QFII is not a long-term bullish Chinese stock market protection
Su Peike Source: August 30, Administration of Domestic Securities Investments of investors, support arm, so that confusion in the prelude.
QFII effect that whether we can hold out? this, the market divergence. Some have said that China's QFII investment in the stock market value of the evangelist more qualified foreign institutions, and the standardization of management, adequate supervision,Bailey UGG boots, to lead the A-share market to the international, and its continue to perform capital market and the use of policy-driven hand to mislead the market expected, delay the reform process. China's stock market can no longer indulge in the ; refreshing way to lift the stock index and other bad gathered popularity, will make China's stock market long indulged in to regulate the development and establishment of long-term bullish Chinese stock market mechanism.
revised 10 billion U.S. dollars to 50 billion U.S. dollars, capital lock-up period shortened; will present At the same time, can open foreign exchange accounts. This effect can only be temporary relief from the psychological pressure of misappropriating the market. causes the following two aspects: First, the current macroeconomic policy in China is not inclined to encourage foreign capital input. In the current international balance of payments in China, the RMB and foreign exchange reserves other under the pressures of capital but is the main direction of the output; two, even lowering the threshold for QFII access, their access will be limited amount of funds, no one imagined is the final administrative approval needed. Despite consistent QFII and QDII (qualified domestic institutional investors) is not difficult to see that the two development strategies.
QFII look at the difficult process of development: as a WTO commitment to open practice, QFII was proposed in 2000; until the end of 2002, institutional investors Interim Measures on Administration of Domestic Securities Investments, overseas institutions of the QFII qualification, of which 39 were granted QFII investment quota of $ 7,495,000,UGG bailey button,000 for. This is the pilot before the official launch of QDII funds compared to the size and speed, a great contrast. from Hua An Fund Management Company became the first allowed to invest types of institutions outside the Fund, the Bank of China, ICBC, China Construction Bank, Bank, HSBC, Bank of East Asia has received a total of six institutions totaled 8.8 billion U.S. dollars of overseas investment quota. This has led some international organizations exclaimed: QDII issued only one month , there are 8.8 billion scale, it stands in stark contrast with the QFII, the role of the signal can not be ignored, so it is evident that the current domestic and international capital flows in the treatment of domestic capital outflow of national macro approach. Obviously, to encourage QDII go export of capital out of such strategies is a priority, is to ease the pressure on the macro level, an important measure. At present, although the QFII threshold to be reduced, but actually at the macro level do not want a lot of influx of foreign capital does not want the pressure to the already huge foreign exchange reserves, the RMB and the balance of payments and other chaos, in which macro-structure, the strengthen the norms, strict monitoring is the real intention of QFII.
the past QFII can not directly open an account, only to the total QFII investors account hidden in the back, neither transparent nor conducive to regulation, which will produce some hidden violations. In the QFII can not directly open an account before you can not rule out some domestic makers to buy and sell through the QFII channel, manipulation of the domestic stock . According to the author was informed that, after the scarcity of the QFII qualification, led some institutions have obtained QFII status reduced to channel foreign capital into China's stock market,UGG boots cheap, they not only his own investment, fees can also use the channel to act as a channel provider, some would like to enter China or the stock market but do not have access to qualified foreign institutional investors, QFII, China's stock market to lose an opportunity, had already paid into the QFII channel through indirect access to China's stock market, but still account using the name of QFII A-share market stock trading in China , trouble, and thus to the market regulation and investment decisions of domestic investors to bring chaos, this opaque accounts for domestic regulators can do. the introduction of the QFII Measures for the Administration to allow direct opening a securities account, is expected to change this phenomenon, which more targeted management and supervision of the operation behavior of QFII.
addition, the current total approved QFII investment quota of $ 7,495,000,000 in with the previously announced end of 2006, $ 10,000,000,000 limit remaining $ 2,505,000,000, are translated into RMB about 200 billion yuan will obviously limited the amount of QFII access. with this year hundreds of billions of IPO financing and the 2006 ban 70 billion yuan by the end of the 184 listed companies of about 10.425 billion shares, compared Restricted shares outstanding, QFII bring drop in the bucket of funds.
The external factors, investors may want to mistake it for good money to promote the dim. In fact, , QFII have been collectively sold warning Commission. QFII temporary change in investment strategy, the value of the investment, the long-term holdings to short-term investments, short-term holding, I believe that there may be two reasons: first, it may be held by the QFII stock has been over money, but the magnitude of stock price quickly soared more than their expectations and valuation, if it continues to hold the profit, perhaps at greater risk; second, probably because of speculation in the domestic sector too bold, for the ; price not worth the ins and outs of domestic stock market, and now they may choose to sell and my analysis on the first possibility.
So, what factors led to speculation in the domestic stock market QFII it?
according to exchange statistics, in 2005 QFII stock turnover rate was 193%, lower than the fund, social security funds, securities firms and brokerage financial self-collection of the turnover (325%, respectively, 218%, 520%, 360% turnover rate among the Chinese stock market the forefront of the world), in which the environment against the background under, QFII holding relatively stable, there seems to benefit the stock market stability. At the same time, this set of data for small and medium investors washed off the injustice, in no specific data before, many people mistakenly China's stock market speculation sentence from individual investors, institutional investors should be developed. but when she saw the transaction data of these institutions, let us know: In fact, China's stock market uncertainty from the largest institutional investors, and small investment victims who blindly follow the trend, but also long been locked in long-term holders.
Therefore, to establish long-term bullish Chinese stock market's long-term mechanism,UGG shoes, in addition to reduce the must improve the quality of listed companies to enhance transparency in regulatory constraints, the implementation of legal punishment of violations, to take market-oriented reforms, followed by domestic institutional investors also market manipulation strict control. Otherwise, the value of the investment, protection of small and medium investors will always be slogans, QFII will sooner or later
No comments:
Post a Comment