资讯

跨境贸易人民币结算试点启动 7月6日,随着中国人民银行支付交易清算系统确认,上海电气集团和上海丝绸集团两笔出口预售人民币货款从境外成功汇入中国银行上海市分行和交通银行上海分行账户,“跨境贸易人民币结算”在上海成功启动。这标志着人民币在国际贸易结算中的地位已经从计价货币提升为结算货币,标志着我国跨境贸易人民币结算业务进入实质运作阶段。央行副行长苏亍表示,此次在跨境贸易中率先试点以人民币为结算货币,是人民币采用主流货币方式为经贸企业提供结算服务的有益尝试。     

"港股直通车"受阻

2007年8月20日,正当香港股市因受美国次级债拖累而跌跌不休之际,国家外汇管理局宣布了"港股直通车"的方案,即《开展境内个人直接投资境外证券市场试点方案》,规定境内个人投资者应通过中银国际办理证券买卖和托管,并在中国银行天津市分行开立个人境外证券投资外汇账户,办理证券投资资金存管与清算,境外证券投资换汇不受年度总额限制,投资香港证券交易所上市交易的证券品种.     

中资银行境外发展情况的特征与问题

从中国银行在伦敦设立第一家境外分行至今,中资银行境外发展已经走过了约80年的历程。加入世界贸易组织以来,我国银行境外发展步伐加快,进入到了一个新阶段     

中国银行业国际化发展报告

2015年年初以来,伴随着人民币国际化的进展,中国银行业的国际化依然火爆,各大银行在国际化方面均加快了步伐。2015年3月23日,中国工商银行加拿大子银行正式开办人民币清算业务,而不久前中国农业银行与丝路基金正式开展合作并办理了首笔业务,农业银行香港分行成为丝路基金第一家境外合作银行。而在20天前,中国建设银行的伦敦子银行建行(伦敦)获得了人民币境外合格投资者(RQFII)资格成为首家在欧洲获得牌照的中资机构。2015年2月26日,中国银行为国际航空集团旗下的英国航空公司成功做成全球首笔离岸人民币飞机融资业务,总金额达27.5亿元,期限12年,用于英国航空公司购买两架空客A380型飞机。2月9日,中国银行悉尼分行的人民币清算中心正式启动。同时,亚洲基础设施投资银行引起了广泛关注,正吸引着英、德、法等西方国家的加入,显然中国金融的全球影响力正在提升。     

关于规范信用卡业务市场监管的若干建议

中国的信用卡市场是先有收单业务、后有发卡业务。20世纪70年代末和80年代初,国内指定专门的银行为境外持卡人到中国境内用卡（仅限柜面的人民币取现）提供用卡环境（中国银行最早作为东亚银行的收单代理行）。这一过程因需要与境外的发卡银行进行资金（美元等外币）清算,同时须按照货币转换费率等国际间清算制度进行清算收付,所以受理网点仅限当时的外汇专营银行——中国银行。1983年,中国银行正式与有关的特约商户签约,开始直接受理境外持卡人在中国境内特约商户的消费并提供资金清算,由此拉开了中国银行业自主收单业务的序幕。     

关于规范信用卡业务市场监管的若干建议

中国的信用卡市场是先有收单业务、后有发卡业务.20世纪70年代末和80年代初,国内指定专门的银行为境外持卡人到中国境内用卡(仅限柜面的人民币取现)提供用卡环境(中国银行最早作为东亚银行的收单代理行).这一过程因需要与境外的发卡银行进行资金(美元等外币)清算,同时须按照货币转换费率等国际间清算制度进行清算收付,所以受理网点仅限当时的外汇专营银行--中国银行.     

把握机遇稳步推进跨境贸易人民币结算试点工作

7月2日,中国人民银行等六部委联合发布<跨境贸易人民币结算试点管理办法>(以下简称<办法>),标志着跨境贸易人民币结算试点工作正式启动.7月6日,随着中国银行上海分行、交通银行上海分行完成第一笔跨境贸易人民币汇入汇款和汇出汇款业务,我国跨境贸易人民币结算业务进入实质运作阶段.     

