As investors expected the fed to raise interest rates again likely to decline, last week, the international price of gold rebounded in the first few weeks after the shock consolidation, hit the biggest weekly gain in three weeks. On the 8 day of closing, the New York market price of gold closed at $1243.8 an ounce, up 1.6% compared with the previous week, but the overall market is still in a few weeks after a record high consolidation interval, were driven by the domestic market, RMB denominated gold prices upward shocks, listed on the Shanghai futures exchange gold futures closed 258.6 yuan per gram, compared with the previous week rose 0.5%. The gold market climbed to a year high in the first quarter, the focus back to when the fed to raise interest rates again the debate, with the fed in March to maintain the benchmark interest rate, and the market is expected to increase interest rates lower, international gold prices rebounded again, but the upside is still subject to future height rising interest rates are expected to suppress. The concern is that in the current high prices, mainly to the market speculators chase is still relatively cautious. The world’s largest gold ETF SPDR gold to 9 holdings fell to 817.81 tons, with basically the same as the positions of the previous week. At the same time, speculative traders in the futures and options derivatives market also slight reduction of net long. The Commodity Futures Trading Commission (CFTC) data show that as of April 5th week, the New York gold futures market, speculative net long to 163 thousand and 500 hand, show that as the main speculators hedge funds and fund managers on the prospect of the gold market is still relatively cautious later. (Chen Yunfu)
Beijing April 11 Beijing Xinhua (reporter Zhou Rui) “raised” to promote public entrepreneurship, prop sleeve innovation is increasingly apparent. Jingdong’s platform to raise public Jingdong Club 11 news release, the line on the platform for 89 years, has the innovation enterprise financing, the total financing success rate of 92%, the total amount of financing over 1 billion 100 million yuan. Among them, 23 projects are in the process of landing three new board. Behind the financing data of high success rate and the pattern innovation and the access control of the financing platform. In order to facilitate the analysis of the lack of professional ability of individual investors to better judge the project owner, the Jingdong first with the cast lead investor + mode, making the individual investors can use professional judgment of investment, reduce the investment risk. The club has been with the domestic Sequoia Capital, matrix partners, it real fund, IDG capital investment, venture capital and other mainstream institutions in Gobi more than 50 cooperation. Under the guidance of professional institutions, over 60 thousand high net users in the Jingdong owner in the equity investment platform, repeated investment rate of over 30%, 10% of the investors on the platform investment projects over 5. In terms of access, the Jingdong owner Sun Zhaozhao said the person in charge, the project to raise funds, the first to go through the project after the audition, audition by the owner of the project review committee checks, not only review the project review committee, to review the lead investor institutions, and leading investment institutions to conduct a review of the project, through the above screening, but also through the screening of club professional risk control team. “At present, after screening, only less than 2% of the project landing platform, through the above risk control process, to minimize the risk of fraud and compliance.” Sun Zhaozhao said. In addition to the selection of the project, the Jingdong is also trying to create a double club to promote the further development of ecological project. Sun Zhaozhao said, in addition to the strict risk control system, compliance and minimize the risk of fraud; Jingdong owner also in response to “public entrepreneurship, innovation” call, to innovative enterprise output ecological public record, to help startups grow, improve the success rate of entrepreneurship, to do with long-term value. In order to help investors to make decisions, to raise the public Jingdong also will introduce a “Crowdsourcing” concept. Sun Zhaozhao said, the future, the Jingdong owner will implement the “Crowdsourcing investment research” strategy, play the public investment wisdom, and platform for investment analysis and decision of project. (end)
