在线高分跪求英语论文
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发布时间：2022-05-14 19:33
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热心网友
时间：2023-10-26 09:12
RMB exchange rate reform for more than a year, on the whole was a success, first released the pressure of RMB appreciation, RMB exchange rate flexibility in growing; Second, the smooth operation of the exchange rate reform, exchange rate basically stable. "Health Reform" and the appreciation of the renminbi, China's impact on the theoretical description of a concrete reality, the economy and the main sectors of the economy felt the impact of the appreciation of the renminbi. Here are three important aspects to select On.
First, the RMB revaluation on monetary policy and banking and coping strategies
China's central bank monetary policy is facing serious challenges of excess liquidity. Foreign exchange settlement and sales of commercial banks get a lot of RMB business position, coupled with strong growth in savings, the excess liquidity significantly. Growth in China's foreign exchange reserves, with a significant portion of the appreciation of the renminbi expected. Exchange rate reform is to provide a relatively relaxed environment, to avoid large-scale influx of international hot money, the central bank through the down market interest rates to raise the cost of international speculative capital. But low interest rates and liquidity will lead to the proliferation of a range of issues.
Of commercial banks, e to overcapacity in some instries, coupled with constraints such as capital adequacy ratio strong influx of surplus funds and money market bond markets. Formed by this market interest rates can not reflect the actual situation of demand and supply of capital, let alone to play its important regulatory function of the economic levers. China's commercial banks is a single asset structure, the profit is still the main source of the deposit and lending rate, loans in this case the impulse is always there, there may lead to rebound in credit and investment out of control.
In order to return excess liquidity, primarily through the issuance of central bank bills, and so are the means to buy back, so that makes open market operations as a passive tool for hedging foreign exchange, monetary policy independence, initiative has been a great challenge and challenges. Of course, on the contrary, a significant appreciation of the RMB to China's international balance of payments will become more serious imbalance, resulting in a more passive monetary policy. RMB appreciation is expected to increase capital flows will have at least two consequences: first, to attract more international arbitrage and arbitrage capital inflows into China; second is the will of residents to hold foreign currency decline for all foreign currency deposits deposits into yuan. Foreign currency savings deposits of residents in June 2003 of 90.8 billion U.S. dollars to achieve the highest value to the end of the second quarter of 2006 fell to 65.7 billion U.S. dollars.
Appreciation of the renminbi on the impact of the banking sector is also obvious that the banks involved in financial security, economic security. International investment bank Goldman Sachs issued a report forecasts the yuan to appreciate by 1% each, the profitability of the Bank of China will rece by 3.3%, net profit will be reced by 0.6%. Orient the first half of 2006 only on the exchange rate loss of 24 billion yuan, the Bank of China, the first half of 2006 exchange losses as high as 35 billion yuan. However, before the expected appreciation of the RMB assets and liabilities of the banking structure, income structure and profitability models and without a major change. This is because the main business of China's banks are limited to domestic banks and thus the currency structure of assets and liabilities and revenue structure are just fine-tuning.
Revaluation of the RMB to make foreign currency deposits of domestic banks has decreased. Domestic foreign currency deposits accounted for 49.8% of the market ring the first half of the territory of the Bank of China foreign currency savings deposits to 31.69 billion U.S. dollars, down more than 820 million U.S. dollars. Many people had expected appreciation of the RMB bank settlement will bring increased business continuity. However, since 2006, foreign exchange than the same period in 2005 decreased, especially in August 2006 to early September, a number of banks to rece the settlement amount of around 10% year-on-year, on the contrary, some banks have increased the volume of potential growth by about 10% . This is because the appreciation of the renminbi, after more than a year, many people think it will be a smooth process, and adapting to it graally. In addition, one of the main reasons is subject to regulation and turnover of the property market downturn, the impact of foreign remittances to rece the purchase of capital inflows. And in addition to Bank of China, the China's most basic business listed banks in the country, has a foreign currency assets and liabilities of a smaller proportion of the RMB assets and liabilities in foreign currency assets and liabilities of the basic match, engage in, including international settlement, including the amount of international business less, the balance-sheet business would normally be generated by exposure to hedge using derivatives, from the business point of view, the direct impact of the appreciation is not significant.
In fact, the appreciation of the renminbi on the impact of the banking sector reflected in the overall economic impact, thereby affecting the living environment of banks. Since September last year, faster appreciation of the renminbi. In January 2007 close to China's trade surplus 15.9 billion U.S. dollars, and in January last year, the surplus of 9.49 billion U.S. dollars compared to up to 67% increase. The face of the United States, European pressure on exchange rate fluctuations may be expanded in space, on the domestic level of the risk management of banks has put forward higher requirements, the use of various financial instruments to rece market risk, banks should be a consensus.
