金融英语阅读复习热点文章1Word文档下载推荐.doc
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金融英语阅读复习热点文章1Word文档下载推荐.doc
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上市公司可能被许出售股份
Listedfirmsmaybeallowedtosellshares
Thecountry'
sregulatorswillconsiderallowinglistedfirmstosellsharesasafirststeptowardliftingitssuspensiononnewIPOsindomesticmarkets,butnotimetablehasbeenset,domesticmediareportedMonday.
Chinaisproceedingwithaseriesofmarketreformsaimedatrevivingitssharesmarkets,whichremainmiredinafour-yearslump.
Inmid-2005,ChinasuspendednewIPOsindomesticmarketsinanefforttopropupsaggingstockprices,weigheddownbyinvestorconcernsovertheshare-reformplantosellmorethanUS$250billioninState-heldshares.
"
WewilllookatallowinglistedcompaniestosellsharesbeforeapprovinganynewIPOs,"
theFinancialNewsquotedShangFulin,thetopsecuritiesregulator,assayingataconference.
Reformsinstate-heldsharesneedtobebuiltuponsolidcapitalmarkets,saidShang,addingthatthelastmileofreformswouldbethemostdifficult.
Lastmonth,Chinascrappedcapitalgainstaxesforforeignstockinvestors.
Thegovernmentisintensifyingeffortstolureforeigncashintoitsmainstockmarket,viaaQualifiedForeignInstitutionalInvestor(QFII)schemethatletsoverseasfirmsinvestinprimarystockanddebtmarkets.
TheindexwasAsia'
sworstperformingmajormarketbenchmarkstockindexinboth2005and2004.
Whiletryingtoreforminefficientcapitalmarketstogivedomesticfirmsanotherfund-raisingoptionbesidesbanks,Chinaisalsotryingtoenhancecorporatetransparencyandboostprofitability.
Shang'
scommentscomeafteraleadingeconomicofficialsaidSaturdaythateffortstoreviveitssicklystockmarketsarelikelytoworkonlyif"
poorquality"
listedcompaniesareeliminatedfromtrading.
RaisingthequalityofChina'
slistedcompaniesistheonlypermanentcurethatcanensurepublicinvestors'
fundamentalinterests,"
saidChengSiwei,avicechairmanoftheStandingCommitteeoftheNationalPeople'
sCongress.
政府加快开放期货业
Althoughthefuturesindustryistheonlyfinancialsectorthathasnosettimetableforopening-upunderChina'
sWTOcommitment,therearesignsthatthegovernmentisalreadymovingfastonthisfront.
Thequickpace,whichbecameapparentlatelastyear,isexpectedtostimulatethecountry'
sstill-strugglingfuturesindustry,analystsandwatcherssay.
UnderSupplementIIofCEPA(MainlandandHongKongCloserEconomicPartnershipAgreement),apactsignedin2004toboosttheeconomicco-operationbetweenHongKongandtheChinesemainland,qualifieddomesticfuturesbrokeragewillbeallowedtosetuptheirsubsidiariesinHongKongbeginningfromthisyear.
Domesticfuturesindustry'
senthusiasmforbranchingoutinHongKongisobviouslystrong,"
saidChenXiaodi,aresearcherwithChinaInternationalFuturesCoLtd,China'
sfutureshousebellwether.
Itcouldbroadentheirinvestmentchannelsastheycouldengageinbusinessthatiscurrentlyunavailableindomesticmarketsuchastradingoffinancialderivatives,"
Chensaid.
TheforayintoHongKong,analystssay,wouldalsoprovideaninvestmentconduitfordomesticinvestorsandaplatformfordomesticenterprisesthathavebusinessneeds,suchasresource-extensivesectors.
Currently,only31domesticenterprisesareauthorizedtotradefuturesoverseasforarbitrage,butmanymorearesaidtobeinterestedingettingalicence.AnalystssaythispotentialcustomerpoolmaybecometheprimarytargetfordomesticfuturesfirmsaftertheysetuptheirsubsidiariesinHongKong.
Whiledomesticfuturesplayersareenteringoverseasturfs,foreigninvestorsaremovingin.
ChinapublishednewruleslastAugustthatallowforeignbrokersregisteredinHongKongorMacaotoformventureswithChinesepartners.
Companieswithatleast50millionyuan(US$6.2million)ofregisteredcapitalandthathavebeeninthefuturesbrokingbusinessforatleastfiveyearsandhavemadeprofitsinthelatesttwoyearscanapplytosetupjoint-venturefutureshouseinChina,accordingtothenewrule.
ABNAmroBankNV,oneoftheworld'
slargestbanks,gottheapprovalfromCSRCinlateNovembertoteamupwithalocalfutureshouse,ChinaGalaxyFuturesCoLtd,becomingthefirstforeigninstitutiontodosounderthenewrule.
