長預期。20日高盛也加入唱多行列,上修Q2 GDP成長預估,由先前估計的6.3%、升至7%,並預料中國能達成6.5~7%的年度成長目標。
中國股票禁售令即將到期,或許也帶來賣壓。道瓊社4月初報導,今年年初中國投資人憂心禁售令到期,為釀成股災的原因之一。當時北京當局急了,延長去年夏天頒布的禁售令,宣布今年1月9日起,大股東的售股比例不得超過企業總股數的1%。如今3個月禁令又將屆滿,市場憂慮巨量賣壓將要出籠,讓陸股陷入低潮


全文網址: http://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=5f9b8b6b-d5b6-4e72-b832-dc5fadc47a4f&c=MB010000#ixzz46LiKeJNI
MoneyDJ 財經知識庫

Online king

  • King
  • ***********
  • Posts: 79,469
Re: CHINESE MARKETS
« Reply #17 on: December 12, 2016, 03:29:20 PM »



Chinese markets fall more than 2% on new regulations
Aza Wee Sile   | @Aza_Wee
5 Mins Ago
CNBC.com
34
SHARES

Getty Images
Shares in China took a tumble on Monday after regulatory curbs on aggressive share purchases by insurers ahead of the highly-anticipated FOMC's two-day meeting starting Tuesday, while politics dominated news flows in other markets.

Shares in China plunged after the insurance regulator said late last Friday that it would curb "barbaric" stock acquisitions by insurers, Reuters reported. The Shanghai composite dropped 2.49 percent or 80.41 points to close at 3,152.47 as the Shenzhen composite ended down 4.86 percent at 100.68 points at 1,929.32.

In Hong Kong, the Hang Seng fell 1.35 percent by mid-afternoon.

In other news in Hong Kong, the special administrative region's Financial Secretary John Tsang resigned from his post after announcing that he would run for the role of chief executive.

In Australia, the benchmark ASX 200 closed up 0.04 percent, or 2.179 points, at 5,562.8. Its energy sub-index at its highest since October 2015, up 2.85 percent.

New Zealand's NZX 50 closed down 0.25 percent, or 17.26 points, at 6,876.04 as the country's ruling party announced Bill English as the new prime minister, following the surprise resignation of John Key last Monday.

In South Korea, the Kospi closed up 0.13 percent or 2.55 points, at 2,027.24, as South Korea struggles with a corruption scandal which led to the a parliamentary vote on Friday to impeach incumbent President Park Geun-hye. South Korea's finance minister warned on Sunday that the impeachment could weigh on sentiment in the east Asian country's economy.

South Korean prosecutors have also indicted two former government officials, one a former senior presidential aide and another a former vice minister.

 Asian markets open in the green   Asian markets open in the green 
6 Hours Ago | 07:27
The Japanese benchmark was an exception among regional markets, with the Nikkei 225 closed up 0.84 percent, or 158.66 points, at 19,155.03, as the yen weakened against the dollar, trading at 115.63 as of 3:05 pm HK/SIN, compared to levels around 113 last week.
Oil prices soared in early Asian trade, as investors react to the weekend's news of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries led by Russia arriving at their first output cutting agreement in Vienna, a first since 2001. The deal will help to ease a global supply glut after more than two years of low prices.

U.S. crude soared 4.76 percent to $53.95 a barrel during Asian trade, as Brent crude jumped 4.2 percent to $56.61.

Major oil companies in the region were higher. Australia's Santos added 5.12 percent to A$4.52 and Oil Search was up 3.62 percent at A$7.16 each share, Japan's Inpex was up 0.76 percent to 1,257.5 yen and Japan Petroleum Exploration was up 3.76 percent at 2,894 yen. Hong Kong-listed Petrochina was up 0.92 percent at HK$5.49 a share and China Petroleum was up 0.92 percent at 5.46 yuan.

Symbol   
Name   
Price       
Change   
%Change
NIKKEI   NIKKEI   19155.03       158.66   0.84%
HSI   HSI   22511.94       -249.04   -1.09%
ASX 200   S&P/ASX 200   5562.83       2.21   0.04%
SHANGHAI   Shanghai   3152.47       -80.41   -2.49%
KOSPI   KOSPI Index   2027.24       2.55   0.13%
CNBC 100   CNBC 100 ASIA IDX   6921.48       -54.77   -0.79%
However, whether countries will comply with the production cuts remain a question.

"The question of whether the production agreements are adhered to is one for the future. At this stage the safe assumption is that they will be, especially in the first few months," said Ric Spooner, chief market analyst at CMC Markets, in a note on Monday.

U.S. major indexes posted their best week since the election on November 8 and were at all-time highs. The Dow, S&P 500 and Nasdaq also rose each day for the last trading week, something that has not been seen since September 2011.

The Dow Jones industrial average climbed 0.72 percent to 19,756.85. The S&P 500 index rose 0.59 percent to 2,259.53, while the Nasdaq composite was up 0.5 percent at 5,444.5.

 Fisher: We have an 'orange swan' effect   Fisher: We have an 'orange swan' effect 
Thursday, 8 Dec 2016 | 10:04 AM ET | 04:28
Investors will also look ahead to the two-day Fed meeting starting Dec. 13 where the U.S. central bank is largely expected to raise interest rates. The probability of a December move is priced at 94.9 percent, according to the CME Group 30-Day Fed Fund futures.

In the currency market, the greenback held steady against a basket of currencies to trade at 101.52, from levels as low as 100.58 last week.

Markets in Malaysia, Thailand and Indonesia are closed for holidays.

Offline Bealmeena

  • Civilian
  • *
  • Posts: 29
Re: CHINESE MARKETS
« Reply #18 on: December 03, 2019, 01:09:11 AM »
Very good news, thanks mate. Introducing restrictions on the stock exchange is suicide, and I'm surprised that the Chinese authorities allowed this to happen. But they have taken a very true course towards global dominance, so I'm they will no longer allow such fail.