RMB against U.S. dollar hit 6.8349 yuan has been reported on in a new low

RMB against U.S. dollar lower Friday on the second day in a row and a record low since November. RMB U.S. 1 U.S. dollars on Friday reported 6.8349 yuan, or more recently 57 basis points in November for the low, since November, a total of RMB against U.S. dollar dropped 91 basis points. China Foreign Exchange Trade System announced on November 28 dollar interbank foreign exchange market transactions such as currency exchange rate of RMB against the U.S.: 1 U.S. dollar against 6.8349 yuan, 1 of the euro against 8.8119 yuan, against 100 yen for 7.1588 yuan RMB, 1 Hong Kong dollar against 0.88159 yuan, 1 British pound 10.5141 yuan.

Oil prices rebounded to above 54 U.S. dollars

As China and Russia may cut interest rates to reduce crude oil production to offset the news of a U.S. commercial crude oil inventories increased, New York 26, a strong rebound in oil prices by 7%, once again rose above 54 U.S. dollars a barrel. As at Beijing at 23:30 on the 27th, the New York market, oil prices continue to fluctuate in the first 54 U.S. dollars. 26, the U.S. crude inventory report and a series of negative economic data so that the New York market after oil prices fell several times. According to the U.S. Department of Energy released the same day the report shows that, in the Nov. 21 week, the U.S. commercial crude oil inventories increased by 7,300,000 barrels, far higher than previous market expectations; the same period in commercial gasoline inventories increase larger than the market expected, Up to 21 four weeks, gasoline demand than the same period last year, a decrease of 2.8 percent. At the same time, the Labor Department's report showed that the United States last week for the first time the number of applications for unemployment benefits fell to a seasonally adjusted 529,000 people, it is still at the level of economic recession; the U.S. Commerce Department's report showed , Produced by the United States in October durable goods orders recorded the biggest decline in 2 years, while consumer spending dropped to the same period of "9.11" terrorist attack to the lowest level. However, China's central bank kept the benchmark lending interest rate of severe downward news boosted investor confidence in the crude oil market, oil prices rebounded strongly on the New York market. The same day another boost oil prices is the reports that the world's major oil-exporting countries may be one of Russia's accession to the Organization of Petroleum Exporting Countries (OPEC) production. According to Bloomberg News reported that the rotating presidency of OPEC, Algerian Energy and Mines Minister Khalil 26 Abha Sha said that OPEC will be held at the end of this week's informal meeting to discuss production issues. By the combined effects of all these factors into account, oil prices in New York recently repeated shocks, 27, the highest intraday rise to 54.69 U.S. dollars a barrel, the lowest it fell to 52.62 U.S. dollars a barrel. As at Beijing at 23:30 on the 27th, the New York Mercantile Exchange, January delivery of light sweet crude oil futures prices reported 54.06 U.S. dollars.

Sino-US strategic economic dialogue will be out of the "yuan" to return to the "strategic"

Foreign Ministry spokesman Qin Gang announced on the 25th, will focus on China and the United States "to lay the long-term Sino-US economic partnership the cornerstone" of the subject, on the management of macro-economic risks and promote economic growth in the strategic balance, strengthen energy and environment cooperation , The trade deal with challenges and promoting an open investment environment and international economic cooperation, and other issues. With regard to the Sino-US Strategic Economic Dialogue, U.S. Treasury Secretary Paulson in the media recently revealed that the U.S. side put forward by the fifth round of dialogue on the core issues, including energy, environment, as well as 10-year framework of cooperation between China and the United States to negotiate bilateral investment protection agreement of the two Area. It is not difficult to find that the RMB exchange rate issue has been out of the Sino-US strategic economic dialogue scope of the topic. Once upon a time, Paulson has declared that the RMB exchange rate issue in Sino-US strategic economic dialogue is the core issue. The United States Congress also will be a force in the U.S. economy and even the imbalance between economic imbalances in the world, comes down to the low valuation of the yuan. "In 2005 to 2006 between the United States Congress has 50 Jianzhi motion of the RMB exchange rate. However, the loan-to-time crisis in the United States and the spread of the outbreak of the Americans on these issues has a new look. This year In the first half of the U.S. Congress did not pass a motion of the RMB exchange rate. "Sino-US Relations Research Center of Tsinghua University, Senior Fellow Professor Zhou Shijian said. Former U.S. Ambassador to China Stapleton Roy on the recent visit to the United States, said Professor Zhou Shijian, "sub-loan crisis in the United States are aware of the up and down the U.S. economy is a mess of its own making, and the RMB exchange rate has nothing to do." In fact, since June this year in the United States Annapolis at the Fourth Sino-US strategic economic dialogue beginning of the RMB exchange rate issue is no longer a dialogue with the "core issues." That dialogue, China and the United States formally signed the "Sino-US energy cooperation in the framework of the environment 10 years," documents, an official announced the launch of the Sino-US bilateral investment protection agreement. The dialogue will continue to advance these two important outcome of the development and implementation. Zhou Jian think this is the direction of Sino-US strategic economic dialogue in the right direction. Can also be said that the Sino-US strategic economic dialogue back to its present some of the strategic sense. "Energy cooperation and cooperation in environmental protection will become a Sino-US economic and trade cooperation to a new bright spot." Zhou Jian pointed out that the United States last year and has promised to implement the transfer to China the world's most advanced third-generation nuclear power technology. China in the next decade or more than 40 new nuclear power stations, so nuclear power technology and trade cooperation, it is possible to replace large aircraft has become a new bright spot in Sino-US trade. In addition, wind energy, hydrogen energy, solar energy, non-food bio-energy and alternative energy sources such as coal, as well as the use of clean energy technology cooperation, China and the United States in the future prospects for cooperation are very broad. "30 years of reform is a by-product of environmental damage." Zhou Jian said in this regard, the United States there is a lesson, there is also a successful experience, is that China can learn from. Zhou Jian said that China and the United States alone between environmental protection and energy cooperation, the United States to provide billions of dollars on the huge business opportunities. Mutual investment, as a country and between countries in order to encourage the promotion and protection of its citizens in the territory of the other side and signed a bilateral investment treaty, a bilateral investment protection agreement to start negotiations for bilateral investment in China and the United States to open a door. Chinese Minister of Commerce Chen Deming in the last Sino-US strategic economic dialogue, has said that due to the relatively long period of time China's trade surplus in balance of payments on a large number of foreign exchange, the Chinese need to provide the foreign exchange invested abroad. The capital invested in the United States, the United States is bound to bring a lot of labor income and employment. In this connection, the current loan-to-time in a crisis of the United States is very important. "Chinese investment in the United States should be the direction the United States to acquire advanced technology, such as factories and mining resources." Zhou Jian said. Despite the call for China to the United States Treasury Secretary Paulson called for the expansion of Sino-US strategic economic dialogue in how Obama came to power following the development of Obama in the official position before final conclusions difficult. But perhaps it was just from Aobamati called the new U.S. Treasury Secretary Timothy Geithner who read out some clues, whether its "Asia-", or in dealing with the sub-loan crisis in the process of working with Paulson Experience, or as the guest of Premier Wen Jiabao talked with the financial crisis is reported that the release may have a dialogue with China and the United States "to see more" signal. "The ultimate decision to Sino-US strategic economic dialogue, China and the United States now is more competitive rather than complementary economic and trade relations between the background." An international expert analysis.

U.S. real economy continues to slide

U.S. government Wednesday released a number of monthly economic data have shown weakness in the U.S. real economy. Analysts predict that U.S. fourth quarter gross domestic product (GDP) is likely to continue negative growth, which will mark the U.S. economy into recession. Decline in durable goods orders increased U.S. Department of Commerce announced in October the U.S. personal spending in the second half of this year, the ring appears for the fourth consecutive month than the decline of 1.0 percent hit a 7-year decline ever on record. However, this data is higher than previously made by the economists expected 1.2 percent in value. U.S. Labor Department revealed that a seasonally adjusted basis, as of Nov. 22 the week for the first time to apply for unemployment benefits to reduce the number of people 14,000 to 529,000, higher than economists previously declined to make the 12,000 people expected Value. Despite the above data are better than market expectations, but its value is still not optimistic. The Commerce Department report showed that the United States in October for personal consumption expenditures price index (PCE) than the 0.6 percent decline in September, showing that economic instability. Prior to November 15 as of the week for the first time the number of applications for unemployment benefits just hit its highest level in 16 years. U.S. real economy of the current weakness in the monthly data on durable goods orders was even more obvious manifestation of: seasonally adjusted, the United States in October durable goods orders declined for the third consecutive month, durable goods orders for the month amounted to 193,020,000,000 U.S. dollars , The chain dropped 6.2 percent. This is far higher than Wall Street analysts made the expected 0.3 percent in value, but also the United States the amount of the monthly durable goods orders drop in the ring than in October 2006, its highest level since. In addition, the United States in October than in the pre-sale housing sales dropped 5.3 percent, Central, the seasonally adjusted sales of 43.3 million units, which record from January 1991 to reach 401,000 units to its lowest level since. U.S. Department of Commerce pointed out that the weak labor market and the tightening of mortgage financing the purchase of housing is not the main reason for Wang. Reproduction or negative growth in GDP Based on the above-mentioned economic data and reflects the weakness of the U.S. real economy, analysts believe that the United States in the fourth quarter GDP is likely again in the third quarter, following negative growth, which mark the stages of a recession. U.S. third quarter GDP saw a 0.5% decline. In the euro zone and Japan and other Western economies have been in the third quarter before the United States into recession. U.S. economists pointed out that the U.S. Congress from early October through 700,000,000,000 U.S. dollars assistance program to not cover the real economy this point of view, the U.S. government will continue to safeguard the stability of the financial system as the most important task at present; the Federal Reserve this week despite the introduction of the Second 800,000,000,000 U.S. dollars of credit market unfreezing part of the program will be used to help the mortgage, consumer and small business, but the plan could have the effect of uncertainty in a timely manner, which would make the U.S. economy into recession as the possibility of becoming Bigger and bigger.

