Xinhua Beijing on August 21 call out of a slump following the trend last week after the rebound this week, the yuan-dollar exchange rate as the main tone. Central parity of RMB against the U.S. dollar continued a half months on Monday after low and gradually move up, once again return to 6.78 range.
Stronger dollar by the international influence of the central parity of RMB against the U.S. dollar hit last week reiterated that the reform on its biggest weekly decline since, falling as much as 350 basis points week, fell to 6.80 range. This week, the U.S. dollar correction, the RMB against the U.S. dollar rebound has also shown the trend. To the China Foreign Exchange Trading Center announced central parity of RMB against the U.S. dollar for the design, the five trading days this week, three days up, two days down, plus or minus 180 basis points. Monday, the central parity of RMB against the U.S. dollar extended losses last week, reaching 6.8064, continued a half months, the lowest since. Daily after the rebound, one after another rose to 6.7979 on Tuesday, Wednesday rose to 6.7895. Followed by three basis points on Thursday after a slight decline, rose to 6.7884 on Friday.
U.S. economic data released this week after lackluster performance continued. Market analysts believe that the recent European and American good times and bad economic data, the market can not find a little direction, investors in the hedge and the economy will "double dip" between the expected swing, the dollar is not yet clear to the short term, nor do stronger than expected appreciation of the yuan.
Forward market, the yuan against the U.S. dollar is expected to remain stable. 20 evening, to measure the expectations of RMB appreciation in overseas markets overseas market, the dollar non-deliverable one-year newspaper 6.6718 yuan, compared with spot closing price of 6.7902, an indication that after one year at a rate of 1% appreciation of the RMB to 2% range, still more rational.
19 June, the PBOC announced to further promote the reform of RMB exchange rate formation mechanism since the small appreciation is obvious characteristics of two-way floating exchange rate flexibility was enhanced. The latest BIS data, in July the real effective exchange rate of RMB chain drop nearly 1%. Analysts pointed out that this was mainly due to the month the euro, yen and other currencies against the dollar rebounded, and the indicators of inflation in China relative to the major trading currency countries still maintain a high level.
This week, the central parity of RMB exchange rate against the euro, the central parity of RMB against the British pound showed a slightly rocky. Bank of China (601,988, stock it) market analysts pointed out that the slowdown in U.S. economic recovery can not stay out of other countries, the recent euro zone and Britain are good news continued, investors looking for dollars in alternative assets and hedge Dong Li to seek consensus between, creating the euro and sterling recent trend of repeated shocks.
U.S. Treasury data released this week showed that as at the end of 2010, 6, China held 843.7 billion U.S. dollars were U.S. Treasury bonds, following the holdings of 32.5 billion U.S. dollars in May after the U.S. Treasury, in June re-reduction of 24 billion U.S. dollars U.S. Treasury bonds, but remained the largest overseas holder of U.S. Treasury bonds. At the same time, China holds to a net increase of Fannie Mae, Freddie Mac, the main U.S. agency debt bonds, and in the first half of the holdings of government bonds in Japan and Korea.
Analysts think this shows that China's foreign exchange reserves have been more seriously the benefits of foreign investment. China's State Administration of Foreign Exchange had hot issue in answer to foreign policy, also said foreign exchange reserves held by the U.S. Treasury market, the investment is an act of increasing or decreasing its investment in U.S. Treasury bonds are normal operation. China's foreign exchange reserves for long-term, diversified investments in different assets in the shift, dynamic complementary effect, can effectively control the overall risk of assets to meet liquidity needs, achieve stability and overall value. And stressed that the "two rooms" new financing bonds were not "two rooms" negative impact on stock delisting. Overall, the "two rooms" new issue bonds subscribed in good condition, active secondary market, liquidity adequate.
2010年8月21日星期六
Increasing degree of internationalization of RMB in Hong Kong
More on Hong Kong Stock Exchange has issued a circular to promote the stock brokerage accounts, etc. to accelerate the opening of RMB, the yuan was later trading and settlement process of preparing to test it.
Experts believe that offshore renminbi back to the mainland with a channel set up, further opening up of capital markets in Hong Kong Renminbi yuan overseas use and acceptability is further increased, the increasing degree of internationalization.
Limited return of offshore renminbi
Bank of China announced limited opening of the 17th inter-bank bond market, the mainland, three types of overseas financial institutions, including Hong Kong and Macau RMB clearing bank, Bank and other foreign participation in the central bank and monetary authorities overseas, has been approved in the Mainland in the interbank bond market transaction.
News triggered enthusiastic responses Hong Kong market. Regulatory agencies, financial institutions and the industry have commented interpreted that the mechanism of offshore renminbi back to the Mainland began to build, Jinguanjishi limited impact, however, to stimulate international Touzi Zhe Jiang yuan increase in right possession, to speed up the RMB as an international investment and the development of a reserve currency for the future lay the foundation for the internationalization of RMB.
Hong Kong Monetary Authority Chief Executive Norman Chan said the new arrangements for Hong Kong's renminbi funds and financial institutions, opening a way out investments in the Mainland, Hong Kong can contribute to the further development of renminbi-denominated trade transactions and increase the offshore renminbi business in Hong Kong's attractiveness.
Goldman Sachs in a research report that this arrangement of the construction of the Hong Kong Centre for the benefits of offshore renminbi doubt. As more investment opportunities and choices, Hong Kong banks may be more willing to learn from RMB deposits, which further attract the RMB funds accumulated in Hong Kong for the future lay the foundation for the internationalization of RMB.
More importantly, it demonstrates the Hong Kong market has exceeded RMB trading settlement plans now for the offshore renminbi back to the local community to provide a formal channel for the flow of funds. This has created a Hong Kong bank intermediary role, agencies may benefit expected to include BOC Hong Kong, HKEx, HSBC Holdings, Standard Chartered, Hang Seng Bank and Bank of East Asia.
Allow the return of offshore renminbi, the mainland's long-term bond market is not without benefits. CICC that the short term, foreign currency funding of small and limited amount of investment in the Mainland market, so the impact of the mainland interbank market is very limited.
