诛仙小说幻月洞府:Chinese gov't boosts the bond markets - Peopl...

来源：百度文库 编辑：九乡新闻网 时间：2024/04/28 17:01:52

Chinese gov't boosts the bond markets

15:28, April 10, 2011      

Email | Print | Subscribe | Comments | Forum 

  • Singapore central bank to hire managers with China experience

  • EU finance ministers warn against significant economic risks

  • Icelandic central bank official wants end to Icesave issue

  • China consumer confidence rebounds in March

  • New energy industries to fuel China's green growth

  • China's largest wind farm developer places order with Vestas for purchasing new turbines

  • EU official rules out Greek debt restructuring

    • Increases the bookmark twitter facebook digg Google Windowslive Delicious buzz friendfeed Linkedin diigo reddit stumbleupon QQ  


    The headquarters of the People's Bank of China in Beijing. The country will gradually open the bond market to overseas investors, according to the central bank.(Photo by China Daily)

    China will encourage businesses to raise funds by issuing bonds, and will gradually open up the bond and other financial markets to overseas investors, the People's Bank of China (PBOC) said in an annual report on its website on Friday.

    "As China puts restructuring of the economic growth pattern at the top of its agenda during the next few years, we will encourage and support enterprises in some key industries, especially small- and medium-sized enterprises, to raise funds through all kinds of bonds," said the central bank.

    China will encourage businesses to raise funds by issuing bonds, and will gradually open up the bond and other financial markets to overseas investors, the People's Bank of China (PBOC) said in an annual report on its website on Friday.

    "As China puts restructuring of the economic growth pattern at the top of its agenda during the next few years, we will encourage and support enterprises in some key industries, especially small- and medium-sized enterprises, to raise funds through all kinds of bonds," said the central bank.

    "In 2011, the opening-up of the bond market to overseas investors will be further accelerated, as cross-border trade settlements in yuan increase and the number of foreign holders of the yuan rises," said the bank.

    The PBOC predicted that the range and number of enterprises that gain funds through the financial markets will further increase, while stock and bond issuance and trading volumes will also rise.

    Lu Zhengwei, chief economist at Industrial Bank, said instead of an obvious rise in bond issuance and trading volumes this year, the proportion of bond financing to total financing and the proportion of corporate bonds among the total number of bonds issued will increase.

    "The volume of bonds to GDP should move from the current figure of less than 10 percent to somewhere above 40 percent," said Lu.

    He said the government's promotion of the bond market has been prompted by the increasing difficulties faced by companies in gaining funds through bank loans, but is also aimed at laying a path for yuan internationalization and a liberalization of interest rates.

    "Under the 'prudent' monetary policy adopted in 2010, the demand for funds to develop emerging industries will turn to the capital markets," said the PBOC, adding that infrastructure projects whose construction began at the end of 2008 are creating a constant demand for credit.

    China has adopted a tightening monetary stance to soak up excessive liquidity and curb inflation. The government didn't set a new-yuan lending target this year as it usually does, but analysts said the unofficial 2011 credit target is thought to be 7.5 trillion yuan including loans off balance sheet.

    In 2010, new-yuan loans reached 7.95 trillion yuan, exceeding the government's target of 7.5 trillion excluding off-balance-sheet lending.

    Lian Ping, chief economist at the Bank of Communications, said earlier that last year lending accounted for 75 percent of the nation's total financing, while fundraising through stocks and bonds each accounted for 12.5 percent.

    In a report published on Jan 30, the central bank pledged to strengthen control over the total financing volume to keep inflation at a stable rate. "In recent years, the diversification trend in China's financial structure has burgeoned, and the proportion of direct financing has improved significantly," it said.

    The bank is also gearing up to adopt an indicator measuring total financing volume and broader measures of money supply to better monitor liquidity conditions and to counter inflation.

    The quantitative-easing policies adopted by major world economies such as the United States have led to increasing capital flows into emerging markets, a factor which is pushing up inflation, said analysts.

    Major currency-issuing nations are likely to continue with low interest-rate policies, which will result in more capital inflows, and raise pressure on asset prices and yuan appreciation, according to the PBOC.

    Source: China DailyMajor headlines

    • Experts call for ten-year fishing moratorium in Yangtze River after previous efforts pay off

    • China to reinforce maritime rescue operations and equipment

    • Disney lands in Shanghai

    • Harmless levels of radioactive material persist in most Chinese regions

    • Officials under prosecutor investigation over pork contamination scandal

    • Natural disasters leave 75 dead, 11 missing in China in first quarter

    • Luxury cruise ship embarks on maiden voyage on Yangtze River

    • Beijing enters spring, temperature continues to rise next week

    • China's insurance market to expand quickly in coming 20 years: ACE Life

    • First think tank on China-Arab economic ties founded

    Editor's Pick
    Most Popular

    • Music sounds beyond border

    Hot Forum Dicussion

    • US issues new human rights crap

    • Miseries abound for besieged Libyans

    • Budget war: Washington broken

    • Radioactive water: U.S. said 'go ahead' and Japan started to pour

    • Russia wants 'red button' rights for US missile defence system

    • Kadhafi must go, but how?

    • Huawei a victim of US - China distrust?

    Chinese gov't boosts the bond markets - Peopl... IEA: Chinese national oil companies independent from gov't Chinese leaders join gov't work report delibe... Chinese central gov't vows to take lead in el... Young Chinese take gov't to task via Internet Chinese gain right to sue gov't for public re... Chinese central gov't supports Hong Kong's ac... Gov't efforts help restore confidence in Chinese dairy products: Expert08:06, March 03, 2011 Em Chinese medicine can’t escape the hurdle of serious testing Chinese banks study bond sale to raise capita... Experts urge China to trim US T-bond holdings Rise of China top news of the century - Peopl... Japanese gov't to launch two Central gov't delegation attends celebration ... Libyan anti-gov't armed forces control Zawiyah Palestinian PM-designate suggests forming unity gov't Japan gov't blasts nuke plant safety management Libyan gov't rejects opposition's ceasefire p... China gov't work report draws global attentio... Thailand's anti-gov't protesters hold rally i... Libyan gov't denies using cluster bombs - Peo... China to reform gov't-run public institutions... Fresh protests hit Syria, Yemen amid gov't ef... Rwandan gov't rejects any "form of threat" ov...