LECTURE 2 RISKS, ORGANIZATION AND STRUCTURE OF BANKING INDUSTRY IN CHINA. 9/27/2017 ACEM, SJTU, Nan Li
|
|
- Milo Dixon
- 6 years ago
- Views:
Transcription
1 LECTURE 2 RISKS, ORGANIZATION AND STRUCTURE OF BANKING INDUSTRY IN CHINA 1
2 Example of Simple Bank Balance Sheet Assets Cash 5 Marketable Securities 10 Loans 80 Fixed Assets 5 Total 100 Liabilities Deposits 90 Subord L.T. Debt 5 Equity Capital 5 Total 100 2
3 Risks Faced by FIs What are the risks faced by the FIs when they provide the services to the economy? Interest Risk Credit Risk Liquidity Risk 3
4 Risks of Financial Intermediation Corporate Banks Sovereign Retail Special Loans Internal Procedure People System (IT) External Operational risk Credit Risk Risk of Banks Other Risks Market Risk Interest rate Exchange rate Stocks OBS No minimum requirement by BASEL Liquidity Risk Legal risk Reputational Risk Country Risk 4
5 Risk Management Objectives Overall Risk management Credit risk management Financial risk management Market Risk Risk management Operational Risk Market Risk Liquidity and Systematic Risk Operational Risk Market Risk Credit Risk Credit Risk Credit Risk Credit Risk 1988 Basel Accord 1996 Revision 2004 Basel Accord II Basel Accord III 5
6 Actual Portfolio Loss Capital Reserve EDF Unexpected disaster Normal condition: expected loss 2.00% 1.80% 1.60% 1.40% 1.20% 1.00% Unexpected loss: in some cases, the loan loss is higher than the expected level 0.80% 0.60% 0.40% 0.20% 0.00% Year Expected Loss Unexpected loss Disaster loss Loss Loan Loss Provision Capital Reserve Charge off or transfer 6
7 Basel Accords in China 2004/02: (localized)basel I Definition of capital, similar with difference Risk weight and conversion factor of OBS activities Capital adequacy ratio 8%, (4% for core capital) same Detailed methods to compute interest rate risk, market risk (stock risk, exchange rate risk, commodity risk, option risk), capital requirement for market risk only applicable for large commercial banks 7
8 Basel III in China Type of Banks Systematically Important Banks ( 系统重要性银行 ) by 2013 Non- Systematically Important Banks ( 非系统重要性银行 ) by 2019 Minimum Capital Requirement 最低资本要求 Core Tier I Capital ( 核心一级资本 ) Tier I Capital 一级资本 Total Capital 总资本 Conservation Buffer 留存超额资本 Countercyclical Buffer 逆周期超额资本 Additional Capital Requirement for Systematically Important Banks 系统重要性银 行附加资本 5% 6% 8% 2.5% 0%-2.5% 1% 5% 6% 8% 2.5% 0%-2.5% None 8
9 Basel Accords in China 2007/02: Basel II starts Banks may choose to follow Basel II or Basel I By 2012, 5 large SOCB and 1 joint stock bank apply for Basel II 2012/11/30: Basel III starts Macro prudential and micro prudential policy Capital and liquidity regulation Improve both quantity and quality of the capital Introduce new concept: conservation buffer, countercyclical buffer, leverage ratio, liquidity coverage ratio, and stable funding ratio Four key indices: Capital adequacy ratio Leverage ratio Loan Loss Provision Liquidity Ratios Basel: LCR, NSFR +China: liquidity ratio, loan-to-deposit ratio, core liability ratio, liquidity gap ratio, concertration ratio, interbank deposit concerntration ratio 9
10 Basel III in China Ratios Measure Target Level Schedule to Meet Target Leverage Ratio Core Capital/ Total 4% (3%) By 2013: Systematically important 杠杆率 Asset (with OBS) 核心资本 / 总资产 ( 含表外 ) Banks( 系统重要性银行 ) By 2016(2018): other banks ( 非系统重要 Loan Loss Provision Ratio 拨备率 Loan Loss Provision/ Loan Balance (*counter cyclical) 拨备 / 信贷余额 性银行 ) 2.5% By 2013: Systematically important Banks( 系统重要性银行 ) By 2016: other banks ( 非系统重要性银行 ) Allow dynamic adjustsment under Pillar Two ( 在第二支柱下适度动态调整 ) Liquidity Index 流动性指标 Loan Loss Provision/ NPL 拨备覆盖率 Liquidity Coverage Ratio(LCR) Net stable funding ratio (NFSR) 150% dynamic adjustsment (allow lower ratios for qualified small and medium banks) 动态调整 100% By the end of % By the end of
11 Basel III in China By 2011Q4, Capital Adequacy Ratio: 12.7% Tier I capital Ratio: 10.2% Already meet and exceed the Basel III requirement (to be met by 2019) But still less than the 13.5% and 12.5% requirements in China for systematically and nonsystematically important banks, respectively, capital gap is 1 trillion RMB. 11
12 Number of Banks Meeting Minimum Capital Adequacy Ratio in China in
13 Health Check of Banking Industry In first half of 2017, Total Asset: 239 trillion, Total Loan: 121 trillion Capital adequacy ratio: 13.2%, Loan Loss Provision ratio 175.1%, NPL: 1.86%, Liquidity ratio: 48% 14
14 Recent Concern Increasing interbank competition Reduction in interest spread Interest spread < 2% Profit merely 1% or less Increase in fee generating activities Increase in Interest rate risk and Liquidity risk Increase in NPL Credit risk 15
15 Profit after tax Policy banks & the CDB Large commercial banks Joint-stock commercial banks Non-bank financial institutions Foreign banks Rural City and Urban 16
16 ROA 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% Policy banks& the CDB Largecommercialbanks Joint-stock commercialbanks Non-bank financialinstitutions Foreign banks rural city&urban 17
17 China Credit Growth % 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% MoM YoY
18 Quality of Credit in China 30% 20% 10% China Non-Performing Loans Growth Rate (Quarterly) 2006Q1-2016Q4 0% -10% -20% -30% -40% -50% -60% 19
19 Non-Performing Loan Ratio 20.00% 18.00% 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% Total NPL substandard Doubtful Loss
20 China Non-Performing Loans 21
21 Risk Management How to manage these risks? Interest rate risk Credit risk Liquidity risk 22
22 Interest Rate Risk: Models Repricing Gap Model Focuses on book value using accounting approach Main concern is net interest income Duration Model Focuses on market value Main concern is maintaining value and achieving targets 23
