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ID:40056639
大小:297.91 KB
页数:7页
时间:2019-07-18
《China financial reforms 2014 - what to expect》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、ChinainFocusGEMFixedIncomeStrategy&Economics
2、Asia
3、China19December2013FinancialreformsinChina:whattoexpectin2014XiaojiaZhi+85221617815ChinaEconomistMerrillLynch(HongKong)MunicipalbondissuanceandIPOresumptionwillhelpaddressChina’srisingxiaojia.zhi@baml.comleverage.ThePeople’sBankofChi
4、nawilllikelylaunchadepositinsuranceschemeTingLu+85225363718andallowissuanceoflarge-denominatednegotiablecertificatesofdeposit.TheChinaEconomistMerrillLynch(HongKong)RMB-USDtradingbandcouldbewidenedatapropertime.Newleadersmayliftting.lu@baml.comcapitalcontrolsslowly,butwethinkmayexpe
5、rimentwithsomereformsinthefreetradezone.ChartoftheDay–China:bottom-upinterestrateliberalizationdrivesmoneymarketrates,bondyieldsSource:BofAMerrillLynchGlobalResearch,CEICDavid.Bussmann@asiamezzanine.com.ThisreportisintendedforTradingideasandinvestmentstrategiesdiscussedhereinmaygive
6、risetosignificantriskandarenotsuitableforallinvestors.InvestorsshouldhaveexperienceinUnauthorizedredistributionofthisreportisprohibited.FXmarketsandthefinancialresourcestoabsorbanylossesarisingfromapplyingtheseideasorstrategies.BofAMerrillLynchdoesandseekstodobusinesswithcompaniesco
7、veredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.Refertoimportantdisclosuresonpage5to7.LinktoDefinitionsonpage4
8、.11343504ChinainFocus19December2013InFocusXiaojiaZhiFinancialreformsinChina:whattoexpectin2014+85221617815ThefinancialsectorwasoneofthefewindustriesinChinahavingseensomemeaningfulreformsinthepastcoupleofyears.Someofthosereforms,suchasTingLuthegradualderegulationofbanklendingrates,RM
9、Binternationalizationand+85225363718gradualeasingofcapitalcontrol(especiallyregardingallowingoffshoreRMBtoreturntoonshore)werecarefullydesignedbythecentralgovernmentinBeijing.Someotherreforms,orratherchanges,werespontaneous.Whatthegovernmentdidwasmerelytorecognizethesechangesandtoin
10、troducenewregulatio
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