JINGWAH Times News (reporter Yu Xuefei) the RMB exchange rate under pressure, scaffolding accessories the RMB against the U.S. dollar for 3 consecutive days. Yesterday, formwork accessories the central parity of RMB significantly lowered by 160 basis points, continue to refresh the lowest point in more than 6 years. According to the central bank yesterday released data show that the RMB against the U.S. dollar reported 6.7258, down 160 basis points, a decrease of 0.24%, the third consecutive trading day down to below the 6.70 mark, refresh the lowest point in more than 6 years. It is worth noting that, yesterday, the RMB 4 pm fast rise nearly 50 basis points, consistent with the pound. Dollar in the onshore at 16:30 in the official closing price reported 6.7139, compared with the previous day's official closing prices of 9 points, compared with the previous trading day closing plate rose 46 points; the offshore renminbi dollar at 6.7227 yuan; the onshore and offshore renminbi spreads at 85 points. On the evening of 11 intraday, onshore and offshore RMB both fell more than 100 points. Dollar in the onshore report was approaching the 6.72 mark. The offshore renminbi dollar intraday to 6.7296 yuan, approaching the 6.73 mark, the highest since the beginning of January of this year low. Many analysts believe that a strong background in the dollar, the RMB price is two-way fluctuations in the RMB exchange rate performance. The central bank to improve the degree of tolerance is the devaluation of the RMB exchange rate, make more determined by the market. "Analysis <strong> In the short term will continue to adjust the RMB exchange rate</strong> A foreign exchange analyst said the Fed minutes will be released September rate decision in the local time Wednesday night, the dollar index has full strength, hit a high point of nearly a few months, the RMB also hit a new low, expected future if U.S. economic data continue to benefit, in the short-term dollar interest rate expectations under the action of the dollar open the rally, the short term, the RMB exchange rate will go down. The short-term trend of the RMB depends on the Fed rate hike expectations and the actual situation of the market. Many market analysts said that with the domestic and foreign environment, the short-term RMB exchange rate will continue to adjust, nearly two or three months since the devaluation of the renminbi is expected to continue to slow heating. In the long term, the fundamentals of the domestic economic situation for the better long-term change, the RMB exchange rate will remain stable. The central bank's official website on 10 reprint commentary saying, although the RMB price below 6.7, but with the money in developed economies and emerging economies currencies, the depreciation rate is relatively small, CFETS estimates of the RMB exchange rate appreciation index is still. "With reference to a basket of currencies, the RMB against the U.S. dollar bilateral exchange rate depreciate is normal, the future will continue to two-way floating." In addition, Guan Tao former Secretary of international payments safe recently said that during the National Day holiday, the external market has undergone a series of currencies events, including a sharp rise in the yen, British and European agenda setting, all have a certain influence on the trend of the RMB exchange rate after the holiday. The Central Bank of the new operating mechanism of the RMB exchange rate fluctuation tolerance significantly improved, but also means that the RMB exchange rate to further market forward.
Beijing morning news (reporter Jiang Fan) the future, www.aopprecast.com people use Alipay, halfen frimeda WeChat and online banking transfers, will be subject to the limitation of the number of lines and pen. Recently, the central bank issued the "notice" provisions on strengthening the payment and settlement management to prevent matters related crimes in the telecommunications network model, the third party payment and non counter transfers will be subject to restrictions on the number and amount of pen. The so-called non counter transfers, including online banking, mobile phone banking, ATM transfer etc.. According to the "notice" provisions of the central bank, the bank opened in the non counter transfer services to depositors, the depositor shall sign an agreement with the agreement, non counter channels to non bank accounts of the same name and account transfer payment of the daily cumulative limit, number and cumulative limit, beyond the limit and number, should be to the bank the counter. The central bank pointed out that, in addition to my peers outside the bank account transfer, as individuals for the non counter transfer business, single day cumulative amount of more than 50 thousand yuan, should use the digital certificate or electronic signature secure payment instructions authentication. Unit and individual bank account transfer counter non single day cumulative amount more than 1 million yuan, 300 thousand yuan, the bank shall conduct large transactions to remind, unit and individual transfer confirmation. For Alipay, WeChat as the representative of the third party payment account, the central bank also made some restrictions, but the specific restrictions on the number and amount of not clear. "Notice" requirements, since December 1, 2016, the payment institutions to open payment accounts for units and individuals, shall sign an agreement with the units and individuals, agreed to pay the account and payment account, payment account and bank account transfer limits and daily cumulative number, and the number exceeded the limit, shall not apply for transfer business. The central bank official said, compared with the banking channels, online banking, mobile phone banking, telephone banking, Payment institutions website and other non counter channels due to face-to-face contact operation, the actual operation is difficult to confirm whether the account holders of accounts. At present, the telecommunications network model of criminals in the fraud to succeed, often through the non counter transfer will be a lot of money fast, split across the cross-border transfer. In addition, the central bank also requires banks to the bank for remote access and transfer business, collection of different fees, shall be free to achieve within three months since the "notice" issued, in order to reduce the individual payment cost.
