Universal insurance set "inhibition" regulatory upgrades accelerate the insurance industry in transition

China Insurance Regulatory Commission recently released two consecutive new regulations, prop sleeve to the rapid development of universal insurance on the set of "inhibition". "To further improve the life insurance actuarial system related issues notice", BFD coupler "on the strengthening of personal insurance products supervision work notice" of these two new regulations to limit the short duration of product scale, promoting the insurance industry return to nature protection, emphasis on "insurance insurance name". Market participants believe that, with the escalation of the supervision of the insurance industry, the future differentiation will increase, pay attention to the protection of the large insurance companies to highlight the advantages, prior to the universal insurance "dominate the political arena" of small and medium sized insurance companies will face greater challenges. In recent years, in the small and medium-sized insurance enterprises "corner overtaking" demands, financial type universal insurance growth faster, has accounted for the entire personal insurance market 1/3. Data show that from January to July this year, mainly composed of small and medium sized insurance companies contribute new pay policyholders' investment funds amounted to 867 billion yuan (mostly in short duration products), 764 billion 700 million yuan in 2015 over the year, an increase of 119%, far higher than the original insurance premium income growth rate of 48%. Universal insurance, high income, low security, financial management, partial short-term oriented, not only the homogenization phenomenon is serious, and the short-term long-term investment cash flow risk, increase the enterprise risk management risk, also deviated from the essence of insurance. Last year, the insurance companies in the capital market set off a high-profile placards after the tide, the CIRC for insurance funds to pay close attention to placards. GF Securities analyst Cao Hengqian pointed out that the individual small insurance companies to sell short-term high cash value products expand the pool of funds, its essence is not the pure insurance products, and more is a kind of high income financial products, equivalent to the higher cost of funds of the insurance company to expand the pool of funds business. Reporters noted that many aspects of the two new rules of CIRC personal insurance products, risk protection, universal insurance reserve assessment rate, strengthen the chief actuary responsibility made detailed provisions. Among them, including the improvement of personal insurance products risk protection level, the proportion of death insurance amount of personal insurance products main age requirements increased from 120% to 160%; the universal insurance reserve assessment rates by 0.5 percentage points to 3%, ordinary life insurance assessment rate unchanged 3.5%. The Commission also of short duration requirements than the proposed business accounted for ratio since the beginning of 2019, requirements of business accounted for in short duration shall not exceed 50%, 2020 and 2021 and further to 40% and 30%, and given 5 year buffer period, to give the market a clear expectations, to avoid "slam the brakes" form of cash flow risk. Market participants pointed out that the emphasis on the design of insurance product risk protection and long-term saving property, will promote the development of the insurance business long-term, further growth in the value of new business driven industries, for the future profits of the stable release of building space. "Regulatory requirements to establish product backtracking mechanism strengthen product accountability, which forced insurance firms to enhance compliance awareness, enhance the degree of attention to product actuarial, legal compliance etc.." A person in charge of insurance firms said. After the implementation of new universal insurance and other personal insurance products insurance function will further enhance. Huatai Securities analyst Luo Yi believes that the radical product pricing and high interest rates will be significantly curbed, the insurance business will gradually optimize the structure, the insurance company profitability, risk prevention and sustainable development capacity will be further enhanced. Next to the traditional insurance of the original insurance premium income will accelerate the growth of the situation, and the protection of deposits and investment funds will accelerate the decline. Reporter Wang Shujuan swift lift anchors

Fundamental changes caused by the bond market continued to adjust liquidity sufficient to reverse the pattern

