A stock market stabilization fund remains in the doldrums out how?

Recently, A-share market remains in the doldrums, despite the recent stock market to stabilize the external rebound, the Hong Kong stock market has good performance, but the A-share market is still no improvement, or do not follow up with the growing phenomenon. Stabilization Fund of the great care must be taken out, or is likely to aggravate the volatility of the market, slow out of the market at the bottom of the time, even in addition to stabilize the market can not achieve the purpose, so that the stabilization fund will be scarred.

Recently, A-share market remains in the doldrums, despite the recent stock market to stabilize the external rebound, the Hong Kong stock market has good performance, but the A-share market is still no improvement, or do not follow up with the growing phenomenon. In view of this, some market experts and scholars in the industry and senior government intervene in the stock market increasingly strong voice, and the stabilization fund was seen as a magic weapon for the government to save the city of weapon. But after the stabilization fund can really smoothing out market volatility, so that no A-share market staged large counter to it?

The so-called stabilization fund, also known as intervention funds, the Government refers to the adoption of specific statutory body in order to create the fund. Sound stabilization fund out of the irrational in the current state of the A-share market should be able to play a good effect, but not necessarily the case.

It was suggested that the country's foreign exchange reserves set aside 100,000,000,000 U.S. dollars to establish stabilization fund, which is China's huge foreign exchange reserves is not impossible. Assuming the introduction of stabilization fund, or buy blue-chip heavyweights, this led the market upward bounce is normal, this result appeared to be happy. But the problem is that after the stabilization fund how to do? State funding is limited, it is clear stabilization fund has been impossible to buy or hold stocks, and also the establishment of the stabilization fund is incompatible with the original intention. However, if the stabilization fund out of stock, out of this position will no doubt be a rebound in the end, and will be a high degree of market constraints of resistance. This is A-share market is by no means a good thing. Moreover, the size of the non-existence of the stabilization fund also had to consider before the launch. Stabilization fund into the market after the stock market will undoubtedly warmer to the size of the reduction of non-greater power. Let us put aside the size of the non-heavy sell-off would hedge the stock market stabilization fund after the momentum brought about by the rise, but we have to ask, is to use the money to feed the country's large and small non?

Although the stabilization fund has not issued, but we can sell the company Huijin earlier in the secondary market to buy their own work, such as the construction of three state-owned bank shares to imagine the situation stabilization fund may be introduced later. If the bank in the stock market as a plate, then Huijin also can be seen as a "stabilization fund." Let us take a look at this "stabilization fund" introduced after the Bank of plate movements. There is no denying that Huijin's holdings, the bank board has undergone tremendous rise, but the rebound only lasted a few days, and in late October the market is more shocking. Huijin's holdings compared to the three banks, the stabilization fund will be the face of adverse circumstances more clearly, the prospects for stabilization fund is indeed a cause for concern.

Therefore, the stabilization fund the great care must be taken out, or is likely to aggravate the volatility of the market, slow out of the market at the bottom of the time, even in addition to stabilize the market can not achieve the purpose, so that the stabilization fund will be scarred. At present, the key lies in the adoption of macro-control to ensure that our macro-economy stable and rapid development, making the overall profitability of listed companies improved in order to reverse the current market of the future performance of listed companies is expected to pessimism. At the same time, the stock market to strengthen the system and improve the market system as a whole, so that more people will be willing to put money into the stock market, in such circumstances, introduction of stabilization fund in order to truly play its "skillfully deflected the question". Otherwise, introduced a stabilization fund and how well?

Invisible "security interest" broken wings torture of bank credit risk products

In early due to hold a Miss Liu CITIC Trust Bank loan products, "winning" the year of maturity yield 4.66 percent and 4.92 percent (subscription 500,000 and above), and not at the time of purchase Is expected to yield 4.85 percent and 5.11 percent (subscription 500,000 and above). "We have developed a floating rate cut after the terms of income, meaning that investors will return as the central bank's benchmark lending rate fluctuations and changes.

"Credit product yield to maturity of the discount!"

In early due to hold a Miss Liu CITIC Trust Bank loan products, "winning" the year of maturity yield 4.66 percent and 4.92 percent (subscription 500,000 and above), and not at the time of the purchase is expected to yield 4.85% and 5.11% (subscription 500,000 and above). At this point, have previously been "invisible" security interest of the security wings of the card products turning point.

The popular these days, "security interest" selling point

Credit products relative to the instrument, currency or bond-type sound-yield products are more obvious advantages, and as a result of corporate loans or relevant government departments or large-scale enterprise security, or belonging to the bank's asset quality. Although the credit insurance products are non-floating of the proceeds of a class, but the industry has long been regarded as its "capital preservation security interest" products, it is relative to the structural factor of safety products to more than one.

Xinancaitai trust and financial management of the Institute of relevant data show that each year to commercial banks to issue credit products issued by as much as 65% of the total, even if there were among the products on the credit impact of the implementation of monetary policy, which may well be Stop the speculation, but it does not stop the momentum of rapid distribution and investors sought after.

However, in September and into October, the two have been cut directly to suppress the yield of such products, combined with the financial turmoil on corporate credit invisible derogatory, credit products of a gradual slowdown issue. Reporters learned that this type of product to cut interest rates twice in the following general decline in the average income than the interest rate adjustment before the earnings decline in more than 0.2 percentage points. For example, China Merchants Bank was issued a "move into the silver treasure" of credit assets, 546 on a product for the 3.6 percent rate of return, not to issue a month ago, but the 515 gives 4.00 percent of annual revenue Rate.

Income discount the risk of hidden tips

"There is no denying that the other banks of similar products that may have occurred previously in similar circumstances, but the terms of the potential risks investors have not been found, even the bank itself did not pay special attention to." Xinancaida trust and financial management study The researcher Yang Chao said.

Reporters look at the detail of the CITIC Bank, China Merchants Bank and Bank of Beijing, and other similar products in the three banks of the statement, they found that the risk related to the true extent of the tips are not the same. CITIC Bank for the yield to maturity may be lower than expected did not separate, but earnings estimates mentioned in the "investment products if the borrower's credit assets were not appointed time and manner (including but not limited to the repayment in advance or delay payment The situation) to repay the loan principal, interest and penalty interest (if any) and so on, product-year yield may be lower than expected "; and the Bank will move out one by one risk, although the rate of change in the product yield no clear impact, But for the early termination in accordance with the rate of return is still expected to yield calculation. The Bank of Beijing is that: "Interest Rate Risk: The customer may be lower than earnings to fixed deposits or other use of funds arising from the proceeds." Tips slightly less risk.

In addition, since the previous market-to-business credit risk to enhance the sense of crisis, this type of product in the October issue has been more restricted. It was from the China Construction Bank, ICBC and China Merchants Bank to open a few statistics show that in October the issue of credit products shrink the size of nearly half. In addition to the rate of return investors concerned about risk, we must also beware of its credit risk, the trust plans to pay close attention to the quality of corporate borrowing and repayment ability.

Contemplating changes to make a living out of the road

Due to the frequent moves the central bank, cut open the channels so that a number of high-end customers are also aimed at higher income credit products, can be seen in the market or banks in the near future for one of the major share.

"We have developed a floating rate cut after the terms of income, meaning that investors will return as the central bank's benchmark lending rate fluctuations and changes." Hangzhou branch of China Merchants Bank gold sunflower financial management, Senior Manager Wang told reporters. At present, the market appears to cut interest rates to deal with the two mainstream methods for the early termination of the issued and new product design floating provisions. If the borrower companies and banks that entered into floating-rate terms, so investors get due returns is bound to be adjusted; if it is fixed-rate terms of corporate borrowers to repay ahead of schedule, even if investors will not have an impact on earnings due .

At present, only the ICBC and China Merchants Bank for such products made floating provisions of the proceeds of the design of adjustment is expected in the near future will see other commercial banks to deal with changing innovations.

Jian Xiang Bank initiated the establishment of the first village bank

Hunan Province, the second pilot of the first new type of rural financial institutions - to build Taojiang letter banks be allowed to build towns and villages. This is the first company in Hunan Province by the major commercial banks - China Construction Bank Corp. as the main sponsor of the Bank towns and villages, but also China Construction Bank Limited was launched in the country to set up the first Bank towns and villages.