Second, the RMB appreciation on import and export enterprises and coping strategies
Appreciation of the renminbi on the impact of different instries and enterprises are mainly three types: first type is the large number of holders of foreign currency-denominated assets or liabilities of the instry, such as: aviation, electricity and telecommunications instries. Revaluation will lead to devaluation of foreign currency-denominated assets. And liabilities denominated in foreign currencies will decline, thereby recing corporate debt. The second type is the sale of procts, proction cost structure of different instries. Specific performance in the following: First, prices in RMB clearing, procurement of raw materials from abroad, such as paper making, automotive and machinery instries, their proction costs decline e to the appreciation of the renminbi, thereby enhancing the profits of enterprises; Second, proct prices in foreign currencies clearing, procurement of raw materials from abroad, such as: petroleum, petrochemical, textile and steel instries, depends on whether the decline in purchasing costs e to lower prices to make up for losses; Third, the proct prices in foreign currency clearing, procurement of raw materials from the territory, such as : medicine, home appliances, chemical and non-ferrous metals instry, the largest of its negative impact. The third type is an indirect benefit from the instry, such as: real estate, commercial real estate, airports, ports, railways, highways, electricity, water and cable television instries. These instries as non-trade sector, purely in RMB-denominated assets, the appreciation of the renminbi if this trend continues, the influx of foreign capital will drive the asset price inflation (before XU Hong, 2006).
Import and export enterprises must be a multi-pronged approach to strengthen the ability to hedge and take the initiative to carry out the exchange rate risk management. Different regions, different types of enterprises, there are different ways to avoid exchange rate risks. China's foreign exchange management in the banking sector and introced some new policy measures and hedging tools, under the guidance of a result of unemployment according to different procts, constitute an appropriate investment portfolio. First, the use of financial instruments to hedge. The current exchange rate hedging procts are mainly long-term foreign exchange settlement and sales business, the structural foreign exchange business, optional transactions, such as currency swaps. Long-term foreign exchange settlement and sales of China's financial markets is the major risk, but the trend of its business to determine the accuracy of the exchange rate have a higher requirement. The use of financial market instruments to avoid exchange rate risk is the international currency market risk exposure of foreign exchange businesses common fixed costs. However, China's financial institutions hedge tools, from the proct mix, design, and other charges with the needs of the enterprises there is a certain gap, China's financial institutions should also be adapted to the needs of the RMB exchange rate fluctuations, as soon as possible to introce more corporate customers appropriate hedge species. The second is through the choice of the terms of the contract to avoid exchange rate risks: including the signing of short-term contracts, using a variety of pricing currency or renminbi-denominated contract directly with, the use of a fixed exchange rate lock consultation costs, advance or delay the settlement. Foreign trade enterprises in the signed contract, the contract should be added to the terms of exchange rate risk. In the interest of exchange rate changes lead to loss of business, then the implementation of the new provisions to ensure that corporate profit margins. For example, add in the contract when the terms of the RMB revaluation, if the supply period, the appreciation of the renminbi to a certain extent, the price to re-adjust. And thirdly, to adopt the form of trade financing to avoid exchange rate risks. China's major fund-raising varieties issuing credit, export bills, packing loan, discount foreign exchange instruments, import bills and the financing of international factoring. Trade financing can be more convenient to solve their liquidity problems, such as through export trade financing Bills ways to obtain foreign currency loans and settlement immediately to meet the export shipment and receipt of the cash flow needs ring the period, but also to avoid the exchange rate risk. Fourth, the use of export credit insurance to avoid risk. Export Credit Insurance Corporation of China since the establishment of a thousand enterprises have enjoyed under the export credit insurance to facilitate financing directly to avoid the loss of exchange rate fluctuations. Banks to insurance companies through the China Export & Credit "insurance paper" procts in time to sell off bank notes in advance to avoid foreign exchange risk.
Other tools to avoid exchange rate risks are: adjustment of the proportion of imports and exports, increasing the proportion of domestic sales; adjust the import and export countries and regions, from the single market to expand to multiple markets; match the ration of assets and liabilities and currency structure; the right choice-denominated currency, receipt and payment exchange and clearing the way; to raise the prices of export procts; to use such non-US dollar currency.
