Beijing In June 14, according to the latest data China foreign exchange trading center show that the middle of June 14th the RMB exchange rate against the dollar price of 6.5791, compared to June 13th increased by 14 basis points. Chinese authorized foreign exchange trading center announced the people's Bank of China, June 14, 2016 the interbank foreign exchange market, the RMB exchange rate: $1 for 6.5791 yuan, 1 euro for 7.4307 yuan, 100 yen for 6.1851 yuan, HK $1 for 0.84751 yuan, 1 pound of 9.3572 yuan, 1 yuan to Australia 4.8533 yuan 1 New Zealand dollars for RMB 4.6148 yuan, 1 yuan Singapore for 4.8494 yuan, 1 Swiss francs to 6.8282 yuan, 1 Canada yuan to RMB 5.1287 yuan, RMB 1 yuan of 0.61826 ringgit, 1 yuan for 9.9476 Russian ruble.
Beijing In June 13, according to the central bank website news, lifting socket the people's Bank on Monday (June 13th) launched a tender interest rate 40 billion yuan 7 days period reverse repurchase operations, the successful rate of 2.25%.
Beijing In May 30, according to the latest data China foreign exchange trading center show that the middle of May 30th the RMB exchange rate against the dollar price of 6.5784, compared with May 27th price 6.5490 down 294 basis points. Chinese authorized foreign exchange trading center announced the people's Bank of China, May 30, 2016 the interbank foreign exchange market, the RMB exchange rate: $1 for 6.5784 yuan, 1 euro for 7.3015 yuan, 100 yen for 5.9365 yuan, HK $1 for 0.84700 yuan, 1 pound of 9.6156 yuan, 1 yuan to Australia 4.7216 yuan 1 New Zealand dollars for RMB 4.4020 yuan, 1 yuan Singapore for 4.7639 yuan, 1 Swiss francs to 6.6134 yuan, 1 Canada yuan to RMB 5.0328 yuan, RMB 1 yuan of 0.61926 ringgit, 1 yuan for 10.1117 Russian ruble.
Reporter Zhang Chen The reporter Zhang Chen reported: in May 27th, formwork clamp the State Administration of foreign exchange bureau issued a "Notice of the State Administration of foreign exchange on issues concerning foreign exchange administration of foreign institutional investors to invest in the interbank bond market". This is the recently released and foreign institutional investors to invest in the interbank bond market and a new. The people's Bank of China official connection are explained in detail, and said the future of the people's Bank will according to the market development, timely to allow other foreign institutional investors in bond repurchase transactions. The "notice" the main contents include: one is to implement the registration and management of foreign institutional investors. Foreign investors shall handle foreign exchange registration through a settlement agent. The two is not a single institution or a total quota limit. Foreign institutional investors with the relevant registration information to the bank directly for inward remittance of capital and foreign exchange or foreign exchange formalities, do not need to go to the foreign exchange bureau for approval or approval. The three is for the remittance of funds into the currency is consistent. Investors remitted the proportion of foreign currency funds should be maintained and the proportion of foreign currency to the basic agreement, the fluctuation is less than 10%. The central bank official said, all kinds of foreign institutional investors at this stage can carry out spot transactions in the inter-bank bond market, and hedging needs to carry out securities lending, bond futures, interest rate swaps and forward rate agreements based on transactions. The clearing bank for RMB business in overseas and also can carry out the repurchase transaction of bonds in the inter-bank bond market. The future of the people's Bank will according to the market development, timely to allow other foreign institutional investors in bond repurchase transactions. The responsible person said, qualified foreign institutional investors can decide the scale of investment, no investment limit. Outside the people's Republic of China according to the types of financial institutions registered in commercial banks, insurance companies, securities companies, fund management companies and other asset management institutions and other financial institutions, the compliance issue of customer oriented investment products, and pension funds, charitable donations and other funds, long-term institutional investors such as the people's Bank of China authorized fund according to the relevant provisions of the "notice" of the investment in the interbank bond market. At the time of filing, foreign institutional investors should according to their own circumstances and truly intends to invest scale information reporting. The central bank responsible person stressed that foreign institutional investors to invest in the interbank bond market into the principal can be RMB, can also be a foreign currency; funds for export, RMB can be remitted, either in China or convertible into foreign currencies after the remittance of funds remitted, currency structure should be maintained and the proportion of foreign currency to the basic agreement. The relevant provisions of the import and export foreign exchange funds, foreign exchange and other operating procedures shall abide by the people's Bank of China and the State Administration of foreign exchange. The responsible person said, at present, foreign central bank institutions can enter the inter-bank foreign exchange market, carry out varieties of foreign exchange transactions including spot, forwards, swaps and options. The clearing bank for RMB business overseas and meet certain conditions of the purchase and sale of RMB business outside the participating banks can enter the interbank foreign exchange market, foreign exchange trading varieties listed in. Other foreign institutional investors can not directly enter the inter-bank foreign exchange market. The people's Bank of China will continue to promote the research on foreign exchange market opening, gradually expand into the inter-bank foreign exchange market of overseas institutions, to better meet the needs of market participants.