Hunan Banking Bureau of the first full year of experimental work of new institutions. Bank towns and villages across the province, following the first Xiangxiang City Bank towns and villages since opening in March, Taojiang, Qiyang pilot counties have all the preparations for the smooth progress and is expected to be opened during the year. As the first bank to launch the shares to the establishment of new institutions, the China Construction Bank to build Taojiang letter to the towns and villages, the lead bank to grant a high degree of attention and support. In order to use the main sponsor of the brand new institution to elevate its market visibility and credibility, China Construction Bank towns and villages letter to the building Taojiang 25,500,000 yuan of investment banking, and holding to take 51% of the holding pattern is the main sponsor, is conducive to effective prevention Moral hazard and to form a stable framework for corporate governance, the Bank towns and villages in order to ensure a smooth start to provide a strong support. Yuan Longping Agricultural vigorously the introduction of high-tech Co., Ltd., Yiyang Keming, and other well-known face of the agricultural industry and the concept of localization of the shareholders to enhance shareholder of the Bank towns and villages of concern and sense of responsibility. At the same time, China Construction Bank to actively explore investment and introducing an organic combination, give full play to the advantage of holding firms and professional management experience, the shareholders of Bank towns and villages in the choice of directors and executives selected, the system construction, technology support, personnel training Provide a great deal of support and assistance.

It is understood that the letter built Taojiang Bank towns and villages is expected to be listed on the official opening by the end of November, will be based on business-oriented county, "three rural", in line with the new agency to explore the characteristics of the business model, to support efforts to achieve the "three rural" and the business of sustainable development The effective combination, in order to stimulate the vitality of rural financial markets and promote local economic development and play an active role.

International oil prices fell Thursday close to 60 U.S. dollars a 19-month low

integrated power sources reported Thursday the international oil price fell 4.53 U.S. dollars, 60.77 U.S. dollars a barrel to hit a new low in 19 months. Europe and as a result of the Bank of England to cut interest rates sharply, as well as U.S. stocks plunged again in a row was reflected weakness in the global economy.

New York Mercantile Exchange light sweet December crude oil futures settled down 4.53 U.S. dollars to 60.77 U.S. dollars a barrel, or 6.9 percent, the highest since March 2007 the lowest settlement price level. ICE Futures Exchange, December Brent crude futures declined by 4.44 U.S. dollars to 57.43 U.S. dollars a barrel, or 7.2 percent.

It is reported that oil prices since July about 145 U.S. dollars a record high after nearly four months of decline in 60 U.S. dollars a barrel would be a "turning point." This round of the decline stems from the weakness of the U.S. economy and U.S. oil demand to shrink, and many market participants believe that the global financial crisis continue to spread the impact of the decline in oil prices has been close to the situation got out of hand.

Britain and the European Central Bank to cut interest rates Thursday showed that Europe's economic situation has deteriorated, which caused oil prices to pressure; at the same time to cut interest rates also push the euro fell sharply against the dollar, leading to dollar-denominated oil sales experience.

At present, the oil market is looking to move production of OPEC crude oil futures to bring support. OPEC agreed in October to reduce crude oil production 1,500,000 barrels per day, and will also meet again in December. Oil prices continued to fall, which some market participants believe that OPEC's production rate in October is too small, not enough to offset weak demand for petroleum oil prices dragged down.

December RBOB gasoline futures settled down 8.84 cents to 1.3360 U.S. dollars per gallon, or 6.2 percent. December heating oil futures fell 11.23 cents to 1.9424 U.S. dollars per gallon, or 5.5 percent.

Idle about four into Chinese aluminum production capacity of alumina

Following the announcement electrolytic aluminum output and 18% after the Chinese aluminum and alumina for the implementation of the production, the company disclosed today, has been idle for 38% of the alumina production capacity. China Aluminum announcement today that by electrolytic aluminum and alumina output prices low, since the end of October 2008, at a higher cost of the enterprise to reduce the alumina production. As of November 5, 2008, the company has been idle for alumina production capacity 4,110,000 tons / year, accounting for about 38% of the company's total production capacity. Central Plains branch of which 640,000 tons / year, 1,100,000 tons of Shanxi branch / year, the Shandong branch 1,170,000 tons / year, Henan Branch 1,200,000 tons / year. And on Oct. 23, the company announced another main product for electrolytic aluminum production, aluminum prices due to the rapid decline and weaker demand for aluminum, so the company plans to pay more to reduce the production of enterprises. And the output of electrolytic aluminum in the performance of the major companies in Shandong, Henan, Liaoning, Inner Mongolia and other places of business or part of the production limit production, reduce the electrolytic aluminum production capacity of about 720,000 tons / year, accounting for about 18% of the total capacity of the company. Industry analysts have said that with the weakening demand for aluminum and aluminum prices decline, the Aluminum Company of the further deterioration of the overall level of profitability, most of the Aluminum Company of the existence of widespread losses. The reason why Chinese aluminum production of electrolytic aluminum products, is to control costs while the current stability in the domestic aluminum prices. Chinese aluminum production in the day after the announcement also said that the company may be based on market and corporate operations of further production cuts, the company was announced shortly after the production of alumina. Analysts said that prices of alumina, aluminum prices since September remained low, Lehman Brothers bankruptcy order in the global financial market turmoil, falling aluminum prices driven down prices of alumina, the producers price is upset. China Aluminum in the Oct. 27 release of the Quarterly Bulletin of the three data show that this year's third quarter net profit of more than 92% reduction over the same period last year, in addition to the cost of production rose more, the prices of products than the same period last year a relatively large The main reason is lower.

R & F Properties, or large-scale price reduction

Yesterday, R & F Properties announced that plans to issue 6,000,000,000 yuan of the total size of the time 5 to 10 years of bonds and notes for the repayment of bank loans, as well as a part of the operating funds. R & F Properties reporters to the Department of Public Affairs of the R & F Properties Miss Ye understand the reasons for issuing bonds, but the writing, has not yet been responded to.

Centaline Property (China) Liu Yuan, analysts believe that with the same period last year, large-scale real estate enterprises doubled the size of the universal, but through the capital market access into the capital, and only last year, a considerable; and sales than last year Decline, in which case, all developers are short of money, R & F is no exception.

Lack of money for a long time

As early as the beginning of this year, there are rumors that R & F is about to break the chain of funds. In November, speculation has turned into "R & F is about to collapse." The reason is that high R & F's balance sheet, a large number of this year due to credit and land to sell gold to pay.

According to the R & F Properties in the first half of the annual report, as of June 30, 2008, R & F Properties of the total bank borrowings of approximately 20.6 billion, due within one year 8,073,000,000 yuan for short-term borrowing and long-term loans to 12,516,000,000 yuan, assets Liabilities as high as 139.4 percent; R & F Properties are 8.8 billion of outstanding land payments, to pay 3.8 billion in the second half, but held only 1.9 billion in cash.

Due to the extremely tense capital, R & F Properties Lian Li, chairman of the Hong Kong media had said to be good this year, in an effort to sell and, if necessary, can even consider selling part of the medium and long-term operation of investment properties.

To address the lack of money, R & F has tremendous efforts for return of A shares. As early as in early 2007, Lian Li has time and again expressed hope that the return of A shares, and then in June to submit a return to the Shanghai Stock Exchange A share of the application, but as of yesterday, the return of R & F A shares were not successful.

Sales pressure

Capital market financing blocked at the same time, R & F Properties of the market also hit the rock, failed to bring Days sales outstanding. Earlier this year, R & F laid down 240 million sales goal. However, in the first half of the annual reports of R & F Properties in the 1 to June sales of 7.9 billion. Although the plan failed to meet half of the year sales, but at the time that Li Lian, has completed the sale of the established goals. This is because R & F in the second half of a large number of properties for sale to launch sales in the second half of the year is the sale of "decisive battle."

According to Centaline Property (China) research analyst Liu Yuan, R & F Properties in September sales of about 20 billion yuan, in October was 15 billion yuan. 8, 9 months of sales to less than 9, 10 months. If such a sales process to be completed throughout the year 24,000,000,000 yuan of sales targets, is unlikely almost.

Even so, R & F Properties has been no substantial price reduction. Liu Yuan told reporters in the R & F national average price for all items for sale is 9500 yuan / sq m, more stable price trend.

However, the price of a large-scale activities or far away. Yesterday, Kunshan Dianshan Lake River Bay R & F's sales force reporters to reveal their upcoming promotions. A5, A6 will be part of the single-family house to enjoy the preferential treatment of the original 11,000 yuan / sq m price will be reduced to 7,000 to 8,000 yuan / square meter.

The market lost a rebound in the doldrums Zaixian

A-share market Thursday afternoon to maintain the disadvantaged. Steel stocks, brokerage stocks such as Jedi rebound, but banking, petrochemical, coal, and so the decline does not change. SSE Composite Index 1717.72 points, down 2.44 percent; Shenzhengchengzhi 5720.55 points, or 2.48 percent.

Judging from the recent trend to see, A shares fell with no up with the more deep-rooted bad habits, yet to shake off the external constraints and the impact of the stock market. A U.S. stocks yesterday by the continuous rebound in the stock market and the external stimulus has been movement, but much lower than the peripheral or the stock market. U.S. stocks fell Thursday, A shares also opened sharply lower. Investors worried once again return to the economic level, following the pre-game outside the rebound to start the withdrawal of speculative buying, so that A-share market is facing downward pressure again.