Third, the RMB appreciation on the real estate instry and coping strategies
The reason why a separate analysis of real estate and banking, because the Housing
Real estate is an important instry in support of the people's livelihood in real estate with a direct bearing on the safety and financial security and macroeconomic security. To the banking sector as the mainstay of Finance is the core of modern economy, the world economic and financial instability in China's financial system, as well as the vulnerability of the financial security of our country to a high degree of national security, but at one point also.
In 2006, the National completion of 1.9382 trillion yuan investment in real estate development, up 21.8 percent; commercial housing prices rose 11.04 percent year-on-year, in which high-grade commercial housing rose by 13.36 percent over the same period, the national per capita income of urban residents 11,759 yuan, up 12.1 percent year-on-year; Since 1998, the national annual average housing sales price rose 6.5 percent, consumer prices than the 0.6 percent average annual increase of 5.9 percentage points high. The above figures clearly indicate that current prices are still high, showing that the early regulation of real estate did not achieve the desired results. Beginning in 2004, the Government introced a number of policies on macro-control real estate market, whether it is to live in 2004 land and credit control, or the 2005 "State of 8" and in 2006 the central ministries jointly issued a 9 13 real estate regulation and control policies, including interest rates, "the six countries", "restrictions on foreign capital" and so on, involved in the housing structure, land management, taxation, credit, market transactions, all aspects of order. Of the real estate market as much as macro-control policy, the smallest of all-round, is unprecedented. But why does regulation unsatisfactory results?
I think that appreciation of the yuan to accelerate control of the real estate market resulted in a considerable impact. As a result of the RMB under capital account can not freely convertible, a large hot money through various channels and means to come in to buy real estate, especially in Beijing, as well as the prospect of unlimited key cities of the southeast coast. In this way, housing prices and the appreciation of the renminbi co-existence of the double benefit of foreign capital. Since last year, Shanghai has a large number of acquisitions of real estate projects and business background, a number of foreigners and overseas Chinese is that the performance of a large number of one of the purchase of real estate; from the domestic situation, control efforts in the real estate market more and more cases, real estate shares are rising sharply, we can not say nothing to do with the appreciation of the renminbi. Now, to accelerate the appreciation of the renminbi, will be exacerbated by such an act.
Therefore, we must step up foreign investment in the management of China's real estate market, the restrictions necessary to prevent some foreign hot money into China's real estate market. State Administration of Foreign Exchange, Ministry of Construction promulgated in the second half of last year provides the real estate market to strengthen foreign exchange management, and regulate foreign institutions and indivials to buy real estate territory. Institutions and indivials outside the territory of the purchase of real estate transaction is a capital project, and the development of China's real estate market is still less than a decade, no matter from which perspective, China's real estate market should be a consumer goods market, in accordance with the principles for their own use and the need to manage is also the international practices. China's capital under the item has not yet fully open, the Government to monitor and limit hot money speculation the housing market will justify any speculation of the real estate market, the profits of any real estate market through a variety of policies have to act tough to stop.
However, the regulation is not just to suppress the real estate market prices. Due to strong demand for domestic housing, and the relative shortage of housing supply, housing prices rose a decision, the key is the reasonableness of prices. That is, housing prices rose relative to low-income residents in the incomes rising, the housing consumption to their ability to continue to be improved. Moreover, according to December 11, 2006 Bank for International Settlements (BIS) released its quarterly report on the housing loan market in China reached 227 billion U.S. dollars, the size of the first in Asia. If real estate prices fell sharply, the banks held their own mortgage value will be lower, thereby affecting the real estate loans, which will promote greater real estate prices fell, triggering financial risks. Therefore, how to maintain prices within a reasonable range in order to maximize the potential to guard against financial risks, to achieve suppression to guard against the risk of house prices and a win-win situation, will depend on the management of public administration system of wisdom and the art of design , which is already out of control measures and policies targeted enforcement.
热心网友
时间：2023-10-26 09:13
Building a harmonious socialist society, the CPC Central Committee from the well-off society and open up new prospects for the cause of socialism with Chinese characteristics to the overall situation of a major task. Finance is the core of modern economy. The financial operation of a direct impact on not only the process of economic development, but also in a very large extent related to the situation of social development. Therefore, in order to build a harmonious socialist society, it is necessary to give full play to the role of finance, development and supervision through the hands do a good job to promote our country's financial sector healthy and orderly development.