Medium and long term, given the inter-bank bond yields significantly higher than that of RMB in Hong Kong market, which will attract funds back to the mainland has continued to invest in the mainland renminbi bond market power, thereby increasing the mainland interbank market sources of funding, sophisticated investors structure, long-term bond market is conducive to the development of the Mainland.
Increase the degree of recognition outside of RMB
Accept limited offshore renminbi back soon, immediately welcomed the first foreign-funded enterprises in Hong Kong to issue renminbi bonds.
Global food giant McDonald's chain of 19 commissioned by Standard Chartered Bank issued 3-year renminbi-denominated bonds to raise funds for the amount of 200 million yuan, raising proceeds will be used to develop business in the Mainland. Standard Chartered Bank said the market reflected the warm, short period of time that is recorded in the over-subscription, and Standard Chartered are themselves investors.
McDonald's as well-known multinational brands, corporate bond issuance of RMB in Hong Kong's move also caused the market hot. Andrew Fung, general manager of Hang Seng Bank, that although the bond issue was smaller, but more symbolic. As a multinational giant McDonald's prices, an international high credit rating can not only increase the RMB in the international recognition, improve the RMB bonds attractive to foreign investors, will boost their holdings of yuan, but also reflect Hong Kong's RMB capital market further open renminbi bonds in Hong Kong market will help diversify and strengthen Hong Kong offshore renminbi center.
He is expected back with the mechanism of the yuan to gradually improve in the future there will be more multinational corporations to issue bonds in RMB.
However, the Bank of China International Executive Director and head of debt capital markets, Li Jianmin also pointed out that, in addition to McDonald's, the previous cooperation and roads in Hong Kong only had the yuan corporate bond issue. Currently only two companies of the bonds is not sufficient to establish the RMB yield curve in Hong Kong for the RMB in the future issue of corporate bond pricing. However, when there are more different credit rating of enterprises in Hong Kong issue bonds of varying maturities, the market will provide clearer pricing guidelines.
Laying the foundation for the internationalization process
Renminbi bond market in Hong Kong, while accelerating the development of the RMB trading listed securities market development is also to step up preparation.
HKEx has issued a circular to brokers in Hong Kong, to remind the logistics system and update as soon as possible to open RMB accounts, and later with the brokerage firms that will be on the yuan trading and settlement process for testing.
Many Hong Kong brokerage did not feel a sudden, that has already started preparing. However, the Standing Committee of the Hong Kong Securities Institute Lin, general manager of Fulbright Securities cum often read that if the renminbi-denominated bonds listed on the first stage is due to the current needs of customers in this market may be limited, need more time to understand what the initial product, before deciding whether to immediately to relevant support facilities.
In fact, in Hong Kong, the process of building an offshore yuan market, the recent series of news really overwhelmed some of the market. HSBC Group released a report that some recent initiatives in fact more limited immediate impact, is to gradually improve the RMB in real terms and acceptability for use outside, lay the foundation for future international.
However, the medium term, the renminbi offshore use and acceptability of the increase, the impact of the global monetary system, a far-reaching. Previously, the lack of a sound offshore yuan market, the yuan's internationalization process subject to some restrictions. Now, as holders of offshore investment options to increase the yuan would help to further encourage parties to use the existing channels to the offshore accumulation of RMB outside.
Experts believe that offshore renminbi back to the mainland with a channel set up, further opening up of capital markets in Hong Kong Renminbi yuan overseas use and acceptability is further increased, the increasing degree of internationalization.
Limited return of offshore renminbi
Bank of China announced limited opening of the 17th inter-bank bond market, the mainland, three types of overseas financial institutions, including Hong Kong and Macau RMB clearing bank, Bank and other foreign participation in the central bank and monetary authorities overseas, has been approved in the Mainland in the interbank bond market transaction.
News triggered enthusiastic responses Hong Kong market. Regulatory agencies, financial institutions and the industry have commented interpreted that the mechanism of offshore renminbi back to the Mainland began to build, Jinguanjishi limited impact, however, to stimulate international Touzi Zhe Jiang yuan increase in right possession, to speed up the RMB as an international investment and the development of a reserve currency for the future lay the foundation for the internationalization of RMB.
Hong Kong Monetary Authority Chief Executive Norman Chan said the new arrangements for Hong Kong's renminbi funds and financial institutions, opening a way out investments in the Mainland, Hong Kong can contribute to the further development of renminbi-denominated trade transactions and increase the offshore renminbi business in Hong Kong's attractiveness.
Goldman Sachs in a research report that this arrangement of the construction of the Hong Kong Centre for the benefits of offshore renminbi doubt. As more investment opportunities and choices, Hong Kong banks may be more willing to learn from RMB deposits, which further attract the RMB funds accumulated in Hong Kong for the future lay the foundation for the internationalization of RMB.
More importantly, it demonstrates the Hong Kong market has exceeded RMB trading settlement plans now for the offshore renminbi back to the local community to provide a formal channel for the flow of funds. This has created a Hong Kong bank intermediary role, agencies may benefit expected to include BOC Hong Kong, HKEx, HSBC Holdings, Standard Chartered, Hang Seng Bank and Bank of East Asia.
Allow the return of offshore renminbi, the mainland's long-term bond market is not without benefits. CICC that the short term, foreign currency funding of small and limited amount of investment in the Mainland market, so the impact of the mainland interbank market is very limited.
Medium and long term, given the inter-bank bond yields significantly higher than that of RMB in Hong Kong market, which will attract funds back to the mainland has continued to invest in the mainland renminbi bond market power, thereby increasing the mainland interbank market sources of funding, sophisticated investors structure, long-term bond market is conducive to the development of the Mainland.
Increase the degree of recognition outside of RMB
Accept limited offshore renminbi back soon, immediately welcomed the first foreign-funded enterprises in Hong Kong to issue renminbi bonds.
Global food giant McDonald's chain of 19 commissioned by Standard Chartered Bank issued 3-year renminbi-denominated bonds to raise funds for the amount of 200 million yuan, raising proceeds will be used to develop business in the Mainland. Standard Chartered Bank said the market reflected the warm, short period of time that is recorded in the over-subscription, and Standard Chartered are themselves investors.
