Prior to that, there is no product supply orders, has been plagued Yunnan Juli Group. But as the group production lines 35KV cross-linking the work of reconstruction and extension project started, this was expected to ease the problem.
"Now, I am worried about the future of corporate financial support to go out." Yunnan Juli new chairman of the Kingdom, said recent interview.
Juli Group by the development plan, Southeast Asia, South Asia and other markets, will be the focus of the group one of the objects. It is reported that since 1998, after successfully exported to Southeast Asian countries, the Group has undertaken the enormous power that Myanmar pyinmadaw electrical construction projects, and 90% of Myanmar cable provided by the group. Laos has more than four million dollars per year cable orders, while in Vietnam, Cambodia, Thailand and other Southeast Asian countries are rapidly expanding the business open to, and established a good reputation and word of mouth, increased momentum in sales order soon.
Therefore, the new Kingdom of the worry is not unreasonable.
"Now our foreign trade, mostly in dollars for the settlement, there is a big exchange rate risks. Particularly between 2004-2006, in order to avoid risks, Juli almost stopped outside the Group's sales."
Kingdom noted that the new cross-border settlement of the yuan in Yunnan, is a good thing. For now, what kind of enterprises will bring the impact of poor forecasting. His analysis, we Burma, Laos and other Southeast Asian trade, are performing in accordance with international trade rules, the U.S. dollar clearing. If the current use of renminbi in foreign transactions, you can guess mostly, and some small businesses do business, because they believe the RMB.
Interview, many companies are in favor of this view. They believe that the RMB to open a red cross-border settlement of the situation, the first Chinese-funded banks to large-scale, multi-distribution outlets overseas; Second, we must provide more suitable and cross-border trade in financial services companies, and even "tailor- made to order. "
New Kingdom that the company can not develop without the support of financial institutions, particularly those to be ready to go, "Chuang world" business, it is necessary as the strong backing of financial institutions.
Is noteworthy that, at present, the RMB settlement of the related cross-border system is gradually improving and supporting the financial business innovation have gradually developed. In this regard, the new kingdom that, no matter at what stage of cross-border renminbi settlement, business will have a lot of demand for financial services, all categories of financial institutions services, service quality and service in the international market made a high demand. Because this is the strong point of the future development of enterprises.
2010年8月11日星期三
China's "overtly" yen? (Country Gold Commentary)
Japanese government bonds while ago has been sold poorly, so I thought in the promotional ads on the move, saying "investment bonds men is reliable." But now, Japan's views on the sentence ad more complex, because they suddenly realized that sometimes investment bonds "men" are not reliable.
Japan's Finance Ministry recently released figures show China in June this year, holdings of Japanese government bonds continued, and in size over 1-4 months of this year and, after the previous May. At the same time, the first half of the total holdings of Japanese government bonds break 1.7 trillion yen, a record.
Holdings of such a large scale and sustained yen, observers habitually attributed the diversification of China's foreign exchange investment strategies. But the dollar unsafe, the Japanese yen 2.45 trillion U.S. dollars foreign exchange reserves of China's new direction?
Clearly not. First of all, Japan is actually the number of the sense of "national bankruptcy." According to the International Monetary Fund (IMF), the latest data showed Japan's gross public debt accounts for 229% of its GDP, ranked first in the developed countries. In contrast, some time ago the outbreak of the Greek sovereign debt crisis, its public debt-GDP ratio of only 113%. The reason why the international rating agencies often "let off" the yen because the Japanese Jiu Cheng Yen bonds held by domestic private sector, foreign capital holdings do not exceed 4.6%.
Second, government bonds, compared with the United States, Japan, the lowest yield on government bonds. For example, the U.S. 10-year bond yields over 3% now, while the 10-year Japanese government bonds yield only about 1.1%, while the Japanese bond market, the liquidity of the secondary to be much less.
Therefore, risk considerations, whether or preservation needs, the yen is not a strategic transformation of China's foreign exchange direction. Total 1.7 trillion yen of government bonds, according to current exchange rate calculation less than 200 billion dollars, compared to 800 billion U.S. dollars of U.S. treasury bond investment, can not compare, at most only a symbol.