Financial living, community living
Deng Xiaoping pointed out: "the importance of finance is the core of modern economy. Monetary good, I live the game, overall are living." Evaluation of the classic reveals the profound in the modern economy, the financial position and role. To adapt to the economic development of the financial result for economic services, but also counter-proctive in the economy, economic growth and operation of playing a decisive influence.
Economic, social economy; finance, is the financial community. Therefore, regardless of economic or financial, are inextricably linked with the community. Financial means in a unique role in the economy, it is also the role of the community, taking place on the social impact of extensive and profound.
Society, broadly speaking, the material is certainly the basis of proction activities between the Community of human life. It includes the main body of society, as well as the economic foundation, the superstructure and so on. As an organic whole of society or large-scale system, which includes economic, political, cultural and social life and other subsystems. Narrow the social, it is based on people's social activities and relationships as the main system elements of public life. Society with broad economic, political and cultural life, together, specifically refers to people's social life, social interaction, social relations and the corresponding social management, social environment. Building a socialist harmonious society as "society" can be broadly used, but mainly refers to the narrow sense of community. Therefore, General Secretary Hu Jintao pointed out: a clear building a harmonious socialist society proposed by the task, that "as China's economic and social development of the socialist cause with Chinese characteristics and the overall layout more clearly by the socialist economic construction, political construction, cultural the construction of three-in-one development of socialist economic construction, political construction, cultural construction, and social construction. "
Both the broad social, or narrow the social and financial are closely linked with its. In its economic development, finance, "a move forward to live, are living overall." In the social sphere, we can not say that one of the financial game of living, are living overall. But if they do not finance, or financial non-living, and that the community certainly do not live together. Therefore, we at least can be said: the financial living, community living.
First, the financial activity in order to allow greater development of proctive forces so that people can create more material wealth, so as to society as a whole benign operation to lay a solid foundation. As a credit intermediary, the financial community sporadic, scattered, the accumulation of idle funds, and become highly efficient, stable, long-term sources of funds, through loans, investments, targeted to the community much-needed areas and sectors, combined factors of proction, not only to maintain the simple reproction of society, and expanding proction, as well as to adjust the economic structure, changes in proction methods, thus increasing the material wealth of society. A solid material foundation, the greater the strength of a community is to meet the people's growing material and cultural needs, the conditions have more to set up various social undertakings have substantial financial resources to establish social security, social welfare system, have more means to implement the financial transfer payment, to resolve issues such as regional differences. Finance - economy - society, through such means, the financial community to make a huge contribution.
Second, the financial activity for people to start-up activities to provide better conditions, in order to inspire social vitality, to mobilize people's enthusiasm, initiative and creativity. The fundamental task of socialism is to liberate and develop proctive forces. Proctivity is the largest science and technology to master certain skills and labor. In modern society, a person's own primitive accumulation alone is difficult to quickly organize large-scale social proction. And finance, will be able to provide the most important condition. The party's National Congress pointed out: "to form the initial stage of the socialist economic system to adapt the basic ideas and entrepreneurial mechanisms to encourage people to create a career to support the stem into the cause of people's social atmosphere, let all labor, knowledge, technology , management and vitality of capital, so that all sources of social wealth full play so as to benefit the people. "through financial support and help people in different social strata, you can more easily conct business or engage in proction, but also more people can solve the employment problem. Society will not only be more dynamic and more orderly.
Third, the financial living, to better macroeconomic regulation, adjusting income distribution, social fairness and justice be better realized. Financial and economic departments are closely linked. It can reflect more fully the various units and economic activities as well as corporate social activities, while at the same time able to take advantage of interest rates, exchange rates, credit, billing and other means of economic and social impact of these activities. By adjusting the total money supply, can supply the community with the community to maintain a balance of aggregate demand; the money supply by adjusting the direction and the specific number of factors of proction can be adjusted in different areas of the pattern configuration. This financial leverage will be, directly or indirectly affect the prices of capital goods and consumer goods, the impact of the number and size of imports and exports, the impact of different units in different sectors of the income, the impact of social wealth among people in different distribution. If the direction of the use of financial instruments, and measures up properly, can effectively inhibit the expansion of the social gap between rich and poor, and ensure social fairness and justice to be more practical to maintain.
Fourth, financial living, but also help to foster in the community and the integrity of the legal concept of the atmosphere, and enhance social harmony and conditions of the driving force. The characteristics of the financial sector to determine the normal operation of its two most important social conditions, a relatively complete legal system, a credit basis with the basic. People understand the law, pay attention to integrity, to the normal development of financial business. Financial development, and finance-related legal system will be the development of ethical and moral development of the building will be. Such people are often very strict legal and ethical nurturing, will exert an imperceptible influence on the community as a whole to enhance democracy, rule of law, honesty and friendliness, the atmosphere of stability and order, and lead the community in other aspects of the construction of the rule of law and morality, so that a harmonious socialist society inherent requirements of a variety of continuously be achieved.