Cement shares dropped Chonggao afternoon, despite the increase of national infrastructure to support good, but cement stocks are still up by a heavy sell-off Jiancang disk, but in the quiet cement stocks, shares of steel plate and the plate in the securities trading performance Active, so that the market has maintained a certain activity. Guangzhou Iron and Steel shut shares trading, up 7.72 percent Nanganggufen, the new Steel shares rose 6.34 percent. Steel plate over 80 Piaohong stock, plate or 1.65 percent. Today, there are media reports that damage to the Ministry of Commerce Industry Bureau of Investigation are Shandong, Hebei, and other research to a loss of the steel industry, the final report will be turned over to the relevant departments to form. This is a market expected to show the steel industry "rescue" forewarning. Prior to that, because of factors such as the deterioration of demand, steel prices falling profits, iron and steel stocks losing ground. According to statistics, up to yesterday's close, the two cities, "breaking the net shares" as many as 205, 2005, the Shanghai Composite Index more than the minimum 998 points. Among them, broken into the net shares of steel stocks has been the hardest hit, as many as 27 units of less than 1 Shijing Shuai, the two cities account for two-thirds of the iron and steel stocks.

Rebound momentum of the market constraints will continue to be a lack of room for growth. First of all, the market is still a lack of effective leading hot spot. Valuation Department has the low performance of the financial services sector more actively yesterday, but the prospects for economic uncertainty in the industry determines the valuation does not have the potential to improve, market outlook continues to rebound pressure. Construction and building materials industry in the near future is also very active in the movement, however, a number of leading shares is no longer cheap, and its role in driving the market is also more limited.

Global financial markets, central banks in a timely and decisive intervention has been stabilized for the time being, but it is very difficult to determine the financial markets has been a real ride out the storm, and further, the financial crisis on the real economy is just beginning to drag. "De-leverage" to bring direct economic slowdown and the slowdown in demand in developed countries and emerging economies have to face the challenges of recession. These factors in the global financial markets to stabilize before the pick-up will take some time, I am afraid of the shock.

real estate brokerage to turn the tide strong Prev Fanhong

Europe and the United States yesterday in the stock market slump in full under the influence of today Prev expected to open lower 31.2 advantage of the opportunity to break through 1,700 points mark, but in the brokerage, foreign trade shares after Li Cheng Li-fat, high shock strength Prev Fanhong Narrow, 1700 to recover an integer points.
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As of 11:30, reported Prev 1719.19 points, up 1.47 points, closing 11,670,000,000. Shen Chengzhi newspaper 5693.22 points, down 27.33 points, closing 5,070,000,000.


Information on the surface: a few days ago, the two cities a total of 533 companies released full-year performance notice, there are 290 companies reporting good news; Huijin to inject the Agricultural Bank of 130,000,000,000 yuan; bulk Shanghai Stock Exchange data showed yesterday, UBS aggressive hunters , 1 day to spend 300,000,000 rush to buy blue-chip 14. U.S. stocks continued to fall yesterday, three lines of the European Zaixian wave of rate cuts, the United Kingdom Kuangjiang 150 basis points, Britain, Germany, France, Russia several European countries yesterday's decline in the stock market crash, or more than 5%.


On the surface: the performance of the two cities of Shenzhen and Shanghai will not be any waves, evenly divided Change plate stock, securities, foreign trade, real estate stocks due to the decline in pre-deep, top up today rebounded in the forefront of the board; because of reduced sales is expected to have a Gao Dangjiu, Wine plate of food led to the decline in the deeper, more than 3%. Shrinking turnover in the two cities.


This column: Although the early Prev did not follow the stock market plummeted a record external low, but in the current bear market trend, investors in the future or not reported to expect too much; published Also on the weekend of good stabilization fund rumors, before The market has already been a number of versions, it is difficult to assess the authenticity of the message. Su Liang finishing in the current direction is still unknown, the patient's side in the wait-and-see will be your best choice.




Beijing Friday for the first evidence that the two cities by the surrounding market shocks Tiaokongdikai after a higher trend, most stocks also rebounded in the multi-Pudie after the recapture of the advantages, but the average system is still short order, and the morning market turnover was Maintained at a low level, indicates that the market is still in the thick atmosphere of wait-and-see, the index picked up strength and thus is more limited, short-term repeatedly can not be ruled out entirely possible.


That the era of big investments in the current valuation of the bottom stage, heavyweight blue-chip active again, the end will be more complicated, president of the time, however, at the bottom of the unprecedented once, in the late rebound will be incalculable, investors should be firm Confidence, not to sell at the bottom! --(--%) - Million

Insurance: A risk capital investment in shares no surplus to reduce the loss of float

China Insurance Regulatory Commission 7 in the third quarter of 2008, held a regular press conference, the China Insurance Regulatory Commission spokesman Yuan Li said at the meeting that as a whole, direct investment of insurance capital of the A shares Kim has not occurred to the loss, but reduced, mainly a reduction of investment in the floating surplus. Summary of the conference are as follows:

The total assets of Chinese insurance companies 3,000,000,000,000 super-premium income tenth of the world

At present, insurance companies has reached 115, the total assets of insurance companies more than 3,000,000,000,000 yuan. From the top international point of view, China's premium income tenth in the world, has gradually become the world's major emerging insurance markets.

Insurance: A unit of insurance funds to invest no surplus to reduce the loss of float

Chinese Yuan Li, spokesman for the China Insurance Regulatory Commission today in the third quarter of 2008, a routine news conference that from the industry as a whole, direct investment in A-share market to the principal amount of the loss has not happened, but reduced, Mainly to a reduction of investment in the floating surplus. At the same time, investment funds have had some losses, but the overall risk is still controlled in the range.

China Insurance Regulatory Commission: the first 3 quarters the use of insurance funds yield an average of 2.1%

As of the end of Sept., the use of insurance funds balance 2,880,000,000,000 yuan, representing a growth of 7.6 percent early next year. 1-3 quarter, the use of insurance funds yield an average of 2.1 percent.

China Insurance Regulatory Commission at 1-Sept China's agricultural insurance premiums amounted to 9,110,000,000 yuan signing

1-9 this year, the signing of the National Agricultural Insurance premiums have reached 9,110,000,000 yuan more than in the year 2007, an increase of 75.9 percent. The risk of providing security has reached 187,622,000,000 yuan more than in 2007, the year 66.6 percent growth.

China Insurance Regulatory Commission has approved four small insurance companies to conduct insurance pilot

At present, the China Insurance Regulatory Commission has approved China Life Insurance, Pacific Life, Taikang Life and Xinhua Life Insurance and three other insurance companies to conduct small experiments.

China Insurance Regulatory Commission to deal with the three measures to guard against financial crisis, the use of risk capital

China Insurance Regulatory Commission spokesman Yuan Li in the third quarter of 2008, a routine news conference that the international financial crisis broke out, the China Insurance Regulatory Commission pay close attention to the development of the crisis, to take prompt measures to deal with all types of possible transmission risk .

The State Council for approval rate risk capital investment in unlisted companies amounted to 407,500,000,000

7, the China Insurance Regulatory Commission to be held in 2008 in the third quarter of a routine press conference, the China Insurance Regulatory Commission spokesman Yuan Li said at the meeting that the State Council recently approved insurance companies to invest in private equity business, which is already approved by the State Council in the near future, China Insurance Regulatory Commission is to develop the pilot rule, I believe the next step on the details of the proportion of investment management practices will be open as the pilot gradually introduced.

The insurance industry in September before the original insurance premium income 793,960,000,000 year-on-year increase of 49%

7, the China Insurance Regulatory Commission to be held in 2008 in the third quarter of a routine press conference, according to the China Insurance Regulatory Commission spokesman Yuan Li at the meeting published data show that the insurance industry before the September primary insurance premium income 793,960,000,000, up 49% .

China Insurance Regulatory Commission does not limit the losses as a result of insurance companies to invest overseas to emphasize sound

Chinese Yuan Li, spokesman for the China Insurance Regulatory Commission today in the third quarter of 2008, a routine news conference that the current domestic insurance companies to invest overseas equity insurance companies listed there have been some losses in this regard the China Insurance Regulatory Commission has asked the companies to take The necessary measures to reduce losses. However, the China Insurance Regulatory Commission and the insurance companies will not be allowed to invest overseas.

"Insurance" is being revised to allow insurance companies or real estate investment

Chinese Yuan Li, spokesman for the China Insurance Regulatory Commission today in the third quarter of 2008, a routine news conference that the China Insurance Regulatory Commission is currently being revised, "Insurance Law", "Insurance Law" in the last amendment has not been put before the National People's Congress is to solicit opinions .