23 Repricing Model Repricing or funding gap model based on book value. Contrasts with market value based maturity and duration models recommended by the Bank for International Settlements (BIS). Rate sensitivity means time to repricing. Repricing gap is the difference between the rate sensitivity of each asset and the rate sensitivity of each liability: RSA - RSL. 24
24 Maturity Buckets Repricing can be the result of a rollover of an asset or liability, or because the asset is variable-rate instruments Commercial banks must report repricing gaps for assets and liabilities with maturities of: One day. More than one day to three months. More than 3 three months to six months. More than six months to twelve months. More than one year to five years. Over five years. 25
25 Applying the Repricing Model (Repricing Gap) GAP i = RSA i - RSL i Δ NII i = (RSA i Δ R i,a RSL i Δ R il ) If Δ R A = Δ R L, then Δ NII i = GAP i *Δ R i = (RSA i RSL i )* Δ R i 26
26 1/1/1990 1/1/1991 1/1/1992 1/1/1993 1/1/1994 1/1/1995 1/1/1996 1/1/1997 1/1/1998 1/1/1999 1/1/2000 1/1/2001 1/1/2002 1/1/2003 1/1/2004 1/1/2005 1/1/2006 1/1/2007 1/1/2008 1/1/2009 Unequal Changes in Rates If changes in rates on RSAs and RSLs are not equal, the spread changes. NII = (RSA R RSA ) - (RSL R RSL ) PRIME 3-Month CD
27 Duration Model A market value-based model for assessing and managing interest rate risk: Duration Computation of duration Economic interpretation Immunization using duration Problems in applying duration 28
28 Duration: Economic Interpretation Measure the price sensitivity (elasticity) of bond value with respect to interest rate. dr dp D P MD dr P 1 R MD D 1 R 29
29 Duration Gap Duration of portfolio A is the market value of total asset, A i is the market value of asset i L is the market value of total liability, L i is the market value of liability i N i i N i L i L N i i N i A i A L L D L D A A D A D i i where L where A,
30 Immunization Bank wants to measure the exposure of market value of equity E to interest rate changes. E=A-L => E=A-L. Use duration model, A = -D A A R A /(1+R A ), L = -D L L R L /(1+R L ), Assume that R A /(1+R A ) = R L /(1+R L ) E = [-D A A + D L L] R/(1+R) [D A - D L k]a(r/(1+r)) The formula shows 3 effects: Leverage adjusted D-Gap The size of the FI The size of the interest rate shock 31
31 Financial Institutions in China Banking (Depository) Institutions State-Owned Commercial Bank 大型商业银行 Joint-Stock Commercial Bank 股份制商业银行 City Commercial Bank 城市商业银行 Rural Financial Institution 农村金融机构 Rural Commercial Bank, 农村商业银行 Rural Cooperative Bank, 农村合作银行 Rural Credit Cooperatives, 农村信用社 three-type rural Financial Institution (rural county bank, 三类新型农村金融机构 ) Postal Savings Bank of China 中国邮政储蓄银行 Private Bank 民营银行 Foreign Bank 外资银行 32
32 Financial Institutions in in China Non Depository Financial Instiutions Policy Bank ( 政策性银行 ) State-Owned Asset Management Corporation ( 国有资产管理公司 ) Deals with the non-performing loans of state owned commercial banks Non-banking Financial Instiutions Trust Company 信托公司 Finance Company 财务公司 Financial Leasing Company 金融租赁公司 Motor Finance Company 汽车金融公司 Consumer Finance Company 消费金融公司 Money Broker Company 货币经纪公司 33
33 Type of Institution Number of Institutions Policy Bank 政策性银行 3 State-Owned Commercial Bank 大型商业银行 5 Joint-Stock Commercial Bank 股份制商业银行 12 Postal Savings Bank of China 中国邮政储蓄银行 1 City Commercial Bank 城市商业银行 162 Rural Financial Institution 农村金融机构 Rural Commercial Bank, Rural Cooperative Bank, Rural Credit Cooperatives, = 3345 and three-type rural Financial Institution (rural county bank) 农商行, 农合行, 农信社, 三类新型农村金融机构 Private Bank 民营银行 6 Foreign Bank 外资银行 50+ State-Owned Asset Management Corporation 国有资产管理公司 4 Non-Bank Financial Company Trust Company 信托公司 77 Finance Company 财务公司 261 Financial Company 金融公司 (Financial Leasing 金融租赁, Motor Financial 汽车金融, Consumer Finance 消费金融, Money Broker 货币经纪 ) =103 34
34 State Council CBRC PBC Depository Instituion Non-Depository FIs Stateowned CB: ICBC CCB BOC ABC BCommu Joint-Stock CB CTIIC Everbright Huaxia Minsheng Merchant Industrial Guangfa Pingan Pudong Development Hengfeng Rural FI Rural CB Rural Cooperativ e Bank Rural credi union Rural County banks City CB Postal Savings Banks Private Bank Foreign Bank Policy Bank Zheshang 35 Bohai DB EIBC ADBC State-owned Asset management Corporation Xinda Huarong Greatwall Orient Other NDFIs Trust, Finance, Motor Finance, Consumer Finance, Money Broker
LIQUIDITY RISK, CREDIT RISK AND MONETARY POLICY
LECTURE 3 LIQUIDITY RISK, CREDIT RISK AND MONETARY POLICY 1 State Council CBRC PBC Depository Instituion Non-Depository FIs Stateowned CB: ICBC CCB BOC ABC BCommu Joint-Stock CB CTIIC Everbright Huaxia
More informationNature and sustainability of the Chinese economy
Nature and sustainability of the Chinese economy Long Guoqiang Development Research Center of the State Council Prepared for the Nomura Foundation Conference Prospects for Growth in the World s Four Major
More information2015年度审计报告及财务报表 02 03
2015年度审计报告及财务报表 02 03 2015 年度审计报告及财务报表 04 05 资产负债表 单位 : 中国石化财务有限责任公司 金额单位 : 元 资产行次 2015-12-31 2014-12-31 负债及所有者权益行次 2015-12-31 2014-12-31 资产 : 1 负债 : 52 现金 2 200,861.73 192,601.71 拆入资金 53 10,000,000,000.00
More informationSession 4b China Health Insurance Industry A Ever Changing Landscape. Davout Yean, FSA
Session 4b China Health Insurance Industry A Ever Changing Landscape Davout Yean, FSA China Health Insurance Industry - A Ever Changing Landscape DAVOUT YEAN FSA AIG Business Consulting(BJ), Chief Strategy
More informationAccount Maintenance Fee. USD 10 or equivalent per month for average account balance(s) less than USD 100,000 or equivalent. Account Maintenance Fee
Charges and Commissions (Effective from 1 st October, 2015) Account Maintenance Fee Account Maintenance Fee USD 10 or equivalent per month for average account balance(s) less than USD 100,000 or equivalent.