Financial chaos, social chaos is
Finance for building a harmonious socialist society is a lot of positive influence and role, but because it is a high-risk instries, so if there are problems, but also of building a socialist harmonious society is very serious implications. Financial development as a double-edged sword of good and bad, pros and cons are obvious. "Financial living, community living," is that it "benefit" side, and "financial chaos, social chaos is", then no doubt it "disadvantages" side.
Finance is a deposit with the intermediary between the lender, through the absorption of deposits in loans to keep the funds in the normal flow of society. Development of financial capital flows, the whole society and the main chain of the circulatory system. The community, it is carried out through bank deposits and loans in exchange for funds to ensure that the whole society, "the blood circulation." If the norms of an orderly financial system, the community also provided the necessary conditions and environment, social capital will be in accordance with the normal order of the channels and flows, everything will be orderly.
But in fact, modern finance since its inception, there have been numerous large and small, on the chaos and crisis. Has occurred in Britain in 1825 from the first time since the economic crisis, the Western countries an economic crisis, are included in the financial chaos and crisis, including some by the financial chaos and crisis. 1929 ~ 1933, avalanche-style crisis spreading across the entire capitalist world, the start of the fault is the financial chain. According to statistics, from 1980 to 1997, the world's 120 countries have serious financial problems, cost of funds for this purpose as much as 250 billion U.S. dollars. Subsequent Asian financial crisis, we also remember the date. Our domestic, as a result of the national macro-management and related policies, decision-making compared properly, There have been no serious financial crisis, but financial problems continue to arise, the potential risks is still a lot of hidden dangers, which, we can not but highly vigilance.
The financial chaos of both the financial system on its own management and operations of the disorder, but also e to a variety of reasons affecting the entire financial system and the violent social unrest. Arbitrary size, as small as a general "failure", the larger the financial turmoil, and even the most serious social unrest and even global crisis. If the borrower does not fulfill a contractual commitment to the repayment of, or ability to pay financial institutions, lack of, or changes in market interest rates caused by larger changes in cost-benefit, or the emergence of the international exchange rate risk, or the state's overall decision-making mistakes or outdated, or financial institutions irregularities of the persons concerned, or by other countries or regions the impact of political and economic situation, or excessive speculation in financial derivatives or operator error, or excessive expansion of financial institutions mismanagement, and so on, so that financial institutions are likely to pay for the crisis occurred, and even bankruptcy. The financial system itself is a huge credit chain, once the failure of any link, it is prone to a chain reaction, causing the overall and systematic financial turmoil and financial crises.
The financial chaos, not only financial chaos itself, but also much more than just economic chaos. Financial operation of any fault, will be affected to varying degrees, to the community. And those larger financial crisis, financial crisis, it often will influence the economic, political, cultural, social and other aspects.
热心网友
时间：2023-10-26 09:13
When-issued Dealing
Introction
Participation is the root of financial markets existence; without the firms looking to raise capital there would be no stock exchanges. Who participates and how they participate differs throughout the world based on the cultural and financial history. Regardless of location, participation begins with an initial offering. Some of the fundamental differences in financial practices begin with how IPOs are brought to market. The UK and US have seemingly similar cultures, but have very different regulations of securities going public. These fundamental differences are outlined in the roots of their indivial financial development. The effects of the Great Depression in the US diminished faith in banking systems, fueling the creation of the Glass Steal Gall Act (The Bank Act of 1933). This has created a definite distinction between institutional lenders and commercial banks with in the US banking system.
The trend towards regulation placed increasing amounts of restrictions on American investors, banks, and exchanges. One of the most prominent differences is the process of initial public offerings (IPOs) in the US relative to Europe, specifically the UK. The SEC in the US implement “quiet periods” that restrict companies from publishing research or recommendations in the days leading up to the issuance of securities. They are not allowed to publish such information ring the forty calendar days leading up to the offering, lengthened in 2002 from twenty-five days (Ritter). These restrictions do not exist in Europe. In most cases European exchanges are more liberal with regulations, yet overall firms tend to be more stable and older when entering the market (Ritter 2003). One of the most drastic differences between the UK and US system for initial stock
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