At the beginning of the June bond yields downward trend since the restart, anchor nut the 10 year Treasury yields below 2.70% the lowest since 2009, precast accessories then began to continue to adjust from the beginning of August. Since August the bond yields upward, the interpretation of the current market focus on central bank financing by lengthening the period thereby decreasing the weighted funds rate reached "deleveraging" policy objectives, especially after the central bank to restart the 14 day repo, bond yields from the first profit taking technical adjustment for the evolution of the bearish operation policy press. However, if we will not have the risk of fluctuations in interest rates and credit spreads investigated together, you will find the beginning of the August bond yields not only from the adjustment of the funds rate to rise the monetary supply and demand level, more reflects the basic pattern of the surface potential changes. We are in a period of 5 years of AA in short maturity yields -5 year policy bank bonds scale changes in credit spreads, with 10 year Treasury yields scaling the risk-free interest rate, with a period of 5 years of policy bank bonds yield to maturity period of -1 years of policy bank bond yield spreads that deadline. As of September 7th data show that after the 10 year Treasury yields in August has remained in 2.76% place, 5 year AA in short maturity yields fell to 3.6850%, a decline of up to 39.06 BP, the same period the CDB policy financial bond yields up to 2.9719% due to the recovery rate reached 3.93 BP. In the downlink in short maturity yields driven, credit spreads narrowed sharply in August after 42.99 BP, while interest rate risk spreads upside is 9.24 BP, the term spreads up 7.54 BP, there is a significant "risk-free interest rate rose and credit spreads narrowed" pattern. According to the general principle of economics, if the risk-free interest rates upward while credit spreads had no obvious fluctuation, the fluctuation of interest rate is derived from the impact of money supply and demand level, and if the risk-free interest rate and credit spreads over the same period of upward fluctuations, credit shocks are the main source of interest rate volatility. We have statistics cycle turned down sharply from the July 2015 rate of the bond yields, from July 1, 2015 to April 2016, the 10 – year Treasury yield to maturity as the representative of the risk-free interest rate dropped while credit spreads remained at a stable, from July 2015 to January 2016 the central bank cut interest rates drop quasi periodic and the market for monetary policy easing is expected to be the main reason the resulting fall in bond yields. This is consistent with market consensus, money supply and credit easing level caused no obvious abnormality in this period "risk-free interest rates and credit spreads remained stable". From January 2016 to June 2016 in the central bank to lower the deposit reserve ratio only once, the market expectations of the central bank easing monetary policy sharply, resulting in the first half of this year, bond yields continued consolidation pattern, consistent with the 10 year Treasury yields upward, credit spreads are also synchronized with the risk-free interest rate volatility, that impact source half bond rate of return on currency this year still lies in the level of supply and demand. From June 2016 to August 2016, the risk-free rate in the two quarter economic growth is expected to be gradually revised again triggered risk aversion driven, including long term interest rate bonds and financial bonds, bond yields the value of investment was filled in a strong configuration demand bring the valuation of repair, led the way down the 10 year Treasury bond the rate of this period of credit spreads and the risk-free interest rate trend is still maintained the same direction, further shows the characteristics of this stage of bond investment valuation repair. The trend of credit spreads since the beginning of August and the risk-free interest rate trend emerged from the 10 year Treasury yield to maturity marginal upward pressure reduction and credit spreads is continued to shrink, even in a period of 5 years of policy bank bonds yield to maturity period of -1 years of policy bank bonds yield to maturity scale the term spreads and the risk-free interest rate to maintain the same fluctuation, this pattern shows that since the beginning of the August driving factors of bond yields fluctuation of money supply and demand but is no longer a credit shock. If the central bank open market operations to increase financing rates as main factors of the change of bond yields, so in the money supply and demand disturbances disappeared, bond yields will naturally tend to be down again. Although the central bank recently to open market operations to drain liquidity, but on the other hand also continue to release liquidity, the overall liquidity remains ample pattern, so strong and lasting impact of money supply and demand disturbances or not. Since the beginning of August with credit spreads continued to decline in credit contraction is the result of the impact of source of August bond return volatility. Because we use the AA grade credit bonds yield to maturity, so the credit spreads continued to narrow reflects declining credit risk preference, which is particularly obvious in the risk-free interest rate consolidation case. We review 2015 October credit spreads fell, the market believes that "economic growth downward, central bank non-performing loans double up, credit risk exposure began in the background, basic inverse credit spreads narrowed sharply, means that the two level market began to enter the irrational state, also shows that credit spreads reflect more liquidity premium and non credit the risk premium". Although the first quarter of this year economic rebound, but the annual economic growth in the central marginal downward pressure is still unabated, and at the same time, the credit risk is concentrated exposure, but the credit spreads from the end of 2015, 1.235 percentage points last narrowed to 0.7131 percentage points at present, that is to say the first half of the market is not worried about the credit spreads narrowed in 2015 come true. The risk-free interest rates down again after short-term consolidation based on the fact that we think the August credit spreads narrowed and the risk-free rate of marginal uplift pattern is not sustainable, the current need to guard against liquidity is ample supply of pattern reversal or is the real money supply and demand level impact, if the capital side show signs of tightening. The period of credit spreads and the risk-free interest rate or return the uplink synchronization. Guotai Junan Futures Research Institute Wang Yang financial derivatives lifting socket