More informationCAR Inc Annual Results. Feb 27 th, 2018
CAR Inc. 2017 Annual Results Feb 27 th, 2018 Operational & Financial Highlights Q4 17 Highlights (RMB in millions) Car rental 1,211 684 Continue to demonstrate strong growth momentum with YOY price reduction
More information附件 3.Trading Code Application Form for Overseas Institutional Client Date of application:
附件 3.Trading Code Application Form for Overseas Institutional Client Date of application: Futures Firm or Overseas Broker Internal Funds Account Principal-Agent Relations Holly Su Futures (Hongkong) Co.,
More informationMeasures to Ease the Restrictions on Cross-border RMB Settlement of Goods Exports -Moves to remove the pilot enterprise system for goods exports-
March 5, 2012 People s Bank of China Announcements Mizuho Bank (China), Ltd. Advisory Division Mizuho China Business Express (No. 214) Measures to Ease the Restrictions on Cross-border RMB Settlement of
More information中国人民银行上海总部关于支持中国 ( 上海 ) 自由贸易试验区扩大人民币跨境使用的通知
Unofficial Translation 中国人民银行上海总部关于支持中国 ( 上海 ) 自由贸易试验区扩大人民币跨境使用的通知 Notice of the Shanghai Head Office of the People's Bank of China to Promote Cross-border Use of Renminbi in the China (Shanghai) Pilot
More informationChinese Bankers Survey 2011
www.pwchk.com Raymond Yung Financial Services Leader for China China Charles Chow Financial Services Partner China Outline Background Objectives Key findings - Economic situation - Business development
More information环境险峻 京东集团 (JD:US) 中性维持. Bringing China to the World. Internet Software &Services Company Research
本研究报告仅通过邮件提供给国投瑞银国投瑞银基金管理有限公司 (res@ubssdic.com) 使用 1 SWS Co. Ltd 99 East Nanjing Road, Shanghai +86 21 2329 7818 www.swsresearch.com Internet Software &Services Company Bringing China to the World 2018
More information业绩符合预期 交行周四公布中报业绩 期末贷款余额同比增长 7.4%, 存款余额同比增长 4.9% 净息差同比下降 30 个基点至 1.97% 净利息收入同比下降 4.1%, 非利息收入同比增速达到 8.1% 上半年净利润达到 亿元, 基本每股收益 0.
SWS Research Co. Ltd is a subsidiary of Shenwan Hongyuan Securities. 99 East Nanjing Road, Shanghai +86 21 2329 7818 www.swsresearch.com Bringing China to the World August 26, 2016 买入 维持 Market Data: Aug
More informationFINANCIAL STATEMENT AND RELATED ANNOUNCEMENT
FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT https://www1.sgxnet.sgx.com/sgxnet/lcanncsubmission.nsf/vwprint/bb0a31278a988363482579... Page 1 of 1 27-Feb-2012 Print this page Full Year Results * Financial
More information芯系天下 ( 線上法說會 ) Q Quarterly Online Investor Conference. March 15, March 3, 2016
環宇 芯系天下 March 3, 2016 Q4 2018 Quarterly Online Investor Conference ( 線上法說會 ) March 15, 2019 Disclaimer Statement This presentation includes forward-looking statements. All statements, other than statements
More informationMining Could Bring Positive Surprise in 2017, Maintain Accumulate
Infrastructure Sector Equity Research Report Company Report Equity Research 股票研究公司报告证券研究报告 Company Report: Gary Wong 黄家玮 公司报告 : 中国中铁 (39 HK) +852 259 2616 gary.wong@gtjas.com.hk Mining Could Bring Positive
More informationChina Infrastructure Sector
C H I N A S E C U R I T I ES ( I N T L ) R E S E A R C H Equity Research l China l Industrials 24 October 2017 China Infrastructure Sector Bracing for new cycle in China; Overweight Mkt cap Up/ EPS growth
More informationAudit Report 30 JUN W'k h4hi E Audit Service Center of China National Audit Office for. Foreign Loan and Assistance Projects
Public Disclosure Authorized Public Disclosure Authorized Audit Service Center of China National Audit Office for Foreign Loan and Assistance Projects Audit Report 30 JUN 2016 1 44q3 3 Public Disclosure
More informationORI for the 2 nd Quarter of 2015 概要 2015 年二季度末中国银行离岸人民币指数 (ORI) 为 1.37%, 较一季度末上升 0.1 个百分点
ORI for the 2 nd Quarter of 2015 概要 2015 年二季度末中国银行离岸人民币指数 (ORI) 为 1.37%, 较一季度末上升 0.1 个百分点 与上季度相比, 二季度人民币兑美元汇率保持稳定 ; 境内外利差保持在较窄区间 ; 离岸金融市场整体金融活动规模继续回落, 人民币在离岸金融市场的使用规模及使用份额提升 境外存款总量中, 人民币存款份额回升 人民币债券融资再度活跃
