金融英语阅读复习热点文章1.doc

金融英语阅读复习热点文章1.doc

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中国银行获准香港首发上市

BankofChinagetskeyapprovalforHKIPO

　　BankofChina,China'stopforeignexchangelender,hassecuredkeyapprovalfromtheStateCounciltolaunchaHK$60billion（US$7.7billion）HongKonginitialpublicofferinginthefirsthalfof2006,aHongKongnewspaperreportedonMonday.

　　ThelistingplanawaitedafinalapprovalfromtheChinaSecuritiesRegulatoryCommission,theSouthChinaMorningPostreported,citingsourcesclosetothesituation.

　　ThebankmayfileapreliminarylistingapplicationwiththeHongKongStockExchangeassoonasthisweek,thepaperadded.

　　Theoffering,whichBankofChinapreviouslyplannedtocompletebeforeApril,wasnowmostlikelytobelaunchedinMay,thepaperquotedthesourcesassaying.

　　Theofferingwouldvaluethebankat400billionyuan（US$49.6billion）,thepapersaid.

上市公司可能被许出售股份

Listedfirmsmaybeallowedtosellshares

　　Thecountry'sregulatorswillconsiderallowinglistedfirmstosellsharesasafirststeptowardliftingitssuspensiononnewIPOsindomesticmarkets,butnotimetablehasbeenset,domesticmediareportedMonday.

　　Chinaisproceedingwithaseriesofmarketreformsaimedatrevivingitssharesmarkets,whichremainmiredinafour-yearslump.

　　Inmid-2005,ChinasuspendednewIPOsindomesticmarketsinanefforttopropupsaggingstockprices,weigheddownbyinvestorconcernsovertheshare-reformplantosellmorethanUS$250billioninState-heldshares.

　　"WewilllookatallowinglistedcompaniestosellsharesbeforeapprovinganynewIPOs,"theFinancialNewsquotedShangFulin,thetopsecuritiesregulator,assayingataconference.

　　Reformsinstate-heldsharesneedtobebuiltuponsolidcapitalmarkets,saidShang,addingthatthelastmileofreformswouldbethemostdifficult.

　　Lastmonth,Chinascrappedcapitalgainstaxesforforeignstockinvestors.

　　Thegovernmentisintensifyingeffortstolureforeigncashintoitsmainstockmarket,viaaQualifiedForeignInstitutionalInvestor（QFII）schemethatletsoverseasfirmsinvestinprimarystockanddebtmarkets.

　　TheindexwasAsia'sworstperformingmajormarketbenchmarkstockindexinboth2005and2004.

　　Whiletryingtoreforminefficientcapitalmarketstogivedomesticfirmsanotherfund-raisingoptionbesidesbanks,Chinaisalsotryingtoenhancecorporatetransparencyandboostprofitability.

　　Shang'scommentscomeafteraleadingeconomicofficialsaidSaturdaythateffortstoreviveitssicklystockmarketsarelikelytoworkonlyif"poorquality"listedcompaniesareeliminatedfromtrading.

　　"RaisingthequalityofChina'slistedcompaniesistheonlypermanentcurethatcanensurepublicinvestors'fundamentalinterests,"saidChengSiwei,avicechairmanoftheStandingCommitteeoftheNationalPeople'sCongress.

政府加快开放期货业

Althoughthefuturesindustryistheonlyfinancialsectorthathasnosettimetableforopening-upunderChina'sWTOcommitment,therearesignsthatthegovernmentisalreadymovingfastonthisfront.

　　Thequickpace,whichbecameapparentlatelastyear,isexpectedtostimulatethecountry'sstill-strugglingfuturesindustry,analystsandwatcherssay.

　　UnderSupplementIIofCEPA（MainlandandHongKongCloserEconomicPartnershipAgreement）,apactsignedin2004toboosttheeconomicco-operationbetweenHongKongandtheChinesemainland,qualifieddomesticfuturesbrokeragewillbeallowedtosetuptheirsubsidiariesinHongKongbeginningfromthisyear.

　　"Domesticfuturesindustry'senthusiasmforbranchingoutinHongKongisobviouslystrong,"saidChenXiaodi,aresearcherwithChinaInternationalFuturesCoLtd,China'sfutureshousebellwether.

　　"Itcouldbroadentheirinvestmentchannelsastheycouldengageinbusinessthatiscurrentlyunavailableindomesticmarketsuchastradingoffinancialderivatives,"Chensaid.

　　TheforayintoHongKong,analystssay,wouldalsoprovideaninvestmentconduitfordomesticinvestorsandaplatformfordomesticenterprisesthathavebusinessneeds,suchasresource-extensivesectors.

　　Currently,only31domesticenterprisesareauthorizedtotradefuturesoverseasforarbitrage,butmanymorearesaidtobeinterestedingettingalicence.AnalystssaythispotentialcustomerpoolmaybecometheprimarytargetfordomesticfuturesfirmsaftertheysetuptheirsubsidiariesinHongKong.

　　Whiledomesticfuturesplayersareenteringoverseasturfs,foreigninvestorsaremovingin.

　　ChinapublishednewruleslastAugustthatallowforeignbrokersregisteredinHongKongorMacaotoformventureswithChinesepartners.

　　Companieswithatleast50millionyuan（US$6.2million）ofregisteredcapitalandthathavebeeninthefuturesbrokingbusinessforatleastfiveyearsandhavemadeprofitsinthelatesttwoyearscanapplytosetupjoint-venturefutureshouseinChina,accordingtothenewrule.