Asia is now 10 years best stock market or buying opportunity

Asset management and securities services company Bank of New York Mellon's asset management company that, despite the current global capital market volatility, including the emerging markets of Asia, is in a good position from the future and will benefit the economic recovery. From the Bank of New York Mellon's asset management data show that emerging markets account for the world's gross national product ratio in 2008 has increased to about 30% within 15 years is expected to grow to 50%, but emerging markets stock market At present, the market value of the global stock market value accounts for only 13%. Experts: or future performance of the ultra-developed countries The Bank of New York Mellon asset management company in charge of international distribution and Chairman of the meeting PaulFeeney: "I think the emerging markets in the future of the global economy will play a leading role. Of course, in the global market from the general credit crisis, emerging markets Also can not be an exception. We believe that 2009 will continue to market fluctuations, but in 2010 and beyond is very optimistic about the situation. " Newton Investment Management Company (NewtonInvestmentManagement) Asian fund managers JasonPidcock Commenting on China's and Asia's opportunities, said: "China will continue to be one of the world's leading superpower. I believe that in China, driven by Asia's economic prosperity will be more. Through Infrastructure investment, China's domestic traffic will be more convenient, and the neighboring countries will also be linked more closely, which will further stimulate the region's economic growth. In the medium term, I think the domestic consumption in Asian economies will play a more important role in the . Although in 2008 the market has been down in a channel, short-term outlook is not optimistic, but we are optimistic about 2009 prospects in the Asia-Pacific market. " The Bank of New York Mellon Asset Management Asia Pacific chief executive officer Jiang Zhiping: "emerging market fundamentals remain strong, the growth rate is still higher than that of developed markets, valuations are relatively low in the past. For example, the current stock price with Asia than the book value of about 1.15, is not yet see the 10-year low. Weaken the threat of inflation in the current circumstances, China, India and Brazil to the adoption of fiscal measures to stimulate domestic economic growth and investment in local infrastructure. Therefore, we believe that in the next five To 10 years in emerging markets will continue to exceed the performance of developed countries. "

China-earthshaking hand to rescue the market

Current world economic recession and save the market has become the two major themes, almost every day from the other end of the earth's bad news almost every day to see the rescue package debut, the stock market is hovering in the low, whether to continue or break up into At the end of a puzzle. China-has been no helping hand to rescue the market, one earth-shaking hand. Two weeks ago, the introduction of the next two years will sell 4 trillion of funds to activate the economy, a move that the parties entered a general mobilization, the subject matter will be brought out of the stock market rebounded strongly, when the subject matter 4 trillion in stock market Entered a "Shenmeipilao", this week the central bank's move is even more shocking: one-year deposit and loan interest rates will be lowered 1.08 points, which means interest rates four times in the past fall, so step up the pace, one step in In the past 10 years, is the first time in history, and the one-year deposit rate fell to 3.60 percent from 2.52 percent, its lowest level in history than the interest rates have decreased the space. The deposit reserve ratio of the sharp decline, its strength is unprecedented, so it's strong medicine, a stimulus to the economy is enormous. First of all, will help reduce business costs. Was a result of the economic downturn trend, the rate of decline is a temporary relief for many companies, reducing the cost of capital, corporate profitability has also increased, the majority of listed companies and raise the value of it. Second, a more liberal capital on the surface. Chinese commercial banks when the maximum absorption of deposits to 17% as a reserve turned over to the Central Bank, now the ratio decreased step by step, which is no doubt commercial banks had relaxed lending, which shares the bank board, in particular small and medium-sized banks plate Is a substantial benefit. Once again, as the interest rate trend is still downward, cut the old bond is a good substantive. Have been cut sharply in the early high-interest bonds held by investors, no doubt, in the near future to obtain a high-yield, if interest rates continue to trend downward, then continue to hold bonds is a wise choice. Yet it must be noted, interest rates decline more, his Notes is less room for profit, the interest income is also the risk of squeezing a cause for concern. Finally, the sharp decline in interest rates will have various types of investment have a significant impact. The benchmark investment income will be reduced to the low return on investment all walks of life expectancy, the current 2.52 percent rate of return of the deposit with the history of the minimum deposit rate of return compared to 27 basis points rate cut as a standard, there are two To cut interest rates three times the space, in particular, is worth pointing out that the demand to lower interest rates by 50%, fell to 0.72 percent from 0.36 percent, which means that investors in the company's securities margin rate also fell to 0.36 percent level, if 1,000,000 yuan in cash securities account on the previous year fixed, the only 3600 yuan of interest, such a low level of interest rates will help encourage investors to the stock market to win the post. The stock market, the rate cut is no doubt more profits, which is the cumulative effect of stacking, when the time comes to cut interest rates, the market will produce from quantitative to qualitative changes of the mutation, the cumulative effect to a certain extent, it will be lying on the bank The rentier class gradually driven out of the bank, to be able to find a higher yield investment channels, turn on the market at this time, it should be said that, in the Shanghai Composite Index (market share it) 2000 points, the way forward This amount of accumulation.

Citigroup Global business restructuring

Citibank is in dire straits in the ongoing global restructuring, Japan plans to shrink operations, the sale of Nikko Citigroup's (NikkoCiti) Trust Bank shares. Singapore cited unspecified related media reports, it is estimated that the value of the shares 10,000,000,000 yen to 40,000,000,000 yen, the equivalent of 1.05 to 420,000,000 U.S. dollars between. According to the "Nikkei Business Daily", the sale of Citigroup's operations will start next Monday at the earliest start. Japan's major trust banks such as Mitsubishi UFJ Trust and Banking, Sumitomo Trust & Banking and Mizuho Trust may be involved in the bid for all. Citigroup shares as early as 2001, Nikko Securities and Nikko's Trust Bank, accounting for 5 into the rights and interests. Cut-off time, Nikko did not respond to the report.

Hong Kong stocks catapulted 4

Hong Kong stocks in the settlement after buying absorbed increases in flat-opened after expanding at noon before closing up about 344 points at 13,896 saw the full-time high, in the afternoon the market down a narrow range, and finally Hong Kong stocks closed at 13,888 , Or 336 points, the turnover of 42,400,000,000 yuan, is this week or the fourth day in the city. Hang Seng Index rose four-week, is strong in the near future, this week, or 1229, Jin Yicheng increases. However, the whole of dollars in November, the index still down 80 points. Market participants believe that catapulted Hong Kong stocks for a few days, the trend of improved technology, is expected to fund the activities of the window whitewash in December, Hong Kong stocks will further build, is expected to challenge the level of 15,500 points. By the end of whitewash on the window looking 15500 Duipei financial research department analyst said Tomoaki Europe, Hong Kong stocks rose yesterday in the city under more than 400 transactions billion, reflecting the improved market sentiment, even if the Hong Kong stock-taking is expected next week, I think it would only have a range of 200-300 points, as long as a Shou 13,500 live at the level of performance of the Hang Seng Index in December should be good. He added that for the time being will focus on financial speculation to benefit from interest rate cuts stake in the mainland, including high debt within the Housing Unit and the electricity sector. Housing benefit from interest rate cuts in the electricity sector Qiao That is, refers to the period of high water on 169 points, means the country is up 86 points at 7207, running to lose big city, but the whole week is up 12%. Yesterday's industrial and commercial real estate and shares increased the most, Wharf (004) soared 15%, with the Department of shares also soared and the Wheelock (020) up into more than one, and i-Cable (1097) 22%, after rising more suspension , Temporary unknown reasons. Swire Pacific A (019) or 10%. Property stocks by holding a sharp rise Department of Wharf HSBC (005) or 2.5 percent, reported that 83.7 yuan, of which at the close of auction time again was "high marks", up 2.3 percent and China Mobile (941) led the market up hand in hand, the Bank of China (2388) in the same city sharply High-pumping, soaring 9.85 percent. However, the weakness in the mainland financial stocks, ICBC (1398) and China Construction Bank (939) fell 0.5 percent and 2.6 percent, a negative interest rate cuts life insurance unit States (2628) and Bao-ping (02,318) were down 2.7 percent and 5.6 percent. Coal stocks were Bank of China to promote the good image and coal shares rose across the board, Shenhua (1088) or 7%, Yanzhou Coal (1171), coal (1898) were up 8% and 11%. Housing stocks continue with sharp-yong, R & F (2777), following Thursday or 15%, 15% rise yesterday, two days into four or more cumulative, co-sheng (754) was up another 19% in overseas (688) is also back on 10 . Niuxiong speculation retail cards accounted 17% Niuxiong card transactions 7.2 billion, accounting for market transactions of up to 17%, only 9% of the nest round of a major city in recent times the number of transactions, reflecting the evidence Niuxiong become mainstream retail game, also took the unusual step yesterday not to testify Niuxiong Mandatory recycling. Dickens will serve as director of the Listing Division HKEx (0388) yesterday announced the appointment of Mr Mark Dickens as its next director of the Listing Division, from March 1, 2009 came into effect. Notice that Dickens will be on January 1, 2009 accession to the HKEx, he had earlier in the Securities and Futures Commission of Hong Kong and Australia's financial regulators serve more than 25 years, the current Hong Kong is still a risk of fund management companies Managing Director And as Chinese University of Hong Kong visiting professor at the Department of Finance. As the incumbent Head of Listing Richard Williams, is based on family reasons, earlier announced that it would not re-use the renewal of the contract, but would stay until February 28, 2009 so far.

A brewing stock market at the end?