More informationHOW TO DEVELOP A SUCCESSFUL JOINT-VENTURE IN CHINA. is a business unit of
HOW TO DEVELOP A SUCCESSFUL JOINT-VENTURE IN CHINA WHAT IS A JOINT-VENTURE Joint-Venture in China SIMPLY PUT, A JOINT VENTURE (JV) IS NOTHING MORE THAN AN ECONOMIC COOPERATION, OR BUSINESS COMBINATION,
More information中国人民银行关于金融支持中国 ( 上海 ) 自由贸易试验区建设的意见
Unofficial Translation 中国人民银行关于金融支持中国 ( 上海 ) 自由贸易试验区建设的意见 Opinions of People's Bank of China to Support China (Shanghai) Pilot Free Trade Zone in Financial Sector 为贯彻落实党中央 国务院关于建设中国 ( 上海 ) 自由贸易试验区 ( 以下简称试验区
More informationPlease select one of the following purposes for using this Application Form* [please tick ONE box only]( 每表只选一项 )
COMPANY INFORMATION 客户基本信息表 Please select one of the following purposes for using this * [please tick ONE box only]( 每表只选一项 ) New Application / Cancellation of Account / Amendment 申请撤销网银帐户修改 Please select
More informationNatural Gas Sales Growth to Accelerate, Maintain Buy
股票研究 Equity Research : Binhai Investment (02886 HK) Kevin Guo 郭勇公司报告 : 滨海投资 (02886 HK) +86 755 23976671 kevin.guo@gtjas.com Natural Gas Sales Growth to Accelerate, Maintain Buy 天然气销售增速将会加快, 维持 买入 评级 公司报告证券研究报告清洁能源行业
More informationAnalysis. ORI for the 3 rd Quarter of 2017 概要 2017 年三季度末中国银行离岸人民币指数 (ORI) 为 1.22%, 较上季度末微升 0.03 个百分点, 超出预测值 0.04 个百分点
ORI for the 3 rd Quarter of 2017 概要 2017 年三季度末中国银行离岸人民币指数 (ORI) 为 1.22%, 较上季度末微升 0.03 个百分点, 超出预测值 0.04 个百分点 离岸市场人民币存款规模继续回升 ; 贷款及融资活动有所下降 ; 境内资本市场开放继续带动离岸市场人民币计价权益类投资 Main Points The BOC Off-shore RMB
More informationOutlook on the Chinese Economy. LI Xunlei October, 2015
Outlook on the Chinese Economy LI Xunlei October, 2015 Summary 1. Chinese Economic Development and Outlook 2. Timetable for Economic Reform in China 3. How Can Economic Transformation Be Achieved in China?
More information2017 Annual Results Beat Expectations, Maintain Accumulate
Zijin Mining (02899 HK) Precious Metals Sector Equity Research 股票研究 Company Report: Zijin Mining (02899 HK) 公司报告 : 紫金矿业 (02899 HK) Kevin Guo 郭勇 (86755) 2397 6671 kevin.guo@gtjas.com [Table_Summary] 2017
More informationMonex Securities Schedule of Fees and Charges. Monex Brokerage Fees. Monex Securities Australia Pty Ltd AFSL No: ABN:
Monex Securities Schedule of Fees and Charges Monex Brokerage Fees Markets Brokerage Fee *1 Settlement Currency *2 United States New York Stock Exchange (NYSE) NASDAQ Australia *3 Australian Stock Exchange
More informationACCA F3/FIA FFA. Provided by Academy of Professional Accounting (APA) Financial Accounting(FA) Financial Reporting ACCA Lecturer: Tom Liu
Professional Accounting Education Provided by Academy of Professional Accounting (APA) ACCA F3/FIA FFA Financial Accounting(FA) Financial Reporting ACCA Lecturer: Tom Liu ACCAspace 中国 ACCA 特许公认会计师教育平台
More informationThe Handbook to Bond Connect Admission. Guidance and Forms
The Handbook to Bond Connect Admission Guidance and Forms January 2019 A Joint Venture Of Contact Us Unit 4701, 47/F., Two Exchange Square, 8 Connaught Place, Central. Hong Kong Tel: (+852) 2327 0033 Fax:
More informationTIANJIN ZHONG XIN PHARMACEUTICAL GROUP CORPORATION LIMITED (Company Registration No F) (Incorporated in People s Republic of China)
TIANJIN ZHONG XIN PHARMACEUTICAL GROUP CORPORATION LIMITED (Company Registration No. 91120000103100784F) (Incorporated in People s Republic of China) (1) Resolutions Passed at the 1 st Board Meeting for
More informationFrequently Asked Questions On Fast Service
第 1 页共 8 页 Frequently Asked Questions On Fast Service 1. What is FAST? FAST (Fast And Secure Transfers) is a new electronic funds transfer service that allows a secure and almost immediate transfer of
More informationAudit Report 30 JUN : Henan Provincial Audit Office of the People's Republic of China *F# (2016) 71 # HENAN AUDIT REPORT C 2016) NO.