Editor’s note: in 2015 Chinese Economic Net frequent fluctuations in the A stock market but to professional investors the opportunity but display skills to the full, cuplock scaffolding in the public fund industry overall profit of up to 679 billion 914 million yuan, while nearly 6 years and a record high, Shen Ling letter fund company has become the most embarrassed with a loss of 8 billion 300 million companies. Some analysts believe that the body is too large, the classification of the fund is the main cause of the huge loss, but on the other hand, frequent changes in fund managers leads to poor performance of fund products is another important reason. The overall profitability of public fund also hit a new high of 6 years According to China network reported, although the second half of 2015 A shares experienced two “diving” crash, but from the profitability throughout the year, 103 companies raised funds of the total profit is still as high as 679 billion 914 million yuan, and hit a new high of nearly 6 years. Flush iFinD data show that the Chinese fund companies last year cumulative profit 49 billion 937 million yuan, ranked first, Harvest Fund huitianfu fund profits last year 47 billion 150 million yuan, 38 billion 621 million yuan in two or three, GF fund, e fund, the South Fund, Celestica fund, the post fund, Yinhua Fund, Boshi fund profit in four or ten. Look from a single fund, Celestica balance treasure 2015 earnings 23 billion 131 million yuan, once again become the most profitable fund, but according to the annual report shows that the balance of treasure Celestica in 2015 compared to 2014 net profit fell 873 million yuan, down 3.64%. In addition, by profits last year 8 billion 853 million yuan, after the balance of treasure Celestica, post core growth in profit last year 8 billion 660 million yuan, ranked third, otherwise yifangda Rui Hui, Hui Tianfu balanced growth, China dividends, 7 fund profits exceeding 5 billion yuan last year, a total of 230 fund (A/B class /C share consolidation) over 1 billion profit last year yuan. The involvement of the second half of the stock market quickly diving, grading fund class B shares losses. The wells of SOE reform grading losses last year 15 billion 482 million yuan, becoming the biggest loss fund in 2015, Shen Ling letter CSI SWSC industry index 11 billion 746 million yuan loss last year, the two funds for losses last year only over 10 billion yuan of funds in the market. Shen Wanling believed in 2015 the largest loss of fund companies In the last year, only lost 9 profitable companies in the fund, Shen Ling letter fund to the cumulative loss of 8 billion 379 million yuan, to become the company’s largest loss fund last year, followed by the loss of 3 billion 806 million yuan, Penghua Fund financial fund losses 2 billion 778 million yuan. According to the Economic Information Daily reported data show that as of December 31, 2015, only 23 in Shen Ling letter fund subsidiary (A/B/C share consolidation) products, only in 2015 7 losses, losses amounted to 14 billion 200 million yuan total. Among them, ranked first Shen Ling letter CSI SWSC to 11 billion 740 million yuan losses in the company’s funds, ranked second is the loss of 1 billion 997 million yuan shenwanling letter card industry, shenwanling letter media industry losses 169 million yuan, followed by, there is a loss of nearly 100 million yuan the shenwanling letter shenwanling letter electronics industry, biological medicine. From the overall performance of the company’s funds, although the company still has 16 fund is profitable, but these earnings are piled up, is also difficult to resist such as Shen Ling letter CSI SWSC such big losses losses. The fund profit in 2015 of Shen Wanling’s letter, the best performance is the shenwanling letter of the new economy, but the fund is only to 1 billion 378 million yuan of profits in the first row of the company, the profit is only Shen Ling letter CSI SWSC losses 11.7%. Some analysts believe that the classification of the fund size in the company’s total assets under management accounted for a relatively high, the stock market volatility caused by the substantial changes in grading fund size, is the main reason leading to Shen Ling letter loss at the same time, this also led to the company’s asset management scale in 2015 years by a roller coaster. Shenwanling letter insiders also said that the classification of the fund profit losses have no small impact on the overall situation of the company. The personnel turmoil, the poor performance of the shenwanling letter by many troubles According to the Securities Daily reported that in the 71 fund companies, the total asset size of more than 10 billion yuan, ranking the most rapid decline was founded in January 15, 2004, Shen Ling letter fund, the company by the end of 2015, the net value of the total size of 49 billion 400 million yuan, ranked fortieth, down 14 times a. From the effective size (all types of funds in accordance with the standardization of the management fee scale equity fund management fees) index, 2015 of the company’s assets management fund total net worth 31 billion 142 million yuan, compared with 2014 34 billion 696 million fell 10.24% yuan, ranking from twenty-eighth in 2014 fell to thirty-sixth in 2015; at the same time, the effective share by 2014 by the end of 2015 27 billion 710 million 34 billion 52 million copies shrunk to a net decrease of 6 billion 342 million effective share, a decline of 18.62%. The effective share decreased, indicating the net redemption of investors in 2015, the company with the poor investment ability.” Beijing, a fund analyst told reporters. In addition, the fund company personnel changes is also facing trouble last year. In 2015, the company’s total of 10 fund managers, a total of 4 fund managers leave, new hires 5 fund managers, fund managers change rate is 55.56%, the number of turnover and the rate of change of ranks exceeding the industry average value, showing poor stability of fund manager of the company, but this will not stable continue to affect its performance in 2016, investors can only wait and see.