Beijing In October 13, approaching the line, halfen channel A shares once again caught sideways stalemate, Thursday Shanghai refers to a narrow range, long and short well-matched in strength, "Iron Man" stand to support the market focus, environmental protection, and other topics of active debt to stock market sentiment. As of today's closing stock index reported 3061.35 points, up 2.85 points, or 0.09%, Shenzhen component index reported 10787.49 points, down 1.1 points, or 0.01%, entrepreneurship blackboard 2208.57 points, down 1.12 points, or 0.05%.
Beijing In October 13, in early trading today after the two lower continue sideways trend, water stopper near midday, the stock index barely turned red. On the surface, "Iron Man" resurgence protects the city. The "debt" concept popular, related stocks have strong, Hyde shares three consecutive daily limit. As of midday close, the Shanghai Composite Index closed at 3058.74 points, or 0.01%, turnover of 91 billion 470 million yuan; the Shenzhen Component Index closed at 10787.8 points, or 0.01%, turnover of 145 billion 100 million yuan; the gem index closed at 2206.49 points, or 0.14%, turnover of 37 billion 980 million yuan.
CNR net Beijing on October 13th news (reporter Jiao Ying) according to the China sound "center wide news" report, October 11th, dollar reported 6.7008, down 230 points, a record low of September 2010. RMB exchange rate for the year may probe to where? How will affect your pocketbook? What impact will the foreign trade, study abroad, travel? Chinese bank chief researcher Zong Liang said that under the global background of low interest rates, the RMB exchange rate appreciation or depreciation in order to keep the currency of Chinese, competitiveness is very important, therefore, short-term market fluctuations in the exchange rate need not worry too much. President Tan Yaling China Foreign Investment Research Institute said that the next period of time, the greater possibility of devaluation. She believes that "the most direct impact of foreign trade. Foreign trade situation is not good, foreign exchange reserves, reducing the manufacturing index is not ideal will influence the trend of RMB exchange rate. In addition, the recent international market turmoil is large. The Fed rate cut, sterling volatility events bring to the market impact is more direct." Chinese foreign exchange trading center official website Chinese net currency issued, medium and long term, the fundamentals remain surplus, China often project foreign currency reserves, financial condition, financial soundness determines the long-term depreciation of the RMB basis does not exist. For students studying in the United States, the devaluation of the renminbi means that parents need to spend more money. Experts suggest that short-term use of foreign exchange to the customer, can observe a few days of exchange rate fluctuations, a relatively low starting can be batch to share the risk. Especially, the study intends to customers, a relatively large amount of foreign exchange funds, can do swap foreign currency financing. For ordinary people, the devaluation of the renminbi is probably the biggest impact of travel abroad. The devaluation of the renminbi, have been part of the travel agency in order to improve the amortized cost of overseas travel offer, especially to the U.S. line. Buy cosmetics, bags, watches the people outside, also have to pay more.