Public Disclosure Authorized Henan Provincial Audit Office of the People's Republic of China 30 JUN 2016 Public Disclosure Authorized Audit Report *F# (2016) 71 # HENAN AUDIT REPORT C 2016) NO.71 Public
More information虹姐讲美国金融市场结构和求职技巧. For internal use only. Please do not cite or distribute without permission
虹姐讲美国金融市场结构和求职技巧 USCareerPass.com USCareerPass.com is a career consulting, professional training and job information-sharing platform founded by elite mentors from Goldman Sachs, Morgan Stanly, JPMorgan
More information国际财务管理 第七讲全球融资管理 对外经济贸易大学国际商学院会计学系制作
国际财务管理 第七讲全球融资管理 对外经济贸易大学国际商学院会计学系制作 Exhibit 1 Internal Financing of the Foreign Subsidiary Funds From Within the Multinational Enterprise (MNE) Funds from parent company Funds from sister subsidiaries
More information杠杆之殇. Bringing China to the World. New Energy Company Research. 下调 GCL New Energy (451HK) Market Data: Aug 29, 2018
SWS Co. Ltd 99 East Nanjing Road, Shanghai +86 21 2329 7818 www.swsresearch.com Bringing China to the World New Energy Company 30 Aug 2018 中性 杠杆之殇 下调 GCL New Energy (451HK) Market Data: Aug 29, 2018 Financial
More information株洲南车时代电气 ( 3898.HK ) 中报业绩显示环比改善迹象
本研究报告仅通过邮件提供给泰信基金朱志权 (zhuzhiquan@ftfund.com) 使用 1 wwwww1 SWS Research Co. Ltd 99 East Nanjing Road, Shanghai +86 21 2329 7818 www.swsresearch.com Capital Goods Company Research The Chinese View on China
More informationBond Connect Admission Guide and Forms
Bond Connect Admission Guide and Forms Updated: 20 June 2018 Overseas investors who comply with the China Interbank Bond Market (CIBM) admission criteria prescribed in the People s Bank of China (PBC)
More informationAnalysis. ORI for the 2 nd Quarter of 2017 概要 2017 年二季度末中国银行离岸人民币指数 (ORI) 为 1.19%, 较上季度末微升 0.02 个百分点, 符合前期预测. Main Points
ORI for the 2 nd Quarter of 2017 概要 2017 年二季度末中国银行离岸人民币指数 (ORI) 为 1.19%, 较上季度末微升 0.02 个百分点, 符合前期预测 人民币在离岸权益类资产 贷款及外汇储备等方面的使用水平提升 ; 境外及非居民人民币存款总量经历七个季度回落后首次上升 ; 离岸人民币指数保持回稳态势 Main Points The BOC Off-shore
More informationNew Innovations for Green Financing in Urban China. Thursday, July th Floor
New Innovations for Green Financing in Urban China Thursday, July 26 2018 5 th Floor IFC GREEN Commercial bank framework July 27, 2018 IFC China climate finance Development Path Joint-stock Commercial
More informationStatic on the line CHINA TELECOM (728:HK)
17-04 17-05 17-06 17-07 17-08 17-09 17-10 17-11 17-12 18-01 18-02 18-03 18-04 本研究报告仅通过邮件提供给国投瑞银国投瑞银基金管理有限公司 (res@ubssdic.com) 使用 1 SWS Co. Ltd is a subsidiary of Shenwan Hongyuan Securities. 99 East Nanjing
More informationNEWSLETTER TAX CHINA MARCH / MAY 2018
NEWSLETTER TAX CHINA MARCH / MAY 2018 WWW..CN JANUARY / FEBRUARY 2018 LAW BRIEF 财税 2018 年第 32 号 财政部税务总局关于调整增值税税率的通知 / I. The VAT rates of 17% and 11% are adjusted to 16% and 10% respectively ( Adjustment
More informationInterest Rate Liberalization: the Soul of Financial Reform
Interest Rate Liberalization: the Soul of Financial Reform Introduction Interest rate is the most important price in the financial market, with its liberalization being one of the most debated topics among
More informationMinistry of Commerce (MOFCOM)
Ministry of Commerce (MOFCOM) 商务部 Address: 2 Dong Chang an Jie, Beijing 100731 Phone: 86-10-5165-1200 Website: www.mofcom.gov.cn MOFCOM is similar to the US Department of Commerce in that it regulates
More informationRisks and Challenges for Corporate Cash Investors in China 企业投资者在中国所面临的风险及挑战
Risks and Challenges for Corporate Cash Investors in China 企业投资者在中国所面临的风险及挑战 Kheng Leong Cheah Head of Global Liquidity Sales, Asia Pacific J.P. Morgan Asset Management Question #1 问题 #1 Question on investment
More informationINVEST TO SUCCEED. INVEST TORONTO CCBC RECEPTION
INVEST TO SUCCEED. INVEST TORONTO CCBC RECEPTION INVEST TORONTO 多伦多投资促进局 Invest Toronto is your connection to the global business opportunities found in Toronto. We can facilitate all of the government
More informationPay your ICBC Credit Cards Bills via FAST 通过 FAST 支付工银信用卡账单
Pay your ICBC Credit Cards Bills via FAST 通过 FAST 支付工银信用卡账单 Pay your ICBC Credit Card bills immediately by simply conducting a funds transfer. 您可通过资金转账立即支付工银信用卡账单 ICBC Credit Cards can receive payments
More informationChina Pacific Insurance (Group) Co., Ltd 2011 Interim Results
China Pacific Insurance (Group) Co., Ltd 2011 Interim Results 29 August 2011 Disclaimer These materials are for information purposes only and do not constitute or form part of an offer or invitation to
More information2018 Interim Results Beat Expectations, Maintain "Buy"
- Clean Energy Sector-Natural Gas Equity Research 股票研究 Company Report: 公司报告 : 北京控股 (392 HK) Kevin Guo 郭勇 (86755) 2397 6671 kevin.guo@gtjas.com 218 Interim Results Beat Expectations, Maintain "Buy" 218
More informationWeekly HKFRS Q&As Q&A # 7
China National Technical Weekly HKFRS Q&As Q&A # 7 中文 March 2014 Since January 2014, we started to publish weekly HKFRS Q&As that aim to help you deal with the application issues during the busy financial
More information全面进入 EMC 模式 同方泰德 (1206:HK) BUY. Technology Hardware & Equipment Company. Bringing China to the World. Unchanged
SWS Co. Ltd is a subsidiary of ShenwanHongyuan Securities. 99 East Nanjing Road, Shanghai +86 21 2329 7818 www.swsresearch.com Technology Hardware & Equipment Company Bringing China to the World 2 June
More information流动性补充 配股将最多为华油能源带来约 2.3 亿港币现金 (1.9 亿人民币 ), 相当于 17 年底在手现金的 1.3 倍 获得的流动性补充不仅满足了在订单量激增下日益增长的项目垫资需求, 而且在行业景气周期中为企业未来业务发展打下了坚实的资金基础, 打开了未来的增长空间
本研究报告仅通过邮件提供给国投瑞银国投瑞银基金管理有限公司 (res@ubssdic.com) 使用 1 SWS Co. Ltd is a subsidiary of Shenwan Hongyuan Securities 99 East Nanjing Road, Shanghai (8621)23297818 www.swsresearch.com Utilities Bringing China