Beijing In April 11, cuplock scaffolding according to the latest data China foreign exchange trading center show that the middle of April 11th the RMB exchange rate against the dollar price of 6.4649, http://www.aopformwork.com compared with April 8th 6.4733 price rose 84 basis points. Chinese authorized foreign exchange trading center announced the people’s Bank of China, April 11, 2016 the interbank foreign exchange market, the RMB exchange rate: $1 for 6.4649 yuan, 1 euro for 7.3696 yuan, 100 yen for 5.9748 yuan, HK $1 for 0.83332 yuan, 1 pound of 9.1279 yuan, 1 yuan to Australia 4.8824 yuan 1 New Zealand dollars for RMB 4.4014 yuan, 1 yuan Singapore for 4.7927 yuan, 1 Swiss francs to 6.7785 yuan, 1 Canada yuan to RMB 4.9734 yuan, RMB 1 yuan of 0.60044 ringgit, 1 yuan for 10.4066 Russian ruble.
China News Service April 11 Beijing Xinhua (reporter Pang Wuji) global management consulting company McKinsey 11 released in Beijing “into the future” and a series of Bank report pointed out that the overall transformation of China banks need to, the next ten years is the key period of reform of the banking industry. Under the new economic norm Chinese, precast accessories banks are facing severe external challenges. From the external challenges, the McKinsey Global managing partner Qu Xiangjun pointed out that it is a macroeconomic slowdown in economic growth, reduce the demand for loans, the banking sector profit growth also stepped on the brakes”. In 2015, Chinese five banks net profit growth continued to slow growth in 2014 fell to a number of “zero”, is the worst for nearly ten years, of which the largest increase in net profit Chinese bank is only 1.25%, the other four banks will opt for profit growth fell below 1%. The second is in recent years China leverage rising credit risk continue to accumulate, to leverage the huge pressure. Song Jun Xiang pointed out that in 2015 Chinese debt amounted to $30 trillion, the proportion of GDP reached 290%, more than some level of developed economies. At the same time, China banking non-performing loan ratio also rose for 17 consecutive quarters. Third, with the deepening of market-oriented reform of interest rates, deposit and loan interest margin squeeze. By the simple bank deposit lending lying to make money era gone for ever. The fourth is increasing trend of financial disintermediation, occupy the market share of the bank. The current enterprise direct financing channels is more diversified, the rapid growth of the bond stock market direct financing scale. At the same time, the rapid rise of Internet banking and traditional banking financing oriented business model, the market share of banks face a great threat, there may have been “marginalized”. In addition to external challenges, Qu Xiangjun pointed out that the banking sector there is a lack of industry expertise, customer orientation is not clear; the extensive business model, the business model of a single product, the lack of capacity; specialized risk control ability should be strengthened and the examination efficiency bottlenecks; professional leading talent shortage, low personnel heavy historical burden, lack of effective exit mechanism etc. internal challenges. In the face of banking Chinese McKinsey suggests that domestic trouble and foreign invasion, the transition to the four strategic directions. One is to establish the direction of professional and efficient marketing foreground. “A lot of famous international banks have specialized industries or sectors, and in the field of deep”, Qu Xiangjun said, but China banks generally lack this concept, which also led to lending approval problems, increase the risk. He suggested that the development strategy of specialization of commercial banks’ customer groups, customer service mode to provide collaborative customer manager, risk managers, risk approval product sales officer, one of the four, and the establishment of a scientific and efficient system of sales management. Two is to strengthen the product scheme and comprehensive pricing ability. Director partner of McKinsey said Yung Jue, scientific pricing is an important means to deal with the interest rate market, may bring 6%-15% revenue growth for banks. The three direction is combined with the construction of scientific credit risk prevention and control system. The four direction is to promote big data and data bank. (end)