财讯

Bank银行首批银行代客境外理财业务资格获准6月30日,根据《商业银行代客境外理财业务管理暂行办法》和《关于代客境外理财业务有关问题的通知》的规定,中国银监会已经批准中国工商银行、中国建设银行、中国银行、交通银行开办代客境外理财业务,汇丰银行和东亚银行的内地分行也获准开办代客境外理财业务。     

国际汇款巨头逐鹿中国

都嫌邮政单调,争与银行合作 据移民年度报告Migrant Year Book统计,目前旅居海外的华人已超过5000万人,这是一个境外资金汇入中国的庞大群体.进入21世纪,中国经济一枝独秀,出国留学、经商、旅游逐渐兴起,国内客户把外汇款项打出国外的需求不断增加.有资料显示,美国国宝银行每年通过中国农业银行厦门分行汇往国内的国际个人汇款达20亿美元.中国银行福州分行1994年国际个人汇入汇款仅为428万美元,到2000年达6000万美元,6年时间增长12倍.     

探索保理创新之路

作为我国历史最悠久的银行,中国银行紧跟时代步伐,在改革开放中实现飞跃,已成为国际一流贸易金融银行。作为中国银行深圳分行贸易金融领域一大亮点产品保理业务的发展历程,一定程度上浓缩了中国银行贸易金融发展的精髓——“专业、激情、创新”。     

Almanac of anticipations: The age of affluence—of anticipation—of anxiety—of automation—of discontinuity—of longing—of overkill—of space exploration

With this survey of developments in the futures field since 1945, I.F. Clarke completes his present series for Futures. He makes two major points: that forecasting techniques have become essential tools in the management of change; and that nuclear weapons and ecological problems have added a moral dimension to the study of the future. In the next issue of Futures he will start a new series on the range of future-thinking in the USA, from the expectations of the first settlers to the Star Wars programme.     

基金公司经营融资融券业务的问题审视

融资融券业务正式运营已经开展,为证券市场带来了革命性的改革,作为证券市场的一大主体,基金公司面对融资融券也迎来了新的发展方向和挑战,本文从融资融券业务的运行机制入手,分析了基金公司融资融券的新契机,并对其即将面临的问题进行审视和剖析,进而提出策略建议.     

对基层人民银行科技工作的几点建议

银监会分设后,人民银行将专司货币政策、金融稳定、金融服务三大职能。作为人民银行的分支机构,基层人民银行的工作重心也将从金融监管调整到这三大职能上来。人民银行的科技部门,就要积极运用科技手段,为人民银行履行新的职能发挥“服务、支持、促进、发展”的作用。一、围绕三大职能搭建五大平台经过“六五打基础、七五作准备、八五大发展”几个阶段后,人民银行相继实现了核算电算化、清算网络化和办公信息化。特别是近一两年来,陆续开通了大额支付系统、信贷登记咨询系统、会计四集中系统、金融信息服务网站等系统,人民银行信息化水平又…     

The Usefulness of Measures of Consistency of Discretionary Components of Accruals in the Detection of Earnings Management

Abstract:  Prior research has shown the prevalence of measurement error in models used to estimate aggregate discretionary accruals. In these models, the incremental information content of the various components of accruals is ignored. Limited prior research and data gathered from firms under Securities and Exchange Commission (SEC) litigation indicate that managers use either one or more than one component of accruals simultaneously, in a consistent way to manipulate bottom-line earnings in a given direction. I propose two measures that capture the consistency between the discretionary components of accruals and test their significance in earnings management (EM) detection in firms that have artificially added accrual manipulation and firms that were targeted by the SEC for accrual manipulation. There is evidence that this information is incrementally useful in detecting EM. This finding paves the way for improvements in the discretionary accruals measure by including consistency information from the components of aggregate accruals.     

社会主义所有制形式的改革、完善与共产党执政能力的提高

在中国,所有制形式的调整、改革与完善,先进生产力的发展,党的执政能力建设,是社会主义建设过程中密切结合在一起的三个不同层面的发展关系.应在相互促进和共同提高中促进社会的和谐发展,保证社会主义现代化建设战略目标的顺利实现.     

Summary of Results of Survey of Seminar Attendees

Abstract

The Society of Actuaries undertook a three-phase research project on mortality improvement in the three NAFTA countries: Canada, Mexico, and the U.S. Phase 1 consisted of a literature review of papers on projecting mortality levels in the future and a study of the trend in mortality improvement during this century. Phase 2 consisted of a discussion of different facets of modeling mortality rates at a seminar attended by 79 experts (actuaries, demographers, economists, and medical researchers) representing different countries. The last session of the seminar consisted of the completion of a survey by the attendees to obtain input for Phase 3, which would analyze the impact of mortality improvement on the social security system of each country. This paper summarizes the results of the survey.

