公开市场本周再度实现净回笼市场降准预期不改

The open market net cage again this week realize accurate market drop expected don't change

　　人民银行8月2日以利率招标方式开展了500亿元7天期逆回购操作，中标利率持平于3.35%。

The people's bank to interest rates on August 2, 50 billion yuan in the bidding phase 7 days inverse repurchase operation，The interest rate at 3.35% in。

　　鉴于本周共有逆回购到期1450亿元，减去央票到期10亿元以及共580亿元的7天逆回购，则共实现资金净回笼860亿元。

In view of inverse repurchase expire this week 145 billion yuan，Minus the epicenter 1 billion yuan and ticket due a total of $58 billion 7 days of inverse the buyback，The realization of capital 86 billion yuan net cage。

　　截至8月1日收盘，银行间回购利率整体上行，其中隔夜、7天、14天回购利率分别较前一个交易日小幅攀升至2.624%、3.416%和3.280%的位置。

As of August 1, points，Bank interest rates between the buyback overall upward，Among them overnight、7 days、14 days before the buyback interest rates were more a trading day budged from 2.624% to、3.416% and 3.280% of the position。

　　就近期货币市场资金利率与公开市场操作分析，一旦央行缩小逆回购的规模，资金利率便随即上扬，这反映出银行间流动性依然紧张，而目前央行的逆回购操作只能维持货币市场资金利率在一定的范围内波动，无法从根本上解决货币供应不足的问题。

Money market funds to the recent interest rate and open market operation analysis，Once the size of the central bank narrow inverse the buyback，Funds rate and then up，This reflects a between bank liquidity remained tense，And at present the central bank's inverse repurchase operation can only maintain money market funds rate in a certain range of volatility，Can't fundamentally solved the problem of shortage of money supply。

　　“从政策操作的节奏看，自去年11月后，央行就保持了一个季度下调一次准备金率的频率，因此，8月份再次降准的概率较大。”华龙证券固定收益研究员牟治阳在接受记者采访时表示，“当然，在目前的政策趋势下，任何时候降准都正常。不降准，通过逆回购调控货币市场，缓一缓，也正常。”

“From the rhythm of the policy to see，Since last November，The central bank will keep a quarter down a reserve fund rate of frequency，so，In August the probability of larger must drop again。”Hualong securities fixed income researchers MouZhiYang when accepting a reporter to interview said，“Of course，In the present policy trend，Any time drop must is normal。Don't drop must，Through the inverse repurchase control money market，wait，Is normal also。”

　　值得一提的是，面对当下人民币贬值预期持续上升，以及热钱不断流出的态势，包括中金公司、中信证券(600030,股吧)、华泰证券(601688,股吧)、南京银行(601009,股吧)在内的一大批机构，均认为逆回购持续滚动的模式最终需要一次降准来了结。 (杨溢仁)

It is，Facing the yuan depreciation expected continued to rise，And hot money constantly comes out of the situation，Including cicc、Citic securities(600030,Shares it)、Huatai securities(601688,Shares it)、Nanjing bank(601009,Shares it)In a large organization，All think inverse repurchase continuous rolling pattern will eventually need to a drop allowed to finish off。 (YangYi benevolence)

　　保监会强化对保险公司控股股东行为规范 Circ to strengthen insurance company controlling shareholders behaviour

　　中国保监会8月2日发布《保险公司控股股东管理办法》，对于保险公司控股股东进行了界定，对于保险公司控股股东的控制行为和交易行为予以规范，将自2012年10月1日起施行。

China insurance regulatory commission on August 2, released《The insurance company controlling shareholders management approach》，The controlling shareholders to insurance company defined，For insurance company of controlling shareholders controlling behavior and to regulate transactions，Will since October 2012 1,。

　　管理办法以保险公司控股股东与保险公司之间的管控和业务联系为基础，在控制行为、交易行为、资本协助、信息披露和保密、监管配合等五个方面作出了规定。例如，保险公司控股股东应当善意行使对保险公司的控制权，审慎行使对保险公司董事、监事的提名权；保险公司控股股东应当确保与保险公司进行交易的透明性和公允性，不得利用关联交易、利润分配、资产重组、对外投资等任何方式损害保险公司的合法权益。

Management way to insurance company the controlling shareholder and the insurance company of business contact between control and for the foundation，In the control behavior、transactions、Capital to help、Information disclosure and confidential、With the supervision in five aspects such as to make the rules。For example，The insurance company shall exercise the controlling shareholder goodwill to insurance company control，Prudent exercise to insurance company director、Supervisors DiMingQuan of；The controlling shareholders shall ensure that the insurance company and the insurance company for trading the transparency and fairness，May not use the connection transaction、Profit distribution、Assets reorganization、Foreign investment and any way damage insurance company's legitimate rights and interests。

