Shenzhen Tong " perinatal " determine the financial big game is about to start disk
CSRC and Hong Kong Securities and Futures Commission issued a joint announcement, Shenzhen and Hong Kong through preparatory work for the implementation of the officially launched, preparation time needed for about 4 months.
First, & amp; quot; pre production period & amp; quot; to determine marks China's capital market two-way openness, is helpful to improve the pricing power. Br; /> <
& amp; nbsp; & amp; nbsp; & amp; nbsp; on September 17th last year, Xinhua News Agency published the full text of the Central Committee of the Communist Party of China State Council on constructing a new open economy system of a number of opinions "clearly pointed out that promote two-way capital markets open and orderly. Br; /> <
& amp; nbsp; & amp; nbsp; & amp; nbsp; & amp; quot; start of Shenzhen and Hong Kong through is a great move of the mainland and Hong Kong financial market interconnection. & amp; quot; the Commission spokesman Zhang Xiaojun said this to investors to better share both economic development and achievements, promote the mainland capital market to open up and reform, deepen financial cooperation between the mainland and Hong Kong, and to consolidate and enhance the status of Hong Kong as an international financial center, promote the internationalization of RMB and many has positive significance. Br; /> <
& amp; nbsp; & amp; nbsp; & amp; nbsp; in Hong Kong and Shanghai, Shenzhen and Hong Kong through the accumulation of experience, a shares leading to more of the country's capital market is the logical things: Cooperation held in September last year, the seventh China UK economic and financial dialogue in the capital markets, the stock market has more extensive results, one of the most let the market concern is that both sides support Shanghai Stock Exchange and the London Stock Exchange on interoperability problems to carry out a feasibility study. This is the & amp; quot; Shanghai roentgen to pass & amp; quot; held in September last year, the third Sino French high level economic and financial dialogue as & amp; quot; Shanghai Bathonian & amp; quot; buried the foreshadowing. Br; /> <
& amp; nbsp; & amp; nbsp; & amp; nbsp; said that the Shenzhen Hong Kong through the launch and the total amount of cancellation, is to let the A-share faster included in the MSCI. For A shares, as soon as possible into the MSCI is really a great thing, but to take the Shenzhen Tong said, is some small field bus. Br; /> <
& nbsp; & & nbsp; nbsp; and the international mature capital market interoperability, will undoubtedly improve the pricing power of China's capital market, which is very useful for the prevention and protection of financial risk. Br; /> <
& amp; nbsp; & amp; nbsp; & amp; nbsp; secondly, Shenzhen Tong & amp; quot; pre production period & amp; quot; to determine for promote the internationalization of the RMB has positive significance, but also enhance the degree of capital account convertibility of RMB. Br; /> <
& nbsp; & nbsp; & nbsp; in October 1st this year, the yuan will be formally incorporated into the SDR, becoming & quot; &; quot;. After Yuan formally part of the SDR currency, next step is an important part of the financial reform is to improve and perfect the domestic financial system, promote the RMB interest rate and exchange rate marketization, and orderly implementation of the convertibility of the renminbi under capital accounts. Br; /> <
& amp; nbsp; & amp; nbsp; & amp; nbsp; considered from the time node, the RMB formally incorporated into the SDR shortly after, will be officially opened. Therefore, the Shenzhen Hong Kong through the opening time should be the decision-making level in the comprehensive consideration of various factors of the decision. Br; /> <
& amp; nbsp; & amp; nbsp; & amp; nbsp; & amp; quot; thirteen five & amp; quot; plan put forward: & amp; quot; in order to achieve convertibility of the renminbi under capital accounts, improve the convertible, are free to use the degree, steadily promote the RMB internationalization, promote the RMB capital this go out. & amp; quot; the central bank recently released the 2016 RMB internationalization report this prospect: in the future, the infrastructure of the internationalization of the RMB will further improve the, often project RMB cross-border use will be further expanded, RMB cross-border investment financing channels will be further widened, bilateral monetary cooperation will continue to steadily carry out the RMB as a reserve currency scale will further increase. Br; /> <
& nbsp; & nbsp; & nbsp; but these goals can not be achieved overnight, need to reform to the depth. For example, in order to promote capital account convertibility is undoubtedly the capital market and individual capital projects open to the outside world. From this perspective, the introduction of Shenzhen and Hong Kong is represent the general trend. The domestic individual investors in the overseas investment system (QDII2) is also in the development of. Central bank released in June, the people's Bank of China 2015 annual report has mentioned in the timely introduction of QDII2. Br; /> <
& amp; nbsp; & amp; nbsp; & amp; nbsp; as Premier Li Keqiang spoke of, & amp; quot; in Shanghai and Hong Kong through the success of the pilot based on the introduction of Shenzhen and Hong Kong, signs of China's capital market in the legalization and marketization and internationalization direction has taken a solid step, multi area of great significance. & quot; < /> br;
& nbsp; & nbsp; & nbsp; therefore, the Shenzhen Tong launched more than two points above. But from the perspective of financial deepening reform considerations, these two points is the most prominent. From a deeper perspective, this may mean that the Lazi Shenzhen Tong began a financial game.