Beijing In October 13, 11 days, seventy-third banking regular press conference held in Beijing, vice president of the Agricultural Bank Chinese Wang Wei to the Agricultural Bank to promote business transformation of green building green credit leading bank "as the theme, introduced the green financial innovation development initiatives and achievements and green financial development ideas, to participate in the this release as well as general manager of the Agricultural Bank of corporate and investment banking department Zhang Junzhou, credit management department general manager Zhu Ke gang. The development of green finance is an important measure to achieve green development, but also an important content of the supply side structural reform. As a responsible large state-owned commercial banks, the Agricultural Bank to seriously implement the national green development concept, and constantly improve the level of green financial management, in service and product innovation, strengthen the international financial cooperation and other aspects of continuous efforts, accelerate the green credit, green bonds, green carbon finance and other financial business development, achieved remarkable results. As of the end of 6, the Agricultural Bank of green credit amounted to 575 billion 100 million yuan, representing an increase of 5.89%, higher than the total corporate loans average growth rate of 2.63 percentage points. <strong> To increase the green credit support</strong> The Agricultural Bank of adhering to the concept of sustainable development, and actively promote the implementation of green credit development strategy. Continuous optimization of green credit management, develop differentiated green credit policy to support the real economy green development. At present, the Agricultural Bank of green credit index covers petrochemical, wind power, photovoltaic and building industry 18 credit policy. According to estimates, the Agricultural Bank in support of the green project annual savings of 24 million 500 thousand tons of standard coal, reducing 55 million 340 thousand tons of carbon dioxide equivalent. Strictly control the "two high and one left industry loans, increase the elimination of backward production capacity and project exit efforts. The Agricultural Bank credit industry policy has a comprehensive coverage of the 15 "two high and one left industry to make customer list management as the main starting point of fine management requirements, serious excess capacity in the industry of new customers, new projects and raised the stock of customers classification matters shall be reported to the head office for approval. Through the above measures, the Agricultural Bank of "two high and one left industry loans has been effectively controlled," two high and one left the balance of the loan industry total corporate loans continue to reduce the proportion of. Since 2014, the Agricultural Bank of China due to the environmental and social risk factors rejected a total of 77 pen business. As of the end of 9, ABC "two high and one left industry loans amounted to 537 billion 173 million yuan, accounting for 9.01% of corporate loans, down 0.34 percentage points over the beginning. Among them, the iron and steel, coal, chemical, textile, aluminum and copper zinc lead related industries such as the five areas to achieve loans drop 31 billion 100 million yuan. The innovation of green credit management and financial products and services. In the way of management innovation, focus on efficiency, benefit, environmental protection, resource consumption and social management of the 5 categories of indicators, the establishment of green credit index system and the index of organic integration industry credit policy, make it become the customer access, credit investigation, examination and approval, loan origination, management and other aspects of the loan after important on the basis of decision making. The innovation of products and services, combined with traditional credit products, launched energy-saving emission reduction consultants, contract energy management, emission rights pledge loans, carbon trading receivables financing products, support high energy consuming industry customers to carry out energy-saving technology upgrading, and constantly promote industrial transformation and upgrading of traditional industries. Continuous optimization of green credit products, effective docking and support of low carbon economy and circular economy of green credit projects. Strengthen basic management, promote the "green credit" business healthy and sustainable development. The environmental and social risk evaluation into the whole process credit business. From the standard client or project "green" attribute of the domestic and foreign judgments, gradually have supported the identification of green credit customers and projects in the credit system, strengthen the basic management. <strong> To support the development of "three agriculture" green</strong> The Agricultural Bank to protect arable land, rural sewage treatment, waste straw recycling as the key to accelerate the innovation of financial products, increase the green credit investment, promote further to green, low carbon cycle and areas of credit resources, promote resource conservation, good ecology, sustainable development agriculture. Support the protection of arable land resources. Support the concentrated, resource saving and environment friendly high standard farmland construction, promote the all-round improvement of cultivated land "quantity" and "quality". First to introduce the rural land remediation special products in the financial institutions, make a contribution to protecting 1 billion 800 million acres of arable land. Actively support all major grain producing areas according to local conditions, by taking water-saving irrigation, reducing chemical fertilizers, soil salt and other measures to improve the utilization of water resources, management