Insurance for the masses in the future pension and health reserve accumulation 2,200,000,000,000

Assistant to the chairman of the China Insurance Regulatory Commission, said Yuan Li, the insurance industry for the masses in the future pension and health reserve accumulation 2,200,000,000,000 yuan.

Central lopsided votes in the short-term financial product revenue will be lower

In announcing the 1-year central bank bills issued by the weekly changed to every other week issued after the three-week, the central bank announced that it would once again 3 months period was also changed to the central counting every other week to issue. Some fund managers in the industry believe that the votes in the central supply although declining, but there are still certain amount of storage, so the impact of the IMF in the near future also can not see.

In announcing the 1-year central bank bills issued by the weekly changed to every other week issued after the three-week, the central bank announced that it would once again 3 months period was also changed to the central counting every other week to issue. Prior to this, 3-year and six-month central votes have been issued to stop. The industry said that the issue of policy changes in the financial markets will have to vote for the central importance of the subject of investment-related products have been affected, and its yield will be lower trend.

Many industry analysts believe that the central issue of voting to reduce the frequency means that the total issue will be further reduced. In addition, it also shows that the central bank to relax the release of the money supply liquid signal, or the prelude to continue to cut interest rates. With interest rates continue to keep the money market rate of return will be gradually reduced.

"Central to issue tickets to reduce the frequency and let the market demand for its more exuberant." Everbright Bank Shanghai Branch of the retail business, Assistant General Manager of Xin Xu said. "But because of circulation with the issue of reducing the frequency and lower secondary market triggered a fiery successful yield decline. This will definitely affect the earnings-related products."

Xin Xu further noted that under the current central counting out the impact should be the IMF and the bank are a large number of short-term notes issued by the type of financial product. In particular, the bank is to issue short-term financial instruments category of products, most of them to vote as a central focus of the target allocation. As the relevant bank in the bidding when triggered by competition for the successful bidder when the yield was also down, "a direct reflection of the products is the expected return of such products will be lower than the present. And that such influence will be soon. "

In addition, industry analysts believe that despite the rate cut cycle has created the bond market's bull market, but the effect of this bull market is gradually reduced, and the current market price increase has on several occasions in the future of the overdraft is expected to cut interest rates, the bond Market rose sharply again in the possibility of reducing. As a result, in order to vote for the bonds and the central focus of investment in short-term fixed-income categories of financial products, the impact is indeed very high.

However, the monetary fund manager for the central vote out, but it appears to be optimistic. Some fund managers in the industry believe that the votes in the central supply although declining, but there are still certain amount of storage, so the impact of the IMF in the near future also can not see.

Huijin to the Agricultural Bank of 130,000,000,000 yuan capital injection into the financial restructuring of the substantive phase of the operation

Central Huijin Investment Company ABC to inject 6 am ceremony was held in Beijing. Jun-president of the Agricultural Bank, said Huijin's capital injection, joint-stock reform of the Agricultural Bank is an important step, marking the financial restructuring of the Agricultural Bank into the substantive phase of the operation. As of the end of 2007, the Agricultural Bank of non-performing loan rate of 23.50 percent, non-performing loans to 817,973,000,000 yuan, much higher than the previous size of the restructuring of three state-owned commercial banks.

Central Huijin Investment Company ABC to inject 6 am ceremony was held in Beijing. Huijin Company to the Agricultural Bank injected U.S. Dollar 130,000,000,000 yuan (about 19,000,000,000 U.S. dollars) and will hold 50% stake in Agricultural Bank, the Agricultural Bank into a tie with the Ministry of Finance's largest shareholder. Capital injection from the Agricultural Bank of payment in the amount of capital 260,000,000,000 yuan.

Jun-president of the Agricultural Bank, said Huijin's capital injection, joint-stock reform of the Agricultural Bank is an important step, marking the financial restructuring of the Agricultural Bank into the substantive phase of the operation. Substantial capital injection will be effective strength of the Agricultural Bank of capital to improve the financial situation of the Agricultural Bank, Agricultural Bank to enhance profitability. Agricultural Bank from state-owned banks into equity shares of diversified companies, for the introduction of strategic investors in the future, to achieve initial public offering to lay a solid foundation.

Access to capital injection from the Agricultural Bank will continue to improve in-house corporate governance and promote institutional building of a mechanism, efforts to improve operating performance and core competitiveness. At the same time, stability and development in rural areas and business networks and accelerating the cause of the county Department of reform, the overall improvement of financial services, increasing the "three rural" credit support.

October 21, the State Council executive meeting of the Agricultural Bank of the adoption of the principle of joint-stock reform of the overall implementation of the program. A few days ago, ABC vice president of the Pan Gong Sheng said that the Agricultural Bank AG is expected before the end of the year listed, the initial public offering of technical preparations will be completed in the second half of next year. Prior to listing, the Agricultural Bank will complete the financial restructuring and clean up the balance sheet. ABC also plans to the end of this year or first quarter next year to apply for a phased manner to issue Subordinated Debt issued to supplement the capital of the subsidiary, the first phase of the size of the expected 200 billion. Agricultural Bank of non-performing assets into the Department of the Ministry of Finance and the "co-management account", in the future to write on a variety of channels, including the future of the Agricultural Bank will be part of the income tax refund, the Department of the Ministry of Finance and capital gains, non-performing Recovery of assets such as cash.

In the first three quarters of this year, the Agricultural Bank to achieve a profit before provision 98,000,000,000 yuan, an increase of 35%. As of the end of 9, the bank deposits of 5,900,000,000,000 yuan, an increase of 690,000,000,000 yuan; loans 3,970,000,000,000 yuan, up by more than 300,000,000,000 yuan; of which agriculture-related loans 1,390,000,000,000 yuan, an increase 120,000,000,000 yuan. As of the end of 2007, the Agricultural Bank of non-performing loan rate of 23.50 percent, non-performing loans to 817,973,000,000 yuan, much higher than the previous size of the restructuring of three state-owned commercial banks.

104th Canton Fair Trade Mission in Tianjin over a total of 530,000,000 U.S. dollars turnover

the current trade fairs, trade missions Tianjin total of 248 corporate exhibitors, an increase over the previous 18; first time 43 new enterprises; booth 794.5, an increase over the previous 84 months; more than 2,500 people will Exhibitors. This Canton Fair, Tianjin Trade Mission to achieve a total volume 530,000,000 U.S. dollars, of which: to achieve a fair contract 203,000,000 U.S. dollars, the second volume 125,000,000 U.S. dollars, three transactions 202,000,000 U.S. dollars for the first time the exhibition has also made new business transactions 40,660,000 U.S. dollars of bad performance.

Tianjin People's Network window on November 7 Xinhua: The 104th China Export Commodities Fair in November 6, 2008 in the new exhibition hall in Guangzhou Pazhou end successfully.

Canton Fair to implement this major reform, "Hall 2" to "a three Hall," and all of the new exhibition held in Pazhou. Pazhou exhibition hall as a whole new area of 800,000 square meters, construction area of 1,100,000 square meters, 340,000 square meters of exhibition area, points A, B, C III, 37 exhibition halls; the total number of 54,000 booths, exhibitors 2.1 10,000, broken down into 15 categories of exhibits categories, professional exhibition for the refined 50; a total of 175,000 buyers will be to; export a total transaction turnover of 31,550,000,000 U.S. dollars. Canton Fair imports this area 15,000 square meters of exhibition area, located 725 standard booths, a total of from 45 countries and regions, 424 exhibitors enterprises.

Current trade fairs, trade missions Tianjin total of 248 corporate exhibitors, an increase over the previous 18; first time 43 new enterprises; booth 794.5, an increase over the previous 84 months; to more than 2,500 exhibitors will be. This Canton Fair, Tianjin Trade Mission to achieve a total volume 530,000,000 U.S. dollars, of which: to achieve a fair contract 203,000,000 U.S. dollars, the second volume 125,000,000 U.S. dollars, three transactions 202,000,000 U.S. dollars for the first time the exhibition has also made new business transactions 40,660,000 U.S. dollars of bad performance.

Traded from the major markets, the realization of the European Tuanzong trading volume accounted for 39% of the transaction; in Asia accounted for 34% of transactions to achieve. Closing the achievement of the Americas accounted for 16%.

The largest category of transactions in goods, light industrial products to achieve the total transaction volume of 36.23 percent; mechanical and electrical products accounted for 27.65 percent, textiles and garments accounted for 16.96 percent.

From the different types of enterprise, trade-traded enterprises accounted for 55% of the total; 29% of the production-oriented enterprises; 15%, industry and trade enterprises, research institutions and other businesses 1%.