In 2015 the number of product size and distribution of growth is slowing down, Bank financial needs innovation and transformation Newspaper reporter Cao Lishui Affected by the macroeconomic situation and the development of the industry itself, swift lift anchors the banking business growth is slowing down. Commercial banks should strengthen risk control and timely innovation business types, explore the transformation direction, looking for more support for the stable and healthy development of business After years of rapid development, China's banking financial services is slowing. Chinese Banking Association financial services Specialized Committee recently issued the "2015 China banking financial services development report" shows that in 2015 the banking financial institutions to raise a total of 158 trillion and 410 billion yuan of financial funds, an increase of 38.99%, the issuance of financial products 186 thousand and 800, an increase of 3.48%; although achieved good results, but compared with previous years, the number of products scale and the issue of growth is slowing down. In 2014, the financial capital to raise the scale of growth of 61.71%, the number of products issued by 25.35%. The yield decreased significantly According to the "report", in the payment of financial products customer revenue, in 2015 compared to the previous year growth, the cumulative payment of customer revenue 865 billion 100 million yuan, an increase of 21.48%. Among them, income cashing customers accounted for 42.26% of state-owned banks, joint-stock banks to honor customer revenue accounted for 39%. Although cash income is still growing, but yields gradually decline. Pu Yi standard of the latest data show that in April this year, large banks yield index fell 2.55% decline, increased in March. The joint-stock commercial banks in March to yield the chain increased, but in April fell 5.21%. In addition, the first three weeks of May, the average expected yield financial products were 3.99%, 3.93% and 3.96%. Chinese bank full-time vice president of Industry Association Yang Zaiping said that the banking business is facing a hitherto unknown challenge, financial products yields fell, has broken 4%, enter "3" era. "From the first quarter of this year, a number of joint-stock banks financial products scale, there have been some negative growth in the beginning, there are several single digit growth, then contact the current financial returns, that financial growth has started to slow down. In the background of the economic downturn, the credit risk of one after another, but also a severe challenge for bank financing." The general manager of the asset management department of Guangdong Development Bank Chen Fang said. Investment pressure rise The relationship between financial products and the real economy closely. Yang Zaiping said that in 2015, more than 67% of the financial funds to invest in the real economy, the strong support of the transformation of the development of the real economy. Data show that in 2015, there are 15 trillion and 880 billion yuan of financial funds through bond allocation, non-standard assets, equity assets and other ways to invest in the real economy. In fact, financial funds through investment holdings of shares in the listing Corporation, enterprise or government guidance funds, in support of national Belt and Road Initiative, western development, corporate mergers and acquisitions, urbanization construction and post disaster reconstruction work plays an important role, to achieve social and economic benefits. However, in recent years, the development of the financial management business has also been affected by the credit risk in the real economy. Agricultural Bank China asset management department deputy general manager Yang said, "since last year, the traditional asset heavy industries further downsizing, zombie enterprises shut down, the commercial bank's risk identification and risk control methods put forward high requirements". "In the past, we think that the credit risk exists only in non-standard assets, from the beginning of this year, the bond market and other market credit risk will gradually appear, investment logic needs to be changed." Everbright Bank Chinese asset management department deputy general manager Pan Dong said. Bank financial products asset side risk return is a litmus test. China Merchants Bank Asset Management Department Deputy General Manager Wei Qing said, if there is no market of high yielding assets, the allocation of the product should not have a high income. At present, financial income is usually rigid. Financial products need to gradually enter into the state of risk pricing. Take measures to seek transformation The banking business needs transformation. China bank investment banking and asset management department deputy general manager Wang Weidong said that bank financing is an important link in the transformation process of domestic commercial banks. Financial business development to this stage, not in accordance with the original routines and procedures to do, the transformation is imminent. Yang Zaiping said, the new challenge of financial services, mining income and risk control must do two homework, to maximize the benefits, but also to better control the risk, risk to hold the bottom line. With the gradually released risk factors in the real economy, financial services to strengthen risk management is very important. China CBRC business innovation department director Su Xinming think, to change the current financial products is expected to yield products for the mainstream position, further development of net products, improve investor awareness of caveat emptor. In addition, in order to change part of the information management business location unknown, increase the investment chain complexity problems, to prevent the risk of cross infection. In the industry view, the banks should know their assets, separate the real demand of capital and false demand area, according to the actual situation of real assets, to match the risk preferences of investors. In addition, to solve the "asset shortage" problem, but also to maximize the discovery, mining value-added potential assets, especially with the technology and innovation related assets. Pan Dongyong three sentence summary of the direction of the transformation. The first is the end product return, by breaking the rigid payment, improve the quality of information disclosure, product transition from the original expected return type products to the net assets; second is the end of the transition, the future direction of development of information management to the investment bank, to discover, to establish the good information management by mining, investment products, and through the bank promote financial services throughout the life cycle; third is to control the end of solid wind, only to do the basic work, improve risk control theory, in order to ensure the stable and healthy development of business.