　　结合监管实际，管理办法对保险公司控股股东的监管作出了具有较强针对性和操作性的规定。例如，保险公司出现严重亏损、偿付能力不足等重大风险隐患的，保监会可以对控股股东的董事、监事和高级管理人员进行监管谈话。

Combined with the actual supervision，Measures for the administration of insurance company the supervision of the controlling shareholders made with strong targeted and operational rules。For example，The insurance company severe losses、Solvency is insufficient to major risk potential，Circ may of controlling shareholders to director、Supervisors and senior management personnel supervision talk。

　　根据管理办法，保险公司控股股东利用关联交易严重损害保险公司利益、危及公司偿付能力的，在按照要求改正前，保监会可以限制其享有的资产收益、参与重大决策和选择管理者等股东权利；拒不改正的，保监会可以责令其转让所持的部分或者全部保险公司股权。(王文帅 吴雨)

According to the measures for the administration，The insurance company controlling shareholders used association deal seriously damage the insurance company interests、Threaten the solvency of the company，In accordance with the requirements in the correct before，Circ may restrict its enjoy asset returns、Participate in making important decisions, choose managers and shareholders' rights；If it refuses to do so，Circ shall be ordered to the transfer of their part or all of the insurance company shares。(WangWenShuai WuYu)

　　非洲央行首次认购中国金融机构“点心债” Africa central bank first subscription China's financial institutions“Snacks debt”

　　记者8月2日获悉，国家开发银行股份有限公司日前在港发行25亿元人民币债券，非洲国家央行首次认购部分3年期债券，得到最大份额配售，金额达5亿元人民币。非洲央行投资者首次参与人民币债券投资得以实现。

Reporter on August 2, learned，The state development bank Co., LTD. Has issued in Hong Kong 2.5 billion yuan RMB bonds，African countries central bank first subscription part 3 10-year bonds，Get the biggest share allotment，A value of RMB 500 million yuan。The central bank investors in Africa for the first time RMB bonds investment can be realized。

　　据悉，目前非洲国家的总体外储规模达5000亿美元，其中，美元资产和欧元资产占当中较大比例。不过，此前包括尼日利亚在内的非洲国家已经公开表示将把人民币资产作为其外汇储备的一部分。（张莫 王璇）

It is reported，At present the African countries, the general store size of $500 billion，Among them，Dollar assets and the euro accounts for a significant share of assets。but，Previous including Nigeria, African countries have said publicly that will put the yuan assets as part of its foreign exchange reserves。（Zhang mo WangXuan）

　　6月末小微企业贷款余额13.5万亿元 6 month small enterprise loan balances the 13.5 trillion yuan

　　银监会最新统计显示，截至今年6月末，银行业用于小微企业的贷款余额13.5万亿元，同比增长18.5%，比各项贷款平均增速高2.6个百分点。

Latest statistics show that CBRC，By the end of June this year，Banking for small loans of the enterprises in the balance of 13.5 trillion yuan，Year-on-year growth of 18.5%，The average growth rate than the loan is 2.6% higher。

　　央行最新数据显示，今年上半年小微企业贷款增速持续回升，但贷款余额仅占全部企业贷款的28.2%。这显示小微企业从信贷所得份额依然较少，融资成本依然较高。

The latest data show central bank，In the first half of this year the little micro business loans growth continue to rise，But the loan balance accounted for only 28.2% of all business loans。This shows that the enterprise credit income from small share is still less，Financing cost is still high。

　　专家认为，银行应继续在小微企业金融服务定价机制、信用贷款方式和还款方式方面加强创新，监管部门则应强化小微企业金融服务差异化监管，鼓励和支持银行大胆创新。

Experts say，The bank shall continue in small micro enterprise financial services pricing mechanism、The credit loan reimbursement way of strengthening the way and innovation，Regulators should be improved little micro enterprise financial services regulatory differentiation，Encourage and support the bank the bold innovation。

　　中国社科院金融研究所专家刘煜辉认为，各家银行推出的金融创新举措对小企业发展有重要作用。“银行在小企业潜在风险较大的情况下，更要努力创造条件支持其发展，国家也应鼓励银行主动尝试各种金融创新。”(刘诗平 苏雪燕)

Institute of the Chinese academy of LiuYuHui think financial experts，The Banks of financial innovation measures introduced in small development to have the important role。“Banks in small businesses under the condition of the large potential risks，More efforts to create conditions to support its development，Countries must also encourage Banks active try all kinds of financial innovation。”(LiuShiPing SuXueYan)