McDonald's as well-known multinational brands, corporate bond issuance of RMB in Hong Kong's move also caused the market hot. Andrew Fung, general manager of Hang Seng Bank, that although the bond issue was smaller, but more symbolic. As a multinational giant McDonald's prices, an international high credit rating can not only increase the RMB in the international recognition, improve the RMB bonds attractive to foreign investors, will boost their holdings of yuan, but also reflect Hong Kong's RMB capital market further open renminbi bonds in Hong Kong market will help diversify and strengthen Hong Kong offshore renminbi center.
He is expected back with the mechanism of the yuan to gradually improve in the future there will be more multinational corporations to issue bonds in RMB.
However, the Bank of China International Executive Director and head of debt capital markets, Li Jianmin also pointed out that, in addition to McDonald's, the previous cooperation and roads in Hong Kong only had the yuan corporate bond issue. Currently only two companies of the bonds is not sufficient to establish the RMB yield curve in Hong Kong for the RMB in the future issue of corporate bond pricing. However, when there are more different credit rating of enterprises in Hong Kong issue bonds of varying maturities, the market will provide clearer pricing guidelines.
Laying the foundation for the internationalization process
Renminbi bond market in Hong Kong, while accelerating the development of the RMB trading listed securities market development is also to step up preparation.
HKEx has issued a circular to brokers in Hong Kong, to remind the logistics system and update as soon as possible to open RMB accounts, and later with the brokerage firms that will be on the yuan trading and settlement process for testing.
Many Hong Kong brokerage did not feel a sudden, that has already started preparing. However, the Standing Committee of the Hong Kong Securities Institute Lin, general manager of Fulbright Securities cum often read that if the renminbi-denominated bonds listed on the first stage is due to the current needs of customers in this market may be limited, need more time to understand what the initial product, before deciding whether to immediately to relevant support facilities.
In fact, in Hong Kong, the process of building an offshore yuan market, the recent series of news really overwhelmed some of the market. HSBC Group released a report that some recent initiatives in fact more limited immediate impact, is to gradually improve the RMB in real terms and acceptability for use outside, lay the foundation for future international.
However, the medium term, the renminbi offshore use and acceptability of the increase, the impact of the global monetary system, a far-reaching. Previously, the lack of a sound offshore yuan market, the yuan's internationalization process subject to some restrictions. Now, as holders of offshore investment options to increase the yuan would help to further encourage parties to use the existing channels to the offshore accumulation of RMB outside.
Finished lower total fat, such as riding a roller coaster
After crude oil fell sharply last week, this week, a further decline in crude oil. A recent Credit Suisse report, as oil prices fell more than crude oil, most of the U.S. refinery profits declined.
Wednesday EIA data showed U.S. commercial crude oil and oil stocks rose to 11.3 million barrels total, more than in September 1990 set the record of 11.27 million barrels.
Domestically, the recent fall in international oil prices, but lower oil prices yet, due to the lucrative, gas stations have started promotion, lack of signs that the downstream demand. The dollar index made another sharp rebound in crude oil have cracked an important support level. Friday at 16:00 GMT, NYMEX crude oil is still 75 dollars / barrel below the transaction.
Monday Baosteel, Wuhan Steel, Anshan Iron and Steel (000,898, stock it) have three steel price increases, price formation on the steel support. Weekly either on or of the Rebar Futures traders rebar Bo (West), opening the spot are away. With the overall weakness of commodity markets, prices finished lower on Friday rebar. Friday's closing Bo suppliers rebar (West) spot a continuous contract offer 4,301 yuan / ton, the main force of the rebar futures contract 1101 Price 4311 yuan / ton.
Non-ferrous metal spikes in the first half after a short week, Wednesday have come down substantially from the peak, which decreases among the top Shanghai aluminum, copper, zinc also fell slightly.
World Bureau of Metal Statistics (WBMS) newly released data show that the first half of 2010 remains the world's leading metal show excess supply state. Among them, the global excess supply of 314,000 tons of aluminum city; copper market supply surplus reached a record 80,000 tons.
Qinhuangdao Port thermal coal price this week, little changed, the port remains in the 7 million tons above the stock. With steel prices continued to rise, a slight rebound in the price of coke, usually 30 to 50 yuan / ton, the current focus of the mainstream of the factory in Shanxi Province two quotations from 1650 to 1700 yuan / ton, Tangshan two focal Price 1,700 yuan / ton ; associate a coke factory in Tianjin 1820 yuan / ton.
Agricultural products was mixed this week, wheat, maize remains relatively strong; beans, and oil varieties dropped sharply, Bo traders concerned that the early oil soared up mainly driven by the wheat, the current price of oil market fundamentals do not support substantially upward.
Specifically, the global soybean (information market), palm oil (information market) production continued to increase, ample global inventories. Natural disasters have some influence on the yield, but not as obvious as the wheat.
In addition, the U.S. biodiesel production has dropped significantly. The United States has been relying on soybean oil (information, quotes) to produce bio-diesel, high domestic subsidies make lucrative exports to the EU. However, since 2009, the EU anti-dumping U.S. biodiesel sanctions, a substantial increase in import tariffs, U.S. exports of basic bio-diesel fuel stop, which Shide soybean oil Gengjia adequate food.
Wednesday EIA data showed U.S. commercial crude oil and oil stocks rose to 11.3 million barrels total, more than in September 1990 set the record of 11.27 million barrels.
Domestically, the recent fall in international oil prices, but lower oil prices yet, due to the lucrative, gas stations have started promotion, lack of signs that the downstream demand. The dollar index made another sharp rebound in crude oil have cracked an important support level. Friday at 16:00 GMT, NYMEX crude oil is still 75 dollars / barrel below the transaction.
Monday Baosteel, Wuhan Steel, Anshan Iron and Steel (000,898, stock it) have three steel price increases, price formation on the steel support. Weekly either on or of the Rebar Futures traders rebar Bo (West), opening the spot are away. With the overall weakness of commodity markets, prices finished lower on Friday rebar. Friday's closing Bo suppliers rebar (West) spot a continuous contract offer 4,301 yuan / ton, the main force of the rebar futures contract 1101 Price 4311 yuan / ton.