But such high-profile intervention yen, the plan for that? The recent sharp appreciation of the yen may disclose certain information. Data show that the yen this year in May embarked on a continuous appreciation of the way, two months against the U.S. dollar from 95 points down to recent lows near 85, advancing to the highest point in 15 years, has appreciated more than 10% of the total significantly more than the euro, sterling and other major non-US currencies, which indicates that the last two months from the large Chinese holdings of yen bonds gained a lot of money the action proceeds.
But only for revenue purposes? In fact, a lot of buying in Japan on the Chinese mentality of debt is also very subtle. On the one hand there is the Japanese bond stress, the economic downturn, the problem of population aging, Japan's national debt to absorb the space is limited, so buy the Chinese this time to ease pressure on the Japanese capital. On the other hand, Japan also remain vigilant. The voice of the mainstream in Japan that the Government should not over-encourage overseas investors to buy Japanese government bonds, because once a large number of Japanese government bonds held by foreign investors suddenly selling Japanese government bonds, will affect the stability of the Japanese economy.
In addition to financial security concerns, there are trade costs on the "fuss." China and Japan are typical export-oriented economy, as foreign exchange reserves, a large number of configuration yen assets, will boost the yen strengthened to some extent undermine the competitiveness of Japanese goods. More subtly, taking into account Japan's trade surplus in China's power status, and China's traditional export strengths in Japan - mechanical and electrical products, strong growth, not difficult to understand Japan's concerns.
Japan's Finance Ministry recently released figures show China in June this year, holdings of Japanese government bonds continued, and in size over 1-4 months of this year and, after the previous May. At the same time, the first half of the total holdings of Japanese government bonds break 1.7 trillion yen, a record.
Holdings of such a large scale and sustained yen, observers habitually attributed the diversification of China's foreign exchange investment strategies. But the dollar unsafe, the Japanese yen 2.45 trillion U.S. dollars foreign exchange reserves of China's new direction?
Clearly not. First of all, Japan is actually the number of the sense of "national bankruptcy." According to the International Monetary Fund (IMF), the latest data showed Japan's gross public debt accounts for 229% of its GDP, ranked first in the developed countries. In contrast, some time ago the outbreak of the Greek sovereign debt crisis, its public debt-GDP ratio of only 113%. The reason why the international rating agencies often "let off" the yen because the Japanese Jiu Cheng Yen bonds held by domestic private sector, foreign capital holdings do not exceed 4.6%.
Second, government bonds, compared with the United States, Japan, the lowest yield on government bonds. For example, the U.S. 10-year bond yields over 3% now, while the 10-year Japanese government bonds yield only about 1.1%, while the Japanese bond market, the liquidity of the secondary to be much less.
Therefore, risk considerations, whether or preservation needs, the yen is not a strategic transformation of China's foreign exchange direction. Total 1.7 trillion yen of government bonds, according to current exchange rate calculation less than 200 billion dollars, compared to 800 billion U.S. dollars of U.S. treasury bond investment, can not compare, at most only a symbol.
But such high-profile intervention yen, the plan for that? The recent sharp appreciation of the yen may disclose certain information. Data show that the yen this year in May embarked on a continuous appreciation of the way, two months against the U.S. dollar from 95 points down to recent lows near 85, advancing to the highest point in 15 years, has appreciated more than 10% of the total significantly more than the euro, sterling and other major non-US currencies, which indicates that the last two months from the large Chinese holdings of yen bonds gained a lot of money the action proceeds.
But only for revenue purposes? In fact, a lot of buying in Japan on the Chinese mentality of debt is also very subtle. On the one hand there is the Japanese bond stress, the economic downturn, the problem of population aging, Japan's national debt to absorb the space is limited, so buy the Chinese this time to ease pressure on the Japanese capital. On the other hand, Japan also remain vigilant. The voice of the mainstream in Japan that the Government should not over-encourage overseas investors to buy Japanese government bonds, because once a large number of Japanese government bonds held by foreign investors suddenly selling Japanese government bonds, will affect the stability of the Japanese economy.
In addition to financial security concerns, there are trade costs on the "fuss." China and Japan are typical export-oriented economy, as foreign exchange reserves, a large number of configuration yen assets, will boost the yen strengthened to some extent undermine the competitiveness of Japanese goods. More subtly, taking into account Japan's trade surplus in China's power status, and China's traditional export strengths in Japan - mechanical and electrical products, strong growth, not difficult to understand Japan's concerns.