<strong> China Economic Net editor's note:</strong> Recently, lifting loop CCXI will laishang bank lowered the rating outlook from stable to negative. CCXI analysis, lifting clutches Levin commercial bank credit challenges including non-performing increased sharply, the profitability index fell sharply; smaller assets, against the risk of weak foundation. A shareholder announcement also confirmed this point. In April 29th, Luyin Investment announced that 4.98% of its holdings of Levin commercial bank, three annual net profit of less than 51.93% of the profit forecast, will be required for performance compensation, and therefore a public apology. Levin commercial bank 2015 annual report shows that as of the end of 2015, the bank net profit attributable to shareholders of the parent company is only about 210 million yuan, while the 2014 data is about 487 million yuan, net profit fell 50%. As of the end of 2015, the bank non-performing loans of about 1 billion 43 million yuan, compared with the beginning of 2014 increased by about 600 million yuan, NPL ratio was 2.72%, up 1.31 percentage points. The analysis thinks, the net interest margin continued to narrow, the rapid growth of the provision for expenses, net profit fell significantly, the future industry overcapacity risk exposure and accelerating the interest rate market will have a greater pressure on the profit. Places of business are faced with the economic environment and credit differences further challenge to the risk control ability of Levin commercial bank. Bad as the rising of business expansion to increase capital consumption, capital replenishment pressure rise. What is the cause of the net profit cut? How to evaluate the Levin commercial bank Rating firm to the bank's rating outlook to negative? From the non-performing loans mainly from the city of Laiwu, then what measures to deal with risks? For the problems mentioned above, Chinese economic network reporter mail interview laishang bank office, as of press time, has not yet received a reply. <strong> Levin commercial bank performance in 2015 "ugly" shareholders apology</strong> According to the twenty-first Century economic report, headquartered in Shandong, Levin commercial bank, 2015 net profit 210 million yuan, than last year fell 56.87%. It is worth noting that this is the second consecutive decline in performance. Prior to 2014, net profit fell 7.4%. In April 29th, Luyin Investment announced that 4.98% of its holdings of Levin commercial bank, three annual net profit of less than 51.93% of the profit forecast, will be required for performance compensation, and therefore a public apology. Announcements, November 2012 -12 months to 2015 year, net profit of Levin commercial bank was achieved 190 million yuan, 520 million yuan, 480 million yuan and 210 million yuan. 51.93% to three years and a whole only complete performance commitments. Therefore, the trigger condition performance compensation. Further, Luyin investment will urge Laiwu Steel Group in accordance with the "agreement" performance compensation agreement timely perform compensation responsibility. Luyin investment introduction, there are three main reasons why the performance promises unfulfilled, one is affected by the macroeconomic impact of declining demand for bank loans, lending cautious increase in interest income decreased. Secondly, by the central bank to cut interest rates and market interest rates to accelerate the process of interbank competition eroded profit margins. Third, increase the intensity of the provision of bad loans, directly led to the decline in net profit. It is reported that Luyin investment said net profit for the company agreed to a subsidiary of Levin commercial bank failed to achieve major asset restructuring performance commitments in the company, regret, solemnly apologize sincerely to the vast number of investors, and to remind investors cautious decisions, pay attention to investment risks. Later, the company will urge Laiwu Steel Group in accordance with the "agreement" performance compensation agreement timely perform compensation responsibility. In 2016, will actively strengthen the attention and management of Levin commercial bank, and strive to better the performance of return of all shareholders. In addition, the report shows that in 2016, Levin commercial bank target, to ensure that the capital adequacy ratio meets the regulatory requirements; at the end of the year, total assets reached 78 billion 600 million yuan, an increase of 14 billion 300 million yuan; total deposits reached 50 billion yuan, representing an increase of 7 billion 450 million yuan deposit deviation to comply with regulatory requirements; total loans reached 37 billion yuan, an increase of 5 billion 200 million yuan profit before provision; (pre tax) 1 billion 250 million yuan, the cost income ratio below 40%, intermediate business income accounted for more than 8%; the rate of bad loans is less than 2.78%, the loan loss reserve adequacy ratio above 150%, the amount of loan ratio is above 2.5%; realize the safe operation of the case and the case of major moral liability. <strong> Levin commercial bank rating outlook to negative is Laiwu local adverse rate as high as 7.39%</strong> In May 11th, CCXI, decided to maintain the Levin commercial bank's main credit rating AA-, rating outlook from stable to negative; while maintaining the 2013 and 2015 financial bonds AA- debt credit rating. CCXI said, the grade is determined on a comprehensive assessment of the macroeconomic and industry environment, Levin commercial bank based on its financial strength. The rating also reflects the challenges of Levin commercial bank, including the economic downward pressure increased sharply, poor provision coverage has been lower than the level of supervision, profitability, capital adequacy declined sharply, product development and innovation ability, less well-known brands, business structure and structure need to be improved and deposits across the region business management and personnel challenges. According to China business newspaper, from the non-performing loans of Levin commercial bank mainly come from the city of Laiwu. CCXI rating report pointed out that in the Laiwu area, mainly in the iron and steel industry, affected by the economic development of the region continued downward, steel overcapacity, facing Laiwu steel market pressure is increasing, the steel trade enterprises operating pressure rise; at the same time, textile, papermaking, mining, coal and other non steel industries also caused large non-performing. The pressure to Levin commercial bank asset quality. CCXI pointed out in the Levin commercial bank tracking rating report, as of the end of 2015, Levin commercial bank in Laiwu local non-performing rate of 7.39%, while only 0.68% negative rate. In the face of the high risk area of Laiwu, the relevant person in charge told reporters: "laishang bank Levin commercial bank is" Laiwu's own bank ", have the responsibility to play to regional market economy." The responsible person explained, from the beginning of 2008, the real economy is gradually exposed to the risk, there are many after entering Laiwu banks continue to withdraw from Laiwu. In the withdrawal at the same time, after the loan business of these banks and local enterprises in Laiwu are also facing the dilemma of pumping loans. In order to prevent the enterprise capital chain rupture, brought greater economic pressure to the Laiwu area, Levin commercial bank will undertake the business loans, also the risk of these enterprises. <strong> Shandong City firm Langya Levin commercial bank at the bottom of the list:</strong> According to Lu network reported that as of May 26th, Shandong Province 14 city firm has 11 publicly disclosed in 2015 annual report, the Bank of Dezhou, Bank of Yantai, Bank of Zaozhuang three not yet disclosed. Lu found network financial statistics, Shandong province 11 city firm last year operating income 31 billion 590 million yuan, net profit of 8 billion 871 million yuan. However, if refined to the banks, the index is uneven, the gap between. In the net profit target, the Bank of Qingdao last year net profit of 1 billion 814 million yuan, the net "become fully deserve the king". Followed by Weihai commercial bank, net profit of 1 billion 580 million yuan. Qilu bank are among the 1 billion 187 million to score third yuan. The total net profit in the last three rows of the Bank of Jining, Bank of Tai'an and laishang bank, respectively 425 million yuan, 370 million yuan and 204 million yuan. The net profit of the fastest growth for Weihai commercial bank, an increase of 26.13%, the slowest growth rate of Levin commercial bank, down 57.93%. It is reported, Levin commercial bank formerly known as Laiwu city credit cooperatives, in July 2005 for the restructuring of joint-stock commercial banks. Has branches in Laiwu, Heze, Xuzhou, Ji'nan, Tai'an, Linyi, Jining, Liaocheng. At present, Levin commercial bank employees 1885 people, the staff in the university or above 1797 people, accounting for 95.33%. Chinese economic net reporter combing found that as of the end of 2015, the top ten shareholders are: Shanghai Pudong Development Bank, Limited by Share Ltd, Laiwu Steel Group Ltd, Laiwu JINGWAH Tube Co. Ltd., Shandong Xinwen mining Refco Group Ltd, Taishan iron and Steel Group Co. Ltd., Panda Gold controlled Limited by Share Ltd, Limited by Share Ltd, Shandong Shenhua Group Laiwu Decoration Group Co. Ltd., Laiwu Jiuyang welfare ironworks, Shandong international industrial Limited by Share Ltd. The shareholding ratio was 18%, 15.31%, 8.83%, 6.50%, 6.50%, 5%, 4.98%, 3%, 3%, 3%.