Preferred stock + debt risk capital is actively involved in the PPP project

In the PPP once again raised the capital market attention under the condition of long-term institutional investors as the insurance funds are also seeking as space. But from the current situation, risk capital for the whole PPP project cautious intervention. Analysts believe that direct investment in the PPP project, the insurance fund is currently the better option is to use financial investor, stock + debt mixed mode. CIRC relevant after the introduction of new regulations, insurance funds can consist of investment plans and as investors, directly related to the construction or operation, to form a consortium to participate in bidding, need further exploration. "4+1 PPP" of venture capital investment In July 3rd, the China Insurance Regulatory Commission website "indirect investment of insurance funds for infrastructure project management measures", put forward in terms of venture capital to broaden the investment space, the relaxation of insurance funds can be invested in infrastructure projects in the industry, the increase of government and social capital cooperation (PPP model) and other feasible investment mode. Beijing xinno law firm senior partner Huang Huazhen said that the current insurance funds in the indirect investment PPP project mainly has four forms, including debt investment plan construction, investment fund, participation in government financing funds, with investment and other financial institutions. To the last one with the investment forms, the insurance funds can choose cooperative financial institutions with third parties. One with the investment of large banks, insurance funds with the bank credit risk bearing ability, strengthen the project credit; for the banks, the introduction of long term investment of insurance funds as a priority in funding, can reduce the risk of mismatching. The two is to cooperate with the trust, the trust funds to replace the two, involved in the project financing. The three is to cooperate with the fund industry, the large investment project selection, in order to save cost and reduce the risk of investment project selection. In addition, direct investment in the PPP project, the insurance fund is currently the better option is to use financial investor, stock + debt mixed mode. Analysts believe that the insurance funds for investment PPP project risk should focus on several aspects. Beforehand control, legal compliance and other factors on project selection should focus on government credit, economic strength, and enterprise information project. The control on the matter, should pay attention to the terms of the contract design, advance in the negotiations, agreed and exclusive rights in the management of investment on strengthening cash flow detection mechanism. The introduction of supporting policies to In fact, the insurance funds for the PPP project is focusing on, but the overall cautious attitude. Chinese Securities Daily reporter learned that a number of insurance agencies have good credit and background of the PPP project approach, to seek the opportunity of cooperation. The insurance company said that from a policy perspective, the CIRC issued new regulations on the details of the original provisions to further improve, provide better conditions for the use of insurance funds. Tianyuan senior partner of the law firm said, compared to the previous regulations, the new "indirect investment of insurance funds for infrastructure project management approach" will have a certain impact on practice. For example, the increase of government and social capital cooperation (PPP) and other feasible investment model, and the parallel and creditor's rights etc.. However, from the PPP project investment, also need to reflect the creditor's equity, property, etc., therefore, PPP is not independent of the way outside of the separate investment. This personage thinks, from the actual situation, in the new regulations prior to the release of insurance funds through debt investment plans, equity investment plans of PPP project investment. Just because of the insurance funds have higher requirements for security, insurance funds in line with requirements of the PPP project is less, therefore, the investment of insurance funds for PPP are rare. In the introduction of new regulations, insurance funds can form investment plans and investment as directly related to the construction or operation, to form a consortium to participate in bidding, need further exploration. Note that the CIRC will be in accordance with the requirements of the supply side reform, explore a new model of investment and financing of infrastructure, and actively carry out the insurance funds involved in the practice of PPP model, will also introduce the corresponding supporting documents, these documents need to observe the subsequent introduction of the situation. Reporter Li Chao lifting socket