ABC resort to "trench warfare"
Yesterday, the ABC share price has been around the previous day's closing price of 2.69 yuan to fluctuate, and the fluctuation range of only between 2.70 to 2.68 yuan. Day trading volume 4,681,200 ABC hand, turnover was 1.259 billion yuan.
View from the disk, the Agricultural Bank in the accumulation of a large number of pay 2.6 yuan. Analysts said that with the broader market turmoil intensified, the Agricultural Bank of the selling pressure is also growing, but the selling pressure is relatively speaking, a strong "green shoe" under the protection of the Agricultural Bank of A share issue price below the short term may is small, range-bound around the issue price will increase. But from August 16 "Green Shoe" to protect the end, only 3 days, although the research on the trend of the second half of the banks are more optimistic, but in the "green shoe" invalid, the trend of the market very carefully ABC .
In fact, ABC's "trench warfare" has been going on for some time, on August 9, Agricultural Bank of China A share in the block trading platform, and the day's closing price of 2.69 yuan to the price of the 51.35 million shares traded. Exchange of information display, buy side is the North Third Ring Road, Beijing CITIC Securities sales department, selling side is the National League East before the securities business department of Wuxi. It is understood that the two sales department are more active in hot money seats.
Although the Agricultural Bank of China A share block trades appeared the first time, but H shares has suffered several strategic investors to sell. The information from the Hong Kong Stock Exchange, including the Agricultural Bank of underwriters, including Morgan Stanley and Goldman Sachs and other investment banks, one after another over the recent reduction of 3.4 Hong Kong dollars, but still maintain control of a large number of institutional investors chips situation. According to WIND IT show, as of August 10 to 5 trading days, the ABC flows Liang Jun was negative.
Zhu Yan, CITIC Securities Banking researcher believes that the banking sector pessimism has gradually eased, the central valuation is also expected to rise 20%. At the same time, the banking industry annual profits may rise 8% -15% of space is expected to usher in the banking sector rebounded from the valuation of the performance up to "double up" market.
Therefore, the focus of the 13 banks, mostly to overweight rating on CITIC Securities, a small part of the rating given to a buy, but in ABC's ratings bar, CITIC Securities is marked "no."
View from the disk, the Agricultural Bank in the accumulation of a large number of pay 2.6 yuan. Analysts said that with the broader market turmoil intensified, the Agricultural Bank of the selling pressure is also growing, but the selling pressure is relatively speaking, a strong "green shoe" under the protection of the Agricultural Bank of A share issue price below the short term may is small, range-bound around the issue price will increase. But from August 16 "Green Shoe" to protect the end, only 3 days, although the research on the trend of the second half of the banks are more optimistic, but in the "green shoe" invalid, the trend of the market very carefully ABC .
In fact, ABC's "trench warfare" has been going on for some time, on August 9, Agricultural Bank of China A share in the block trading platform, and the day's closing price of 2.69 yuan to the price of the 51.35 million shares traded. Exchange of information display, buy side is the North Third Ring Road, Beijing CITIC Securities sales department, selling side is the National League East before the securities business department of Wuxi. It is understood that the two sales department are more active in hot money seats.
Although the Agricultural Bank of China A share block trades appeared the first time, but H shares has suffered several strategic investors to sell. The information from the Hong Kong Stock Exchange, including the Agricultural Bank of underwriters, including Morgan Stanley and Goldman Sachs and other investment banks, one after another over the recent reduction of 3.4 Hong Kong dollars, but still maintain control of a large number of institutional investors chips situation. According to WIND IT show, as of August 10 to 5 trading days, the ABC flows Liang Jun was negative.
Zhu Yan, CITIC Securities Banking researcher believes that the banking sector pessimism has gradually eased, the central valuation is also expected to rise 20%. At the same time, the banking industry annual profits may rise 8% -15% of space is expected to usher in the banking sector rebounded from the valuation of the performance up to "double up" market.
Therefore, the focus of the 13 banks, mostly to overweight rating on CITIC Securities, a small part of the rating given to a buy, but in ABC's ratings bar, CITIC Securities is marked "no."
Monthly credit "soft landing"
August 11, the PBC released "in July financial statistics report" shows that in July new loans to 532.8 billion yuan RMB, an increase of 163.7 billion yuan, from the previous month (in June reached 603 billion yuan of new loans) decreased by 12%. The amount was slightly lower than market expectations.