Rare 108 basis points rate cut! However, this important measure "full house applause", Thursdays and Fridays A-share Duolu flee the performance of the panic, but people feel the slightest cold. In this ultra-expected led by the game behind what? Trade data show no clear cut interest rates before the hunters set, "11.7" since the profit is also a bargaining chip is still in the process of honor, "108" brought about a significant high is only open to the speculative rush out of funds to create a must Good opportunity. Looking in December, "the end market," it will be 4 trillion and sharply cut interest rates to stimulate the positive, carrying funds to do the will of the high net worth and the outbreak of this? Big "bite" will make a comeback? So far this year, all have a good exception, the market is "big market." However, the central bank to cut interest rates sharply accident apparently upset the large deployment of capital. The rate cut before, in a lot of big Jiancang stage. An interview with reporters Wednesday rhodium-tin investment, he said his position was on November 18 fell into three, and before that he was a warehouse full operation. Shenzhen Yang Yongxing short-term experts also said that at present, less than two percent of the positions in the operation. According to the data TOPVIEW estimates, the large increase in funds to buy about 180 billion yuan this year, is also a 4th market in large investment of up to one. However, from November 20 onwards, began to decline in major positions, last Friday, has large positions in only 14% shareholding 64,800,000,000 shares. However, a price cut so large a little hot money "unable to sit still." After Thursday's close, the Shanghai Stock Exchange and the Shenzhen Stock Exchange trading of public information display, Ningbo, "death squads" hot money, and so took the opportunity to cut interest rates, and other good reached the estate of the plate. However, in the past, "11.7" in the market, hot money Fanjiangdaohai-operation, have been locked in a number of individual investors, while some bodies lying in ambush in the relevant section, waiting for the good of the ship to cut interest rates. Indeed, a large cross in the past day, down by profit-taking hit. Property stocks in early trading limit of the most open, to act as a real return to the "death squads" killer. Of course, the hot money from these characteristics, may not stop there. Zhancang resort and has always been that they must strictly abide by the discipline. There are those who believe that private, large stocks Jiancang need about 200 billion market for some time, if not decline, it is estimated that their blood will soon be a bargaining chip to come out. The "death squads" have any grudges against them will also have been reported, this time taken suffer, revenge will come at a later date. In that case, capital of the focus will drop to where? Yang Yongxing said that the 4 trillion out of the investment, interest rates have dropped so much. The concept has not yet come out of margin trading and securities lending, stock index futures, interest rates, as well as Disney, which may become the hot hot money speculation. In addition, the Central Economic Work Conference on some issues may also be the object of speculation floating capital. Rhodium-tin said that the market expansion is likely to remain the trend of having one of the major obstacles for him, however, may be even greater. As if the resumption of IPO, can take advantage of a fried speculation that he's good at the new shares. Why not master hunters shot? Cut interest rates sharply to make "courageous" hot money big deal, with different prices in the past, the transaction data from the point of view, the "master hunters" figure was difficult to find. Hunters have always been good at the insurance fund and QFII seems to be still in the "11.7" prices fulfilled the process. 4 trillion in insurance funds to stimulate economic program before the introduction of positive five trading days in a row in a net buying. From November 10 to November 26, the net outflow of insurance funds of about 2,870,000,000 yuan. QFII seats on the same period in the secondary market and the large two-way exchange market hunters, but from November 10-26 are sold a net of up to 1,270,000,000 yuan. Hunters are the main home to cut interest rates regardless of the good? Analysts believe that there are only two possible, prior to the first substantial cut of uncertain information; Second, the economic outlook is not very good. In fact, the news of a substantial rate cut as early as last Thursday has been in a group of reporters Financial, a source sent "to cut interest rates 81 basis points", then a lot of people did not think too much margin. And over the weekend, the insurance fund also "try to cut interest rates positive" move, funded insurance (T Class) seats in the net last Friday to buy more than 250,000,000 yuan, the same day is the largest net buying of a class of funds. The aim is clear, and that is to cut interest rates. However, the rate cut was not fulfilled last weekend and last weekend the management of a person's freedom of speech, also appears to be sent immediately or will not cut interest rates sharply. As a result security in the capital this week for the first three trading days to sell on a large scale, which this week sold a net amount of up to three 1.4 billion. However, the surprising thing from happening again, Wednesday night to cut interest rates sharply on the reality that security funding hard to come by "reverse engineering" food for thought indeed. In addition, has always been good at "digging news," the QFII, and why has not this points to share? Goldman Sachs Gao Hua's study seems to answer this question. The bank said that given the industry fundamentals remain difficult, but also the prospects for macroeconomic uncertainty, it is still too early to buy a lot. However, this also led to another problem, and that is "hot money." The industry believes that the large rate cut in the face of economic and RMB assets of foreign capital in both directions, or constitute a panic. This is because super-strength may be cut due to the expected deterioration in the economy, and its findings may lead to international short-term capital outflow. Guangdong Academy of Social Sciences, deputy director of the Institute of Industrial Economy, "outside the abnormal flow of funds" Li You-hwan, head of the Task Force believes that a substantial rate cut and the RMB exchange rate is the link between, but this is not a "hot money" out of the main reason , The economy is really worried about them. According to monitoring data show that hot money is currently out of a situation as a whole. He said: "The characteristics of international hot money and domestic private capital similar to that in the economy are not clear before it is common practice to retain cash. At present, foreign capital for China's exports to see some of the very empty, save for the domestic economy is also 'Loss', not quite sure as to where the money will flow to where and how the effect. In this case, Wu Jin' pocketbook 'than anything else. " Can leveraging market funds at the end? Investors stampeded into capital-funded and non-QFII obvious signs of hunters, for the purchase of chips, all at the same starting line, this fund should be "music" instead. From the perspective of the game, this time to cut interest rates arising from the effects of the market does turn the "music". "The scramble to raise the wind" does not run through the day Thursday, the fund will be satisfied with their own price on'd like to pick up a bargaining chip; if having a "fight hot money" situation, but also not easy to throw out good chips. It can be said that in the good-intensive to break some of the routine deployment of speculative capital, but also to fund the initiative has brought. TOPVIEW data show the day before to cut interest rates, the Fund is the largest number of positions. Wednesday on fund buying over the net 500,000,000 yuan; Thursday of publicly traded exchanges of information also showed that Jidong Cement, FAW Xiali, and other stocks have been a number of institutions to buy the figure. Fund to do more when it seems that way. In that case, "the end market," it will be 4 trillion and sharply cut interest rates to stimulate the positive, carrying funds to do the will of the high net worth and the outbreak of this? Some of the funds from the public statements, after the rate cut, good bond fund managers are mostly built letter, CITIC, the rich and Soochow, and other bond funds have a greater chance of that. As for the stock market were comments are: to reduce the financial costs of listed companies, its performance would be helpful, real estate or bottomed out in advance, but the bank "neutral-negative" and reflected in the economy, there are longer Delay. It is clear from the remarks of the Fund, can not be read out at the end of the stock market to do more reliable information. Fellow broker some of the thinking may be able to help determine the market. Tai-ying, director of the Institute of the Securities Xiao Li said that the rate cut will not change the direction of the economy, but prevent the economy from falling too helpful. Despite the sharp decline in interest rates can raise the level of stock valuation, it is still too early to complete. China Merchants Securities (Hong Kong) Asia researcher Xie Xuan said that the rate cut to stimulate the economy of China, but a short period of time is difficult to make up for declining external demand and tight from the previous macro-economic policies on the negative impact, it is difficult to change rapidly declining trend in economic growth . The need to reverse the stock market with the basic macro-economic situation uncertain, the continuing loose monetary policy and investor confidence returned to normal, and other factors, see the current less than perfect. Since the stock market can not be reversed, therefore, has been advocating for the "value investing" funds, to do more significance, perhaps not so big. Do conclude that "the end of the year prices" may as well come to nothing. However, there are two noteworthy phenomenon. First of all, by rough statistics, to enter this century, A shares closed in December of the year seems to be the only Line in 2002; in the U.S. and Hong Kong stocks closed in December of the year Line also rare; Second, some of the funds this week, Chong Canggu really well Such as Wuliangye, Tebian Electric, Suning Appliance and so on, was stronger than the market. This makes the end market is also looking forward to it. However, when prices surged up, God knows the size of the non-sight will not reduce opportunity, quiet for a few months of the IPO is not going to take the opportunity to restart it? A unit can not always seem to make people worry.

Terrorist attacks or to hit the Indian stock market

If India's financial markets Friday as officials had expected the re-opening the market to Mumbai since the terrorist attacks suffered heavy losses. In the inflow of funds into the market has been dragged down by the global financial crisis and declining, terrorist attacks further hurt the popularity of overseas investors. India's financial center Mumbai terrorist attacks Wednesday night, leading commodity trading, including all the financial markets all closed Thursday. Indian rupee in the off-shore trading sharply lower. Birla Sun Life Mutual Fund chief investment long A. Balasubramanian said that the incident will increase around the overall negative market sentiment. Popularity overseas investors will certainly be further setbacks. In the attack, the terrorist attacks on foreigners by two popular hotels, the main train station and other targets, leading to more than 100 people dead. The terrorist attacks will be targeted Westerners regular activities of the region, may be intended to deter tourists and business travelers. After the attack, from Google (Google Inc.) To P & G (Procter & Gamble Co.) Many multinational companies in Mumbai's first to confirm the safety of staff; all Mumbai flights have been canceled or postponed. As of Thursday evening, the situation in Mumbai is still unstable; analysts said, making the market re-opened after the fall of the magnitude and duration of the more difficult to predict. They added that this attack will depend to a large extent on the overall economy is expected to impact. Bosch spokesman for the Bombay Stock Exchange (Kaylan Bose), said Thursday night, as of the moment, we decided to open tomorrow. However, he pointed out that the situation is still volatile. India's market regulator Securities and Exchange Commission, India (Securities and Exchange Board of India) Chairman CB Bhave said that Friday will decide whether to reopen the market. India's economy has been showing signs of weakness, as of June 30 in the first fiscal quarter growth slowed to 7.9 percent;, according to Dow Jones survey of economists expect India's economy will grow in the second quarter, or 7.3 percent, the Data scheduled for release Friday. Dealers expect the market to reopen after the Bombay Stock Exchange benchmark 30-stock Sensitive Index (Sensex) may be down about 400-500 points, the stock market Wednesday to close at 9026.72 points. They said that in November derivatives contracts expire Friday, which will add to the terrorist attacks brought about by the downward pressure on the stock market. This year, the index fell a total of about 55% of the total capital overseas investors 13,460,000,000 U.S. dollars; last year was a net inflow of 17,240,000,000 U.S. dollars. Market observers said the re-opened after the stock market, tourism, hospitals and transport industries will clearly bear the brunt of damage. But analysts said that in the past from India after the terrorist attacks of the market rebound, the stock market decline may not last long, but the terrorists will target Westerners may be an additional emotional concerns. Jardine Fleming Asset Management (JF Asset Management) of Hong Kong investor relations director Daniel Chui said that the Sadly, it seems that more and more terrorist attacks occur frequently in emerging markets and developed markets. Indian rupee fell sharply this year, mainly affected by the outflow of foreign capital; Friday rupee may fall. A senior U.S. bank dealer said that the exchange rate will appear immediately, but I expect the Bank of India (Reserve Bank of India) Friday will always monitor the market exchange rate fluctuations. U.S. dollars Wednesday to close at Rs 49.49; Thursday in the non-deliverable forwards in offshore trading, the dollar rose to Rs 50.20-50.50, traders said that the level of 50 rupees, or will be a key position. IDBI Gilts in charge of the transaction is expected to S. Srinivasa Raghavan, India treasury bonds is expected to fall, but the decline may not be very substantial. He said that expires in 2018, carry a coupon interest rate of 8.24 percent of India bond yields may be from Wednesday's 7.09 percent rise to 7.15 percent, but the bond market trading is still the main guidelines of inflation prospects.