Non-ferrous metal spikes in the first half after a short week, Wednesday have come down substantially from the peak, which decreases among the top Shanghai aluminum, copper, zinc also fell slightly.
World Bureau of Metal Statistics (WBMS) newly released data show that the first half of 2010 remains the world's leading metal show excess supply state. Among them, the global excess supply of 314,000 tons of aluminum city; copper market supply surplus reached a record 80,000 tons.
Qinhuangdao Port thermal coal price this week, little changed, the port remains in the 7 million tons above the stock. With steel prices continued to rise, a slight rebound in the price of coke, usually 30 to 50 yuan / ton, the current focus of the mainstream of the factory in Shanxi Province two quotations from 1650 to 1700 yuan / ton, Tangshan two focal Price 1,700 yuan / ton ; associate a coke factory in Tianjin 1820 yuan / ton.
Agricultural products was mixed this week, wheat, maize remains relatively strong; beans, and oil varieties dropped sharply, Bo traders concerned that the early oil soared up mainly driven by the wheat, the current price of oil market fundamentals do not support substantially upward.
Specifically, the global soybean (information market), palm oil (information market) production continued to increase, ample global inventories. Natural disasters have some influence on the yield, but not as obvious as the wheat.
In addition, the U.S. biodiesel production has dropped significantly. The United States has been relying on soybean oil (information, quotes) to produce bio-diesel, high domestic subsidies make lucrative exports to the EU. However, since 2009, the EU anti-dumping U.S. biodiesel sanctions, a substantial increase in import tariffs, U.S. exports of basic bio-diesel fuel stop, which Shide soybean oil Gengjia adequate food.
Small loan companies to explore new ways for financial services
The birth of small loan companies to some extent, solve the financing problem of SMEs, but also solved the problem of insufficient operating funds in rural areas, existing financial institutions it is an effective supplement. In all aspects of promotion, small loan companies are springing up rapidly, within Zhejiang Province, has set up more than 100 small loan companies.
Small loan companies because the procedures simple, flexible operation, the amount is moderate, the advantage of risk diversification, the company can attract a certain amount of shareholder funds directly into the financial market and banking through its own credit Huode credit, through financing, bank loans large small loans for a number of document decomposition, play a role in platform conversion.
Meanwhile, small loan companies to some extent reduce the threshold for SME financing. SMEs in small scale, low mortgage assets, the security co-operation difficult, very difficult to obtain loans from banks. Small loan companies with a flexible mechanism for reducing the threshold of small business financing to help a number of difficult access to bank credit through traditional channels to solve the problem of financing SMEs.
As a small loan company, Zhejiang Province, the first pilot unit, Shaoxing County, Inc. Huijin small loans to increase their investment, the registered capital increased to 400 million yuan. The company "services for SMEs, the promotion of three rural development", around the "laying the foundation, creating features, take the forefront of the" work objectives, to open the market, expanding the impact created a character among the various indicators of the province the forefront, 2009 loan, "no late, no less interest, no bad," a small province in the benchmark lending company.
Small loan companies to do good "little article", adhere to differentiated services, the banks are reluctant to do, do not want to do, not credit loan customers as the basis for their own customers. Facing vulnerable groups, to take a strong service and establish the "inclusive" financial system. Huijin set up a small customer incubation room, full-service students entrepreneurs, Textile City Market business households, micro and small enterprises, low-end customers, as they go through the loan procedures, to provide financial advisory services. Since our company is located in the "China Textile City" the reputation of the Male and Female Textile City has a business account 13000, 100 000 people on traffic, business space is very wide. Textile City, our company and 15 major trade associations, chambers of commerce for the China Textile City, relying on market operators to provide users convenient and efficient microfinance services.
Small loan company to close "agricultural shop" and the promotion of "three rural" development is a major tenet our company, we are actively exploring service "three rural" new economic mechanism has also made positive efforts.
One organization "Agriculture" loans squad before the survey started loans. Visited one by one engaged in agricultural production, management and processing of agricultural products such as Farmer Cooperatives target customers, customer demand for loans-site consultation.
Second, the implementation of agricultural loans, "3 +1" (the company, leading agricultural, farmers + agricultural bureau) mode. Shaoxing County more agricultural leading enterprises, and better efficiency, but the agricultural leading enterprise-scale farmers scattered subordinate species, the lack of liquidity, has no effective collateral, financing is very difficult. To effectively address the problem of financing the part of farmers, through the County Bureau of Agriculture recommended by the agricultural leading enterprises of agricultural species of fish farmers focus on security, corporate loans in a timely manner, creating a new model of agricultural loans.
Third, try a new way of security. With the party contracting, the contractor signed a tripartite agreement to agricultural species of fish farmers of the land, water or ponds and other rental rights to pledge priority for processing the loan procedures, effective solution to the part no effective collateral and guarantor of the farmers of the financing problem.
Fourth, two villages located in the "Department of Agriculture" loans pilot, providing small farmers in mountainous areas, low-cost agricultural loans. We introduced "species of interest credit," "agricultural interest loans" series "Meeting farmers" lending products, simplicity, the interest rate concessions to meet the real needs of farmers.
Small loan companies because the procedures simple, flexible operation, the amount is moderate, the advantage of risk diversification, the company can attract a certain amount of shareholder funds directly into the financial market and banking through its own credit Huode credit, through financing, bank loans large small loans for a number of document decomposition, play a role in platform conversion.
Meanwhile, small loan companies to some extent reduce the threshold for SME financing. SMEs in small scale, low mortgage assets, the security co-operation difficult, very difficult to obtain loans from banks. Small loan companies with a flexible mechanism for reducing the threshold of small business financing to help a number of difficult access to bank credit through traditional channels to solve the problem of financing SMEs.