of agricultural non-point source pollution, soil and fertilizer enhanced water retention capacity, promote the improvement of farmland ecological environment. Support the straw recycling. Strict implementation of the national energy-saving emission reduction policies, in accordance with the requirements of sustainable circulation, encourage all kinds of new agricultural business entities to increase investment in science and technology, and actively develop comprehensive utilization of straw fertilizer, straw feed, straw power generation, straw, straw straw paper and other building materials, reduce the burning straw caused ecological hazard. Support rural water environmental governance. Focus on docking Zhejiang wastewater treatment, flood water, drainage water, protection of water, water-saving catch a total of five water treatment projects, promote the improvement of water environment in Zhejiang. At the end of June this year, support a total of five water treatment project 183, 45 billion 700 million yuan of credit, total loans of 33 billion 600 million yuan, driving Zhejiang to become the first country to achieve the towns sewage treatment facilities covering the whole province. Support to improve rural production and living environment. In the beautiful countryside construction as the starting point, through the support of rural sewage and garbage treatment facilities, rural water, lavatories, changing circle, change the stove project, to improve rural production and living environment. As with the Guizhou Province, innovation launched the "beautiful countryside credit" exclusive characteristics of credit products to support the implementation of Guizhou province "four in farm – beautiful countryside infrastructure construction projects, especially in rural areas to improve the living environment of the" well-off village "plan of action, the bank has supported 40 thousand and 900, benefiting 11 million 480 thousand people. <strong> The innovation of green financial products and services</strong> Agricultural Bank is not only the main proponent of domestic green finance, is one of the early practitioners and important promoters. The agricultural bank advantage for our total linkage, linkage and external linkage group, provide a comprehensive package of financial services to support the development of green. Already in the country to achieve four lead". One is the first Asian issuers issued the first single Yuan green bonds, success in the LSE listed 1 billion U.S. dollar dual currency green bonds; two is the first to carry out the innovation of green asset securitization, as the world's largest wind turbine manufacturer – gold wind technology, domestic exchange market successfully issued the first single, is currently the only a single certified green asset securitization products; three is the first with the International Financial Corporation (IFC) to carry out green financial cooperation, become the only Chinese joined IFC energy efficiency program (CHUEE) of the state-owned commercial banks; the four is the first to launch CDM advisory business as the representative of the carbon financial services in state-owned commercial banks. Support for carbon emissions trading. To strengthen the international financial cooperation. In the international financial development trend of green and green development strategy of our country on the basis of further speed up with the international advanced trade cooperation with external intelligence progress, improve the green credit management system and product system, improve the risk management level and market competitiveness. In April 2016, the world bank group member units – international financial companies to develop agricultural bank official and global green finance advocate and standard (IFC) signed a financial cooperation agreement to become green, the only large state-owned commercial banks and IFC to carry out green financial cooperation. IFC from the three aspects of mechanism, product and ability to assist the Agricultural Bank established a leading, world-class green financial system in china. <strong> Create a unique green credit leading banks</strong> The Agricultural Bank will thoroughly implement the concept of green development, closely related to people's living environment and the environmental protection industry as a service focus, create a unique green credit leading banks. One is to give full play to the guiding role of filtering and financial, customer structure, resource allocation, credit flow and other aspects do subtraction, strict environmental constraints, investment in pollution control industry, at the same time will be the focus of funds to low carbon, environmental protection, green industry configuration; two is around the farmland water conservancy, green agriculture, beautiful the village green town, "the four major themes, to further improve the green agriculture financial services; the three is to clean energy, green transportation, regional pollution control, green building and other areas of focus, to support the industrial structure adjustment and economic transformation and upgrading of green; four is to continue to strengthen the innovation of products and services, the establishment of covering the whole industry chain of green the financial product system; five is to green as a link, to strengthen exchanges and cooperation with foreign countries, actively join the green financial cooperation network, green financial agents. At present, green development has become one of the main theme of China's "13th Five-Year" period, the Agricultural Bank will closely around the national strategic deployment, continue to unswervingly implement the green financial development strategy, in order to achieve the green financial service mode, service products, management system and market share of the "four leading" as the goal, to create green finance and a major feature of the Agricultural Bank to become "three rural" service outside.