Why investors are willing to pay negative interest rate bonds

Reporter Zhang Qinfeng. The case was recently several euro zone firms with negative interest rates successfully issued bonds at. In September 6th, lifting clutches German multinational enterprise Henkel group (Henkel AG) and frenchdrugmaker Sanofi (Sanofi SA) issued bonds to the interest rate of -0.05%. The Henkel group issued 500 million Euro 2 year bonds, Sanofi issue is 1 billion euro bond for 3 years. It is no wonder that there will be a lot of bond market participants said September 6th is "worth remembering one day". The phenomenon of negative interest rates has repeatedly attracted market attention, but generally refers to the negative real interest rates, the nominal interest rate below the rate of inflation. The negative interest rates in the euro zone and Japan and other economies is that nominal interest rates become a negative situation. In this case, the use of capital value is negative, but the debtor must receive a certain percentage of the cost to the creditor. At present, the nominal interest rate has become a negative phenomenon and the regional stage. After all, this phenomenon is rooted in the depth of the economic adjustment caused by the decrease in the rate of return on assets, the direct reason is the counter cyclical monetary policy after the marginal effect of falling to the extreme. At present, the world has the euro zone, Sweden, Denmark, Switzerland, Japan and other 5 economies have adopted the negative interest rate policy tool. Among them, the formal implementation of the European Central Bank negative interest rate policy in June 2014, with the economic downturn and inflation in the euro zone and the ECB policy continues to relax, the negative interest rate has gradually spread to the long-term bond market. Statistics show that since August 2014, the German 1 year rate has been negative interest rates; in June 13th this year, the German 10 year rate fell below zero for the first time. At present, the major European economies, with the exception of the UK, short-term Treasury rates are negative. The euro negative interest rates has lasted a long time, and there are signs of deepening, in such an environment, the European enterprises to achieve real negative interest rate financing stamp market nerves, it may show a negative interest rate is constantly normalization". Henkel and Sanofi is Europe's first time in the history of the non financial enterprises and no government backed enterprises issuing negative rate bonds, their debt based on their own credit basis. It is worth noting that, with the implementation of negative interest rates further in profit pressures, the eurozone has the emergence of individual commercial banks for large depositors and short-term deposits negative interest rates in the case, plus non financial enterprises successfully issued negative interest rate bonds, these have become a sign of negative interest rates began to penetrate the "folk". Why not choose other bond investors or depositors a higher rate of return of investment or cash? This is the essence of investors to choose investment targets problem. The choice of investment targets mainly consider the cost of investment, income and risk, so simply, investors can choose the negative interest rate financial products (negative interest rate bonds, deposits because of negative interest rates) in the comprehensive consideration of the cost, income and risk factors, there is no other more appropriate choice. We need to acknowledge that some investors are interested in the "unique" negative interest rate bonds that can ignore the cost or the nominal interest rate. For example, in order to stimulate the economy and inflation, the European Central Bank continued to carry out QE, and investment grade corporate bonds has been incorporated into the QE asset purchase range, which brings the rigid demand for high investment grade corporate bonds; bond index fund may also exist passive investments in high-grade bond demand; some institutional investors for portfolio liquidity management the existing configuration requirements for short-term bonds without risk or low risk; there is a class of investors, they value the capital gains, rather than coupon income, if that interest rates will continue downward, so bond prices will continue to rise, the holding period return negative interest rate bonds may be positive, it also brings part of the transaction demand for negative interest rate bonds. For other investors choose to hold a negative interest rate of financial products is not impossible, because the choice of higher income products often means to pay higher costs or to take more risk. Moreover, even if there is also the cost of holding cash, and take risks. In fact, negative interest rates of deposits can be regarded as a commercial bank depositors custody of cash charges. For investors, if you need to pay the cost of holding cash and risk than to the bank to pay, then the negative deposit rate is acceptable. This is also the reason why the current negative interest rate of individual deposit mainly exists in the large deposit. At the same time, the understanding of corporate bonds the phenomenon of negative interest rates is not difficult. Because the interest rate bonds generally will be higher. For example, the Henkel group is issued 2 year bonds, the annual interest rate to the high rate of 52 basis points compared to the same period of German bond yields. For some banks and financial institutions such as insurance, short-term liquidity and safety limit of high grade corporate bonds are much less than the national debt, rate of return than the funds deposited in the central bank or buy ghost house must be high, therefore hold negative interest rate bonds can be considered, at least such a smaller "hurt" point. Also worth noting is that the 2008 financial crisis shows that no financial institution is absolutely safe, the funds deposited in a commercial bank has the same risk, so for investors, if the high cost of self-sustaining cash, put money in the commercial bank's risk benefit ratio is not configured and no risk or low risk bonds, may considering the negative investment rates on corporate bonds. We should see that the current negative interest rate mainly exists in Europe and Japan, and mainly existed in the policy interest rates, risk-free interest rate and short-term high grade corporate bonds. If the global economy continues to adjust, mainly the central bank to ease monetary policy, does not rule out the phenomenon of negative interest rates may continue to deepen and spread. All kinds of bonds and deposits of negative interest rates will gradually showing normalization, the not so surprising. swift lift anchors