The survey results illustrate the difficulty in forecasting mortality levels, because the effects of many factors that could have significant impact on mortality rates are unknown. This suggests the need for dynamic forecasting, which allows for the possibility of random shocks. A majority of the survey respondents believe that stochastic forecasting models, despite their complexity, have significant potential to add value. Respondents also believe that both historical data and cause-specific mortality forecasts are useful as input and also in validating forecasts of the aggregate levels of mortality. The challenge is to develop more sophisticated forecasting models to produce results that are relatively easy to interpret and to communicate these results to the desired audiences, including the public and policymakers.

The survey results suggest that the aggregate effect of lifestyle changes, medical advances, diseases, catastrophe, and physical environmental changes is an increase in life span. However, there is much uncertainty about the future. Respondents expect that beyond the year 2020 the mean annual rate of reduction in mortality for males age 65 and over will average about 0.58% for Canada, 0.76% for Mexico, and 0.67% for the U.S. The results for the female age 65 and over population are 0.64%, 0.83%, and 0.70%, respectively. The age 65 and over population is expected to see larger percentage reductions in mortality than the 0–14 and 15–64 populations. The reductions in male and female mortality will be ultimately the same, and the mortality levels in the three countries will ultimately converge, although differences may persist for decades.     

Separation of Unit of Account from Medium of Exchange

The separation of a unit of account (UoA) from a medium of exchange (MoE) in the commodity–money system is investigated by considering explicitly a seller's choice of UoA in terms of either an MoE or a unit of metal weight. If the likelihood of debasement of an MoE and its rate are high enough, the price is posted in terms of a unit of metal weight rather than an MoE. Interestingly, this MoE–UoA separated equilibrium yields the flexible nominal price, whereas an MoE–UoA integrated equilibrium yields the sticky one. This implies the nominal price rigidity in the fiat‐money system where MoE and UoA are integrated.     

银行软件项目外包管理分析

一、引言随着国民经济的不断发展,银行业务与外部企业的联系越来越密切。银行正逐步成为现代经济活动的中心,作为数据处理核心的银行业务应用也越来越大型化、越来越复杂化,因此许多银行也把软件项目逐步由原来的自主开发转变为与公司合作的方式,或直接外包开发的方式,银行本身的技术人员也逐步由开发转向项目管理。二、项目外包的分类银行项目的外包有以下几种情况:①部分子系统外包,有时由于银行的软件项目太大,单靠银行自身的开发力量基本无法在预定的时间内完成项目,只好把相对独立的部分外包;②直接购买软件公司的成熟产品,有些金融软…     

银行管理信息平台建设发展的思考

一、目前国内银行IT发展现状及面临的问题 银行数据集中工作的完成,标志着银行的业务由电子化建设阶段转入信息化建设阶段.一方面银行数据的集中提供了丰富全面的基础数据,面对日益庞大的数据源,如何将数字转化为对银行有用的信息,并从中发现知识,为银行的经营决策提供支持,是摆在银行IT人员面前的一个亟待解决的问题.另一方面用户对银行信息的需求日益增长,如果银行没有一套完整、实用的信息管理系统,将对业务发展非常不利.南京爱立信公司倒戈花旗银行事件曾经轰动一时,其中一个重要原因就是中国本地银行不能满足爱立信全球总部对南京爱立信公司的要求:每周财务上报和每天贷款限额管理.这一事件为中国商业银行的未来发展敲响了警钟,如果不加快管理信息系统的开发,迅速提升业务管理水平,类似的事件还会接连不断地发生,并最终导致国内商业银行在同国外商业银行的竞争中全面溃败.     

Properties of time-series estimates of degree of leverage measures

Empirical studies suggest that time-series regression estimates of the degrees of operating and financial leverage have a tendency to produce measures less than one. According to ex ante theory, these measures should be greater than one for firms operating above the breakeven point. There have also been suggestions that the biases in these estimates may be attributable to an underlying increase in unit sales. This work presents evidence that these counter-intuitive measures are produced by changes in the firm's operating parameters (unit price, variable cost, fixed cost and interest payments). It further suggests that attempts to control for the underlying change in unit sales substantially increase the volatility of predicted estimates.