After the national day, the property market Chinese all-round strengthening restriction policy. For a few months to tepid A stock market, the regulation of real estate funds have brought the improvement expected from the market, the outflow of funds into the stock market will also caused the industry to discuss. Looking at the world, a lot of international asset prices including stocks, gold, crude oil, and has become a widely "monetary phenomenon", and this round of real estate prosperity is in the global central bank water, excessive liquidity, industry overcapacity situation, the market appeared a lot of cheap money no configuration, the inevitable result finally to low risk assets. However, investment in real estate funds or more "safe asset savings", and the main retail China A stock market asset allocation needs do not match. In the short term, these for the purpose of speculative funds will flow to the stock market; but from the long-term asset allocation and economic development perspective, as the connection of real economy and fictitious economy in the stock market, if you really want to attract to the value investment capital for a long time, also need more "supply side reform from the inside out" the formation of the asset pool, cheap "". NPC and CPPCC 2016 government work report, Premier LI DADA mentioned four times, improve the multi-layer capital market ", is a primary goal of the China stock market supply side reform. Among them, nearly 10000 companies listed three new board market, regional equity market and the provinces established in turn, is one of the most important areas of reform of the multi-level capital market Chinese. In the new third market, the urgent need to solve problems the lack of liquidity regulatory agencies should take the initiative to establish corporate layered trading system, reduce investors access threshold, but also to strengthen the new board investor qualification audit, and through investor education and guide rational investment is expected to eventually drive the new three board listed company's investment value. Recently three new board innovation enterprise private placement has exceeded expectations "hot", that value investors have realized the foresight of the opportunities, market liquidity transfer redundancy. On the other hand, the regional equity market has been developing for many years, also gathered a considerable amount of enterprises in the province centralized registration, custody, settlement, trading, liquidity and financing convenience, it should be the government and the competent departments at all levels of attention. From the principle of investment, regional equity market has a lot of people around the listed companies, and the investment in the side of the business, to invest their own understanding of the enterprise, is the key to successful investment, this is the A stock market and three new board market as the national market advantages can be compared. Taking into account the traditional investment in real estate funds on the regional equity market through the strange, the local government should guide the Fund led to regional equity market listed companies' stock debt combined with financial support, which can relieve the local downtown pressure on the economy, also can let more people participate in small and medium-sized regional banks and growth of private enterprises. The vigorous development of small and medium-sized enterprises is the key to solving the continuous employment problem, is the core of Chinese people's livelihood economy. No country in the world is to rely on commercial bank loans to solve the financing difficulty of small and medium-sized enterprises, governments at all levels must pay full attention to the role of capital market, cascading effect objective understanding of capital market on the property and stock markets, the real economy "". From the economics principle, social capital flows can be appropriate to guide the government and every government wants the money to flow to the real economy, but the capital "cascading effect" is an objective law of economic development in the flow of funds, the government should use the characteristics of capital profit, maximization of financial resources and industrial policy performance. The funds to the real economy "downstream falls". The best example is the national development and Reform Commission recently issued "to promote the healthy development of private investment in a number of policy measures", documents from the promotion of investment growth and improve financial services, reduce the cost of enterprise and put forward 26 specific measures in six aspects, to implement the State Council on public Entrepreneurship, innovation "to promote the. Thirty years of reform and opening up, household wealth accumulation has made most people out of the pursuit of food and clothing, people invest in the real economy, the demand is no longer a shop and set up factories to settle down, but also hope to get investment financial income, this is the reform of the proud new era and fruit characteristics. Therefore, to guide the funds to the real economy health movement, could not repeat the beginning of reform and opening up a large number of officials of the sea as "self-employed" spectacular, but must use the multi-level capital market, from the first drive marginal effect on the real economy has very low real estate "waterfall upstream", led to a multi-level "middle waterfall". Ultimately benefit people's livelihood. Chinese economy is experiencing from indirect financing to commercial banks as the representative, to direct financing to the investment bank as the representative of the transition, the more the real estate capital divert to the stock market is the demand of the times, but it is not simply in the A stock market "bubble blowing", but to cultivate the new board and other equity trading platform, is not necessary risk investment residents. Can foreknow, as more investors into a multi-level capital market, the industry is clear, benefit from the consumer to upgrade and innovation driven, the fundamentals of good growth firms inevitably sought by the funds, investors should as soon as possible layout. (new latitude APP) [introduction] expert Xu Weihong, chief economist of China Aviation securities, worked for Reuters, the central securities depository and Clearing Corp, the French Foreign Trade Bank Group headquarters in Paris. Study on the macroeconomic and financial market has long been engaged in the research, involved in the field of international macroeconomics, under the background of internationalization of emerging market development mode. (this does not mean the new latitude, welcome to reprint, reprint please indicate the source of "new latitude")
JINGWAH Times News (reporter Hao Shaoying) following the September 13th establishment of the independent Vc firm Baidu venture, http://www.aopformwork.com Baidu layout investment heavy again. Yesterday, prop nut Baidu announced the establishment of Baidu capital funds amounted to 20 billion yuan, the main investment in the late pan in the field of the Internet project. It is reported that Baidu CEO will serve as chairman of Robin Li Baidu capital and chairman of the investment committee. The new Baidu capital will be in accordance with the independent market operation of the fund, the new fund invests primarily in the late pan in the field of the Internet project. The first phase of the fund amounted to 20 billion yuan, set up a managing partner of 2-3. Baidu capital will be recruited from the investment partner of the circle, the Internet industry background, rich experience and excellent performance of PE investment investment, will be the preferred object of Baidu capital management partners. Baidu said, Baidu in the future capital investment amount for each project will be in the range of $50 million to $100 million, not limited to RMB or USD for the heavyweight project, project, and may increase the amount of investment. Baidu said, Baidu capital funds will be very diverse, including several large insurance funds, securities companies, a group of professional institutions of the parent fund, even some government investment agencies background are the intention to participate in the investment, and Baidu are in close communication. A month ago, Baidu announced the establishment of Baidu ventures, an investment of $200 million, focused on the field of artificial intelligence, AR, VR and other scientific and technological innovation, the main focus of the early start-up project. The industry believes that the new Baidu capital fund maturity is more similar to the PE, there is a big difference between positioning and Baidu ventures, Baidu shows that in terms of foreign investment to form a more comprehensive layout. It is reported that the chief adviser Ren Xuyang Baidu is helping Baidu CEO Robin Li for Baidu venture capital and Baidu capital, and in the industry wide selection, recruit top fund management partners.