In the city business under the leadership of the organization committee, Tianjin transactions in accordance with the mission of "positive response to the situation, optimizing the structure of the exhibitors, exhibits enhance the quality and safeguarding intellectual property to ensure the safety exhibition in an effort to promote transactions", careful study and practice the scientific concept of development activities Will learn practical activities and work of the Canton Fair exhibitors combine to launch an in-depth thinking of doing a good job, down-to-earth to carry out the exchange of learning, how to further improve the policy for service and optimize the environment for the development and take the initiative to cope with the ever-changing international economic situation, the expansion of foreign exchange, To open up international markets, promote innovation and improve the trade better and faster development of new systems and long-term mechanism, and other practical issues, to carry out an in-depth research on special topics, and strive to achieve good results. In the allocation of stalls, to focus on products with independent intellectual property rights, export of goods brand tilt to the high-tech enterprises, especially private enterprises tilt, the exhibition out of poor results and corporate irregularities, the current screening absorbed 43 new enterprises to enter Canton Fair. Ministry of Commerce brand into the area of special equipment to reach 144 booths, representing an increase of the previous 24 months. Red Triangle, the anchor, Venus, permanent, bridge, the Great Wall, peacock, rooster, Tianjin, and other well-known export brands all participants to become the bright spot in attracting foreign investors. In the promotion of the brand, the trade investment mission in the journal of the Guangzhou Trade Fair, International Business Daily, and other media focus on fostering and developing the export brand for the overall promotion and coverage, he specialized brand enterprises, typical propaganda stories. At the same time, investors also have produced a brand logo, website, business contact information of the bag and a small gift for foreign distribution, widely publicize and promote tianjin export brand. In helping enterprises to expand on the transaction and to persuade the various types of financial aid funds, and the country in recent years, the city awarded the editor compilation of supporting policies to help companies understand and grasp and make full use of good policy. Give full play to the role of the expert advisory group, guidance and assistance to enterprises to solve business problems encountered in the actual difficulties and problems. In strengthening the service organization, through the issuance of questionnaires to solicit opinions and suggestions, in-depth research enterprise, coordinate and solve problems, promote the advanced experience of rewarding outstanding business means to guide the development of enterprise operation strategy to adjust and optimize the product structure, nurture their own brands . For the first time the opening of the short message service platform will be all kinds of work and prompt notification to the form of SMS sent in a timely manner to the participating enterprises; to further strengthen protection of intellectual property rights, and actively help enterprises in the city two rights and good results; vigorously promote e-commerce Trade, Tianjin enterprises through the network of e-commerce transactions Fair nearly a million dollars; At the same time, continue to deepen the on-site exhibition services and logistics support services to ensure a smooth and orderly work of the exhibitors

Bank details of the difficult labor?

Following the Agricultural Bank of China (hereinafter referred to as "ABC") rules, "Hui Guo," Everbright Bank to suspend the rules and could not escape the fate of the recovery. At the same time, the central bank: no central bank rules. The major banks, this was as good as a problem, because there is no rule of the central bank, banks can only keep Jian Guanceng try to figure out the attitude of carefully drawn up their own rules.

So far, individual home mortgages accounted for the highest proportion of the Bank of China, Industrial and Commercial Bank of China Construction Bank and three state-owned commercial banks, have not released details. The other joint-stock commercial banks, Agricultural Bank and China Everbright Bank in the case, most of the above-mentioned waiting for the details of the three state-owned banks as a template.

Has not released details of the "fine"

To date, set out clearly the details of the bank, with the exception of the Agricultural Bank and China Everbright Bank, China Merchants Bank and Bank of Communications also. These banks have announced details of a very important feature, "Rules are not fine," the market is most concerned about "improving the general type of housing" concept, the details of these banks were not hit.

In addition, these rules are also at the head office level, still accordance with branches all over the various parts of the actual situation to develop more detailed operating rules, the head office of some of the key concept of "no specific explanation", is bound to lead to Branches all over the state of confusion, the central bank became clear the bank issued rules 10 days after the deadline expired, most of the details of the bank is still "difficult birth" an important reason.

In fact, the details of the Agricultural Bank after a "Hui Guo," but both before and after the rules do not change. Although both belong to state-owned commercial banks, Agricultural Bank of individual mortgage share of the smaller, so the first to announce the details in the industry do not have a "template."

Judging from the current rules announced by the bank, the Agricultural Bank of rules is the most detailed one, in addition to clearly enjoy the preferential policy for the first time since the general improvement in housing and housing-self, but also said that for the first time on the non-ordinary housing, Can enjoy 25% down payment, no interest rate to float downward concessions. This is the central bank and the China Banking Regulatory Commission last year's second suite provides clear policy conflict.

In addition, ABC has the details of the stock of many mortgage customers are most concerned about the stock of mortgages will they be able to enjoy preferential interest rates of 30 questions more detailed. Other banks have almost taken the issue of "disregard for the time being". Head office in the details "to avoid the" key issues, the details of the operation around the branch is out of the question. Because the bank details of the "birth" of individuals across the mortgage business is almost at a standstill.

Mortgage policy is not loose?

The evening of October 22 the Ministry of Finance announced "rescue the New Deal," the market for mortgage banks to relax look forward to full strength. For the first time since the Ministry of Finance on the purchase of general improvement in housing or housing-general can give the two into a down payment, the discount rate 30 statements, far outstripping the previous market for home loans is expected to relax the effort.

Therefore, the implementation details of the bank, the market also have great expectations, as well as the industry boldly predicted that the second suite liberalized policy may follow. Even a bank in the early to discuss details of when trying to down into two interest rate of 30 concessions extended to all housing.

Quite dramatic, the Agricultural Bank of the details of the "Hui Guo," after a few days later, on the same face appears in public, although the details of the second suite policy has been loose, but the decree no longer market its Have a look.

In addition, the preferential interest rate of 30, on the banks, deposit and lending interest rates and a severe upside down, if the stock of mortgages is also the implementation of the prime rate, the bank's income may decrease significantly. If not for stock loans at favorable interest rates, there is bound to be unfair to the existence of customers.

In addition, the market trend is still in decline, the Bank will cut down the ratio between the two as, in fact mean more focus on the risks of banks. As a result, in their own lack of motivation, the banks "to ignore" the central bank issued rules on the request of the period, has yet to announce details of the expected.

Details of the "birth" 10 days after the central bank has begun to urge the Beijing-based bank details as soon as possible, but if the central bank and the CBRC can not bank on the most perplexing several key issues must be given "prompt" and the rest The three state-owned commercial banks also failed to publish a Jian Guanceng was approved by the rules "model", the bank's rules also may be "difficult labor."

Chengdu waiting for the owners of fuel price increase only 100 yuan

Waiting for the price, gas station owners to reduce fuel

PetroChina, Sinopec and CNOOC three parts of the oil giant quietly in the price per liter drop up to a maximum 0.3 yuan

A number of private domestic gas prices, the China National Petroleum Corporation, Sinopec and CNOOC three oil giants are also unable to sit still, in some areas has quietly cut prices on its own. According to the reporter that the investigation, the three oil giants focus on the most recent price behavior in the Beijing and Hubei, Shandong, Zhejiang, part of the city, the highest drop per liter in some places reached 0.3 yuan, the Chengdu reporters on the market investigation found that some of these The gas deal was also wait-and-see posture, there are a lot of volume than the decline in the past.

Three giant quietly carrying out promotional price

Last month, 20, Sinopec's gas stations in Hong Kong down the retail prices of refined oil at about 0.2 Hong Kong dollar. From the beginning of the end of 10 months, Beijing China National Petroleum Corporation took the lead in the country for all their gas stations to carry out promotional activities as a whole, the fuel card users to recharge every 100 yuan return of 2 yuan, the equivalent of 93 # gasoline prices per liter more than 0.12 yuan, began Disguised price cuts. In the Oct. 29, the Wuhan gas prices have made a change table, 97 # gasoline 6.28 yuan / liter, 93 # gasoline 5.93 yuan / liter, 90 # gasoline 5.58 yuan / L, lower than the general market price at 7 Money. At the same time, China National Petroleum Corporation in Yichang of Hubei Province, Jingzhou, as well as of Zibo in Shandong and other places have also launched a price promotion, the price per liter in the range of 0.1 to 0.2 yuan range.

It has been alleged in the oil inside information, currently in petroleum and petrochemicals in the region in Hubei Province and launched a series of price cuts indeed, but only part of the gas station and can not be considered full price.

In addition, earlier this month, CNOOC service gas station in Hangzhou has also started holding prices, and decline to reach 0.3 yuan.

Drop the normal price is still floating within the framework of 8%

According to the National Development and Reform Commission and other departments, the gas retail prices of oil products by companies operating in the零售中准价on the basis of plus or minus 8%. At present, the vast majority of the gas price reduction on its own space in the basic rate of 8%.