Has been great at the end of the current? A stock up on a 15-month record

November ushered in Shanghai and Shenzhen stock markets rebounded strongly, and Shen Chengzhi SSE Composite Index on the rise were 8.24 percent and 14.03 percent, were high in 15 months, the biggest increase. Turnover on the two cities have also doubled to enlarge, respectively 1,214,500,000,000 yuan and 532,200,000,000 yuan. A rebound in shares in November of the leading factors, first of all to 4 trillion to stimulate the economy out of the program. Although the program does not directly target the stock market, but we boost China's confidence in the economy play a positive role. Secondly, A underestimate the value of the shares itself, but also makes over-the-counter funds saw opportunities for profit. As a result, A shares there have been a time of the rebound in heavy volume. However, the judge in this regard, see A shares at the end of large, seem to lack some confidence. After all, the average 60 days of repression in November did not break through effective, in particular, the central bank "double down" after the introduction of good news, the stock Gaokaidizou volume, profit-taking the opportunity to have fled the signs of the market against the more popular. Objectively speaking, A shares fell the most in more than 70 percent after the investment opportunities in the self-evident. However, the small and medium-sized investors in the on-site or long scars on the spot to lie down or short-term guerrilla is poor access to a number of short; and some mainstream funds, or take the matter said that the external market, or short-Bo joined the ranks of the poor. On the whole, the long-term funds in the stock market is still cautious. After the close of Friday, from the "Social Security Fund will invest an additional stock market," the good news. The social security fund this move will no doubt show that there are difficulties in the social security fund for the future development opportunities. If there are more long-term funds in the stock market, the A shares or strengthened again promising. From the week-long situation, the Shanghai and Shenzhen stock of the week decline of 4.99 percent and 0.79 percent, the SSE Composite Index heavyweight because of weak performance appears to be more weakness. Looking in December, Straddle both sides of the card holding the basic well-matched. Many of the terms of, first, the social security fund additional investment will be expanded to do more strength; Second, the fund at the end of the market value of the impulse to do still exist; Third, the Central Economic Work Conference, the good news about the stock market's worth the wait. The side-to-air, the first opening of the IPO; Second, limit the sale of shares in December is still greater amount of lifting the ban. On the whole, the stock market in December whether the strong, and directly related to the confidence of investors. Some agencies believe that the central authorities put forward investment plans financial 4,000,000,000,000 very exciting, but the actual implementation of the GDP output of the general six-month lag. Taking into account other follow-up policy introduced Prev Close will be able to rebound to 2200-2300 points.

Securities and Futures Commission and then a heavy stock market Weiwen

Securities and Futures Commission denied the relevant departments in charge of construction of China's recent rumors immediately released. He said that China has not issued building approval, although it through the June issue of the review, but in the near future will not be issued immediately. "Right now we see the results (IPO has been suspended for more than two months), the Securities and Futures Commission in accordance with market demands and seize control of the pace issue." The official said that the SFC will continue to issue new shares to grasp the rhythm. On the one hand, to issue strict supervision, examination and approval work to do a good job, the work has not stopped, whether it will meet, the feedback will, or will be discussed, are on schedule; On the other hand, the market play a role in strengthening the market constraints , Now publisher of the market regulator to issue shares to strengthen the binding of the window. At the same time, the Commission took note of the recent community on the issue of reform of the system put a lot of suggestions and comments, the Commission listen to the views of the market, continue to reform and improve the system of issuing shares to raise the level of professional intermediaries, the elimination of excessive speculation, so that the stock price better Reflect market supply and demand and scarcity of resources, to improve the efficiency of capital market allocation of resources. Securities and Futures Commission in charge of relevant departments also mentioned that has not received the Agricultural Bank of the applications. The ongoing transformation of joint-stock bank, has not yet completed work to set up joint-stock companies. SFC, the Agricultural Bank and other listed companies is the same as its application for listing must meet the legal requirements and to fulfill the legal approval process. ABC has not yet submitted the listing application, it does not have to apply for the listing issue.

Geithner melancholy eyes and the market in the future

This week, Wall Street seems to be from Geithner's appointment to see a glimmer of hope. On that day, the Dow Jones index in the last hour up 500 points to close at 8046 points, but the future of the new Treasury Secretary Timothy Geithner that depression and a loss of facial expression seems to remind people: this kind of reaction is too exaggerated! When the crisis has become a reality, not the individual's ability to decide all the factors, the new managers on Wall Street to the American people will never be the medicine's effects, but he can do is to change this Crisis and the crisis before the pattern of distribution of benefits. Developments of this matter has become increasingly clear that the Americans had followed the previous arrival of the economic crisis when the usual practice in 1957 and 1975 and the early 1980s, the crisis is to do so, that is, at all costs to keep power There are no say in the eastern part of the financial group, the United States Financial Group and the London Financial Group at this time would hold tightly together, they joined hands at the central bank's short-selling at high prices of gold in exchange for market liquidity and decisively and expeditiously in order to suppress commodity prices U.S. hold on the decline, however, the central and western regions for the car manufacturers, railways and other public goods investment in building support is also uninterested in the past. Obama may be in the team after two months of this amendment, but then those financial group should have been available to them all. However, China must approach the other hand, we are also no limit on the banking system to inject liquidity, it is fortunate that this work three years ago when the bank listed on restructuring has been completed. The Chinese government is thinking through the mass of the central government and local government-led infrastructure to sustain our economic vitality, an unprecedented scale. China and the United States to rescue the market have focused on the effect of time yet to be verified, but there is one point pen husband need to say here that out of their own, and that is the focus of the Government to save the economy in addition to investment in infrastructure, more importantly, the need for national Encourage and guide for the consumer, it is necessary to do so, the premise is to protect the purchasing power of people's access to credit and support the capacity, if it can not be slack, to stimulate the economy, it will become the monopoly of government-led trade since the bomb Since the act of singing, the effect of greatly reduced. Over the past few years with the huge output of the whole society, people still lack the purchasing power of growth, especially in the capital market in 2008 brought about by the downturn in asset prices led to reduced purchasing power of many of the missing. At such times, government tax should be introduced immediately and decisively, in particular the personal income tax relief measures to stimulate consumption is very necessary that the radical approach, the government should exempt a year or even two years of personal income tax, to do so , The Government may have a year to reduce the income of about 350,000,000,000, but I think that this will be more effective than the money invested in infrastructure to be more effective. It is also very important, although there have been attempts to establish confidence in us, but we need a realistic manner with a clear, in the form of the economy to prepare for the worst, otherwise, from officials to ordinary people do not know how to face the situation To deal with, certainly not of self-deception. This week the central bank robbery in the monthly economic data released on the first substantial cut interest rates 108 basis points seems to imply something. Therefore, the rate cut on the day of the Shanghai index is still Gaokaidizou, although the technology can also be interpreted as graphics on average by 60 days of repression (the Mufti has been to pen a two-week), however, increasingly uncertain about deflation Worried that the situation is a decisive factor, and Friday seems to be trying to disclose some of the media have not published the data, but the husband that the total economic situation of a judge who should not be too surprised that the data are. Although the stock market decline has been enough to react to some extent from the economic downturn, but it takes time to restore confidence in such times, investors have to make any decision-making can be understood, but there are two points to note that you first The risk is the psychological limit of the number, and the other is your own money, what is the nature of (their own or borrowing). Thursday is Thanksgiving in the United States, the stock market closed, before the U.S. have four-session winning streak, is extraordinary. This echoes, a substantial rebound in gold, the dollar will be adjusted sharply downwards accordingly. The Dow Jones industrial average and the gold would seem to rebound in the last two trading days ended, no more benefit to support its multi-factor continue to rise, but the pen feeling confused husband is U.S. dollars, involves the complexity of the fundamentals, but also mixed with the United States Government Attitude, it is indeed difficult to make clear its long-term direction of the judge, but from a technical point of view graphics, the dollar index back to the 60 day average is reasonable. Futures prices of crude oil a wide gap between the trend, so this week, NYMEX crude oil futures price volatility is the third consecutive day over 7%, which is quite rare. Many people believe that oil could usher in a rebound in oil prices and JP Morgan Chase will look at as low as 35 U.S. dollars. From a technical point of view, oil prices fell below 55 U.S. dollars of this support, this position is that by the end of 2006 to adjust low broke and then 50 dollars 55 U.S. dollars Huichou this root line, if confirmed to continue down a U-turn , Then the rate will be down big time at least a year. If this trend holds, then other commodities will also establish the direction of the pen Cardiff next week, feeling out of the commodity market as a whole Powei down the possibility is very great.

Why is the stock market bounce up less than expected?