Beijing In October 13, cuplock scaffolding today the Shanghai and Shenzhen two cities to open lower, then the four major stock indexes rose collective turned red. Plate, hotel and catering industry decreases, oil drag, insurance. The stock index opened at 3057.97 points, down 0.02%, turnover of 829 million yuan; Shenzhen component index reported 10784.7 points, down 0.04%, turnover of 1 billion 213 million yuan; entrepreneurship blackboard 2211.76 points, up 0.09%, turnover of 282 million yuan.
The central bank 12 days 7 days 30 billion yuan, BFD coupler 10 billion yuan of 14 day repurchase. The day of the open market 205 billion yuan repurchase expires, swivel coupler to achieve a net return of 165 billion yuan, for third consecutive days to achieve a net return of large. In addition, there are 158 billion 500 million yuan MLF expires on Wednesday. In this regard, market participants said that in the long national day after the end of the financial side of the overall well-off continuation of the pattern of the background, the short-term open market is expected to continue to fund a slight recovery, but the follow-up or on liquidity regulation fine-tuning. In fact, plus 165 billion yuan on Wednesday this week, the central bank has large net return for three consecutive days. Among them, Tuesday (11 days) 20 billion yuan for 7 days, 10 billion yuan 14 days reverse repurchase, the day of the open market 130 billion yuan repurchase maturity, net return of 100 billion yuan of funds. Monday (10 days) 20 billion yuan for 7 days, 10 billion yuan 14 days reverse repurchase, the day of the open market 120 billion yuan repurchase maturity, net return of 90 billion yuan of funds. On Wednesday, the funds rate, short-term interest rates fell Shibor, decline narrowed. Overnight Shibor fell 0.3 percentage points to 2.1500%; 7 days Shibor fell 1.1 basis points to 2.3830%; 14 days Shibor fell 0.7 basis points to 2.5450%; 1 months Shibor fell 0.32 percentage points to 2.7148%, the 6 consecutive trading day down. 3 months Shibor continue to hold steady in 2.8015%. This week the central bank open market 565 billion yuan and 259 billion 500 million yuan repurchase expires in MLF. Among them, 14 day repo 440 billion yuan, 28 day repo 125 billion yuan, no repo maturity. In addition, in October 15th there are 5 billion 500 million yuan central ticket expires. 14 days from Monday to Friday due to the reverse repo scale was 120 billion yuan, 70 billion yuan, 140 billion yuan, 80 billion yuan, 30 billion yuan; Tuesday and Wednesday respectively 60 billion yuan and 65 billion yuan 28 day repurchase expires. In this regard, there is a market that the market liquidity improved significantly after the National Day holiday, the central bank in the open market net return of funds in line with market expectations, short-term funds face steady state overall well-off will continue. However, in view of a lot of money this week will focus expire, pay the deposit reserve, RMB factors such as downward pressure on the financial side of the interference, the future is likely as the market expected, quarterly tax and other factors, liquidity regulation fine-tuning. In the view of CRE securities analyst Qu Qing, more attention is needed before the national day, the central bank extended open market repurchase period of operation of mild deleveraging will continue. At present, deleveraging and did not see the obvious effect. In addition, monetary policy also needs to tighten, to the real estate control policies, with the National Day period around the introduction of the liquidity tightening is likely to represent the general trend. The specific strategy, Qu Qing expected, the central bank may continue to take the 28 day reverse repurchase, and increase the proportion of. The mainstream view is that the 28 day reverse repurchase issued only to a smooth transition at the end of 9 funds, if after 28 days to continue operation of reverse repurchase intention, must strengthen the central bank deleveraging.