According to the related media reports, the wholesale price of refined oil dropped down to zero price increase of space. Eastern oil and gas networks in 20 cities across the country monitoring data show that the wholesale price of gasoline and diesel market, the retail price per ton difference between 600-1200 yuan.

Chengdu wait-and-see increased private cars are added to each 100 yuan

Chengdu, even though some private gas stations have begun to carry out as early as price promotions, Sinopec and China National Petroleum Corporation affiliated gas stations still no sign of the price. The corresponding yes, all over the country as a result of oil price increase in price news, a number of private car owners to cut prices on expectations of a sudden increase in the sentiment. In this uncertain state of information, Chengdu, some of the private car owners are now reducing the amount of fuel.

5:00 p.m. yesterday, filling in Shuinian He came to the tanker owners, it is extremely rare. A private car owners to tell reporters that they also know that some of the private gas station prices, but it is difficult to find them, because their network is far too few. I am still looking forward to price the two giants, it is now generally refueling point increase in as little as possible. Reporters at the scene that each increase of 100 yuan more than a few private car owners.

Ex-factory prices fell this month is expected to cut retail prices

At present, the vast majority of gas stations and still maintain the original price is not the same as that in the near future, domestic ex-factory price of refined oil refinery is in the "diving."

According to the China Petrochemical News Network on 5 and 6, November 5, there were 15 domestic refineries to reduce the ex-factory price of gasoline, or up to 400 yuan per ton. Domestic diesel price fell 430 yuan, the average price of 6329 yuan per ton.

Golden State Securities analyst Liu Bo believe that the products at home and abroad

Oil prices gradually expand the difference, "internally compared to international prices of petrol per ton higher than 2000 yuan, 800 yuan higher than diesel. This has brought the price adjustment to the enterprise space." Various agencies of the Securities analysts are of the view that national unity in November down The retail price of refined oil a great chance, and China Merchants Securities analyst Qiu Xiao-feng of the judge that the adjustment in 1000 yuan per ton (including within).

□ expert analysis of the retail price dropped less likely

Oil was down by the impact of oil on the market has been gradually reduced in the car quite a number of forums. "International oil prices fell, by mid-November is expected to lower domestic oil prices. At present, relevant departments have three options will be reported for approval. The three options which are lower margin per ton of oil products were 500 to 1,000 yuan. "There's been three sets of programs, the retail prices of refined oil were down 500 yuan per ton, 800 yuan or 1,000 yuan. In accordance with a ton of oil products rose for the conversion terms of oil products per liter reduction of about 0.43 yuan, 0.68 yuan and 0.85 yuan.

Members of the public, but these rumors, TX Investment analyst analysis, down 1,000 yuan per ton is not possible. The analyst pointed out: In view of the recent domestic refined oil wholesale prices fell sharply, as well as other refined oil products prices, China's petrochemical refining operations in the break-even fuel costs 82 U.S. dollars / barrel, China's oil refining and marketing business with the break-even Oil costs 85 U.S. dollars / barrel.

The analyst believes that if the oil potential in the retail price down 500 yuan / ton, assuming that oil refining business is still profitable, a barrel of crude oil processing after-tax profit fell to 3.83 U.S. dollars. 2009 China National Petroleum Corporation, Sinopec's crude oil processing volume of about 9 billion barrels and 13 billion barrels, the net profit will be reduced by 23.6 billion (-13.6%) and 34.1 billion (- 48.7%). As a result of lower oil prices after two oil companies will continue to be maintained at a retail price of the prospective retail price up 8% level, the price of oil down 500 yuan / ton, the two companies on the actual 2009 net profit impact of approximately All 200 million.

European Central Bank to cut interest rates to boost sentiment in the euro zone economy

the European Central Bank decided to lead the euro-zone interest rates again by 0.5 percentage points lower, with a view to reversing the decline in the euro zone economy. However, some analysts pointed out that the European Central Bank to cut interest rates hard to boost the euro-zone economy, I am afraid that the European Central Bank to cut interest rates further to stimulate economic growth.

This is the European Central Bank in less than 30 days of the second period to cut interest rates. Oct. 8, 6 in the West Bank to take joint action to cut interest rates, European Central Bank will be leading euro-zone interest rate has been reduced by 0.5 percentage points, fell to 4.25 percent from 3.75 percent. This is obviously because of the economic situation in the euro zone because of the financial crisis was a sharp deterioration in the euro area and short-term inflationary pressures continued to ease.

The European Central Bank President Jean-Claude Trichet on the 6th to make the decision to cut interest rates, he said, increased financial market turmoil and its impact is likely to expand at a fairly long period of time, as well as suppress global demand in the euro zone, the current economic situation "very" uncertain. Jean-Claude Trichet did not use the word recession, but 3 of the European Commission's autumn economic forecasts published reports indicate that the euro-zone economy into recession almost certain, but next year the situation is still not optimistic.

In the second quarter of this year, the economy in the euro zone for the first time than the negative growth in the ring, and then the outbreak of the financial crisis in the euro-zone economy even worse, after two quarters of this year is expected to slip further. By the financial crisis, as the promotion of the three major engines of economic growth in the euro zone's investment, consumption and exports all-round weakness. The European Commission expects euro-zone economic growth next year will be only 0.1 percent. 6, and the International Monetary Fund released a more pessimistic forecast that the euro-zone economy next year will decline 0.5 percent. Therefore, in order to avoid the economic situation continues to deteriorate, has always been to contain inflation as the most important task of the European Central Bank had to change strategy in the near future, take steps to cut interest rates to stimulate the economy.

And the United States and other Western countries, the central bank, European Central Bank is in crisis after the outbreak of the loan-to-time to take action to cut interest rates most of a slow. The reason why this was mainly due to the past period of time, bulk commodities such as crude oil prices rising, the euro-zone inflation rate reaching new heights. In the face of high inflation and economic slowdown on both sides of the attack, the European Central Bank as at the end of July in order to control inflation and keep interest rates. September in the United States began a new round of financial turmoil, the end of this round of rate hike cycle.

In the near future to ease pressure on inflation in the euro zone, European Central Bank to cut interest rates to provide more policy space. With the significant downturn in international oil prices, inflation in the euro zone, following the middle of this year rose 4% after the peak, in October had dropped to 3.2 percent is expected after the next two years will be gradually reduced to the European Central Bank to maintain price stability 2% of the set warning line.

However, some analysts believe that the European Central Bank to cut interest rates this is not enough bold. On the same day, Britain announced that the Central Bank the Bank of England will cut the benchmark interest rate by 1.5 percentage points, the largest decline is expected to exceed the outside world. By contrast, the European Central Bank's efforts to cut interest rates investors are disappointed to varying degrees, resulting in European stock markets fell. Analysts predict that because of the severe economic situation, the European Central Bank is likely in the December monetary policy decision-making continue to cut interest rates.

According to Jean-Claude Trichet said the European Central Bank on the 6th in the monetary policy decision-making meeting considered whether to cut interest rates 0.75 percentage points, but ultimately it was the unanimous choice of a more conservative approach. Analysts said Trichet said the details of this shows that the European Central Bank to cut interest rates again on an open mind, was not in one step is likely to be further observed trends in the economy, such as the euro zone in December the results of the latest economic forecast released after the decisions are made .

Many economists believe that the current economic and inflation situation in the euro zone, European Central Bank over the next period of time will likely cut interest rates.

Transportation planning department 5,000,000,000,000 yuan investment plans

Following the approval of the State Council last month, the Ministry of Railways to invest 2 trillion yuan railway project, sources said, transportation department is planning a 3 to 5 years in the future to invest 5 trillion yuan.

"Business News" learned from informed sources, the size of the 5 trillion of investment, including projects, planned projects and additional investment, will involve roads, waterways, ports and terminal building.

The original investment or ahead of schedule planning

According to informed sources, in accordance with the original "highways and waterways," 11th Five-Year Plan "," the transport sector and medium and long-term planning, state highway (including highway) construction is expected to invest 2.1 trillion yuan. These include the 2010, with an average annual investment of about 140,000,000,000 yuan, from 2010 to 2020 the average annual investment of about 100,000,000,000 yuan.

Now the 5 trillion yuan in the planning is to ensure that the original investment on schedule or even ahead of schedule on the basis of, and an additional 2 trillion over the scale, "in addition to the original planning ahead of schedule, but also through additional investment and stimulating domestic demand, fast, after all, These infrastructure investment can play an immediate effect. "These people said.

