SASAC Cracks Down on Speculative Derivatives Deals by SOEs
SASAC requires that central SOEs' hedging transactions must be simple derivatives, closely related to their main business, and must meet accounting requirements for the treatment of hedging. Meanwhile, drawing a lesson from earlier SOE financial fiascos due to lack of knowledge or experience in complicated derivative transactions, SASAC is banning central SOEs from conducting any complicated transaction without clear risk and price.
Who Still Believes Goldman Sachs?
The brain drain from GSC's research team has resulted in a significant decline of its status among domestic institutions. Talent is said to have fled GS in droves for its bad business performance and the people remaining are basically sales staff recruited by GS from preeminent brokerages such as Shenyin &Wanguo Securities in better times.
Gold Retail Buy-Back Surges across China
The gold rush has gone global, but the flight-to-quality is taking different forms in different markets. While the US and Europe are experiencing a surging demand for the glittery stuff itself, investors in China have been stepping up the monetization of their bullion reserve since February. The stark contrast reflects investors' different confidence levels towards their countries' monetary and financial systems.
Ping An Chair Responds to Flak, Cuts Salary to Zero
He is the most expensive executive of any A-share listed company, and Ping An Chairman Ma Mingzhe's annual salary, as high as 66.161 million yuan, has prompted the public's now familiar protests about sky-high salaries for executives of financial firms.
A-Share Market Absorbing Big Stimulus Lending
While the US stock market has fallen to its lowest point in the past six and a half years, China's A-share market has become the world's only one where the bulls are running. The market's rebound from its own bottom is mainly because of the inflow of some of the 1.62 trillion yuan in new lending that has recently poured out of the banks.
Wealth Management Products Attractive, but Market is Challenged
In a report released over the weekend, the China Academy of Social Science (CASS), the country's top think tank, finds that, in 2008, China's wealth management products achieved an average expiry yield of 4.52%, higher than both the term-deposit interest rate and CPI growth rate. Persisting risk aversion, however, is challenging whether the wealth management sector will take off in China.
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