As a small loan company, Zhejiang Province, the first pilot unit, Shaoxing County, Inc. Huijin small loans to increase their investment, the registered capital increased to 400 million yuan. The company "services for SMEs, the promotion of three rural development", around the "laying the foundation, creating features, take the forefront of the" work objectives, to open the market, expanding the impact created a character among the various indicators of the province the forefront, 2009 loan, "no late, no less interest, no bad," a small province in the benchmark lending company.
Small loan companies to do good "little article", adhere to differentiated services, the banks are reluctant to do, do not want to do, not credit loan customers as the basis for their own customers. Facing vulnerable groups, to take a strong service and establish the "inclusive" financial system. Huijin set up a small customer incubation room, full-service students entrepreneurs, Textile City Market business households, micro and small enterprises, low-end customers, as they go through the loan procedures, to provide financial advisory services. Since our company is located in the "China Textile City" the reputation of the Male and Female Textile City has a business account 13000, 100 000 people on traffic, business space is very wide. Textile City, our company and 15 major trade associations, chambers of commerce for the China Textile City, relying on market operators to provide users convenient and efficient microfinance services.
Small loan company to close "agricultural shop" and the promotion of "three rural" development is a major tenet our company, we are actively exploring service "three rural" new economic mechanism has also made positive efforts.
One organization "Agriculture" loans squad before the survey started loans. Visited one by one engaged in agricultural production, management and processing of agricultural products such as Farmer Cooperatives target customers, customer demand for loans-site consultation.
Second, the implementation of agricultural loans, "3 +1" (the company, leading agricultural, farmers + agricultural bureau) mode. Shaoxing County more agricultural leading enterprises, and better efficiency, but the agricultural leading enterprise-scale farmers scattered subordinate species, the lack of liquidity, has no effective collateral, financing is very difficult. To effectively address the problem of financing the part of farmers, through the County Bureau of Agriculture recommended by the agricultural leading enterprises of agricultural species of fish farmers focus on security, corporate loans in a timely manner, creating a new model of agricultural loans.
Third, try a new way of security. With the party contracting, the contractor signed a tripartite agreement to agricultural species of fish farmers of the land, water or ponds and other rental rights to pledge priority for processing the loan procedures, effective solution to the part no effective collateral and guarantor of the farmers of the financing problem.
Fourth, two villages located in the "Department of Agriculture" loans pilot, providing small farmers in mountainous areas, low-cost agricultural loans. We introduced "species of interest credit," "agricultural interest loans" series "Meeting farmers" lending products, simplicity, the interest rate concessions to meet the real needs of farmers.
Oil prices slightly lower, intraday volatility in
Rebound in oil prices, settlement prices, API distillate stocksTip: Although better than expected inventory data to promote the rebound in oil prices, but the Energy Department's report still showed that U.S. crude oil inventories remain high. Front-month September RBOB gasoline futures settled up 0.0080 U.S. dollars to 1.9612 U.S. dollars per gallon; September heating oil futures settled down 0.0010 U.S. dollars to 2.0249 U.S. dollars per gallon.
Crude oil futures settled slightly lower price Wednesday. Intraday volatility in oil prices, oil inventories data due to conflicting, and the stock market reversed trend.
New York Mercantile Exchange, light sweet crude settled down Sep 35 cents to 75.42 U.S. dollars / barrel, down 0.5%. ICE Brent crude futures settled down 46 cents, to 76.47 U.S. dollars / barrel.
Morning sharply lower oil prices once, fell below 74 dollars, but then the U.S. Department of Energy (Energy Department) Energy Information Administration (Energy Information Administration, referred to as EIA) released the American Petroleum Institute and industry organizations (American Petroleum Institute, referred to as API) very different report. API report released earlier sharp rise in inventory levels. In addition, the U.S. stock market also contributed to higher oil prices recovered some lost ground. In recent weeks, the stock market as a barometer of future economic growth has been leading the crude oil price movements.
Tracking the oil industry, president of Ritterbusch and Associates, said Jim Ritterbusch, had no market value is too pessimistic API report yesterday, EIA released the report slightly positive market access to power.
EIA, as of August 13 when the weekly crude oil inventory fell 800,000 barrels; gasoline inventories were flat, including heating oil and diesel fuel inventories increased by 110 million barrels of distillate.
API data released Tuesday afternoon showed that crude oil inventories increased by 580 million barrels, causing crude oil futures prices.
Despite the better than expected inventory data to promote the rebound in oil prices, but the Energy Department's report still showed that U.S. crude oil inventories remain high.
Front-month September RBOB gasoline futures settled up 0.0080 U.S. dollars to 1.9612 U.S. dollars per gallon;
Crude oil futures settled slightly lower price Wednesday. Intraday volatility in oil prices, oil inventories data due to conflicting, and the stock market reversed trend.
New York Mercantile Exchange, light sweet crude settled down Sep 35 cents to 75.42 U.S. dollars / barrel, down 0.5%. ICE Brent crude futures settled down 46 cents, to 76.47 U.S. dollars / barrel.
Morning sharply lower oil prices once, fell below 74 dollars, but then the U.S. Department of Energy (Energy Department) Energy Information Administration (Energy Information Administration, referred to as EIA) released the American Petroleum Institute and industry organizations (American Petroleum Institute, referred to as API) very different report. API report released earlier sharp rise in inventory levels. In addition, the U.S. stock market also contributed to higher oil prices recovered some lost ground. In recent weeks, the stock market as a barometer of future economic growth has been leading the crude oil price movements.
Tracking the oil industry, president of Ritterbusch and Associates, said Jim Ritterbusch, had no market value is too pessimistic API report yesterday, EIA released the report slightly positive market access to power.
EIA, as of August 13 when the weekly crude oil inventory fell 800,000 barrels; gasoline inventories were flat, including heating oil and diesel fuel inventories increased by 110 million barrels of distillate.
API data released Tuesday afternoon showed that crude oil inventories increased by 580 million barrels, causing crude oil futures prices.
Despite the better than expected inventory data to promote the rebound in oil prices, but the Energy Department's report still showed that U.S. crude oil inventories remain high.