The central bank cut interest rates sharply lower and the deposit reserve ratio has not brought the stock market blowout, though the stock market opened in 2000 washed up on the crossing point, but did not maintain the stock market's rise, but fell all the way, although at the end to hold onto the 1900-point barrier, but only full-Prev Close up 19.98 points, or only 1.05 percent, far below expectations. Why are so disappointed with the performance of the stock market, is the Government's rescue measures are not enough positive, is not the Government's introduction of such a big move to cut interest rates, investors that the Government is to promote the Chinese economy has maintained stable and rapid growth in the determination of the Government's attitude Are very clear, with no market, it is clear that speculation in the stock market panic still can not remove. No stock market rose sharply on selling pressure still exists, and there are several reasons for the sell-off of several possible under the First, the size of the non-waiting to flee, as long as the stock market has gone up, non-small (including the size of some of the restrictions are) will be part of the sell-off Stocks as well, after all, their very low cost of ownership, as long as profits are made, or to make repeat Chiral, of course, not all of them out, but they will also sell a small amount of the stock market's rise caused by a fatal blow. Second, institutional investors, some of the speculation, though they are in the market in the stock market is also scarred (more than half of the wealth is shrinking), but their short-term speculation and the desire of the stock market downturn will not be reduced as long as the stock market in Any sign of trouble They will stir up trouble, some of the Third Ordinary investors have been several times before the soaring stock market crash frightened, that the stock market to soar to stimulate positive, but after the stimulus, as will be the first to fall, so that the range of the stock market Xiantao end up on the best, so that's good government policy one day after the digestion. Whether that is the reason, this shows that stock market investors in the future economic outlook is not very optimistic, although the rate cut to stimulate the economic recovery is certainly a positive role, but it is short-term effect will not be obvious, especially For a number of small and medium enterprises, their problem is not high interest loans, debt on the central level (there are more loans to real estate developers) may reduce some of the financial cost. However, the real crush of business is not a major factor in interest payments, but the market is no shrinking revenue, would add much-needed corporate funds to maintain operations. The current bank lending standards and no real open one's mouth, after all, the bank is also the enterprise, the United States has just taken place by the financial crisis arising from the Subordinated Debt, Bank lending is now more cautious. Therefore, despite the country announced investment plans are very attractive, especially local investment plans are more ambitious, but not easy to raise funds, local governments do not have adequate financial resources to support its huge investment, bank loans can not be implemented, many of the magnificent The plan is also on the drawing board, which is why investors have put the country's economic recovery plan are still wait-and-see attitude of the main reasons. In the stock market sell-off pressure is not small, the macro-economic prospects remains to be seen, the stock market out of disappointment on the market can be understood, but people should look at the optimism of China's economic development and the future of the stock market, China's economy now has a lot of momentum into, These power will continue to enhance the accumulation, although the decline in the current state of China's economy to start up a lot of resistance, but the start of China's economy will definitely come, and if China's economy to start up, pre-implantation will be the driving force of China Economic take-off again, the capital market will usher in another spring. Of course, investors need to be patient, may have to wait a year or even longer period of time, as short-term stock market can not be a qualitative leap in the stock market is at the top of the station by 2000, investors will not be pursued.

Convertible four combat skills

Sometimes the stock market is like a battlefield, not always the right or wrong, only a clear understanding of the situation and adjust the train of thought, and the advantage of the opportunity for, is the winning way. This article is based on the premise of the market after a strong and powerful, positive attitude, choose to make this stock, convertible into and to take advantage of, targeted move, little else. Basic views are as follows: First, in order to replace the weak stock has been in the hands of a strong held shares We will share the stage more or less divided by the trend of birth, development, aging, which can be divided into the development phase starts, the rapid development period, after the development period. When holding the hands of the chips have been completed or master, has entered a period after the development, that is to say, the upside has been cleared of energy, but in accordance with the inertia remains a powerful, is actually to falter. Be distributed at this time, and the choice of access to birth is in a period of relatively weak stocks, life will pass the baton, which is to maintain long-term benefit of a positive method of winning. Second, with a strong replacement in the hands of shares held by a strong stock Both stocks are strong, but are at different stages, which is just about to start a view to entering the period of rapid growth, with strong vitality; the latter by the rapid development period is about to or have entered a period after the development of the energy is about to have been cleared But also maintained a spurt of inertia. At this time of the convertible, as if from a slowdown has begun to train jumped on a train speed at the beginning, the future, of course, at a glance. Under normal conditions, people must have been profitable under the premise of do not want to chase the other must have the same or of the stock, such Huanchou on the way to overcome the requirements Wei Gao psychological barrier. The so-called heart disease but also cured by the medicine, a solution can be psychologically originally held by the profit share of the profits from new entrants into the stock, so the price is relatively low share of profits is also preserved. This is the kind of mental self-adjustment, rather than self-deception, in order to win but to take positive means. Third, the weak stock shares to replace the vulnerable in a strong market, the market will be a period of repair. In the relatively Ruoshi, most of the stock performance will be dull. At this point the convertible, is no longer in the hands of the future of the vulnerable stock exchange into a promising future of vulnerable stocks, into the a, the prospects for the future is a huge difference: in the former Ruoshi, like freedom Drop, fall into the abyss, and even beyond redemption by. Even if the market strength in the market as a whole may not be in an excellent performance; the performance of the latter is yet to know the limits, it will not ripe for a short period of time and significantly disadvantaged, but have finally bottomed out and make a U-turn, to strong One day. Fourth, in order to shake-up is not strong we are advocating, or even to oppose the idea of an operation in the stock market in most people's thinking is to accept the elimination of the weak and strong. However, the development of the dialectical point of view, today's strong tomorrow may be weak, the vulnerable might be transformed into strength. Perhaps the ultimate outcome may be Hengjiang strong, but under the circumstances strong buy shares, which is about to short-term weakness will offset the risk of holding shares in itself vulnerable small profit, so profit in the state have been offered The hold-up was bad luck. If this line of thought throughout, the vicious cycle of the situation, step by step passive.

China's stock market to go "W" at the end?

New Year draws near, various organizations have issued strategies and industry research findings, said the overall decline of view more. On the macro-economic view of China's economy will be out of the "W-cycle adjustment model" to obtain the views of the majority consensus. Funny to say, I know what a "V-recession", "U-recession", "L-recession", and learned a "W-adjustment." Macroeconomic analysis, fitted with the use of the technical analysis of some models. This is why people count chart analysis of a case in point now. As for the macro-economic analysis can be applied to the analysis of the chart name, I imagined that the Chinese stock market will be the next one to two years following the end of W into the possibility of it. The stock market is the real economy's response, take the real economy "W", and that the stock market go into a "W" is the possibility of increase. Have been at the bottom of each form, are complex. Stock index last fell below 1000 points, no one had thought that it has a real bottom. At the end of 2005, only a keen investment professionals found that the index has refused to re-record the end. Thousand points at the end of big, hit the lowest point in half a year later, the real was confirmed. The stock market is at the bottom, no one can say is not clear. I know the point of view, the CICC is a clear look at the space that is currently still under-point drop 20% of the risk. (Details can be back to check my previous BLOG) and CITIC Securities that stock to rebound to 2300 points. The body Such differences, but also increased the fund managers are not as. The fund managers to operate more clearly based on nothing. These phenomena have increased in the future performance of the stock market's complexity. Obviously it is difficult stock index has sustained the rise of unilateralism, or unilateral down. Thousands of points in China's stock market has been running for over 12 years old, if a thousand points below, it has become a Super Bear. So, although almost all of the investors that the economic situation in China than 98 years, the Southeast Asian financial crisis worse, but no one shouted to the stock market dropped a thousand points of the slogan. Even by China International Capital Corporation that the stock market is still down 20% of the risk. I also think that 1500 point of rigid support a strong effort. Therefore, the current stock of the overall systemic risk, it is essential to release the finished. Junction down to the real cause investors who are still interested in the context of the Great Depression, has the excuse is the eradication of differences, and expand market share in the enterprise itself. I do not know my friends have noted that the recent Shanghai A share index although the downward adjustment in apparent momentum, but the index for small and medium-sized plate instead of a strong anomaly, and has two days to 60 days in the Straddle the line at the top of the run. It also seems to show a phenomenon in a rational market funds for the breakdown of the mining industry and strategic positions, has been out of stock of the impact of systemic risk, and no one psychological clearly in a bear market is unearthed Su Ning, these Maotai Niugu large. In the long term, investment uncertainty will be the first choice for rational investors. As a result, my view is: in 2009 the stock market will not see lines to buy shares, stocks do look at the index, it is necessary to do more fundamental research.

European Central Bank to cut interest rates next week may be announced

European Central Bank will be on December 4 after the meeting to cut interest rates, the rate of at least 50 basis points. 27 Council of Europe announced in November the euro-zone economic confidence index hit a new low for 13 years, has deepened the news about the European Central Bank announced the rate cut will be judged. European Central Bank President Jean-Claude Trichet said on the 26th, did not rule out the December 4 meeting of the European Central Bank to cut interest rates again. Jean-Claude Trichet said the ECB will at any time to take any possible measures to ensure price stability. Trichet also expected the euro-zone economy will shrink in 2009, but 2010 will once again began to grow. Jean-Claude Trichet, with a similar position, management committee members of the European Central Bank Noah 27, said in the last three months of the financial situation has undergone tremendous change, the European Central Bank does not rule out the possibility of further rate cuts. Recently, the European Economic situation is not optimistic, the European Commission published the report, 15 euro-zone economic confidence fell from August 1993 to its lowest level since, in October, following a record decline in the largest, in November fell 5.1 points to 74.9, the euro zone has entered since the birth of its first economic recession. With the reduction in the level of inflation, financial markets expected the European Central Bank next Thursday will be the benchmark interest rate from 3.25 percent down to 2.75 percent or less, but because of lower-than-expected economic situation, analysts expected ECB rate cut would be more than 50 basis points . European Central Bank meeting in November will lower the benchmark interest rate to 3.25 percent, which is the European Central Bank since October for the second time since cut interest rates by 50 basis points.

Social Security Fund will invest an additional stock Weiwen

28 from the National Social Security Fund Council was informed that the National Social Security Fund Council will initiate the expansion of the index of investment to strategic investors in his capacity as listed shares after the country opened and the line of the Agricultural Bank, to Chongqing, and other high-speed projects Trust loans , To support financial reform and economic development. These measures include: increasing investment in key state projects and focus on issues related to people's livelihood-related projects, and strive to achieve on the central "to promote the development of" strategic requirements; index gradually expand the scale of investment, at the same time some of the additional equity investments in order to Market confidence in the stability of capital markets and the pursuit of long-term development of a stable income; pay close attention to the China Development Bank and Agricultural Bank of China's joint-stock reform process, in order to prepare a stake in his capacity as strategic investors to support the country's financial reform; Chongqing to the high-speed, and other items provide a total of 5 Trust 5,000,000,000 yuan loans to support infrastructure construction and economic development; step up development of equity fund management approach, in order to further lay the foundation for equity investment fund. According to the National Social Security Fund Council, chairman of Dai Xianglong, the face of financial market volatility and the risk of increased social security fund to initiate a series of measures with a view to promoting self-development while promoting the development of the capital market to support financial reform And economic development. He pointed out that the Council will adhere to the long-term investment, the value of investments and investment responsibility for the idea of task, convinced that the current difficulties there are the social security fund for the future development opportunities.