Today, scaffolding accessories the Fed continues to heat up again this summer is expected to raise interest rates, the Federal Reserve Chairman Yellen recently more outgoing market release hawkish speech, the global market also began to prepare for the Fed's upcoming hike. Federal Reserve Chairman Yellen delivered a speech at the Harvard University recently said that if the economic data improved, interest rate hikes in the coming months is likely to be right. "As I have said, with the passage of time, the Fed gradually cautious hike is appropriate, may be in the next few months, the Fed will raise interest rates." Yellen's speech and the Fed's April meeting minutes, "hawks" style in the end. However, Yellen did not explicitly pointed out that the Fed will raise interest rates in a specific meeting. A recent meeting of the Federal Reserve will be June 14th and 15, the next time is July 26th to 27. That the majority of market institutions, Yellen about the next few months to raise interest rates appropriate speech "let people be startled at". FTN economist Chris Low pointed out that Yellen "made us all surprised", the market did not expect Yellen to talk about monetary policy. Recently, federal officials also frequently released hawkish speech. New York Fed President Dudley said that as long as the future economic data as expected, from a quarter of the weak data back on track in the summer, the Fed interest rate policy is appropriate to restore. The Fed is displayed in the minutes of the April meeting, if the future of American economic data improved, the Fed may raise interest rates at the June meeting. After Yellen's speech, the market expected the fed to raise interest rates to rise further. The Chicago Mercantile Exchange (CME) showed that the federal funds rate futures, the possibility of the Fed interest rate hike in June from Yellen's speech before the 30% rose 4 percentage points to 34% in July; the possibility of raising interest rates rose 4 percentage points to 62%, a record high. In contrast, the Fed meeting minutes released in April before the two months is expected to raise interest rates were only 19% and 38%. On Friday, the U.S. stock market s & P 500 index closed up 0.43%, a record high since April 20th. The dollar index continued to rise to make a strong response, refresh a new high of two months. It is worth mentioning that in November last year, a former Federal Reserve raised interest rates for the first time, the S & P 500 index as now in the vicinity of 2100 points. To last November, a month after the rate hike down the S & P 500 index after 8 weeks, fell 10%. This summer, the Fed what action is not known, but Merrill Lynch believes that if the Fed rate hike this summer, may bring some downside risks. The study of global investment strategy Department of Merrill Lynch shows that in the interest rate once the end "of the tightening cycle, after the Fed's initial interest rate cut for the next action case, from the past is beneficial for risky assets. On average, the stock market rose 19% in the 12 months after the initial interest rate. However, in the "interest rate hike, a pause, once again raising the interest rate" of the tightening cycle, if the Fed for a quarter or two between the first and the second interest rate hike, it appears that the stock market from the past 12 months after the first rate hike in rose only 3%. At present, from the Federal Reserve in December last year has raised interest rates for the first time in the past 5 months, which means that if the Fed chose this summer or in September to raise interest rates, stock market returns may downturn. (reporter Wu Jiaming)
The dollar index rose to a two month high Guangzhou daily news (reporter Zhou Hui) the Fed rate hike is expected to heat up again to detonate the dollar, pressure of rmb. Yesterday, the central parity of RMB dropped 294 points, at 6.5784 yuan, to a five year low, while the dollar index rose to a two month high. As of yesterday's close, the RMB against the U.S. dollar closing price of 6.5825, compared with the previous day's closing price fell 0.35%. Expert analysis, with the Fed's interest rate is expected to continue to rise, increase the RMB exchange rate flexibility, but the overall stability is the premise of two-way fluctuations in the RMB exchange rate may increase, but does not appear substantial adjustment. RMB spot rate exceeded 6.58 mark Yesterday, the central parity of RMB dropped 294 points, at 6.5784 yuan, the spot exchange rate of RMB against the U.S. dollar in early trading with the middle price depreciate sharply, breaking the 6.58 mark. The RMB exchange rate with the major international dollar fluctuations. The dollar index rebounded in the background, in May the renminbi against the dollar depreciated by about 2%, while onshore and offshore RMB market exchange rate significantly expanded again. Although on Friday, Fed chairman Yellen's speech makes interest rate is expected to continue to heat up, but the dollar index broke the 96 mark is time, the future or there will be a brief pullback. Offshore RMB will depreciate sharply, but the two remained at less than 100 points. Citibank expects the yuan will be under pressure in the short term. CITIC Securities analyst said that from the external point of view, the emerging currencies or reversed, will indirectly increase the RMB devaluation pressure: the second half of the U.S. interest rate hike means the dollar or a strong return, while the oil price risk facing the callback, increase the commodity exporters currency downward pressure. Guotai Junan chief analyst Ren Zeping analysis pointed out that in Taikang asset forum, to maintain the judgment once the Fed rate hike this year, "this year the Fed will tend to raise interest rates a point should be missed in November, the best strategy is six or seven month or December. The dollar peaked, but still strong in the commodity cycle, volatility this year will be very large." Standard Chartered Bank said the stance of monetary policy will shift to a more robust but remained loose, avoid enterprise leverage rapid rise. At the same time, fiscal policy or maintain the momentum expansion. Not only that, the majority of enterprises is expected due to the Fed rate hike is expected to rise to promote a stronger dollar, the RMB will face pressure. Small and medium-sized enterprises, the import of raw materials and the prospect of the order of energy price prospects are facing potential challenges. A strong dollar yen under pressure Global currencies, the dollar against the yen on Monday hit a one month high, strong against other currencies, after USDJPY rose to highs of 111.33, or expanded to 0.8%. Since after the first few months of this year's dismal, the dollar against a basket of currencies in the past 18 days rose nearly 4%. Since May, the dollar rose 2.9%, is expected to hit the biggest monthly gain since November. Fed chairman Yellen said that if the U.S. economy continues to improve, the next few months to raise interest rates is appropriate. Yellen said that although the first quarter of this year and the fourth quarter of last year, weak economic data, but recent data show that economic growth increased. Yellen expects the economy will continue to grow, the labor market will continue to improve. She believes that the Fed should be gradual and cautious interest rate. She said, to raise interest rates in the future months of action may be appropriate. The Fed's April monetary policy meeting minutes showed that most Fed officials believe that if the U.S. economy rebounded in the second quarter, the labor market continues to improve, the inflation rate gradually close to the 2% target, in June the rate hike is appropriate.