Front-month September RBOB gasoline futures settled up 0.0080 U.S. dollars to 1.9612 U.S. dollars per gallon;
Gold futures down, dollar strength
Hint: Gold futures fell slightly Friday, as stronger dollar; but the price of gold from the high point not far from seven-week, around the global economic recovery because of the uncertainty still haunt investors. New York Mercantile Exchange Comex most active December gold futures settled down 6.60 U.S. dollars, to 1,228.80 dollars an ounce, down 0.5%.
Gold futures fell slightly Friday, as stronger dollar; but the price of gold from not far from seven-week high, because focus on the uncertainty of global economic recovery still haunt investors.
New York Mercantile Exchange Comex most active December gold futures settled down 6.60 U.S. dollars, to 1,228.80 dollars an ounce, down 0.5%.
Barclays Capital analysts said the resurgence of macroeconomic uncertainty and economic recovery, the situation has once again aroused the attention of investors, so long-term demand for gold once again strengthened.
As economic uncertainty continues to exist, and next week the publication of a new round of economic data, market watchers believe that gold is expected in mid-June on the exploration of an ounce hit a record high 1,264.80 dollars. Important data, including next Tuesday's release of U.S. July existing home sales data as well as next Friday reported second-quarter U.S. gross domestic product (GDP) initial value.
Gold Friday a pressure from dollar strength. Dollar rose to a six-week high against the euro after European Central Bank (European Central Bank) officials said that loose monetary policy should be maintained into next year.
2:30 EDT, spot gold price of USD 1,227.20 an ounce, down 6.60 U.S. dollars.
December silver futures fell 34 cents, to 18.041 U.S. dollars an ounce.
October platinum futures fell 13.60 U.S. dollars, to 1513.90 U.S. dollars an ounce.
September palladium futures fell 9.45 U.S. dollars to 476.20 U.S. dollars an ounce.
Gold futures fell slightly Friday, as stronger dollar; but the price of gold from not far from seven-week high, because focus on the uncertainty of global economic recovery still haunt investors.
New York Mercantile Exchange Comex most active December gold futures settled down 6.60 U.S. dollars, to 1,228.80 dollars an ounce, down 0.5%.
Barclays Capital analysts said the resurgence of macroeconomic uncertainty and economic recovery, the situation has once again aroused the attention of investors, so long-term demand for gold once again strengthened.
As economic uncertainty continues to exist, and next week the publication of a new round of economic data, market watchers believe that gold is expected in mid-June on the exploration of an ounce hit a record high 1,264.80 dollars. Important data, including next Tuesday's release of U.S. July existing home sales data as well as next Friday reported second-quarter U.S. gross domestic product (GDP) initial value.
Gold Friday a pressure from dollar strength. Dollar rose to a six-week high against the euro after European Central Bank (European Central Bank) officials said that loose monetary policy should be maintained into next year.
2:30 EDT, spot gold price of USD 1,227.20 an ounce, down 6.60 U.S. dollars.
December silver futures fell 34 cents, to 18.041 U.S. dollars an ounce.
October platinum futures fell 13.60 U.S. dollars, to 1513.90 U.S. dollars an ounce.
September palladium futures fell 9.45 U.S. dollars to 476.20 U.S. dollars an ounce.
2010年8月14日星期六
490 million construction of AM-OLED pilot line (mid-A)
To enhance the capacity of sustainable development, mid-A (000050) (000050) Bulletin, owned subsidiary of Shanghai Tianma planed to build 4.5 on behalf of the AM-OLED pilot line, the total investment of 492 million yuan.
The project will be available in the 4.5 generation of Shanghai Tianma TFT-LCD production line of venue construction, which will be processed on glass substrate 1000. Sources of project financing for the Shanghai Tianma self and apply for government funding, which funds raised 210 million yuan, 282 million for government funding.
It is learned, AM-OLED (active organic light emitting diode) is a function of using organic semiconductor materials, electrical energy directly into light energy technology. Possess its own high-color, high contrast, wide viewing angle, high brightness and a series of outstanding advantages, is considered following the LCD, PDP after the greatest potential for development of new flat-panel display technology by the global attention, its technology and market scale has been some development. The future, as technology, materials technology breakthroughs, and significantly improve product yields, product prices continued to drop, AM-OLED will have more room for development, and most likely to form a TFT-LCD's great challenge.
, Mid-A semi-annual report also released today showed that the overall environment as the market better than the same period last year, along with a positive adjustment of product mix and customer mix, the first half, mid-A main business income of 1.413 billion yuan, an increase of 62.81%, 44.7698 million yuan net profit attributable to parent company, an increase of 143 million yuan. , Mid-expected return to profit in the first three quarters of this year, achieving net profit attributable to parent company about 65 million yuan.
In addition, the, mid-notice, the company shares with the Chinese subsidiary of Pegasus Aviation Technology, Wuhan, Xiamen Co., Ltd. entrusted import agency agreement signed, the company commissioned in the Air Xiamen agent imported equipment, raw materials and domestic trade operations, totaling about 800 million yuan, is expected to pay import agency fee of about 6.4 million yuan.
The project will be available in the 4.5 generation of Shanghai Tianma TFT-LCD production line of venue construction, which will be processed on glass substrate 1000. Sources of project financing for the Shanghai Tianma self and apply for government funding, which funds raised 210 million yuan, 282 million for government funding.
It is learned, AM-OLED (active organic light emitting diode) is a function of using organic semiconductor materials, electrical energy directly into light energy technology. Possess its own high-color, high contrast, wide viewing angle, high brightness and a series of outstanding advantages, is considered following the LCD, PDP after the greatest potential for development of new flat-panel display technology by the global attention, its technology and market scale has been some development. The future, as technology, materials technology breakthroughs, and significantly improve product yields, product prices continued to drop, AM-OLED will have more room for development, and most likely to form a TFT-LCD's great challenge.
, Mid-A semi-annual report also released today showed that the overall environment as the market better than the same period last year, along with a positive adjustment of product mix and customer mix, the first half, mid-A main business income of 1.413 billion yuan, an increase of 62.81%, 44.7698 million yuan net profit attributable to parent company, an increase of 143 million yuan. , Mid-expected return to profit in the first three quarters of this year, achieving net profit attributable to parent company about 65 million yuan.