Automotive stocks led a strong European market

European stock markets rose in early trading on the 27th, BMW auto stocks such as the trend of strong, led the major indexes rising. British FTSE100 index rose 0.54 percent to 4219.4 points, Germany DAX30 index rose 1.94 percent to 4649.0 points, the French CAC40 index rose 2.56 percent to 3251.0 points. Data released today showed that 11 German adjusted unemployment rose 10,000 to reduce the number of people are expected to reduce 04,000. November in the euro zone purchasing managers index was 40.6, 39.7 for the initial value. In addition, the National Association of Building 27, said, the United Kingdom in November house prices down 0.4 percent on-year drop of 13.9%, good economists expected and the previous drop of 1.7 percent on-year 15.1 percent drop.

Hundreds of billions of investment options in the stock market impact of geometric

National Development and Reform Commission Zhang Ping said that so far, in the fourth quarter of 2008, the new central 100,000,000,000 yuan has been invested into the project in general, "has now issued more than 40% of the plan." The same day this reporter was informed that the exclusive, which 100,000,000,000 yuan of investment, has been refined to specific areas of each, and a clear allocation of the investment amount, distribution and in the field of major construction tasks. Although the Chinese government is a large-scale fiscal stimulus program of the first shot, but "Gangjumuzhang", the above-mentioned areas over the next two years led the government to invest 4 trillion in the direction from which people can see that the Government or the future financial 4,000,000,000,000 Stimulate the implementation of the program's focus. Financial Science Institute in the Ministry of Finance Liu Shangxi, deputy director of the eyes of the Chinese government's new pro-active fiscal policy and in 1998, not only larger, wider, faster, and investment in the direction of the people's livelihood has obvious tendency. 100,000,000,000 detailed list of investment Zhang Ping, the current central government 100,000,000,000 yuan of investment, direction have been identified. The main areas: security and housing, livelihood projects and rural infrastructure, agriculture, railways, highways, airports and other infrastructure construction, education, health and other social cause, the ecological environment, independent innovation and structural adjustment, as well as post-disaster recovery re - Building. Zhang Ping said that the new 100,000,000,000 yuan in the fourth quarter of the investment arrangements for the central principles: One is to speed up construction projects in progress; in the second, preliminary work has been completed and the project, with the choice of investment in the direction of the project; Third, arrangements for the "ten First Five-Year Plan ", as well as various special plans have been identified. According to reporters from this newspaper for information concerning the above-mentioned central 100,000,000,000 yuan investment, the current allocation of funds has been refined to protect the homes of the project 10,000,000,000 yuan, rural livelihood and rural infrastructure projects 34,000,000,000 yuan, railways, highways and airport Major infrastructure construction 25,000,000,000 yuan, health care, education and cultural development of social undertakings 13.0 billion, energy reduction and ecological construction projects 12.0 billion, independent innovation and industrial restructuring 6,000,000,000 yuan. Rural livelihood and rural infrastructure projects to become the largest area of investment. In fact, here in the field of six, each of these areas, there are more specific guidelines in the field of arrangements. The protection of homes in the area of the project will include construction of low-cost housing (including the transformation of urban squatter settlements) 75 billion, the main task of construction and the purchase of new low-cost housing; coal mine 1.7 billion transformation of squatter settlements, including the transformation of The central and western regions of the Central delegation of local coal mines squatter settlements, construction of residential quarters of the supporting infrastructure projects, the relocation of coal mining subsidence repair houses; state-owned forest squatter settlements 150,000,000 yuan renovation project, mainly for construction workers of state-owned forest areas of housing ... ... In rural areas the people's livelihood projects and rural infrastructure in areas under specific and detailed for rural biogas 3.0 billion project to build "a pool of three years to" rural households to use marsh gas, rural marsh gas in rural services network, "to build a pool of three" Cell culture and the household biogas project; rural drinking water safety engineering 5,000,000,000 yuan to solve rural drinking water safety issues; 5,000,000,000 yuan in rural highway, to expand the system in the central region of the oil-village, west of the oil-Rural 15 Specific aspects. This is more like the next two years, the Chinese government to invest 4 trillion a guide. According to Zhang Ping said, it is 100,000,000,000 involved in construction projects over the next two years, generally need to invest 4 trillion. "This year's 1,000 billion investment in our fight, but we do focus, in accordance with the 'list' to prepare for next year after reporting a specific project." Related to local government officials have told this reporter. "Investment will not form a huge amount of duplication" In fact, the Chinese Government on the future of this 4 trillion of financial investment, has acquired quite a clear allocation of funds to choose the direction and intensity. According to Zhang Ping said that under the current system of investment funds and investment arrangements for the program over the next 4 trillion in investment, the investment needs of the Central 1180000000000. This 4 trillion in home-protection project is 280,000,000,000; rural livelihood and rural infrastructure projects in general is 370,000,000,000; railways, highways, airports, power grids in urban and rural areas is 1,800,000,000,000; health, culture and education is 40,000,000,000; ecological This investment environment is 350,000,000,000; independent innovation is the structural adjustment 160,000,000,000; the post-disaster reconstruction, is the worst-hit 1 trillion. "4 trillion yuan of investment there is no large-scale investment in production capacity, not 'one of the two high-owned' investments." Zhang Ping said that the 4 trillion yuan of investment is in fact the whole society to invest. "Will not repeat the formation of the building, nor will it form a low-level redundant construction." Zhang Ping said that in 2007, the total investment in fixed assets of more than 13 trillion yuan, is expected in 2008 to more than 17,000,000,000,000 yuan, in 2009 20,000,000,000,000 yuan or so. According to the National Development and Reform Commission estimated that investment in this 4,000,000,000,000 yuan each year to promote economic growth of about 1 percentage point. With regard to the community on the issue of corruption, fear, to respond to Zhang Ping Road, in the arrangements for the investment, but also to consider how to prevent this problem from happening, that is to implement the responsibility to clear the main responsibility; according to adhere to the procedures, operation of the sun; and We should strengthen supervision and inspection. To this end, the government has organized 24 inspection of the Central Group, each of the inspection team headed by a vice ministerial-level leading cadres were dispatched to various provinces to strengthen supervision and inspection, each province will take the same approach to strengthen supervision and inspection. With regard to invest in some "old faces" is not able to play a new investment and stimulate economic growth in the role of the doubt, Zhang explained that the choice of a number of projects and preliminary work has been completed and the project is "fast, In order to associate ", is not the role of" old faces, new faces to the measure. " Zhang Ping to low-cost housing construction as an example the problem. This year the central government arranged the original 20-billion-dollar investment, can be used to subsidize about 200,000 or so low-rent housing. Now there are about 10,000 cities and towns more than 700 low-income families need to address the housing problem, according to the progress of the original need a longer time. 100,000,000,000 yuan in new investment arranged 7.5 billion for low-cost housing construction and is expected to significantly speed up the process. Or lay a solid foundation trillion national debt funding needs It is understood that the relevant decision-making departments are currently considering the next two years after the issuance of long-term construction treasury bonds of the Central 500,000,000,000, a total of two additional 1 trillion national debt, the Central 1,180,000,000,000 constitute the main body of investment funds. Although this line of thought but also in the final in March 2009 on the two country's can be confirmed eventually, but now, both from a policy tool to raise funds, the use of funds, the idea that the Chinese Government seems to be repeated 1998 Asian financial crisis of the story. 1998 Asian financial crisis, the Chinese government to issue special long-term construction treasury bonds to promote the deficit for the financial characteristics of the timely start of the proactive fiscal policy, as of 2007, to issue a total of 1,080,000,000,000 yuan special treasury bonds. However, the financial research institute of the Ministry of Finance Liu Shangxi, deputy director of the eyes of the Chinese government's new pro-active fiscal policy and in 1998, not only larger, broader, faster and at the same time also underlines a new trend . Liu Shangxi pointed out that the fiscal stimulus from the current six major investment, security and housing, livelihood projects and rural infrastructure, agriculture, education, health and other social cause, the ecological environment in four areas of investment, have a clear public The characteristics of the expenditure, accounted for more of the public finances is a necessary and public projects. The railway, highway, airport and other areas of investment, although the market can be a part of the way to attract private capital participation, but as a whole is still owned by the investment in infrastructure, and thus most of the need to pay the Government, through the help of public expenditure in order to boost the Private consumption expenditure. "This will reduce the government taking over-crowding and market the probability of occurrence of the phenomenon." Liu Shangxi said. However, Liu Shangxi also expressed their own concerns. On the one hand, the current investment system, the examination and approval system, Liu Shangxi worried bond investment arrangements for the "grassroots" phenomenon is difficult to avoid. 1998-1999 statistics show-2002 to arrange local financing of the total national debt as a proportion of investment 70.4 percent, more than 30,000 projects involving a total investment capital 105,470,000,000 yuan of treasury bonds. On the other hand, revenue fell to speed up the situation, Liu Shangxi resolve to remind policy makers in the field of economic risk at the same time, we should also pay attention to preventing an even greater risk. Liu in view, the fiscal deficit is a "double-edged sword", the Government through the issuance of long-term construction treasury bonds in particular the way large-scale distribution of resources will help drive consumer confidence in the people. However, if the end can not really pull domestic consumer demand, while government debt rose sharply to form a burden, but will drag on economic growth in the future. "This is a war we can win, not lose." Liu Shangxi said.