Recently, fixing socket regulators issued about three fund subsidiaries of the draft motion industry, adjustable base jack this may mean the end of the fund subsidiary barbaric growth era, the two time the arrival of a new era. Chinese fund newspaper reporter from Beijing, Shanghai, Guangzhou, Shenzhen and other foundation subsidiaries who understand that many companies are the focus of recent work is based on the current draft strategic and operational adjustment. More people said, have the three documents continuously open many days of meetings, the transformation of anxiety in the industry continues to heat up. At present, a subsidiary of the fund is to improve the level of the net capital of a pressing matter of the moment, the future or the tens of billions of capital influx; business from the past channel business transformation initiative management business, asset securitization (ABS) business has become xiangbobo. However, recent channel rates soared, basically reached the level of 10001. For the original business continued life" A subsidiary of much-needed capital 10 billion yuan According to estimates, a subsidiary of the fund to deal with the amount of capital required by the regulatory requirements of nearly 10 billion yuan. Recently, regulators issued the "securities investment fund management subsidiary management regulations", "the fund management company specific customer asset management subsidiary risk control guidelines" and "Securities and futures business institutions to implement the asset management business of the" eight line "prohibited behavior rules". The three draft of a declaration of the past, from net capital constraint fund subsidiary operations also ushered in the "inhibition". According to estimates, the amount of capital needed to meet the regulatory requirements of the nearly 10 billion yuan. The draft of the fund company to establish the net capital supervision system and other specific requirements, and the regulatory requirements of the trust industry is similar, but the current fund subsidiary of the net capital and the trust level is far away. Guoxin Securities data show that as of the end of 2016 3, the total assets of the trust industry management (trust assets plus fixed assets) amounted to 17 trillion yuan, net capital reserves (net assets of 369 billion 900 million yuan for compensation). At the end of 3 the trust industry net capital / net assets ratio as high as 96%. If the fund company in accordance with the regulations before 2016, do not calculate the size of the stock not renewed, 2016 after the beginning of the increment calculation, to the end of 2016 to the standard. Data show that 79 subsidiaries included in the statistics of the registered capital amounted to 5 billion 243 million 480 thousand yuan, an average of only 66 million 370 thousand yuan, a subsidiary of the fund by the end of 2012 began operation, the accumulated operating income is very limited. An industry source said, the net capital fund subsidiary of the top 10 into one in the industry but also $200 million, a subsidiary of the fund to maintain the original size of the business capital can hardly be avoided. However, not all shareholders are willing to readily took out hundreds of millions of dollars in capital. Shanghai, a small fund subsidiary corporate business sector director bluntly, the increase in the registered capital of the situation is different, "the fund companies are actively communicate with the shareholders, the Department of banking with the bank in charge of leadership communication, non banking department also have held a board of directors. However, capital or not, depends on the shareholders considerations, positioning, each subsidiary requirements are not the same." Shanghai, another fund company subsidiary vice president also said, has asked shareholders, but ultimately replenishment can achieve much, depends on the attitude of shareholders, the industry can be directly injected more than 500 million yuan of funds a major shareholder of the company and many, but not necessarily there will be capital tide". "The top 20 fund companies have the ability to increase the registered capital to meet regulatory requirements, our company will in order to ensure the scale of capital." A large fund subsidiary said, because shareholders pay great attention to the size of the fund subsidiaries, and has high hopes, after all, is now worth more licences, ranked before the higher value. There are also some companies choose to narrow fund subsidiary business scale, to deal with the impending net capital constraint. "It is fatal to small companies involved in short-term capital funding requirements, they will slow down, or only consider the duration of business, new business will not be billed, such as the parent company shareholders will be held until after the implementation of recapitalization plan." A small company said. There are people with respect, at present the company has decided not to reduce the size of shareholders to seek capital, because whether shareholders capital depends on the rate of return on capital, reference trust company at present about 15% of the rate of return on capital, some shareholders feel very attractive, some feel not worth mentioning. Financial Research Center, said fan Di lattice, there should be a number of fund subsidiary choice of capital, because in accordance with the new regulations, or a subsidiary of net capital, or the compression and compression business scale, business scale is a subsidiary of do not want to do. And subsidiaries have suggested regulatory classification, grade of subsidiary business, the net capital of high credit rating requirements can be discounted, the increase in the proportion of low rating. General business channel fees rose 1/1000 become the norm The previous channel fee price war is steadily higher, the basic level increased to 1/1000. Accompanied by a subsidiary of the fund to adjust business strategy, channel fee before the price war is steadily higher, the basic level increased to 1/1000. Data show that a subsidiary of the fund since the end of 2012 was born, as of the end of 3, a total of 79 fund management companies set up a subsidiary account, asset management scale 9 trillion and 840 billion yuan, has greatly exceeded the size of the public offering management. Behind the rapid growth, has made seven or eight contributions to channel business, but the good times is going to end. "There is no doubt that the traditional channel business impact in the first time, we recently gradually adjusted the quotation. However, after our channel business cost is not low, therefore, the increase is not obvious." A Shenzhen company said. It is understood that the recent channel fees rose, individual capital occupied a higher class of business even rose 5 to 10 times, for example, before