Industrial Bank launched first dollar bond issuance global roadshow

Beijing In September 9, September 7th, the Industrial Bank Limited by Share Ltd first offshore dollar bond issue the first roadshow in Hongkong at the Island Shangri-la Hotel, which opened the prelude to the eight day global roadshow behavior. Chen Xinjian, vice president of the Industrial Bank Hongkong branch chief executive Xia Weichun, general manager of head office of capital operation center, Ma army asset liability management center director Guan Wenyuan to participate in the roadshow, interact with from Hongkong nearly 50 investment institutions and investors, shows the comprehensive strength of the Industrial Bank and the advantages of the project, and on-site to answer investor concern the problem. According to reports, Moodie has been given the bank the $5 billion medium-term note program (P) Baa2 (P) and the long-term rating of P-2's short-term rating, the rating and Industrial Bank Baa2 long-term deposit rating and P-2 rating of short-term deposits. The Industrial Bank dollar bond issue in the global coordinator is Citibank, Standard Chartered Bank, Merrill Lynch International Bank, 4 banks, 4 banks in addition to the bookkeeping people include Goldman Sachs, HSBC, Bank of communications Hongkong branch, Hongkong branch of Shanghai Pudong Development Bank, the Agricultural Bank of Hongkong branch, CCB China Asia and other well-known financial institutions. After the issuance of the bonds, the stock exchange listing in Hong kong. With the implementation of the "China Belt and Road Initiative" strategy, for enterprises to "go out" provides a rare historical opportunity, enterprise financial service demand also expanded, including commercial banks cross-border settlement, financing, asset allocation and other comprehensive financial services. With the increasing of foreign investors China corporate bonds approval degree and demand, Chinese financial institutions to issue bonds overseas gradually expand the scale of. Chinese banks overseas issued investment grade bonds of $is widely recognized by overseas banks, insurance, funds and other financial institutions. According to the roadshow team revealed that the syndicate has received a number of investors intent inquiry. Industrial Bank said that overseas bond issue will help to broaden the financing channels for overseas institutions, long-term capital supplement. The issuance of U.S. dollar bonds to raise funds will be used to support the overseas business development, promote the balanced development of the overseas business of the assets and liabilities, to accelerate the internationalization of the layout, enhance the ability of the global allocation of resources, to further enhance the core competitiveness. According to the Industrial Bank 2016 semi annual report shows that as of June 30, 2016, the bank's total assets reached 5 trillion and 710 billion yuan, an increase of 7.75% over the year, ranked first in the domestic joint-stock commercial banks. The end of the first station in Hongkong after the roadshow, the Industrial Bank team will go to Singapore and London, next roadshow. halfen frimeda