In addition, the, mid-notice, the company shares with the Chinese subsidiary of Pegasus Aviation Technology, Wuhan, Xiamen Co., Ltd. entrusted import agency agreement signed, the company commissioned in the Air Xiamen agent imported equipment, raw materials and domestic trade operations, totaling about 800 million yuan, is expected to pay import agency fee of about 6.4 million yuan.
"Dr. Paul million payment" cash flow negative 39.4 billion yuan in the first half
Cash flow from operating activities developers have turned negative, of the continuing high level, like chess in that regulation to the credit bureau.
August 12 evening, the first open shares (600,376) (600,376) semi-annual report released shows that its net cash flow from operating activities -29.06 billion, become the real estate investment (000 024), Jia Kai City (000 918), the another emergency cash flow a property company.
Shares started the semi-annual report shows that its first half net profit was 8.76 billion yuan, up 173.57 percent over the previous year, but net cash flow -29.06 billion yuan, up 795.50 percent last year, down substantially.
Similarly, the Beijing Urban Construction released the same day (600 266) (600 266) semi-annual report also shows that the first half of Beijing Urban Construction to achieve 363 million yuan in net profit (up by 97.82%), while the same negative cash flow, net -7.49 100 000 000 element.
However, the first open shares, Beijing Urban Construction cash flow is negative, because in the first half crazy to take to the consequences. Among them, the first open shares added 2.133 million square meters of land reserves, Beijing Urban Construction land planning new construction area 735,000 square meters.
On the one hand because of crazy hold real estate to pay the increase, while sales of the full hold on the price plummeted.
Not only is the above real estate company, as on August 13, a total of 38 real estate companies released semi-annual report. Of these, 28 real estate companies operating activities Net cash flow was negative. Among them, Poly Real Estate (600,048) (600,048) to -233.48 million in cash flow top, Vanke -95.14 billion in cash flow, payments to the Group (600,383) Cash flow -45.36 billion real estate investment cash flow -19.99 billion. Four known real estate giant, "Dr. Paul Wan Kim," total cash flow from operating activities was negative 39.397 billion yuan.
Among them, the four giant cash flows are more strained, according to the first quarter. Poly, Wanke, gold, the investment in the first quarter cash flow was -150.16 billion -68 billion, -34.06 billion, -7.94 billion, for a total -260.16 billion.
The cash-flow positive in the 10 real estate companies, the maximum value is called the first real estate stocks, Zhejiang Guangyu Group (002 133), its cash flow is 4.43 million, one-quarter cash flow was 2.26 million, which Guangyu Group benefited from the reporting period no new land reserve.
However, very few such cases, the first half of sales revenue, but to take to become the most real estate companies in increasing the double-edged. Generally negative cash flow, increase volume, indicating real estate developers started to take, the greater the short term expenditure. Such as China Vanke, the sales amount in the first half as high as 36.77 billion yuan, while a great cash flow withdrawn from circulation more rapidly in the second and third tier cities in large holdings of land. Vanke semiannual reports showed the first half of new land 38 Vanke, the corresponding interest calculated in accordance with the planning of Vanke total 8.93 million square meters floor area.
You can see the new trend is the continued high level of negative cash flow gradually to take to discourage real estate developers. Recently, frequent Liupai land, a substantial decline in trading volume is indicative of the property market has been significantly effective regulation of real estate from the high degree of steering the economy boom of the long-term low. Can predict the next step will help to achieve competitive real estate expansion.
However, credit control, lack of market timing under the direct financing, developers must also showed the development of banks compete for loans. Central Bank statistics show that the second quarter, new development loans 121.6 billion yuan, 199.1 billion yuan less than a quarter. So, faced with shrinking piece of cake development loans, bank funds will choose to have the strength of the real estate business tilt. This large property developers, or dare to tight money in the first half to take the time to keep one of the reasons.
Subsequently, the same limited by tight cash flow, small developers, or again Baotuan heating alternative, have cut prices, and even land sales, real estate industry, the resulting pattern will be divided.
Thus, in 2010, continued to deepen the real estate under the New Deal will be regulating real estate since 2005, the best time effective. Developers under tight cash flow, in the second half might trigger a price war, if out of the housing bubble can and will take to expand senses, is market fortune. So since the banks worry about credit risk on the property can also be phased ending.
August 12 evening, the first open shares (600,376) (600,376) semi-annual report released shows that its net cash flow from operating activities -29.06 billion, become the real estate investment (000 024), Jia Kai City (000 918), the another emergency cash flow a property company.
Shares started the semi-annual report shows that its first half net profit was 8.76 billion yuan, up 173.57 percent over the previous year, but net cash flow -29.06 billion yuan, up 795.50 percent last year, down substantially.
Similarly, the Beijing Urban Construction released the same day (600 266) (600 266) semi-annual report also shows that the first half of Beijing Urban Construction to achieve 363 million yuan in net profit (up by 97.82%), while the same negative cash flow, net -7.49 100 000 000 element.
However, the first open shares, Beijing Urban Construction cash flow is negative, because in the first half crazy to take to the consequences. Among them, the first open shares added 2.133 million square meters of land reserves, Beijing Urban Construction land planning new construction area 735,000 square meters.
On the one hand because of crazy hold real estate to pay the increase, while sales of the full hold on the price plummeted.
Not only is the above real estate company, as on August 13, a total of 38 real estate companies released semi-annual report. Of these, 28 real estate companies operating activities Net cash flow was negative. Among them, Poly Real Estate (600,048) (600,048) to -233.48 million in cash flow top, Vanke -95.14 billion in cash flow, payments to the Group (600,383) Cash flow -45.36 billion real estate investment cash flow -19.99 billion. Four known real estate giant, "Dr. Paul Wan Kim," total cash flow from operating activities was negative 39.397 billion yuan.
Among them, the four giant cash flows are more strained, according to the first quarter. Poly, Wanke, gold, the investment in the first quarter cash flow was -150.16 billion -68 billion, -34.06 billion, -7.94 billion, for a total -260.16 billion.