International Online reports (reporter Zhao Yang): Recently, the industrial bank funds operations center and DBS Bank (Chinese) Company Limited Shanghai branch through China foreign exchange trading center FTA trading system first reached Shanghai FTA interest rate swap. This marks the China interest rate swap market breaking success in the free trade zone. It is understood that the transaction occurred in Shanghai free trade zone free trade account (FT) system, fixing socket the 7 day repo rate China interbank market based on RMB as the name of the principal, the dollar as a settlement currency. The RMB interest rate swap transaction is agreed by both parties in the transaction within a certain period in the future, according to the principal and interest rate of RMB agreed and financial contract interest exchange. The dollar as the currency interest rate swap is also known as NDIRS (Non-Deliverable Interest Swap), the past is dedicated to the enterprise and not by financial institutions within the territory of the financial market, for overseas investors to provide RMB interest rate and Chinese monetary policy risk hedging tool, but also provides a kind of investment products for investors. Analysts believe that with the accomplishment of China exchange rate and the interest rate market, overseas to participate in the domestic financial market gradually increase the intensity, and the FTA as a bridge between domestic and foreign investors, breaking the FTA interest rate derivatives market provides more abundant products and more direct channels for overseas investors to participate in the domestic market, but also to the territory to further understand the mechanism of the RMB interest rate market pricing.
Within three months of the outbreak of third cases indicates that the bill market is entering a period of high risk. The Bank of Tianjin in 8, HKEx announced that, recently, the Tianjin branch of Bank of Shanghai notes resale business volume risk event occurred. After verification, the risks involved in the amount of 786 million yuan. Tianjin bank also said, “at present, police investigation. The bank is actively cooperate with the investigation work, strengthen communication and coordination with relevant agencies, to ensure maximum safety of funds.” The Bank of Tianjin did not disclose the risk event antecedents and consequences in the announcement. “Economic Reference News” reporter 10, contact the Bank of Tianjin stakeholders, the source said, the current police investigation, all the announcement, if there is a new situation in the future news will be released. The risk of incident was exposed, but also market rumours of a bank of Tianjin banking institutions and financial intermediary Huitao control of the Xi’an branch of a trade bill repurchase transactions, the transaction amounted to 900 million, the Bank of Tianjin as a reverse repo party funds bill, Huitao financial control with the operators as the repurchase party to borrow money; the 900 million repurchase expires, take note of small and medium-sized financial institutions intermediary control, paid only 200 million yuan, there are 700 million yuan and interest payment. But the rumor has not been officially confirmed the Bank of Tianjin. Bill Zhao Cila expert analysis, the specific reasons for the Bank of Tianjin notes the case is not clear. “I personally think we should involve the reverse repurchase, Bill intermediary, interbank three elements. Bank internal control mechanism and lack of moral risk of employees both have at least one.” He told the economic reference news “reporter said. Public information display, since the beginning of 2016, including the Bank of Tianjin, has three domestic bank bills business risk event, involving more than 5 billion yuan. Zhao Cila analysis, the main commercial bills from the central enterprises, state-owned enterprises and listing Corporation into small and micro enterprises, the use of commercial bills has been changed from the original trade payables tool under the background of advance payment financing under the background of change has occurred that Bill uses qualitative. But because the discount for 1997 is the implementation of “commercial acceptance, discount and rediscount management procedures” to provide invoices to bank supervision policy, prepayment transaction can not issue invoices, pre payment transferee of bill cannot apply to the bank discount, resulting in trillions of commercial bills holder for non trade enterprises the invoice and bill only to seek financing conduit company, the conduit company making false invoices bills and bills the trading unrelated to the bank after discounting. Such “package ticket” phenomenon has spread to the country, causing frequent disputes billdisputes. He also said that the banking institutions and private bill intermediaries use short-term funds and long-term notes asset spreads, market arbitrage sets through repurchase repurchase way; with the repurchase period shorter, derived from generation to repurchase transaction, hold the transaction is the essence of credit loan transaction, in the absence of credit constraints some hold the party vote, will sell two, so on behalf of the holders of bills trading and repo caused many disputes bill operation risk. At the end of last year, the CBRC issued the “China General Office of the CBRC on the bills business risk warning notice” (Office of the CBRC 2015 No. 203) to make risk warning of bill business. Zhao Cila said, starting from the bank acceptance bill risk business, deal with the acceptance business risk premium must cover the risk of loss of the basic principles to strengthen supervision of electric bill discount business in accordance with the three principles of the exhibition industry to cancel the contract and invoice verification, in order to achieve disintermediation. Reporter Zhang Mo Beijing reported.