　　ABNAmroBankNV,oneoftheworld'slargestbanks,gottheapprovalfromCSRCinlateNovembertoteamupwithalocalfutureshouse,ChinaGalaxyFuturesCoLtd,becomingthefirstforeigninstitutiontodosounderthenewrule.

　　"Ourcompanyhasalsobeenapproachedbyforeignpeersforco-operation,"saidamanagerofaGuangzhou-basedfuturesbrokerage,decliningtorevealthenameoftheforeigncompany.

　　"Therearemanyforeignplayersdatingwithdomesticfuturesfirmsnow,butasfarasIknow,theyareallinthepreliminarystage,"saidthemanager.

　　Accordingtotheexistingrule,themaximumratioofstockstheseoverseasinvestorscanholdinthejointventuresis49percent,aceilingthatsomesaymaydampenforeigninvestor'senthusiasminformingthejointventure.

　　"Foreigninvestorshavemorelucrativeinvestmentsectorstoputtheirmoneyinto,butthefuturesmarketisclearlynotasoundoptionforthemnowasitisnotprofitableindustryforthetimebeing,"Chen,theresearcher,said.

　　"Whattheyreallywant（byformingjointventures）istogetfamiliarwiththelocalmarket,butnotformoney-makingatpresent,"Chensaid.

　　"Theyjustwanttogetafootholdinandacquaintedwiththelocalmarket,soalthoughtheyarenotexpectedtomakemoneyintheimmediatefuture,theywillstillbeverymuchinterested（inthejointventure）,"saidthemanager.

中国改革汇率形成机制

Chinareformsforexrateformingmechanism

　　Chinaannouncedafurthermovetoreformitsexchangerateformingmechanismyesterday,introducinganinternationallyprevalentprice-findingmechanismintheinterbankforeignexchangemarket.

　　Chinaannouncedafurthermovetoreformitsexchangerateformingmechanismyesterday,introducinganinternationallyprevalentprice-findingmechanismintheinterbankforeignexchangemarket.

　　TheintroductionofOTC（over-the-counter）transactionswillimprovetheexchangeratetransmissionmechanismandhelpmeetbusinesses'risk-hedgingneeds.

　　Butitwillnotbroadenfluctuationsoftherenminbiexchangerate,thecentralbanksaid.

　　"Withaviewtoimprovingthemanagedfloatingexchangerateregimebasedonmarketsupplyanddemandwithreferencetoabasketofcurrencies,promotingdevelopmentoftheforeignexchangemarket,diversifyingthemodeofforeignexchangetransactions,andstrengtheningthepricingcapabilityofthefinancialinstitutions,OTCtransactionswillbeintroducedintheinterbankspotforexmarketstartingtoday,"thePeople'sBankofChina（PBOC）saidinastatement.

　　Participantsintheinterbankforexmarketnowwillbeabletoengageinforextransactionseitherbasedoncentralizedcreditauthorizationandpricebidding,orthenewOTCmarket,whichisbasedonbilateralcreditauthorizationandsettlement.

　　Thesystemofmarketmakersthatareobligedtoquotebothsellingandbuyingpricesareintroducedatthesametimetoprovideliquidity.

　　ThenewOTCmarketwilldeepentheforexmarketsoastolayasolidfoundationforimprovingtheformationmechanismoftherenminbiexchangerate,andenhancetherepresentativenessofthecentralparityoftheChinesecurrencyinthenewmarketstructure.

　　Thisisbecausethepricesquotedbymarketmakersreflectnotonlytheirexpectationsofdailypurchasesandsalesofforexandpositionsresultedfrommarketmakingtransactions,butalsotheirjudgmentsofmovementsintheinternationalmarket,thecentralbanksaid.

　　Italsohelpenhancethecorecompetitivenessoffinancialinstitutions,particularlymarketmakers,andencouragethemtoprovidearichervarietyofexchangerateriskmanagementtoolsforbusinessesandhouseholds,thecentralbanksaid.

　　"Aftertheexchangeratereform,thecentralbankwillhavetoprovidehedgingtoolstobeabletoexecuteamanagedfloatingexchangeratesystem,"saidZhangXuechun,aneconomistwiththeAsianDevelopmentBank.

　　AfteritslandmarkreformonJuly21lastyearthatlettherenminbiappreciateby2percenttoUSdollarandlinkedthecurrencytoabasketofcurrenciesinsteadoftheUSdollar,Chinahastakenaslewofmeasurestoestablishamarket-orientedexchangerateformationmechanism,includingthelaunchofrisk-hedgingtoolslikeforwardsandswaps.

　　"ThenextnaturalmovecouldbethebroadeningofparticipantsofOTCtransactions,"shesaid,notingthattheOTCmarketisstillconfinedtotheinterbankmarket,whereonlyfinancialinstitutionsareallowed.

　　Thecentralbanksaidrenminbiexchangeratewillunlikelyexperiencelargerfluctuationsafterthenewmethodisadoptedtoformthecentralparity,stressingthatthefloatingbankoftherenminbiexchangerateremainunchanged.

　　ThecentralparityoftherenminbiagainstUSdollar,basedonwhichbanksquotetheirprices,willnowbedecidedontheweightedaverageofpricesfromallmarketmakers,