The European Commission issued 200,000,000,000 euros economic stimulus plan

26 The European Commission announced a total of 200,000,000,000 euros a huge economic stimulus plan in an attempt to coordinate the rescue members of the real economy. European Commission President Jose Manuel Barroso told a news conference, 200,000,000,000 euros equivalent to the European Union gross domestic product of 1.5 percent, of which 30,000,000,000 euros from the EU budget and the European Investment Bank, and the remaining 170,000,000,000 euros will include members of the Own country to take action to stimulate the economy. This in fact means that the average EU member states need to come up with the equivalent of their gross domestic product 1.2 percent of the funds for the revitalization of their economies. Barroso said the European Commission's plan aims to coordinate the actions of member states to provide a unified framework and a set of "tool box", according to members of their own circumstances from which to select appropriate measures. According to the plan, member countries should consider expanding public spending, as well as tax cuts, interest rates and so on a pro-active fiscal and monetary policies, in order to revitalize economic growth. That the plan to increase public spending on efforts to stimulate demand will have immediate effect, reducing the tax burden on ordinary workers and temporarily reduce the value-added tax to consumption will provide support to ease pressure on inflation, the Central Bank of EU member states The move will also help to cut interest rates to help the economy. The European Commission stressed that member states adopt expansion Fiscal policy should be done in a timely manner, and for the time being targeted, and to coordinate with each other. At the same time, be in line with the EU "stability and growth pact". The EU "stability and growth pact" member of the budget deficit should not exceed its gross domestic product of 3% allowed in "exceptional circumstances", member of the budget deficit can be exceeded for the time being. The European Commission has recommended that member countries should take full advantage of the flexibility provisions. In addition, the European Commission's economic stimulus plan also argued that member states should take measures to deal with short-term focus on the long-term goal of structural reforms, the Institute of "smart" investment, is about to focus on personnel training, infrastructure construction, scientific research and innovation in energy-saving Environmental protection, and help improve the EU's long-term economic competitiveness in the field. The European Commission's plans for next month's EU summit meeting.

Warren Buffett hunters to make large financial stocks 36%

According to the Singapore unspecified reported that well-known investors, "Warren" Buffett take advantage of the increased low-cost loan business is not involved in times of deep financial sector's decision to let him make big in the third quarter by 36%. As of the end of Sept., Buffett's investment company - Berkshire Hathaway shares of the financial year earned an average of 2.3 percent on a quarterly basis. During the same period S & P 500 index of financial stocks fell an average of 11.4 percent on a quarterly basis, this year has lost 60 percent to 17-year low. Last quarter, Berkshire Hathaway investment in US Bancorp and Wells Fargo, led by shares in order to avoid those sub-loan-ridden financial sector. According to Bloomberg statistics, as of the end of Sept, Berkshire Hathaway is a rich and US Bancorp's largest shareholder. Mairs & Power Investment Company president William Friels Commenting on the performance of Buffett, said that Buffett is a simple and very patiently, when most of the players lost, he has the ability to continue to wait for the opportunity to When it comes. As the chairman of Berkshire Hathaway, Buffett, now 78-year-old company plans to invest most of the decision-makers. But from Sept. 30, Berkshire Hathaway held by financial shares have fallen by 32% (not included in the Goldman Sachs investment of 5,000,000,000 U.S. dollars), so Buffett's investment profits shrink. During the same period S & P 500 index of financial shares fell 41%.

A shares "," up 1% of the "Thanksgiving"

Two-by-than-expected rate cut to stimulate good today Tiaokonggaokai Prev 100 points, breaking the direct average of 60 days and 2000 points, but instead triggered a sell out of the rough, followed by shock down to close out the more unsightly Line leave, opening up only a fraction of that morning chasing money to buy again hold-up, and the volume of the two cities significantly enlarge the same period last year. As of the close: Prev reported that up 19.98 points at 1917.86, closing 86,500,000,000; Shen Chengzhi reported at 6683.24 points, up 149.38, closing 39,100,000,000. Information on the surface: the central bank lowered the benchmark deposit and loan interest rates 108 basis points, the biggest drop in 11 years, and lower the deposit reserve ratio; State Council executive meeting 6 to determine policies and measures to address the difficult business; SASAC of the State Council allocated 19,630,000,000 yuan to support the central rate Post-disaster reconstruction, the State Grid, China Southern Power Grid, Eastern Electric, the top five power generation groups, such as subsidies will be given; Southern Airlines, said the Ministry of Finance was 3.0 billion capital injection, and Eastern Airlines are in the process of the budget; U.S. fourth consecutive trading day up , The Dow rose 2.9 percent Wednesday, the European Commission approved 200,000,000,000 euros economic incentive plan. On the surface: real estate is subject to the plate to cut interest rates to stimulate the most direct plate, only after the impact of stock trading (or list of the real estate section); and infrastructure plate by the positive impact of policy, to remain active in the Qilian Mountains, Jidong Cement limit, and so on. In addition, the fuel tax reform has been interpreted as market share is a good car, the plate of FAW Xiali limit. There are high up the brokerage, steel, foreign trade, the two cities without a plate down, the stock fell more than 200, most of them were Chonggao down trend, with the foreshore and potash failed re-opening of Jilin Pharmaceutical That limit. This column: While the rate cut far beyond the range of market expectations, but some of the hot money that it is the result of the deterioration of the economy and choose to sell, close Prev lead to a very ugly false Line. From a historical experience, interest rates are basically very difficult to change the operation of the market trend, then the rate cut should not change the market trend. Can now hope that a large number of early stock gains more than 50% of capital deeper level of involvement, need to pull wave is expected to be shipped smoothly, and if so, the market still have a chance to stand for 60 days on average and even the impact of 2300, but it must Over the next 3 trading days to re-up with a big bang, or a collapse of the possibility of a rebound, investors should be alert at any time. Comments】 【agencies GF Securities believes that tend to have been pre-shrunk in today's trading volume increased substantially, reflecting that the market continues to extend every Jiancang good habits, but the medium-term average, following the 20 day trip online, 30, is gradually moving from flat to Or, on the average stock price to further strengthen the role of support, although a substantial Tiaokonggaokai after a certain degree of pressure on the back, but the overall upward trend of stock index more evident, following the positive Pu Zhang, plates and stock will be larger Differentiation, the stock traded sideways for finishing investors a good opportunity to exchange warehouse transfer. Bandung Guangzhou said that only cut interest rates to stabilize the economy and a corresponding drive the stock market a good, the main force behind the determination, the more insidious practice of good. Cut the interest rate sensitivity of the industry, such as real estate has a direct positive, but the fundamental point of view, the real impact of the rate cut so far, the easy monetary environment will be adjusted throughout the economic cycle, strong counter-cyclical measures will lead to Cyclical sectors to further accelerate the pace of recovery. 【Niuboshouping】 That accounts for as high as last week, the big sell-off institutions, bodies are still in the sell-off this week, which in fact shows that short-term market outlook is basically optimistic about the market is difficult, is the most likely agency in the region through the realization of selling and bargain-hunting of the Italian stock To complete the following market rebound. From the moment the disk, the investors still have to temper ready to sell, maintain a good position, waiting for bargain-hunting after the operation down. Emotion is the enemy of the operation, in particular, face down, or good, should be carefully analyzed and then to operate, do not look good on the break to cry. Trader and also, obviously looking at a high level is also high that it was not the money to catch what is it? Recent price is worth considering, in fact, short-term opportunities Tingduo or hold the key to determine whether or not the cooling-off operation. I believe that this market will continue for some time, the time is still some short-term opportunities. [Details] Chu said the wind from the trend today, the trend of high-opened down is not a terrible thing. The market is the main tactic used Xipan. In the face of sudden sharp double down, and many institutional investors more anxious than the small and medium-sized investors. From the volume today, today is still a lot of funds involved in this part of the funds in the current point to intervene if the two cities can not do a high 20%, then they will not have escaped the possibility of profit. Therefore, the early high of 2,300 points is likely to be the rebound goal in the first place.

China's stock market three "10 years"