CBRC clear debt Commission specific requirements shall not stop lending, loan

Xinhua news agency, anchor nut Beijing September 9th – (reporter Li Yanxia Hou Yujie) China Banking Regulatory Commission recently issued a notice, lifting socket require the banking institutions to strengthen the financial management of creditor's rights, the creditors' committee do related work. The creditor banking financial institutions shall act together, to achieve stable expectations, stable credit, stable support, not free to stop lending, loan. This "on the banking financial institutions and creditors' Committee related work notice" clearly, the debt Commission is the difficulty of the enterprise by large debt of more than three claims of banking financial institutions initiated the establishment of consultation, self-discipline, temporary organization. The debt commission can be founded by the debt of banking financial institutions. Other financial institutions in principle all claims of banking financial institutions and the debt of enterprises will be established with the approval of the Commission shall be in debt. Notification requirements, debt Commission according to the "guidelines of the collective one policy to increase loans, loans, loan restructuring, steady reduction and other measures, in order to carry out debt restructuring, asset preservation and other related work. The debt commission to implement debt restructuring, should adopt multi support, market driven, stable measures, favorable conditions actively strive for the development of enterprises, achieve win-win situation between banks. Notification requirements, to ensure the normal operation of enterprises, enterprises put forward new demand for funds with good reason, the debt can be supported by the Commission to form a syndicated loan, the establishment of a joint credit mechanism or closed financing etc.. Can be recovered through the controllable risk necessary, re credit extension, Xudai etc., to maximize the help enterprise solution. Notice on the implementation of the financial conditions of the enterprise debt restructuring provisions: one is enterprise development in line with the national macroeconomic policy, industrial policy and financial support; two is the prospect of the enterprise products or services, market development, restructuring has certain value; three is the enterprise and the creditor's rights of banking financial institutions financial debt restructuring will. The CBRC said the establishment of the creditors' committee system, creditor's banking financial institutions to solve the debt crisis of corporate debt provides collective negotiation and collective decision-making, concerted work platform, can effectively avoid the individual creditor financial institutions without authorization of corporate debt to act alone, resulting in debt business risks, or even bankruptcy the unfavorable situation, is conducive to safeguarding the overall interests of the banking financial institutions, but also conducive to helping enterprises to survive. It is understood that at present, all banking regulatory bureaus are to guide the banking financial institutions established the creditors' committee, the creditors' Committee related work steadily, to maintain economic and financial order, to support the real economy development. steel chamfer

"Chinese wine" in Renhuai during the signing of 13 billion yuan in the sixth session of the wine expo

Beijing September 9 Guiyang Xinhua (reporter Yang Qian) 9, lifting anchor Renhuai China wine in the sixth wine expo held during the China Merchants special promotion activities and on the scene of the signing ceremony, signed a total of 37 projects, total investment of 13 billion yuan. The signing of trade project in Renhuai city in 28, contracted 8 billion 400 million yuan of funds; tourism, wine, electronics and big data investment projects 9, contracted 4 billion 600 million yuan of funds. Renhuai City, the use of wine + big data open a new marketing model of Maotai liquor, liquor sales market and broaden the space for development. The first half of 2016, the liquor trading center line transactions reached 167 million yuan, 27 members, is expected by the wine investment company purchasing and storage etc. at the end of trading volume exceeded 2 billion yuan. "Renhuai wine" column key projects for the development of the tourism industry. The development of industrial tourism, Moutai liquor culture, Chishui River wine culture and tourism experience, out of the "special path of wine + tourism", to promote the transformation and upgrading of the liquor industry. The establishment of the Renhuai Wine Expo Theme Pavilion, more than and 100 enterprises, various brands of liquor, showcase and provide sales service. (end) steel chamfer

The postal savings bank reached a strategic cooperation with the National Agricultural Credit Guarantee Association