The cash-flow positive in the 10 real estate companies, the maximum value is called the first real estate stocks, Zhejiang Guangyu Group (002 133), its cash flow is 4.43 million, one-quarter cash flow was 2.26 million, which Guangyu Group benefited from the reporting period no new land reserve.
However, very few such cases, the first half of sales revenue, but to take to become the most real estate companies in increasing the double-edged. Generally negative cash flow, increase volume, indicating real estate developers started to take, the greater the short term expenditure. Such as China Vanke, the sales amount in the first half as high as 36.77 billion yuan, while a great cash flow withdrawn from circulation more rapidly in the second and third tier cities in large holdings of land. Vanke semiannual reports showed the first half of new land 38 Vanke, the corresponding interest calculated in accordance with the planning of Vanke total 8.93 million square meters floor area.
You can see the new trend is the continued high level of negative cash flow gradually to take to discourage real estate developers. Recently, frequent Liupai land, a substantial decline in trading volume is indicative of the property market has been significantly effective regulation of real estate from the high degree of steering the economy boom of the long-term low. Can predict the next step will help to achieve competitive real estate expansion.
However, credit control, lack of market timing under the direct financing, developers must also showed the development of banks compete for loans. Central Bank statistics show that the second quarter, new development loans 121.6 billion yuan, 199.1 billion yuan less than a quarter. So, faced with shrinking piece of cake development loans, bank funds will choose to have the strength of the real estate business tilt. This large property developers, or dare to tight money in the first half to take the time to keep one of the reasons.
Subsequently, the same limited by tight cash flow, small developers, or again Baotuan heating alternative, have cut prices, and even land sales, real estate industry, the resulting pattern will be divided.
Thus, in 2010, continued to deepen the real estate under the New Deal will be regulating real estate since 2005, the best time effective. Developers under tight cash flow, in the second half might trigger a price war, if out of the housing bubble can and will take to expand senses, is market fortune. So since the banks worry about credit risk on the property can also be phased ending.
Meili Paper Industry: Pre-losing 77 million in the first half
Involvement on behalf of ST Dongsheng (600 771) in overdue security, Meili Paper Industry (000815) today amended in the first half performance, the original loss of 11 million yuan for the loss of 77 million yuan to amend, down 2400%, basic earnings per share is negative 0.24 yuan.
Mainly due to its subsidiaries for the ST Tung Shing Tung Shing Chinese banks can not repay the debt due, the company providing its guarantee to 66 million yuan provision for estimated liabilities. The company is expected to guarantee 234.6 million yuan, of which ST Dongsheng and its subsidiaries involving 133.15 million yuan, Northwest bearing (000 595) was 101.45 million yuan. However, the company said prior year judgments based on information available at that time, the company did not expect the provision for overdue debt security issues, this year's interim financial report, based on the company to be on currently available information and its subsidiary, ST Tung Shing Tung Shing Chinese overdue The actual amount of provision for security is expected to bear the liabilities of 66.03 million yuan, the Northwest secured overdue items bearing the company's production operations due to normal without provision for estimated liabilities.
Mainly due to its subsidiaries for the ST Tung Shing Tung Shing Chinese banks can not repay the debt due, the company providing its guarantee to 66 million yuan provision for estimated liabilities. The company is expected to guarantee 234.6 million yuan, of which ST Dongsheng and its subsidiaries involving 133.15 million yuan, Northwest bearing (000 595) was 101.45 million yuan. However, the company said prior year judgments based on information available at that time, the company did not expect the provision for overdue debt security issues, this year's interim financial report, based on the company to be on currently available information and its subsidiary, ST Tung Shing Tung Shing Chinese overdue The actual amount of provision for security is expected to bear the liabilities of 66.03 million yuan, the Northwest secured overdue items bearing the company's production operations due to normal without provision for estimated liabilities.
Reduction by the shareholders of the companies
Gujing Distillery (000 596 200 596), said shareholders of Anhui Gujing Gujing Distillery Group Co., Ltd. on August 10 to August 12 to large holdings of company shares trading 440 million shares, representing the company's total capital ratio of 1.8723 %. After this reduction, Anhui Gujing Group Co., Ltd. still holds shares 13930.20 million, representing the company's total capital ratio of 59.277%.
Tibet's development (000,752) (000,752), said shareholders of the Tibet Autonomous Region of Tibet's development of state-owned asset management companies on November 11, 2009 ~ August 12, 2010 auction by way of reduction of concentration of 270.1916 million shares, accounting The total capital ratio was 1.02%. The reduction of state-owned asset management companies after the Tibet Autonomous Region, still hold shares of the Company 4,624.3684 million shares, representing the company's total capital ratio of 17.54%.
Through the Portuguese stock (600,365) (600,365), said, Tonghua Wine Co. on August 13, 2010 received the second largest shareholder of Tonghua Dongbao (600 867) Pharmaceutical Co., Ltd. informed its August 10, 2010 Shanghai Stock Exchange trading system through the reduction of the company selling unrestricted shares outstanding 1,305,926 shares, representing 0.93% of total shares; still holds 6,199,074 shares of company shares, representing 4.43% of total shares.
Tibet's development (000,752) (000,752), said shareholders of the Tibet Autonomous Region of Tibet's development of state-owned asset management companies on November 11, 2009 ~ August 12, 2010 auction by way of reduction of concentration of 270.1916 million shares, accounting The total capital ratio was 1.02%. The reduction of state-owned asset management companies after the Tibet Autonomous Region, still hold shares of the Company 4,624.3684 million shares, representing the company's total capital ratio of 17.54%.
Through the Portuguese stock (600,365) (600,365), said, Tonghua Wine Co. on August 13, 2010 received the second largest shareholder of Tonghua Dongbao (600 867) Pharmaceutical Co., Ltd. informed its August 10, 2010 Shanghai Stock Exchange trading system through the reduction of the company selling unrestricted shares outstanding 1,305,926 shares, representing 0.93% of total shares; still holds 6,199,074 shares of company shares, representing 4.43% of total shares.
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