some subsidiary channel business to undertake 2/10000 to Manzo almost, and now charges 1/1000 level. The Shanghai subsidiary vice president also bluntly, the current channel business rates are more than 1/1000, this level is already over 3 times, the follow-up will continue with partners to discuss whether to continue to adjust, but 3/1000 is the limit. Shanghai a accounts department channel director said, recently working with two listing Corporation to negotiate the business channel, the rate is 1/1000, may be performed in accordance with this standard in the short term, is expected after the implementation of the new regulations, many are unable to carry out the business channel. "Rate channel business will improve, there is room for adjustment." The corporate business sector director said, however, between the business departments of the great contradictions, the price of controversy, but also many of the details finalized. A subsidiary of Southern assistant general manager said, by capital constraints, the capital increase will have to shrink the scale of business, or to raise rates. But the subsidiary of information management and brokerage and trust in the competition, if the rate of increase will allow some business to return to the trust and other channels. From another perspective, many channel business, brokerage, trust is difficult to bear, the outcome may be increase rate. But contrary to the overall rate of rise and the economic environment, the overall asset yields dropped, banks and other institutions may not accept the price increase, the future may also to the stage of the game. Two start the hard way ABS business into the meat and potatoes ABS business has become a "Red Sea", fierce competition for various agencies. The dream is beautiful, the reality is very skinny, "said it might be the status of transition fund subsidiaries. The current fund subsidiaries have three according to the requirements of the draft proposed restructuring plan, asset securitization (ABS) business or become the first choice, but the transformation of the road or will be very difficult, is almost certainly the scale of asset management subsidiary of the fund continued past growth slowed down. According to the reporter, the new regulations two intentions clear: the first is to channel, the second is to strengthen the ability of active management. The subsidiaries are based on the existing risk provisioning standards to business layout, ABS, MOM, FOF, equity investments, fixed gain, quantitative hedge and overseas investment, active management business, has become a part of planning fund subsidiaries, but the competition is fierce, basically in the "Red Sea" fight. It can be said that the ABS business is a subsidiary of the fund is more clear direction. "In the short term, due to the impact of the new regulations, the development scale of subsidiaries must be shrinking, in fact, last year a lot of business has been brokerage information management to seize the territory, this trend intensified. Subsidiary or do some of their own unique business, such as ABS etc.." Shanghai, a subsidiary of the fund who said. While a large fund subsidiary sources also said that the company currently focuses on the layout of the ABS business, because capital is smaller. According to the venture capital fund subsidiary of the provision of business accounts will be up to 1% according to the provision of ABS services, according to 0.1%~0.2% provision, the most active management of the business will be 3% provision, "save" the capital of ABS business has become xiangbobo. At present, the south, Ping An UOB, Bo and other multi fund companies have layout ABS business, this business has become a "Red Sea", fierce competition for various agencies. The Shanghai subsidiary vice president said, although the company will ABS business as a key, but only after the ABS test, Department of architecture is not implemented, the recent task is to adjust the personnel, originally on the channel business, most salespeople will be diverted to other departments. Shanghai general manager of a non bank subsidiary of the Department of the fund also said that the most important thing is to do ABS business. This seems to have become the market consensus, some people even expected this year, the scale of ABS can reach the scale of 500 billion. However, deputy general of Beijing of a foreign subsidiary, said that for most sub companies, the largest proportion of the channel business. Currently doing business finance class a fire (Zhai Quan) is very difficult to get a good project, ABS business is very high to the team business requirements, independent subsidiary restructuring fund is not much, bad way to go, the best according to their characteristics, "we focus on active management, extending from the original two to a market level half and a market." Fan Di also said that the ABS business is one of the direction of subsidiary transformation but the key transformation is different from a subsidiary of the fund is not the same, may appear differentiation in the industry, the focus of the transformation are more likely to rely on the resources of its shareholders. The end of barbaric growth A company is ready to lay off There are signs of a subsidiary of the Fund staff return the emergence of trust. In the draft, the size of the company will be within short-term gold farewell barbaric growth, not only to stop the recruitment, many companies even have layoffs plan. A large fund subsidiary said, the future of the size of the fund subsidiaries will decline significantly, the overall plan is reducing the staff. Assistant General Manager of the south fund company more bluntly, there may be large layoffs, "the draft is too harsh, now a subsidiary of personnel is to channel tilt, once the channel business disruption immediately there will be a large number of idle personnel". "A subsidiary of the fund since the end of 2012, but now more than 3 years, some companies from several to dozens or even hundreds of growth, most of the channel service, once the company reduce the channel business, even without layoffs, at least not start the recruitment industry." A subsidiary of the fund who said. A larger sub company also said that recently the company stop business for 6 months, demoralized, part of top left. He believes that the future fund subsidiary may not need too many people, if you want to continue to do business, to maintain the existing scale also need to increase, it depends on the management considerations. However, there are also sub company said, the company decided not to temporary layoffs, personnel arrangement itself is very nervous, just to ease the shortage of. He also believes that the subsidiary business personnel doing miscellaneous job hopping, a large space, each subsidiary flow is frequent, in addition, trust, information management, PE and other agencies are often poaching. In fact, from the beginning of the end of 2012, the fund subsidiaries would have to dig people from the trust company, position, salary increase, but there are signs of a subsidiary of the Fund staff return the emergence of trust. However, fan Di said that the development of a subsidiary of the fund in the past few years, thanks to a more relaxed than the trust industry risk control and supervision. With the increasingly stringent requirements, a subsidiary of the fund may be the same and trust company, in business in a dilemma. Whether the short-term layoffs is still not clear, but the current situation, the plight of the trusts not released, new business growth is still in the exploration, therefore, may not be so obvious talent reflux. (this version of unsigned articles reprinted from today published the "China fund") Zhou Jingyu / drawing