Beijing In September 9, 8 days, fixing socket at the inaugural meeting of the postal savings bank Chinese rural finance division, the postal savings bank respectively with the National Agricultural Credit Guarantee Association, Beijing xinfade agricultural products company signed a strategic cooperation agreement. China postal savings bank chairman Li Guohua, chairman of the National Agricultural Credit Guarantee Association general manager Zhang Hongwu, Beijing xinfade agricultural products company chairman Zhang Yuxi attended the signing ceremony. According to the agreement, the two sides will jointly, complementary advantages, to build a nationwide Silver Bear cooperation platform to promote further cooperation in the postal savings bank branch and the provincial agricultural credit Guarantee corporation. The two sides will think engaged in growing food and agricultural moderate scale operation of the new agricultural business entities to provide credit guarantee and service as the key content of cooperation; to professional large, family farms, farmers' cooperatives, agricultural industrialization leading enterprises, agricultural social service organization of new agricultural business entities as a key support object, and support new agricultural business entities and strong efforts to solve the agricultural production and operation in the process of "financing", "security difficult problems. Li Guohua said, the postal savings bank was established by the rural finance division of the East, and the National Agricultural Credit Guarantee Association in hand, both sides actively implement the Party Central Committee and the State Council to serve the "three rural" requirements, improve the policy of agricultural credit guarantee system, an important exploration of fiscal and financial support cooperative mode, significance. Establish and perfect the policy of agricultural credit guarantee system, give full play to the financial capital "42 pounds", enlarge the policy effect of the financial support for agriculture, improve the use efficiency of financial funds for agriculture, not only solve the new agricultural business entities, guarantees difficult problems, but also through the re guarantee national agricultural credit guarantee alliance further financial institutions and Guarantee Corporation to share the risk, promote financial institutions to better serve modern agriculture. The postal savings bank will work closely with the national agricultural credit guarantee alliance and the provincial agricultural credit Guarantee Corporation, adhere to the "three rural" service, give full play to its own capital and network advantages, to increase the "three rural" credit product innovation, optimize business processes, to make a positive contribution to the development of modern agriculture in china. Zhang Hongwu highly praised the initiative and effectiveness of the postal savings bank was established to serve the "three rural". He said that the national agricultural credit guarantee alliance and the postal savings bank of two "national team" official financial support front allies, will jointly implement on establishing and perfecting the agricultural credit guarantee system of the strategic deployment of the State Council, to promote grain planting scale management and transformation of agricultural development mode, accelerate the construction of agricultural modernization. The next step, the national agricultural credit guarantee alliance will actively promote the national agricultural credit guarantee system of member institutions and all levels of branch of the postal savings bank to carry out a comprehensive strategic cooperation and depth business, establish mutually beneficial and win-win risk sharing the Silver Bear New Mode of business cooperation, according to the characteristics of the agricultural industry to innovative credit products, to promote the two sides in the agricultural credit guarantee training, personnel training, system construction, information resource sharing and other aspects of all-round cooperation. As Chinese leading large retail banks, the postal savings bank has always attached great importance to the rural financial services, is an important provider of rural financial services. In recent years, the postal savings bank through a series of initiatives to reform, and achieved remarkable results in the service "three rural". As of 3 at the end of 2016, the postal savings bank outlets in more than 40 thousand outlets, including areas and below the county accounted for more than 71%, covering nearly 99% of the county area; to help farmers teller service points 150 thousand, self-service equipment more than 10 Taiwan; agricultural loans of 783 billion 200 million yuan from 2013 to 2015, agricultural loans average annual compound growth rate of 38% people; small loans issued a total of more than 1 trillion and 100 billion yuan, are only the amount of 70 thousand yuan, nearly 9 million 200 thousand of the farmers to effectively solve the management difficulties shortage of funds. swift lift anchors