Ministry of Transport and Communications Minister Li Shenglin in the National Work Conference on Transport, the Ministry of Communications in the "11th Five-Year Plan" period, will focus on the completion of "the multi-billion dollar five-year" mission, basically all the conditions of the rural townships, villages formed roads, 95% and 80% of the township's villages formed asphalt (cement) Road; shape the national highway network backbone, "five vertical cross-seven" national backbone and the development of inter-provincial highways in the western channel is finally completed.

According to the plan, by 2010, the National公路总里程reached 2,300,000 km, the National Highway traffic mileage of 65,000 km to reach secondary and higher highway mileage reached 450,000 km, county and township roads to reach 1,800,000 km. Informed sources said that these goals will be reached ahead of time.

Northern Jiaotong University School of Management Professor Zhang Wenjie of the view that the transport sector making such a huge investment plan, and the Department of Transportation about this year's expansion. Most of this year's reform, the establishment of the Ministry of Transport, Ministry of the original, original and the Civil Aviation Administration of the Ministry of Construction of the original guidance of the city's responsibility to integrate into the passenger, and the Civil Aviation Administration of China State Post Bureau from the Department of Transport Management. Reporters learned that 5 trillion plan did not involve aviation and postal. But Zhang believes that even if excluded from these two industries, the functions of the Department of Transportation and coverage over the past the Ministry of Communications, therefore, increase the investment is reasonable.

Stimulating domestic demand is expected to promote employment

The reporter interviewed a number of transportation systems and well-known experts on the logistics of the scheme expressed support for the view that the current economic situation, with increased investment in infrastructure is essential to stimulating domestic demand, however, the need for more rational use of capital planning, reasonable As well as the layout of the effective use of funds.

Prior to this, the Ministry of Railways, "11th Five-Year Plan" of a total investment of 1.25 trillion yuan. In late October, in order to adapt to the new demands of railway construction, the State Council approved railway construction funds to adjust the size of 2 trillion for the application. Ministry of Railways have previously said that the investment in railway obvious role in stimulating the economy, infrastructure, such as steel, cement demand will be driven electronics, electrical appliances, rubber and glass industry. The increase in employment, according to the reporter learned that only one of the Beijing-Shanghai high-speed railway, the railway system does not include workers, the number of construction on more than 10 people.

"Additional investment is a good thing, in addition to stimulating domestic demand, quickly, from the current situation of China's transport, ports and terminals to increase investment in construction is necessary." Zhang said. In his view, after a large-scale investment in construction, China's roads are basically sound, but the railway construction but it is lagging behind, a reasonable distribution of traffic should be the perfect road and rail facilities.

Therefore, Zhang speculated that the investment funds in the distribution of specific geographical areas and aspects will be emphasized. Reporters learned that in addition to 5 trillion of investment is expected to be completed ahead of the "five vertical cross-seven" project, the port will increase in construction investment. "The port and terminal construction investment is essential because we regard this as the building of the developed countries, can not keep up the economic development of the situation." In addition, Zhang suggested that in order to balance regional development, should also take into account the central and western regions Infrastructure. In accordance with the former Ministry of Planning, the "11th Five-Year Plan" period, the coastal port handling capacity to add more than 80%, fitness close to 1:1 (meaning the ship to ensure that Hong Kong be able to discharge immediately, without waiting), which means that the port to Rational distribution and expand the port's handling capacity to improve the conditions of the port channel. At the same time, inland water transport in the area, it is necessary to speed up the Yangtze River "golden waterway" construction. In addition, we must establish a basic land, sea and air search and rescue system, focusing on water safety and regulatory relief to increase capacity significantly. These projects ahead of schedule which requires huge capital investment.

Granted greater hope

Chinese ports are concentrated in the southeast coast, the mainland transport is still the main road and rail. According to informed sources, 5,000,000,000,000 yuan of investment will be balanced by land and sea investment. The funds do not have much difficulty, in addition to the state's financial investment in the infrastructure budget, the state would provide an additional financial input, in addition, primarily by issuing bonds in the form of specific projects to raise funds.

"This investment in a large number of sounds, but at present China's overall national strength, not very difficult." External economic and trade finance University College Professor Ding Jianchen have said. In his view, despite the issuance of treasury bonds, foreign loans or to cause a degree of fiscal deficit, but the deficit is not necessarily a bad thing, he said: "From now on stimulating domestic demand, the situation far more important to the budget deficit."

Dingjian Chen at the same time that these funds will eventually be translated into the stock of assets has become state-owned assets, such investment into and from the middle out to measure the "cost", so that the approved investment projects more likely.

Jiang Chen of the next sign of the financial supervision memorandum great opportunity

In the Taiwan Strait on November 5 hearing yesterday, SEF Vice Chairman Kao said The future of cross-strait financial cooperation between the two organizations will be included in the follow-up consultations focused on the subject; He pointed out that cross-strait financial supervision on the financial signed a memorandum (MOU) have a strong demand in the third Jiang Chen will complete the signing of a great opportunity. If the MOU can be executed smoothly into the first half of next year, the bank is expected to cross-strait mutual landing.

According to Taiwan media reports, ARATS President Wang Chen Chen Jiang yesterday in the second session, a clear declaration Jiang Chen will be in the future will focus on financial issues. Yesterday, Kao told a news conference that the two financial cooperation is an important follow-up consultations on the subject, tomorrow is a forum to prepare for; Banking, including co-operation, exchange of shares, will be in the next period of time consultations on the consensus reached , Signed the agreement.

Media asked whether the MOU could become the third-Jiang Chen talks to sign the agreement, Kao said: "Personally, I judge, MOU signed is a great chance."

He said, MOU is very concerned about cross-strait issues, the two sides have such a demand for the financial sector; the mainland Chinese bank, Industrial and Commercial Bank accompanied to Taiwan the day before the dinner expressed a strong will to want to come to Taiwan to set up Branch; "signs from the judge, the two sides should reach an agreement soon on the MOU."

In addition to the MOU, Kao also said that Mr Jiang will also enter into talks for the first time over the weekend charter flights with the mainland tourists to Taiwan two issues for the implementation of that review and also for the future implementation of the views; another situation for the future , Including cross-strait relations, cross-strait exchanges, the international economic situation, the international financial situation, as well as consultations in the future to exchange views on the subject, and a preliminary consensus.

According to another report, Jiang Chen of the financial talks the two sides will debut today, will be led by SEF Chairman Chiang Pin-kung and industry officials attending the talks, to promote cross-strait economic and trade exchanges further.

This is the cross-strait financial authorities in Taiwan for the first time a direct dialogue is generally expected to cross-strait financial focus of the discussion will include: Taiwan's Bank of China branch offices in the upgrading of Taiwan's Bank of China branch (a line) for restricted free to do RMB business in the mainland Professional investment institutions to invest in Taiwan, as well as cross-strait financial supervision MOU (memorandum) study, and so on.

However, the signing of the MOU involves many technical problems, the two sides may need some negotiations will it be possible to reach a consensus.

Another focus of the talks today is how to cross-strait cooperation in fight against global financial turmoil, Taiwan will propose the establishment of cross-strait mutual funds. "Executive Yuan" has instructed relevant ministries to start planning.

Taiwan, "Central Bank" to send Secretary of the Exchange paragraph Jinsheng the panel. Since the People's Bank of China International Secretary-Jin Qi Hong Kong, Macao and Taiwan Affairs Office consultation is a master of the currency clearing mechanism, agreed that the financial sector in order to talk with the Taiwan currency clearing mechanism is not in today's cross-strait financial forum to discuss that with the private " The central bank, "officials.

Although cross-strait discussion of the financial industry's high expectations, but only the Straits Exchange Foundation announced the list of official representatives of the private bankers who were present, the home has been kept confidential. Bankers pointed out that the chairman of the Association of Banks, Xiu-Lian Zhang, Wang Rong, chairman of Mega Golden Week, and the CITIC Bank, one silver and silver-chang in the mainland has set up offices in seven bank chairman, is expected to attend.

CVRD iron ore to give up the fare increase next year enabling the buyer of iron ore talks

After months of stalemate, the Brazilian mining giant CVRD has iron and steel because of weak demand for all of a sudden decided to give up the iron and steel enterprises in Asia demanded a higher annual iron ore contract prices. Yesterday, CVRD Chief Executive Roger Agnelli in the United States held a briefing reporters confirmed that the company has given up today will increase iron ore contract.


After months of stalemate, the Brazilian mining giant CVRD has iron and steel because of weak demand for all of a sudden decided to give up the iron and steel enterprises in Asia demanded a higher annual iron ore contract prices. This week, together with India and Brazil, respectively CVRD reported a significant reduction of iron ore export tax and production information, so the demand side of the steel in the coming new year of iron ore in negotiations to occupy a favorable opportunity. However, as there are still uncertainties in the future, analysts believe that the new annual iron ore negotiations will be complex.