More informationManagement Buyout Offer at HK$6.30 Per Share, Sell
Belle Int l (01810 HK) Equity Research Report Equity Research 股票研究 : Terry Hong 洪学宇 公司报告 : 百丽国际 (01880 HK) +86 755 23976722 hongxueyu@gtjas.com Management Buyout Offer at HK$6.30 Per Share, Sell 管理层收购要约以每股
More information加码高端物管市场维持彩生活买入评级 彩生活服务集团 (1778:HK) BUY Unchanged. Real Estate Company Research. Bringing China to the World
15-08 15-09 15-10 15-11 15-12 16-01 16-02 16-03 16-04 16-05 16-06 16-07 16-08 SWS Research Co. Ltd is a subsidiary of ShenwanHongyuan Securities. 99 East Nanjing Road, Shanghai +86 21 2329 7818 www.swsresearch.com
More informationCSE: LUX XETRA: NGO Frankfurt: NGO. Environmentally Responsible Gold Recovery
CSE: LUX XETRA: NGO Frankfurt: NGO Environmentally Responsible Gold Recovery Cautionary Disclaimer Forward Looking Statements Certain statements contained herein regarding Newlox Gold Ventures Corp. (the
More informationInvesting in Australian Real Property Tax structuring 投资澳洲不动产的税务考量
Investing in Australian Real Property Tax structuring 投资澳洲不动产的税务考量 5 June 2017 Inbound investment - Key messages 境外投资者 投资澳洲地产的关键考量 相比本地投资者, 可能适用更低的税率 :Inbound investors can often access lower Australian
More informationMedia Announcement (For Immediate Release) 即时新闻发布. LionGold Corp Signs MOU with China SOE-backed Mining Contractor 瑞狮集团和中国国有企业背景的矿山工程承包商 签订合作备忘录
LionGold Corp Ltd (Incorporated in Bermuda) 59 Mohamed Sultan Road Sultan Link 02-08 Singapore 238999 Tel: (65) 6690 6860 Fax: (65) 6690 6844 info@liongoldcorp.om www.liongoldcorp.com LIONGOLD CORP Highlights
More information常见问题及答案 Frequently Asked Question & Answers
常见问题及答案 Frequently Asked Question & Answers 1. 如何能成为会员? How can an entity become a member? 申请者可直接向 CBM 或通过总商会申请成为会员 会员确认步骤将由 CBM 和总商会完成 An interested entity may apply directly to The Bureau for membership
More informationACCA IFRS Seminar in Shenzhen 16 September 2006
ACCA IFRS Seminar in Shenzhen 16 September 2006 IFRS Nelson Lam CFA FCCA FCPA(Practising) MBA MSc BBA CPA(US) ACA 2005-06 Nelson 1 Today s Agenda Introduction Presentation and Disclosure IFRS and PRC GAAP
More information2nd Annual China Trade & Export Finance Conference Structuring cross-border PRC trade finance transactions
2nd Annual China Trade & Export Finance Conference Structuring cross-border PRC trade finance transactions Jolyon Ellwood Russell, Partner James Willcock, Registered Foreign Lawyer Gulong Ren, Legal Officer
More informationNYU Shanghai CAMPUS GUIDELINES
NYU Shanghai CAMPUS GUIDELINES 上海纽约大学校园导则 Title Guidelines on the Use of NYU Shanghai Faculty Funds 名称上海纽约大学教职经费使用导则 Effective Date: December 1, 2015 生效日期 : 2015 年 12 月 1 日 Supersedes: Guidelines on the
More informationR&D tax incentives in the EU 欧盟的研发税收奖励
R&D tax incentives in the EU 欧盟的研发税收奖励 By Vinod Kalloe Head of international tax policy KPMG The Netherlands 荷兰毕马威会计事务所国际税收政策部负责人 IP Key-CAS IPM Conference Beijing, 4 December 2014 北京,2014 年 12 月 4 日 Content
More information2016 Results above Expectations, Neutral
Cement and Construction Materials Sector Equity Research 股票研究 Company Report: Ray Zhao 赵睿 公司报告 : 金隅股份 (02009 HK) +86 755 23976755 zhaorui@gtjas.com 2016 Results above Expectations, Neutral 2016 年业绩超预期,
More informationB&R Cases TM TM 一带一路案例
B&R Cases TM TM 一带一路案例 Siemens International Trading (Shanghai) Co., Ltd. and Shanghai Golden Landmark Company Limited, A Case of an Application for the Recognition and Enforcement of a Foreign Arbitral
More informationGreen Finance: China and G20 Initiatives
Green Finance: China and G20 Initiatives MA Jun, Ph.D. Director, Center for Finance and Development, Tsinghua University Chairman, China Green Finance Committee Co-Chair, G20 Sustainable Finance Study
More informationPeopleSoft Global Payroll for China 9.1 Reports
PeopleSoft Global Payroll for China 9.1 Reports March 2012 PeopleSoft Global Payroll for China 9.1 Reports SKU hcm91fp2hgpx-r0312 Copyright 1988, 2012, Oracle and/or its affiliates. All rights reserved.
More informationChina Auto Sector. Manageable impact from reduction in import tariffs on domestic auto market. Equity Research Auto. Mar 28, 2018
Equity Research Auto Mar 28, 218 China Auto Sector Manageable impact from reduction in import tariffs on domestic auto market Chongjing Deng SFC CE No. BEY953 dengchongjing@gf.com.cn +86 2 8757 6482 With
More informationThe Evolution of Trade and Supply Chain Finance: Moving towards Digitization 供应链融资演变趋势
The Evolution of Trade and Supply Chain Finance: Moving towards Digitization 供应链融资演变趋势 Charley Zhang Head of China Trade Advisory and Shanghai Trade Sales Global Trade & Loan Products J.P. Morgan This
More informationBenign Prospective Fundamentals with Strong Contracted Sales, Reiterate "Buy"
股 票 研 究 公 司 报 告 证 券 研 究 报 告 房 地 产 行 业 Equity Research Property Sector Equity Research Report : Longfor Properties (00960 HK) Van Liu 刘斐凡 公司报告 : 龙湖地产 (00960 HK) +86 755 23976672 liufeifan@gtjas.com Benign
More informationYANGTZE RIVER INSURANCE BROKERS COMPANY LIMITED
YANGTZE RIVER INSURANCE BROKERS COMPANY LIMITED CERTIFICATE OF INSURANCE Cert. No.: AI-YRIB15010425 Date : June 26, 2015 TO: WHOM IT MAY CONCERN THIS IS TO CERTIFY that we, YANGTZE RIVER INSURANCE BROKERS
More informationChina Merchants Securities Co. Ltd. As Financial Consultant
China Merchants Securities Co. Ltd. As Financial Consultant Issuance of the Inspection Opinions for the Detailed Report on Change of Shareholding in Gemdale Corporation China Merchants Securities Co. Ltd.