In August a slight depreciation of RMB exchange rate index

China News Service September 9 Beijing Xinhua (reporter Wei Xi) Central Bank China 9 released data show that in August the RMB exchange rate devaluation index slightly. As of August 31st, Chinese foreign exchange trading center (CFETS) RMB exchange rate index was 94.33, shuttering magnet compared to 7 at the end of 1.06% depreciation; reference international clearing bank (BIS) and the SDR currency basket (SDR) basket of RMB exchange rate index were 95.04 and 95.11, respectively, 1.10% and 0.92% compared with 7 at the end of the depreciation. China monetary network commentator said, August RMB exchange rate index trend is relatively stable overall. Although the summer travel abroad and overseas purchase demand is still relatively strong influence on the mid RMB exchange rate index fell slightly, CFETS RMB exchange rate index was reduced to 94.06, but at the end of the month and rose to 94.33, the whole month of change. From looking at the rate of RMB exchange rate fluctuations, August CFETS index annualized volatility of 3.13%, significantly lower than the RMB exchange rate against the U.S. dollar 5.01% annualized volatility. From the point of view of bilateral exchange rate of RMB against the U.S. dollar, in mid August the international currencies relatively stable RMB exchange rate against the U.S. dollar exchange rate continued to two-way floating and closing. Since late August, the Federal Reserve Chairman Yellen and other Fed officials have released the interest rate signal, the market expects the fed to raise interest rates has been heating up, the dollar strengthened again, in the closing rate + to a basket of currencies exchange rate mechanism, the RMB against the U.S. dollar bilateral exchange rate depreciation should be. Analysis pointed out that, on the whole, the RMB exchange rate continued to orderly operation in accordance with the "mechanism + closing rate to a basket of currencies exchange rate changes the elasticity of RMB against the U.S. dollar bilateral exchange rate further enhanced. The 9 day, the RMB against the U.S. dollar reported 6.6684, compared with the previous trading day down 64 basis points, is still in the "6.7" psychological barrier. In this regard, Caixin think-tank macroeconomic research director Zhong Zhengsheng said, "6.7" is a sensitive mark, is expected to end this year, the RMB exchange rate against the dollar will remain at about 6.7-6.8 position. He said, "this year the RMB exchange rate need to pay attention to, but do not worry too much, there are two main reasons: the dollar index itself is weak; the Chinese central bank exchange rate management ability is increasing, significantly tightened liquidity of RMB Offshore market. China Merchants Securities chief macroeconomic analyst Xie Yaxuan believes that the RMB exchange rate at the end of the three quarter with a strong condition again. "To maintain the basic stability of the RMB exchange rate" means that the reference to a basket of currencies around a range of fluctuations in exchange rates of major currencies are not fundamental changes in the situation, the RMB exchange rate against the dollar will in a rangebound. If the RMB exchange rate flexibility, monetary policy can be maintained according to the domestic economic situation flexibly adjust the tightness of the policy initiative. (end) shuttering magnet

Before August of this year, Moutai group liquor produced 69 thousand and 400 tons of material annual sales income of 43 billion 600 million yuan

Beijing September 9 Guiyang Xinhua (reporter Zhang Wei) reporters learned 9 from the Kweichow Moutai press conference held in Guiyang, aop formwork January to August this year, swift lift anchors Moutai liquor group completed the production of 69 thousand and 400 tons, an increase of 25%. Among them, Moutai wine 36 thousand and 800 tons, sales income of 30 billion 800 million yuan (RMB, same below), an increase of 15%, profit 16 billion 400 million yuan, an increase of 6.67%. At the same time, the Moutai group Kweichow Moutai series of wine and wine exports grew 12.9%, earning $110 million, the new development of overseas 10 distributors, including The Belt and Road along the country 8. Kweichow Moutai Group Chairman Yuan Renguo said the meeting, Moutai this year the growth of total "eight highlights:" economic indicators exceeded, profitability increased substantially, and the synergistic force of industry and finance, brand effect is significantly enhanced, Moutai shares even record. For this performance, Yuan Renguo said, "we can be sure that this year, Moutai group will create rare in recent years, growth performance, bring more positive influence to the entire liquor industry recovery." He said, Moutai group break through the annual added value of 39 billion 800 million yuan, sales income of 43 billion 600 million yuan, total profit of 23 billion 100 million yuan, has no suspense. Yuan Renguo said, Kweichow Moutai plans to invest about 3000 tons in September to December to Moutai liquor market forecast, but the next few months, "Moutai wine hot" will continue to heat up, the shortage of supply in the short term difficult to alleviate. (end) halfen frimeda

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