Recognize the demand to give up fare

In September this year, Vale do Rio Doce announced that the requirements of the Asian steel makers to accept its 12% price increase request, so that European steel prices and the prices in line. However, this request has been China's iron and steel producer collective boycott, the two sides deadlocked at one time.

Yesterday, CVRD Chief Executive Roger Agnelli in the United States held a briefing reporters confirmed that the company has given up today will increase iron ore contract.

According to foreign reports, the domestic iron and steel enterprises, chairman of Baosteel's Xu Lejiang in an interview Kaohsiung, Taiwan also pointed out that the global iron and steel enterprises are facing winter, the fare increase at this time that the CVRD is not the time, it withdrew the proposed fare increase.

Since June, the global economic slowdown to curb the demand for steel products, iron and steel enterprises have led to a reduction or even a loss, thus reducing the demand for iron ore. At present, the spot price of iron ore has been much lower than Brazil's iron ore price agreement, so that CVRD's price demands even more unreasonable.

As the pre-process the volume of imports, China's ports are still piled up over the ore body. According to the reporter access to the latest statistics, last week, the main port of the National Stock total 71,920,000 tons, an increase over the previous week and 360,000 tons, in a super-saturation.

In fact, last Friday, CVRD has announced that this year will be cut through the iron ore production to 9% of the "weakness", a few days ago, another big mining giant Rio Tinto Chief Executive Tom Albanese admits that China's economic growth to accelerate in the slowdown, and the Demand in 2009 will not bounce.

"Compared to the third quarter of the economic slowdown, China's fourth-quarter economic slowdown will be faster." Albanese Madagascar's ilmenite plant in an interview with reporters, "This will result in 2009, our products lag The cumulative growth in demand will accelerate.

2009 iron ore negotiations complex

In accordance with international practice, the annual global iron ore negotiations will start in November, China and Europe, Japan Steel prices will team up with three major global mining giant to start one-on-one talks, for the fiscal year 2009 to determine the long-term iron ore price agreement. Although the global economy is weak in the iron and steel enterprises have been cut, the situation seems to be more conducive to negotiations on a buyer's market.

This year China is still the negotiator Baosteel, Xu Lejiang at a meeting of space industry said that this year there have been changes in market conditions, iron ore prices next year will be adjusted. Baoshan Iron & Steel and Ying Chen in the Dongmi Baoshan Iron & Steel said on-line at that, in view of the iron ore market fundamentals have taken place in the larger changes in iron ore prices next year should return to a reasonable level.

Australia, local media, "Australian Financial Review reported that" yesterday forecast that from 2009 to 2010, the international market for iron ore and coking coal prices will decline 20% and 30% respectively. The newspaper said that this is on the conservative side, because in the past three months, the spot price of iron ore has declined 75 percent, while coking coal prices by 45%.

However, there are iron and steel industry, told reporters that the current iron ore spot price has been down on the demand side of the steel plant, have begun negotiations on a long-term price is reluctant to sign, "in the uncertain circumstances, there is no One can enter into a long-term price of a year, "

At the recent International Conference on Chinese raw materials, iron and steel industry association single Shang-hua of the Secretary-General also told reporters that in 2009 the iron ore negotiations in the end of the year on a quarter or a talk, but also to discuss with the mining enterprises. However, China Steel Association hope that the future long-term contract prices in line with the spot price.

In response, the United Network metals analyst Hu Kai then told reporters, in 2008 as a result of the annual long-term iron ore price negotiations, the three mining giants took a different long-term price agreements, together with the current spot market is not ideal, it is estimated that no A mining enterprises are willing to 2009 the annual long-term iron ore price negotiations with the first steel plant to reach agreement because the price may repeat the mistakes of the 2008 annual overturned while. If the stock market is expected to continue to fall, steel will also be long-term negotiations dragged on much longer, so as to obtain a more favorable weight, so the 2009 annual long-term iron ore price negotiations will be complex and difficult.

Third-quarter loss reported 304 million Swiss francs reinsurance market expectations are far less performance

Excerpts news passed their prime KKR Private Equity listed no hope of the year (11/05) reported third-quarter loss 304 million Swiss francs reinsurance market expectations are far less performance (11/05) before the global stock markets in October evaporation 16,000,000,000,000 U.S. dollars (11 / 05) the huge costs caused by loss of reconciliation 194,000,000 U.S. dollars remained MasterCard-than-expected third Quarterly Bulletin (11/05) Dow entered a critical period (11/05) election kicked off Tuesday U.S. stocks opened higher (11/05) with the parent company, CITIC Pacific consultations 1,500,000,000 U.S. dollars stand-by credit arrangement (11/04) to be set up Credit Lyonnais Securities, a subsidiary of credit (11/04) to rescue the market to speed up the pace of the stock market in the Asia-Pacific Piaohong Monday (11/04) Chen Yunlin to visit Taiwan to stimulate the "three direct links" concept stock up ( 11/04)


The world's second largest reinsurance companies - Swiss Re (Swiss Reinsurance Co.) Yesterday announced a six-year first-quarter loss. As the credit derivatives losses drag, in the third quarter of this year, the company reported a loss of CHF 304 million (about 259,000,000 U.S. dollars).



According to Swiss Re announced yesterday the Quarterly Bulletin, in the third quarter the company lost a total of 304 million Swiss francs, while the same period last year profit of 1.47 billion Swiss francs. Analysts previously forecast profit will be 150,000,000 francs. Portfolio, as well as claims for hurricane damage is the main reason for the current quarter, but Switzerland Reinsurance in 2008 before the 9 months net operating income of 884 million Swiss francs.

Company earnings per share for the third quarter -0.93 Swiss franc in 2008 in the first nine months to 2.66 Swiss francs. The third quarter rate of return on equity is equivalent to an annual rate of -2.7% in 2008 in the first 9 months to 6.4 percent. As the company to implement a prudent investment strategy, in the third quarter of shareholder equity ratio declined quarter of 6% to 24.1 billion Swiss francs, and as of the end of September from the book value per share of 77.65 Swiss francs by the end of June dropped to a modest 74.16 Swiss francs.

Swiss Re said the company balance sheet is still healthy capital adequacy ratio remained at a relatively high level. Hurricane paid expenses for the settlement of 365,000,000 U.S. dollars, and structured products on the scale of investment to 39.9 billion Swiss francs, compared to 6 at the end of the 38.9 billion Swiss francs increased.

In addition, Swiss Re in the third quarter and the provision of credit default swaps (credit default swaps) aspects of 289 million Swiss francs by total assets, which as of end of the third quarter of this year, the market value of securities losses decreased by more than last year's level, reaching The Swiss franc 2,810,000,000. The company said Chief Executive Officer Jacques Aigrain, as a result of the deterioration of the global financial crisis, the company has increased the company's credit risk hedge positions.

"Swiss Re reported a bad number." Kepler Capital Management in Zurich analyst Fabrizio Croce said this, and Swiss Re's stock rating cut to "reduce." He said: "This is just the tip of the iceberg, the current situation is only dark cloud-top pressure, and may be a tempest in the future."

In addition, Swiss Re said yesterday that as a result of a high degree of volatility in financial markets, as well as customer demand for reinsurance, has been suspended stock repurchase program. At the end of October, the group has completed a 7.75 billion Swiss franc share buy-back program 51.2 percent. The company reiterated that is still attainable in the April 2010 completion of the share buy-back program goals, but it will depend on the restoration of stability in the capital markets, property, as well as accident insurance and health insurance life insurance sector business opportunities.

In the Quarterly Bulletin was published, Swiss Re shares after yesterday's drop was 7.4 percent to 47 Swiss francs, while the share price this year has shrunk by about 37% of the total market value fell to 17.9 billion Swiss francs.

RMB exchange rate against the U.S. dollar continued to move up

in the international foreign exchange market the dollar fell against the backdrop of the yuan against the U.S. dollar continued to move up. From the China Foreign Exchange Trading Center show that on November 5 for the RMB exchange rate of U.S. dollar 6.8240 reported that more than 21 basis points higher in the previous session.

People's Bank of China authorized by China Foreign Exchange Trade System announced on November 5, 2008 interbank foreign exchange market, and other currencies against the dollar exchange rate of 1 U.S. dollar against 6.8240 yuan, 1 euro was 8.8378 yuan, 100 days 6.8421 yuan against the yuan, 1 Hong Kong dollar against 0.88039 yuan, 1 pounds against 10.8703 yuan.

In the previous session, the RMB exchange rate against the U.S. dollar 6.8261 U.S. newspaper.

Results for the U.S. presidential election just around the corner, the U.S. stock market rose Tuesday, the U.S. dollar against the euro since the euro exchange rate is a record since the advent of the biggest one-day decline. As a result, the RMB exchange rate against the U.S. dollar to maintain upward momentum.