Market forecast in July after new loans ranges from 500 to 700 billion yuan, the general predictive value of 600 billion yuan or so, basically the same in June of 603.4 billion yuan. M2 of the prediction interval in the 17.9 to 19.2%, 18.5% median forecast. A bank industry to "International Finance News" reporter laments: "I never thought in July forecast of new loans will be hanging in the next interval along, we believe that in July the original credit would be more relaxed."
Political commissar of the Industrial Bank senior economist Lu told, "International Finance News" interview, said: "The current supply of credit relative to economic demand, seemed tight, some businesses this may cause future problems in the financial chain. "He said new loans in July is not over, and the M2 and M1 growth over the previous year also, a very significant decrease in the micro-economy cooling of demand for capital, which on the other hand there is obvious evidence of an economic slowdown trend.
Bank of Communications, Center for Financial Research, Dr E Yongjian analysis, steady decline in July new loans and window guidance to regulators, government financing platform and real estate loan demand related to the decrease of class. New month loans fell from more substantive point of view, the real economy down the overall credit demand.
Some analysts believe that in order to launch pre-intensive situation judged, 8-9 The credit limit or fell below the level of 500 billion yuan. Thus the second half of 3 trillion yuan, 7.5 trillion yuan to complete the year the credit is not difficult to achieve goals. "Stable amount of credit to ease inflationary pressures, but also ensure that the regional economy, emerging industries, and other economic incentives point the funds required. Of course, M1, M2 money supply growth will continue down the chain."
However, Zuo Xiaolei, chief economist at Galaxy Securities are reminded that in many banks and businesses do not last very much from the state of monetary policy in the feet and, in fact, the theme of this year's monetary policy is to return to normal, moderate liberal, is different from Last year, it should not be alarmist claims that the current credit tightening.
Lu political commissar also forecast that the credit volume and tempo will not change. Although the CPI is likely to continue to new highs, but the years may no longer raise interest rates; statutory deposit reserve ratio adjustments in the direction of uncertainty, if the strength of international capital flows have not changed, turn of the year does not rule out the possibility of lower reserve ratio ; in high surplus, the exchange rate had continued to appreciate, but is expected to an annualized rate of less than 1.% to 1.5%.
Market forecast in July after new loans ranges from 500 to 700 billion yuan, the general predictive value of 600 billion yuan or so, basically the same in June of 603.4 billion yuan. M2 of the prediction interval in the 17.9 to 19.2%, 18.5% median forecast. A bank industry to "International Finance News" reporter laments: "I never thought in July forecast of new loans will be hanging in the next interval along, we believe that in July the original credit would be more relaxed."
Political commissar of the Industrial Bank senior economist Lu told, "International Finance News" interview, said: "The current supply of credit relative to economic demand, seemed tight, some businesses this may cause future problems in the financial chain. "He said new loans in July is not over, and the M2 and M1 growth over the previous year also, a very significant decrease in the micro-economy cooling of demand for capital, which on the other hand there is obvious evidence of an economic slowdown trend.
Bank of Communications, Center for Financial Research, Dr E Yongjian analysis, steady decline in July new loans and window guidance to regulators, government financing platform and real estate loan demand related to the decrease of class. New month loans fell from more substantive point of view, the real economy down the overall credit demand.
Some analysts believe that in order to launch pre-intensive situation judged, 8-9 The credit limit or fell below the level of 500 billion yuan. Thus the second half of 3 trillion yuan, 7.5 trillion yuan to complete the year the credit is not difficult to achieve goals. "Stable amount of credit to ease inflationary pressures, but also ensure that the regional economy, emerging industries, and other economic incentives point the funds required. Of course, M1, M2 money supply growth will continue down the chain."
However, Zuo Xiaolei, chief economist at Galaxy Securities are reminded that in many banks and businesses do not last very much from the state of monetary policy in the feet and, in fact, the theme of this year's monetary policy is to return to normal, moderate liberal, is different from Last year, it should not be alarmist claims that the current credit tightening.
Lu political commissar also forecast that the credit volume and tempo will not change. Although the CPI is likely to continue to new highs, but the years may no longer raise interest rates; statutory deposit reserve ratio adjustments in the direction of uncertainty, if the strength of international capital flows have not changed, turn of the year does not rule out the possibility of lower reserve ratio ; in high surplus, the exchange rate had continued to appreciate, but is expected to an annualized rate of less than 1.% to 1.5%.
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