Accompanied by 30 years of reform and opening up, China's capital market has also experienced from birth, to speed up the trial the history of the development process. In the 30 years of reform and opening up under observation against the background of China's capital market can be divided into three "10 years", the three major stage of development. 1978 -1988: fools and firm exploration period December 18, 1978 to 22, held the Third Plenary Session of the 11th CPC put forward focusing on economic construction, reform and opening-up. In March 1979, the CPC Central Committee and State Council decided to set up a financial and economic committee, as a financial and economic decision-making body of work. Subsequently, China's enterprise reform, investment and financing system reform, gradually push forward reform of the financial system. In the process, a central leader of the far-sighted, prudent decision-making, the development of Chinese capital market has begun to nurture the idea of the strategy. Stock market economy as a common investment and financing tool, the Third Plenum held in less than five years, it re-appear in the Chinese. In July 1983, Shenzhen Bao'an County Joint Investment Company (predecessor of Limited today Baoan) to issue shares to the public; in September 1984 and November, there have been bridge Beijing Department Store Co., Ltd., Shanghai Co., Ltd. Feileyinxiang (Commonly known as "Le Xiaofei") and the establishment of the society to issue stock. Beijing, Shanghai and Shenzhen almost three places at the same time the stock a new thing, not an accident. Prior to the system and pre-prepared to explore the capital market has made a test bedding. In May 1980, the State Council Office for Restructuring the establishment; in May 1982, the State Commission for Restructuring Economy on the basis of the establishment of the National Commission for Economic Restructuring. Reform and opening-up of a series of operations carried out in succession: in July 1979, Shenzhen, Zhuhai, Shantou and Xiamen on a trial basis at the SAR; in September 1980, the state-owned industrial enterprises to expand the full implementation of operational autonomy; in July 1981, by Shashi in Hubei Province Identified as the first comprehensive economic reform pilot city; in 1983, the State Council, People's Bank of China made responsible for the exercise of the functions of the central bank's decision. November 14, 1986, Deng Xiaoping met in Beijing with the United States where the New York Stock Exchange chairman John Lin Seoul, to accept his gift to the guests of the New York Stock Exchange, a badge, a 50 rebate with a face value of the shares in Shanghai Feileyinxiang limited The company's stock. Prior to September, the Industrial and Commercial Bank of Shanghai Jing'an securities business to open a new Chinese stock trading counter precedent. In March 1987, the state introduced a stock issued by the national laws and regulations, and decided since 1988 in Shanghai and Shenzhen stock markets and carry out joint-stock reform package. In September 1988, Wan Hotel in Beijing, the "reform of the financial system and preparations for the Beijing stock exchange seminar" opened a prelude to the preparations for the Stock Exchange. The meeting was chaired by the then vice president of the People's Bank of China, was the first of the China Securities Regulatory Commission Chairman Liu Hongru chaired by the State Commission for Restructuring the Economy and Economic Restructuring Office of the People's Bank of China head office held in the name. After the meeting, by Gao (former vice chairman of the China Securities Regulatory Commission, now the general manager of the China Investment Co., Ltd.) and Wang Boming (China's securities market research and design center Director-General) and others prepared "on the Chinese stock market started with the idea of management" . Nov. 9, when he was commissioned by the CPC Central Committee and the Central Financial and Economic Leading Group and Yao Yilin, deputy head of the office of the Secretary-General Zhang Jinfu group held a meeting at Zhongnanhai, was briefed on China's stock market started about the idea. After that, Wang Boming, such as by the executor of the term "joint research and design the Office of the Stock Exchange" (referred to as the "Liaison Office") was established in Beijing, the Stock Exchange to create the substantive work of promoting the official start. (Note: in April 1992, the author joined the Stock Exchange of the Office of the Joint research and design.) From 1978 to 1988, China's capital market from germinating into a "commitment to try to" no more than 10 years fillip. The top leaders of the Great Hall of the People in the stock gift to the guests and the State Council in the Zhongnanhai leadership of the stock market started to listen to the report, open to the transmission of the spring. 1989 -1998: monitoring the market and the run-in period In the second half of 1989, the central authorities decided to start organizing the work of the Shanghai Stock Exchange. Early in 1990, the organization of the State Council and the Shanghai group to be submitted in the first quarter of 1991, the formal establishment of the Shanghai Stock Exchange. Then-secretary of the CPC Shanghai Municipal Committee and mayor of the report Rongji's instructions: "This time too late, it is necessary to set up this year." November 26, the SSE was established; on December 19, held the opening ceremony. SSE opening to the world the release of a signal, a determination to declare: China will unswervingly follow the path of socialist market economy. Although many people find it hard to believe, but in 1990 it was China's capital market "bold" provides us with an important year. In addition to the establishment of the SSE, Shenzhen Stock Exchange are being planned, in the light of the United States Nasdaq pattern "of the National Securities Trading Automated Quotation System" (STAQ) also opened in December. China's stock market from the date of birth, along with the controversy, the focus of the stock market is the name of "Society" name or "capital." The high-level concern. From the end of 1991 to early 1992, there have been 4 of the party and state leaders in person to inspect SSE. A time of the details are: January 16, 1992, Comrade Jiang Zemin wrote an inscription for SSE and inspection "of development with Chinese characteristics and improve the securities market." January 17, Comrade Deng Xiaoping in Beijing, began his inspection tour of the South. Deng Xiaoping in January 18, 1992 -2 21 provinces and municipalities to inspect the South, in the January 19-23 Shenzhen during the inspection, "the securities and the stock market what these things are good, there is no danger, is not capitalism Unique things, not to socialism? Allowed, but must resolutely test. "Thesis that an end to the controversy, it set off a Chinese joint-stock reform and stock market boom of the pilot. March, the SSE listed on the stock remote start, Shanghai and Shenzhen stock markets of the country gradually. In the process, the stock market in the development of the issue has been fully exposed. To strengthen macro-management of the securities market, on October 25, the State Council Securities Commission and the establishment of the China Securities Regulatory Commission, the exercise focused on the securities market reunification of the country's regulatory functions. December 17, to the provinces and autonomous regions of the State Council issued "The State Council on further strengthening the macro management of the stock market." At the same time strengthening supervision, the state decided to issue shares to the national roll out. Since 1993, all provinces and autonomous regions can choose one or two companies to issue stock. In the second half, significantly speeding up the pace of issuing new shares. Relevant national laws and regulations have also introduced. Due to an increased supply of shares, investors and the market is lagging behind the pace, the stock market fell sharply. In the first half of 1994, Shanghai, Shenzhen stock market index fell 333 points and 96.56 points. July 29, management announced the suspension of the listing of new shares, including the "four major policies to rescue the market," went into the stock market. To September, the SSE Composite Index breakthrough in 1000, speculation intensified atmosphere. To curb excessive speculation, the management has adopted a non-investigated and dealt with institutions, such as measures to adjust the trading system, the market continues to grow. In 1995, the proposed high-level development of the stock to "in order to slow rather good." The then President of the China Securities Regulatory Commission Zhou Daojiong "in the specification and development, in order to further standardize the development of" regulatory philosophy. This year's Shanghai and Shenzhen stock markets relatively flat. Many in the industry who realize that in the development and supervision to strike a balance between the two is a big challenge, is a high art. In 1996, the state-owned enterprises need to speed up the background, the central leadership in April to raise the stock market, "developing steadily, due to speed up." As the central bank to cut interest rates twice in a row, the local governments to support the development of listed companies, together with the people of Hong Kong's vision is about to return to the motherland in 1996, a large number of new issues not only to put pressure on the market, but the market has added to speculation continued hot. Add a few years ago to open an account 8,000,000, investors in a rapidly expanding scale. Booming stock market trading once again triggered a wave of speculation. In October, the government has introduced 12 measures to cool down, but it will not be effective. December 16, the People's Daily published an article entitled "correctly understand the current stock market" special commentator's article, it must guard against "excessive speculation and a serious potential risk" and the stock market went down. Since then, the Government continue to strengthen the norms on the one hand, on the one hand, continue to show the development of capital markets. In the second half of 1997, to enter the stock market downturn, until 1998. 1999 -2008: the internationalization of the adaptation period In early 1999, was re-look at the performance of capital markets, aware of the serious downturn in the stock deviated from the good macroeconomic situation, it is necessary to adjust the system through, the market rebounded. Subsequently, management has taken to encourage institutional investors into the market, reducing trading costs, such as a series of measures to gradually warmer market. May 19, the outbreak of the Shanghai and Shenzhen stock market blowout. June 15, the People's Daily published an article entitled "firm confidence in the development of norms," the special commentator's article pointed out that "519" since the rise is trend coincides with the macro-economic "restorative up" to encourage people to participate in Capital markets. During this period, more and more people aware of the need for China to establish a strong capital market. However, the development of the market cycle is always another spiral. Rapid rise in the stock market, lack of supervision on some of the exposed once again. It again caught the supervision and development in the confusion. Moreover, this time of confusion and more Chinese capital markets linked to the internationalization of the path. From the beginning of 2001, "Casino" and "bubble", "stock of the whole people" with extreme criticism at the spread of color, and even suggested it was "replaced." In the debate, capital market development in some of the contradictions inherent in the exaggerated, the stock market governance has also been some deviations. Accompanied by controversy, the secondary market in the reduction of state-owned shares of the policy recommendations have been recognized as a direct result of the stock market. The year-long debate over the rise to a significant result: the whole society to recognize changes in China's stock market listing of local issues, it is necessary to gradually implement full circulation. To seek greater consensus in November 2001, the China Securities Regulatory Commission to open the community to seek the state-owned shares reduction plan and a proposal. A few months later, a number of parties to form a consensus. But in the run-up decision-making, high-level decision on this reform on hold. June 2001 14, the stock market up short or long, up to a 4-year-long period in the doldrums. This period has also become China's capital market development and regulation of the great period of reflection. 2003 was the fifth Securities Regulatory Commission Shang Fulin, chairman of the first year of taking office. He quietly for Shanghai, the stock market thoroughly, in a wide range of research, stressed that "the intensity of reform, the speed of development and market affordable degree." Since then, the idea of leading a series of major reforms. January 31, 2004, the parties to pool the wisdom "of the State Council on promoting the capital market reform, opening up and stable development of a number of" out, comprehensively and systematically expounded on the development of capital markets, the guiding ideology of the main tasks and policy measures to emphasize " Vigorously develop the capital market is from the State Department of the CPC Central Committee and the overall strategy of starting to make an important decision-making. " By the end of April 2005, the central authorities have decided to do, "State Department of the CPC Central Committee for many years but in the end always wanted to do things", to start share reform. To February 2007, 95% of the completion of the share reform of listed companies, stock symbol into the finishing phase. Shares will be diverted to more social resources into capital markets, but also greatly stimulated the enthusiasm of investors, the stock index to rise. In the past some of could not in the domestic market is large companies in 2006, 2007 two years after another to achieve the listing. Including the Bank of China, Construction Bank, Industrial and Commercial Bank, and so on. In the new situation and the stock market also rose along with the speculation heating up. In the first half of 2007, the management of a variety of ways, often prompted risk, while increasing insider trading, price manipulation, and other illegal acts investigated and dealt with. However, market speculation atmosphere is difficult to contain. November 16, 2007, the SSE Composite Index was over-optimistic mood created a record high of 6124 points, followed by the beginning of the adjustment. China's capital market, prices fell intrinsic reasons, that is, "added the emerging transition", lack of market infrastructure, lack of investment in cultural construction, the lack of long-term investors; there are external reasons, the valuation of the international system of China's interference with market pricing, led to The lack of centripetal force of the market. In 2008, from management to enhance the steady development of market mechanisms, including the tax take, finance, banking, state-owned capital in areas such as the comprehensive measures. In the second half, according to the central domestic and international situation changes decisively to adjust macro-economic policies, declared a moderately loose monetary policy and proactive fiscal policy. Overshooting in the capital markets, has entered the recovery phase of the rise. China's capital markets experienced in the past year after a big adjustment, and once again gain the experience and lessons. One of the most fundamental one is to firmly take our own road, resolutely safeguard national sovereignty and economic sovereignty of the capital market. China's capital market is to eventually serve the people of China. China deepening reform and opening up as an important carrier, China's participation in economic globalization as a "platform for dialogue capital," the capital market should also take on the allocation of resources to carry out internal and external value of the historical mission statement. As the China Securities Regulatory Commission Chairman Shang Fulin said, the long-term, stable and healthy development of China's market will not shake the foundation to achieve long-term sustainable development path has not changed. Standing on the reform and opening up 30 years of space-time coordinates of the point, we should firmly and vigorously develop the capital market so that it serves its own people's beliefs, unswervingly push forward the healthy development of the long-term capital market!