"China Economic Weekly" reporter Liu Zhaopu Nanjing reported | In recent years, the continuous expansion of domestic city commercial banks rapidly expand the scale of business assets, but in the rapid development, the city firm capital dropped, therefore, to raise funds through the stock market to supplement the capital has become a pressing matter of the moment the city firm. "Chinese Economic Weekly" reporter chose the Bank of Chengdu, Bank of Dalian, Bank of Jiangsu and other three different regions of the representative of city commercial banks is analyzed, the three city commercial banks have put forward the IPO application, which the Bank of Jiangsu last year by the Commission issuance examination committee, is currently waiting for the listing of the Bank of Chengdu was IPO; the suspension of the review; the Bank of Dalian due to various reasons not to mention IPO. "China Economic Weekly" reporter analysis report and related information, in recent years, asset quality and performance of three city commercial banks continue to decline, but also constantly exposed to a variety of problems. Renowned economist Song Qinghui said this, in the current economic downward pressure, the enterprise bankruptcy appears doubtful the asset quality and performance of city commercial banks continue to decline; at the same time, because the city is growing up in support of local economic development mode, the local government leading investment scale and direction, the excessive intervention of the city firm risk accumulation and outbreak, riddled with bad debts. Although the city commercial banks through restructuring and other means to improve the corporate governance structure, but still exist congenitally deficient, local government administrative intervention still exists. These focus on the outbreak of the problem reflects the loopholes in internal control mechanism of city commercial banks, have a huge negative influence and the city firm IPO process. <strong> The Bank of Chengdu:</strong> <strong> Net profit fell sharply IPO suspended review</strong> In April 29th this year, the Bank of Chengdu announced the 2015 annual report, last year the cumulative net profit of 2 billion 821 million yuan, down 731 million yuan, a decline of up to 20.58%; the decline in asset quality, as of the end of last year, the non-performing loan ratio was 2.35%, compared to 2014 at the end of the year increased by 1.16 percentage points compared with the end of 2014; subprime lending growth about 1 billion 511 million yuan, reached 2 billion 235 million yuan; the provision coverage rate of 159.98%, close supervision of the red line. The reason for the decline in net profit, Chengdu bank said in its annual report, operating income and operating expenses increased due to reduced. "China Economic Weekly" reporter contacted the Bank of Chengdu more, for more details, but as of press time, has not been a corresponding reply. The Bank of Chengdu listed bumpy road planning. In June 2011, the Bank of Chengdu in the provisional shareholders meeting examined and adopted the relevant motion IPO. In April 2012, the Bank of Chengdu will submit IPO application to the Commission for approval. Later, the Commission suspended the IPO approval period, the Bank of Chengdu turned to Hongkong to seek a listing, the formation of "capital A+H path", but failed to make the trip. Li Chuncheng case of Sichuan officialdom earthquake affected Chengdu bank, a hand drive the bank listed chairman, bank president Mao Zhigang sacked, and caused the bank level fluctuations, which caused a great impact on the listing. In June 30, 2014, after twists and turns, the SFC website pre disclosure column in the announcement of the Chengdu bank's listing prospectus, the bank managed to catch the last bus third wave of bank listing tide "". According to the Bank of Chengdu's prospectus, the issue size of not more than 800 million shares, issued after the completion of the total share capital of not more than 4 billion 51 million shares, accounting for 19.75% of the total issued share capital, to raise funds after deducting the cost of issue will be used to supplement the bank's capital. In "an eventful year" in the Bank of Chengdu, in April this year ushered in the four tickets to the Sichuan banking regulatory bureau. The CBRC announced in the official website of 4 tickets for the Chengdu Bank of Sichuan Banking Regulatory Bureau opened a number of illegal items, a total fine of 900 thousand yuan. Among them, the Bank of Chengdu branch of Gaosheng Bridge loan management caused by lax loan funds misappropriated, management after loan loss, was fined 300 thousand yuan; Chengdu bank Jinjiang branch did not strictly enforce the loan payment, without the use of the tracking check loan funds, fined 200 thousand yuan; Chengdu high tech branch of the bank to the customer on housing mortgage registration fees, was fined 100 thousand yuan, confiscation of not repaying the mortgage registration fee 67280 yuan; Chengdu Xinjin branch of the bank for the loan before the survey is not due to resulting in the project capital is not in place of the loans, loan funds to repay the due loans, was fined 300 thousand yuan. Song Qinghui said, "the Chengdu Bank of the 4 tickets, 3 tickets to the credit business, because the city commercial loans and customer focused on a certain concentration of credit risk, and pressure, supervision departments in the audit data of IPO, will pay more attention to the quality of bank assets, the 4 ticket will have a certain effect." In November 2015, the Bank of Chengdu IPO has suspended the review, the reason is caused by the change of accounting. The reporter asked to call the bank when to restart the IPO, the staff answered the phone said, "the provisions of work discipline and secrecy, No comment". The Bank of Chengdu when the resumption of IPO is still unknown. The Bank of Dalian: <strong> Net profit fell by up to 94.48%, the