More informationCrude Oil Price Outlook
Crude Oil Price Outlook Positivity from risk appetite, supply-demand structure and Middle East tensions Minggao Shen SFC CE No. ATQ771 minggaoshen@gfgroup.com.hk +852 3719 1055 GF Securities (Hong Kong)
More informationChallenges Brought About by Unfavorable Industry Environment on Operations, Downgrade to Neutral
股 票 研 究 公 司 报 告 证 券 研 究 报 告 医 药 行 业 Equity Research Health Care Sector Equity Research Report : Sinopharm (01099 HK) Kay Mai 麦梓琪 公司报告 : 国药控股 (01099 HK) +86755 2397 6685 maiziqi@gtjas.com Challenges Brought
More informationLIMITED OFFER Save your 10% off with you book over 3 people
LIMITED OFFER Save your 10% off with you book over 3 people Keynote Address Speaker: February 27-28, 2014 Grand Kempinski Hotel Shanghai China Li De Deputy Director, Department of Finance Research People
More informationChapter 6: Chinese Bond Market and Interbank Market 1
Handbook on Chinese Financial System Chapter 6: Chinese Bond Market and Interbank Market 1 Marlene Amstad and Zhiguo He Target: min 15, max 40 pages. Approx 1500 charac. per page : min 22 500 max 60 000.
More informationNational Development and Reform Commission (NDRC)
National Development and Reform Commission (NDRC) 国家发展和改革委员会 Address: 38 Yuetan Nanjie, Xicheng Qu, Beijing 100824 Website: www.ndrc.gov.cn NDRC, successor to the former State Development Planning Commission,
More information中国东方航空股份有限公司 China Eastern Airlines Corporation Limited
中国东方航空股份有限公司 China Eastern Airlines Corporation Limited 股东提名董事候选人程序说明 Procedures for Shareholders to Nominate Director Candidates 第一章总则 Chapter One General Provisions 第一条根据 中华人民共和国公司法 上市公司治理准则 公司章程 关于在上市公司建立独立董事制度的指导意见
More informationInvestment in Non-performing Loans in China
Investment in Non-performing Loans in China Stewart Wang Partner, Shanghai Office I. Overview of the legal regime applicable to China s Non-performing Loan ("NPL") China's NPL market as well as the legal
More information三井住友海上火灾保险 ( 中国 ) 有限公司
三井住友海上火灾保险 ( 中国 ) 有限公司 MITSUI SUMITOMO INSURANCE (CHINA) CO.,LTD. 34F,Shanghai World Financial Center,100 Century Avenue,Pudong New Area,Shanghai 200120, P.R.China PHONE: (021) 6877-7899 FAX: (021) 6877-7500
More informationGas Sales Prospect Remains Bright, Maintain Buy
: Binhai Investment (02886 HK) Kevin Guo 郭勇 公司报告 : 滨海投资 (02886 HK) +86 755 23976671 kevin.guo@gtjas.com Gas Sales Prospect Remains Bright, Maintain Buy 天然气销售前景光明, 维持 买入 评级 GTJA Research 国泰君安研究 The 2015
More informationAsia Practice Group 亚洲事务组
Asia Practice Group 亚洲事务组 Introduction to the Firm is a dynamic full-service law firm headquartered in the heart of Manhattan specializing in Corporate, Capital Markets and Securities Law. Our objective
More information主要催化双双延期 金山软件 (3888:HK) 增持维持. Bringing China to the World. Internet Software &Services Company Research
本研究报告仅通过邮件提供给国投瑞银国投瑞银基金管理有限公司 (res@ubssdic.com) 使用 1 SWS Co. Ltd 99 East Nanjing Road, Shanghai +86 21 2329 7818 www.swsresearch.com Internet Software &Services Company Bringing China to the World 2018
More information2018 年 9 月何治国 美国芝加哥大学布斯商学院金融学教授电话 : 电子邮件 个人主页 :
2018 年 9 月何治国 美国芝加哥大学布斯商学院金融学教授电话 :1-773-834-3769 电子邮件 :Zhiguo.He@ChicagoBooth.edu 个人主页 :http://www.zhiguohe.com 地址 :5807 South Woodlawn Ave, Chicago, IL 60637 1 学历 金融学博士,Northwestern University, 凯洛格 (Kellogg)
More informationP.01. Multi-tiered Capital Market of SZSE
P.01 Multi-tiered Capital Market of SZSE http://www.szse.cn SZSE Market Statistics ( 31/10/2012) P.02 IPO Performance since 2008 Number of IPOs IPO Proceeds (US$b) Number of IPOs IPO Proceeds (US$b) Number
More information2017 & 10 th ANNUAL CHINA OUTBOUND INVESTMENT SUMMIT
2017 & 10 th ANNUAL CHINA OUTBOUND INVESTMENT SUMMIT May 25 th 2017, Beijing China Critical Regulatory Update from Key Issues to be Addressed National Development & Reform Commission Ministry of Commerce
More informationConnectivity and Cooperation
Connectivity and Cooperation ANNUAL REPORT 2017 GYMCL Engine Testing Centre renews its Accreditation Certificate from China National Accreditation Service Conformity Assessment (CNAS) GYMCL won the China
More information教育背景 工作经历 主要研究领域 讲授课程 美国杜克大学, 经济学, 博士学位 北京大学光华管理学院, 管理学, 硕士学位 北京大学, 国际经济学, 学士学位
周皓 清华大学五道口金融学院办公室 : 一号楼 516 室电话 :8610-62790665 zhouh@pbcsf.tsinghua.edu.cn 教育背景 1994-2000 美国杜克大学, 经济学, 博士学位 1989-1993 北京大学光华管理学院, 管理学, 硕士学位 1985-1989 北京大学, 国际经济学, 学士学位 工作经历 2015 至今清华大学五道口金融学院, 副院长 2014