Ourcompanyhasalsobeenapproachedbyforeignpeersforco-operation,"
saidamanagerofaGuangzhou-basedfuturesbrokerage,decliningtorevealthenameoftheforeigncompany.
Therearemanyforeignplayersdatingwithdomesticfuturesfirmsnow,butasfarasIknow,theyareallinthepreliminarystage,"
saidthemanager.
Accordingtotheexistingrule,themaximumratioofstockstheseoverseasinvestorscanholdinthejointventuresis49percent,aceilingthatsomesaymaydampenforeigninvestor'
senthusiasminformingthejointventure.
Foreigninvestorshavemorelucrativeinvestmentsectorstoputtheirmoneyinto,butthefuturesmarketisclearlynotasoundoptionforthemnowasitisnotprofitableindustryforthetimebeing,"
Chen,theresearcher,said.
Whattheyreallywant(byformingjointventures)istogetfamiliarwiththelocalmarket,butnotformoney-makingatpresent,"
Theyjustwanttogetafootholdinandacquaintedwiththelocalmarket,soalthoughtheyarenotexpectedtomakemoneyintheimmediatefuture,theywillstillbeverymuchinterested(inthejointventure),"
中国改革汇率形成机制
Chinareformsforexrateformingmechanism
Chinaannouncedafurthermovetoreformitsexchangerateformingmechanismyesterday,introducinganinternationallyprevalentprice-findingmechanismintheinterbankforeignexchangemarket.
TheintroductionofOTC(over-the-counter)transactionswillimprovetheexchangeratetransmissionmechanismandhelpmeetbusinesses'
risk-hedgingneeds.
Butitwillnotbroadenfluctuationsoftherenminbiexchangerate,thecentralbanksaid.
Withaviewtoimprovingthemanagedfloatingexchangerateregimebasedonmarketsupplyanddemandwithreferencetoabasketofcurrencies,promotingdevelopmentoftheforeignexchangemarket,diversifyingthemodeofforeignexchangetransactions,andstrengtheningthepricingcapabilityofthefinancialinstitutions,OTCtransactionswillbeintroducedintheinterbankspotforexmarketstartingtoday,"
thePeople'
sBankofChina(PBOC)saidinastatement.
Participantsintheinterbankforexmarketnowwillbeabletoengageinforextransactionseitherbasedoncentralizedcreditauthorizationandpricebidding,orthenewOTCmarket,whichisbasedonbilateralcreditauthorizationandsettlement.
Thesystemofmarketmakersthatareobligedtoquotebothsellingandbuyingpricesareintroducedatthesametimetoprovideliquidity.
ThenewOTCmarketwilldeepentheforexmarketsoastolayasolidfoundationforimprovingtheformationmechanismoftherenminbiexchangerate,andenhancetherepresentativenessofthecentralparityoftheChinesecurrencyinthenewmarketstructure.
Thisisbecausethepricesquotedbymarketmakersreflectnotonlytheirexpectationsofdailypurchasesandsalesofforexandpositionsresultedfrommarketmakingtransactions,butalsotheirjudgmentsofmovementsintheinternationalmarket,thecentralbanksaid.
Italsohelpenhancethecorecompetitivenessoffinancialinstitutions,particularlymarketmakers,andencouragethemtoprovidearichervarietyofexchangerateriskmanagementtoolsforbusinessesandhouseholds,thecentralbanksaid.
Aftertheexchangeratereform,thecentralbankwillhavetoprovidehedgingtoolstobeabletoexecuteamanagedfloatingexchangeratesystem,"
saidZhangXuechun,aneconomistwiththeAsianDevelopmentBank.
AfteritslandmarkreformonJuly21lastyearthatlettherenminbiappreciateby2percenttoUSdollarandlinkedthecurrencytoabasketofcurrenciesinsteadoftheUSdollar,Chinahastakenaslewofmeasurestoestablishamarket-orientedexchangerateformationmechanism,includingthelaunchofrisk-hedgingtoolslikeforwardsandswaps.
ThenextnaturalmovecouldbethebroadeningofparticipantsofOTCtransactions,"
shesaid,notingthattheOTCmarketisstillconfinedtotheinterbankmarket,whereonlyfinancialinstitutionsareallowed.
Thecentralbanksaidrenminbiexchangeratewillunlikelyexperiencelargerfluctuationsafterthenewmethodisadoptedtoformthecentralparity,stressingthatthefloatingbankoftherenminbiexchangerateremainunchanged.
ThecentralparityoftherenminbiagainstUSdollar,basedonwhichbanksquotetheirprices,willnowbedecidedontheweightedaverageofpricesfromallmarketmakers,
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