rate of bad loans is 2.33 times higher than the industry; not to mention IPO</strong> Reporter inquiry found the official website of the bank in Dalian, since May 9, 2014 the bank released 2013 annual report, has not updated regularly report, until April 29th this year, the bank was re released 2015 annual report. The 2015 report shows that last year the bank revenues 5 billion 563 million yuan, of which net interest income 4 billion 902 million yuan, current operating profit 464 million yuan, total profit of 31 million yuan, net profit of 128 million yuan. The accounting data reporter compared to the Bank of Dalian in 2013 and 2015 found that the business data decline trend is obvious, operating performance sharply. From 2013 to 2015, its operating income fell from 7 billion 404 million yuan to 5 billion 563 million yuan, operating profit fell from 2 billion 896 million yuan to 464 million yuan, total profit is from 2 billion 901 million yuan cliff in 2013 fell to 31 million yuan, 128 million yuan net profit fell from 2 billion 317 million yuan in 2015 to 2013, its net profit fell by up to 94.48%. The net profit fell cliff style at the same time, the bank non-performing loan ratio rose sharply. According to the annual report, the bank non-performing loan rate remained at a high of 3.89%. According to the CBRC disclosure of data, as of the end of 2015, the average domestic commercial banks non-performing loan rate of 1.67%, Dalian bank NPL ratio was 2.33 times higher than the industry average value. The rising rate of non-performing loans, the Bank of Dalian noted in its annual report, "last year, affected by the economic downturn period, individual industry overcapacity and other factors, some enterprises can not repay the loan. The bank has taken a series of measures in litigation execution, assets, etc. to strengthen the non-performing loan package verification, compression collection and rectification work, to prevent new non-performing loans generated." Similar to the Bank of Chengdu's anti-corruption storm also blew the Bank of Dalian. In September 20th last year, Liaoning Province Commission announced that the Bank of Dalian Party committee, governor Wang Jinping alleged serious violation of the law, the organization is currently undergoing investigation. According to the "Chinese Economic Weekly" reporter, Wang Jinping is the Bank of Dalian IPO surgeon, beginning began to promote the listing of Bank of Dalian, and in 2010 IPO application submitted to the Commission, to complete the listing application. But in 2012, the Bank of Dalian, the fourth largest shareholder of Dalian Shide executives Xu Ming checked, not only led to the surge in non-performing loans, but also bring their listing on the road. In 2013, the Commission published the "supervision department issued IPO declare basic information table" that had been in the abort review status of the Bank of Dalian, has entered the application to terminate the review list of enterprises, 3 years, the IPO did not enter the exhibition of new information disclosure. In its 2015 annual report, also did not see any information on the IPO. <strong> The Bank of Jiangsu:</strong> <strong> The non-performing loan rate of 5 consecutive years of growth</strong> <strong> A huge loan litigation prone</strong> "China Economic Weekly" reporter learned that, in would have been firm in the city, there are 2 bank assets over trillion, respectively is the Shanghai bank and the Bank of Jiangsu, the total assets were 1 trillion and 450 billion yuan and 1 trillion and 290 billion yuan, in the first echelon of city commercial banks. The Bank of Jiangsu in Jiangsu province 10 city commercial banks on the basis of the merger and reorganization of the establishment, in July last year by the Securities Regulatory Commission audit, the first application will be successful too. The Bank of Jiangsu disclosed in the prospectus, "to be in the Shanghai Stock Exchange issued shares of not more than 2 billion 597 million 500 thousand shares, the total issued shares of not more than 12 billion 987 million 500 thousand shares. Offering to raise funds after deducting the cost of issue will be used to enrich the capital, to improve capital adequacy level, enhance the comprehensive competitiveness." Soochow securities analyst said, according to no more than 20 times earnings estimates, and the issue price of 15 yuan, according to not more than 2 billion 600 million shares of the bank issuing scale, raising the scale at around 40 billion. From the laws of the market, the current market downturn, not suitable for such a huge amount of market share prospectus. The over 1 trillion of assets is currently waiting for the listed city commercial banks. "China Economic Weekly" reporter Jiangsu bank annual report found that the recent fiscal year, the bank's non-performing loans and non-performing loan ratio continued at a high level, showing rising trend. The report shows that in 2010 the bank 2015 annual balance of non-performing loans were 2 billion 541 million yuan, 2 billion 789 million yuan, 3 billion 565 million yuan, 4 billion 723 million yuan, 6 billion 352 million yuan, 8 billion 15 million yuan, non-performing loan ratio increased year by year trend, were 0.96%, 1.01%, 1.15%, 1.3%, 1.43%. According to the CBRC released data show that in 2011 2015, non-performing loan ratio was 0.8%, 0.8% and 0.9%, 0.94%, 1.37%. Comparison shows that the average level of the bank's non-performing rate of Jiangsu is higher than the same period of city commercial banks. It is worth noting that the Bank of Jiangsu in this round of capacity to process, in medium and small micro enterprise loans quagmire, multi huge tens of millions of billions of dollars in loans, unable to recover, had sued to court.”China Economic Weekly” reporter by searching “Chinese referee network” found more than one case. As of February 25, 2014, the Bank of Jiangsu Shenzhen branch signed with Limited by Share Ltd Ruihua construction in Shenzhen City 150 million yuan the maximum amount of credit contract, credit for a period of one year, issued a total of 4 loans totaling 80 million yuan, after the expiration of the bank will not repay as scheduled, will report on the company Ruihua court. In 2015, the Shenzhen intermediate people’s Court (2015) deep in Law No. ninth at the beginning of the verdict, asked Ruihua company for repayment of 80 million yuan of principal and interest, compound interest and penalty. Another bank of Jiangsu Yixing branch sued Jiangsu Yi Peng heavy industry limited company owed 30 million yuan loan overdue, the Bank of Jiangsu Huaian Qingpu Branch to prosecute Huaian Run’er Hua Chemical Co., owed 50 million yuan overdue loans. <strong> China Economic Weekly economic network of copyright works, reproduced must indicate the source, and offenders will be held liable.</strong>