介绍:
CFFEX to ease excessive speculation of stock index futures trading
China Financial Futures Exchange (CFFEX) launched a string of measures on Tuesday evening to ease excessive speculation of stock index futures trading.
These measures include raising guarantee deposits for non-hedging-purposed transactions, tightening restrictions on an investor's intraday position-opening amounts for a single product, and raising commission fees for intraday position-closing transactions.
These measures will take effect starting from Wednesday.
PBOC injects 140 bln yuan into market
China's central bank moved on Wednesday to further ease the economy.
The People's Bank of China says it will inject 140 billion yuan, or nearly 22 billion US dollars into the financial system through a short term liquidity adjustment (SLO) operation.
The yield of the 6-day loan is 2.3%.
Short term liquidity aims to reduce fluctuations in liquidity and stabilize inter-bank funding costs.
Two Cuts to Support the Real Economy
Anchor:
China's central bank has announced cuts to the benchmark one-year interest rate and to the reserve requirement ratio to support the growth of the real economy.
CRI's XYee brings more details.
Reporter:
The People's Bank of China says the economy is still facing downward pressure. Meanwhile, the global financial market has shown major fluctuations recently. Therefore, the central bank has concluded that it's necessary to apply flexible monetary policies to foster a stronger financial environment and to grow the economy.
Lu Lei, Head of the Central Bank's Research Bureau, says there are mainly two targets for this round of monetary policy.
"Interest rates for one-year lending and deposits have been cut by 25 basis points. This will definitely help to reduce corporate borrowing costs. The central bank also takes adequate liquidity in financial areas into consideration, which is necessary for the development of real economy. "
On Tuesday, the central bank cut interest rates for one-year lending and deposits by 25 bps to 4.6 percent and 1.75 percent respectively.
The central bank also cut the reserve requirement ratio by 50 basis points, starting from September 6th.
The reserve ratio for county-level rural financial institutions has been further cut by an additional half a percentage point and the ratio for financial leasing and auto financing firms by an additional 3 points.
He Weiwen, senior fellow at the Chongyang Institute for Financial Studies at Renmin University, says this round of cuts is stronger than the previous one.
"Last time, it was only targeted to the rural banks and small and micro business. But this time, it's overall across the board, plus additional half a percent cut for rural business and micro small business, that's more stronger. The second point is there is no limit of upward potation after bank deposit rate for long term deposit one year and over. That means a further step towards market privatization. "
China's last adjustment of the reserve requirement ratio was at the end of June.
The latest move comes after the Shanghai Composite Index dropped 8 percent for two consecutive days. Following the moves announced by China's central bank, global markets, especially the European market, rose sharply. However, it still needs time to see whether the two cuts will boost China's A share market.
Li Xunlei, Chief Economist of Haitong Securities, says investors should not be pessimistic.
"The stock market has mirrored people's worry on economic decline, deflation and financial crisis. However, being overly pessimistic over the market is irrational. The Chinese government has enough policy tools to put the economy right."
China has emphasized over the last year that the real economy has entered a "new normal," a period of lower growth and deeper reforms.
For CRI, this is XYee.
China can achieve 7-pct growth in 2015: Economist
An economist says China's 2015 growth target of around 7 percent is achievable.
Zhu Baoliang from the State Information Center, a government think tank, says China's economic fundamentals are sound and the global economy is showing signs of improvement.
Zhu says favorable conditions include huge domestic demand, the expanding services industry, and a government determined to deliver on its reform promises.
The economist adds exports in the second half of the year are expected to outperform the first half, as the United States, Japan and the eurozone "come in from the cold".
A traditional economic driver, China's exports grew 0.9 percent year on year in the first six months.
Zhu expects the inflation rate in the second half of the year to be no more than 2 percent, citing rising pork prices. It grew 1.3 percent in the first six months.
The government's annual inflation rate target is around 3 percent.
CITIC Securities : no notice received on investigation over senior managers
CITIC Securities says it has not been informed that some of its senior managers have been asked to assist the investigation over illegal securities trading activities.
The company made this announcement on Wednesday.
The broker made the announcement in response to media reports that eight senior managers of the broker were suspected of doing illegal securities trading and had been asked by the public security unit to assist the investigation.
The report also says a journalist and several other people are suspected of fabricating and spreading fake securities and futures trading information.
One current and one former staff members of the China Securities Regulatory Commission are suspected of insider trading and forging official documents and seals.
Average profit margin of 60 Chinese property developers at 8.4% in H1
Research by Centaline Property shows the average profits of 60 Chinese property developers rose 8.4 percent in the first half of this year.
The research shows combined net profits of 25 billion yuan, or nearly 4 billion US dollars.
Zhang Dawei, chief analyst with Centaline Property, says the average net profit margin of China's property developers in 2014 was 10 percent and the figure in 2013 was 12 percent.
As more small- and medium-sized property developers release interim results, the average net profit margin may be even lower.
Of the 60 property developers, 36 posted a profit margin below 10 percent and 28 reported a decline in net profit.
China Merchants Bank H1 net profits up 8.26 pct o-y
Net profits at China Merchants Bank have climbed 8.3 percent year on year in the first half of this year.
The bank earned 33 billion yuan, or over 5 billion US dollars.
The bank's non-performing loans rose 0.4 points to 1.5 percent from the level at the beginning of this year.
Its total assets increased 10.3 percent.
The bank said three factors contributed to the good performance of the bank this year: the increase of net interest revenue over the expansion of assets, rapid growth of intermediary business, and lower operational costs.
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