More informationThe Yuan Exchange rate and Firms Atturo Giulia
1 The yuan exchange rate and firms How the Chinese exchange rate can influence strategic entering into the Chinese market Abstract 中国人民币汇率跟企业的关系 随着时代的进步, 国与国的距离拉近, 各国间政府, 经济, 文化等方面的常常交流, 全球化已经到了 外贸经济的地位越来越紧要,
More informationResults Need Time to Improve, Low Valuation, Maintain "Buy"
Modern Land (01107 HK) Property Sector Equity Research 股票研究公司报告证券研究报告 Equity Research Report Company Report Company Report: Modern Land (01107 HK) 公司报告 : 当代置业 (01107 HK) Van Liu 刘斐凡 (86755) 2397 6672 liufeifan@gtjas.com
More informationNingbo Joyson Electronic Corp Semiannual Report Summary
Stock Code: 600699 Stock Abbreviation: Joyson Electronics Ningbo Joyson Electronic Corp. 2017 Semiannual Report Summary 一 重要提示 1. Important Notification 1 本半年度报告摘要来自半年度报告全文, 为全面了解本公司的经营成果 财务状况及未来发展规划,
More informationImproving fundamentals LEE & MAN PAPER MANUFACTURING (2314:HK) Financial summary and valuation
本研究报告仅通过邮件提供给国投瑞银国投瑞银基金管理有限公司 (res@ubssdic.com) 使用 1 SWS Co. Ltd is a subsidiary of Shenwan Hongyuan Securities. 99 East Nanjing Road, Shanghai +86 21 2329 7818 www.swsresearch.com Materials Company 1
More informationTom Kendall - Conference Summary
Tom Kendall - Conference Summary Credit Suisse Director Head of Precious Metals Research Securities Research and Analytics 2 Session 8 - Kendall 1 600 400 200 0 2000 2002 2004 2006 2008 2010 2012 3 1000
More information2nd Insurance Innovation Congress China 2017
IIC 2nd Insurance Innovation Congress China 2017 2017 年第二届中国保险业创新国际峰会 March 8-10th, 2017 Shanghai, China Pre-Conference Workshop 会前研讨会 (2017-3-8,13:30-18:00) Pre-Workshop 会前研讨会 Blockchain Technology and
More informationNEWSLETTER TAX CHINA JUNE / JULY 2018 JUNE / JULY 2018
NEWSLETTER TAX CHINA JUNE / JULY 2018 WWW.GARRIGUES.CN JUNE / JULY 2018 LAW BRIEF NAME DATE OF EFFECTIVENESS GARRIGUES INSIGHT 国家税务总局公告 2018 年第 28 号 国家税务总局关于发布 企业所得税税前扣除凭证管理办法 的公告 / Announcement of the
More informationWhat does China s sixth Foreign Investment Catalogue and the new framework for regulation and growth mean for you?
1 April 2015 What does China s sixth Foreign Investment Catalogue and the new framework for regulation and growth mean for you? Contents The revisions to the Foreign Investment Industrial Guidance Catalogue
More information中国 : 银行 整装再发 : 四大行有望获益最多 ; 首次覆盖银行股 : 首选农业银行 H 股 ( 强力买入 )( 摘要 ) 证券研究报告
2017 年 3 月 13 日 中国 : 银行 整装再发 : 四大行有望获益最多 ; 首次覆盖银行股 : 首选农业银行 H 股 ( 强力买入 )( 摘要 ) 证券研究报告 短期担忧缓解我们认为中国银行业的信贷质量周期已过拐点, 短期内 (1) 企业盈利回升和 (2) 银行贷款结构改善有望带动提高银行业资产质量 我们认为这些因素, 再加之利率上行和强劲的企业贷款需求, 将在未来三年推动银行净息差扩大
More informationCESC Index Report for September
CESC Index Report for September Highlights China Exchanges Services Co Ltd (CESC) 19 October 2015 The valuation and dividend yield of CES 120 outperformed indices tracking A shares by a wide margin. CES
More informationKey Topics on China -Venezuela Business 中国 - 委内瑞拉投资关键考虑. Tax overview July 2011 税务概述 2011 年 7 月. Espiñeira, Sheldon y Asociados1
Key Topics on China -Venezuela Business 中国 - 委内瑞拉投资关键考虑 Tax overview July 2011 税务概述 2011 年 7 月 1 Agenda 目录 Choice of entity Registrations Restrictions on cross-border cash flows Key tax issues Individual
More information中集安瑞科控股有限公司 (03899.HK)
公司报告 中集安瑞科控股有限公司 (03899.HK) 股价充分反映天然气汽车概念 我们把中集安瑞科 ( 集团 或 安瑞科 ) 的评级由 买入 下调至 中性 目前股价已接近我们根据分类加总值法 (SOTP) 而计算出的目标价, 而对应的市盈率较更历史平均值高逾一个标准差 我们认为其股价已充分反映政府推动以天然气取代石油的利好因素 天然气加气站的供大于求对设备销售加快形成矛盾在使用天然气作为汽车燃料的主要国家中,
More information1H17 Results In Line, Accumulate
- Samsonite (01910 HK) Consumer Sector - Retailing Equity Research 股票研究 : Samsonite (01910 HK) 公司报告 : 新秀丽 (01910 HK) 1H17 Results In Line, Accumulate 2017 年上半年业绩符合预期, 收集 Terry Hong 洪学宇 (86755) 2397 6722
More informationUniversal Social Protection
Universal Social Protection Universal s in China 200 2002 2003 2004 2005 2006 2007 2008 2009 200 20 202 203 Universal s in China Between 2009 and 203, China tripled the number of people covered by the
More informationMetal Prices Under Pressure, Maintain "Neutral"
CMOC (3993 HK) Nonferrous Metals Sector Equity Research 股票研究 Company Report: CMOC (3993 HK) 公司报告 : 洛阳钼业 (3993 HK) [Table_Summary] Metal Prices Under Pressure, Maintain "Neutral" 金属价格承压, 维持 中性 评级 Kevin
More information