Through the cut in 2015 after several times, http://www.aopformwork.com the deposit interest rate is reduced, all kinds of financial products yield also decreased gradually, people buy bonds enthusiasm was ignited again. According to the Beijing Evening News reported, in order to grab 4.42% of the annual yield of treasury bonds, do not use online banking to old people even late at night on the floor waiting for self-service banking. At 10 yesterday morning, 40 billion of the country’s bonds have been sold out. Even the lobby manager lamented, so hot bond sales scene has four or five years did not appear. But the Yangzi Evening News reporter learned that, in May 2016 and June respectively, the bonds and electronic bonds issued, then we can prepare in advance. Yangzi Evening News reporter Li Chong Financial Manager: Treasury bonds are berserk, within a day sold out is normal Yangzi Evening News reporter learned yesterday, this year is the first day of the first phase of electronic savings bonds sales, online banking and counter sales, 3 year bond coupon rate of 4%, the maximum issuance amount of 20 billion yuan; 5 year bonds coupon rate of 4.42%, the biggest issue is the amount of 20 billion yuan. Although the Treasury sales date for April 10th to April 19th, but in fact, from the sale of treasury bonds to sold out in less than 1.5 hours. The Beijing Evening News reported that there is not the old people to use online banking day before 9 p.m. to 24 hours on the floor waiting for self-service banking. As of 10 o’clock in the morning, 40 billion of the country’s bonds have been sold out. Nanjing, a joint-stock bank financial manager said that this year the sale of bonds has been very popular, the bonds last month is less than a day sold out. At 9 yesterday morning, the Yangtze Evening News reporter in Longjiang bank outlets queuing to buy treasury bonds met many of the elderly, the bank had just opened the door, the old people were told the national debt limit has been sold out, the old people was very angry. The bank said, electronic bonds generally at half past eight in the morning on sale in the national unity, and open the door Business Hours bank outlets are at nine in the morning. Therefore recommended in the elderly may learn to use appropriate methods of electronic channels. Need to be reminded that the net purchases of treasury bonds to the early opening of online bond account”. Don’t worry, 5 to November every month bond Yangzi Evening News reporter learned from the official website of the Ministry of finance from 2016, March to November, every month the issuance of Treasury bonds. Therefore, the public did not buy bonds do not worry, the next time to prepare in advance. The bank said the financial bonds and electronic bonds the main difference lies in the way of buying and service mode, the bonds expire one-time payment, only through the counter purchase, electronic bonds payable annually, can be purchased through the counter and online banking. After the electronic bonds payable annually to buy a manual Treasury, in order to achieve the purpose of value-added compound. The bank warned that bond liquidity is good, most of them are able to advance payment, but the loss of interest and transaction costs, so for 3-5 years will not use the funds, the longer term the higher the interest rate. For the low risk appetite of investors in the stock market and the continuous cut channel, savings bonds is still a good choice.
Beijing In April 11, according to the central bank website news, the people’s Bank on Monday (April 11th) launched a tender interest rate 15 billion yuan of 7 day repurchase operations, the successful rate of 2.25%.