【英语中国】中国上个月授予14家境外机构QFII额度

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所属分类:双语中国

2012-1-18 07:16

小艾摘要: China has granted a flurry of approvals to foreign institutions to invest in equities as it steps up its attempt to lure more cash into its beleaguered stock markets.Coupled with a state media report ...
China has granted a flurry of approvals to foreign institutions to invest in equities as it steps up its attempt to lure more cash into its beleaguered stock markets.

Coupled with a state media report that local pension funds will start investing in shares, the moves were the latest indication of how authorities are trying to inject confidence in markets that have been among the worst performing in the world for two years.

The promise of policy support and stronger than expected economic growth data combined to fuel a rally yesterday. The Shanghai Composite index closed up 4.2 per cent, its biggest single-day jump in more than two years.

“Ultimately, I think shares had fallen too much. On that basis, everyone has been becoming more confident that there will be policies to stabilise the market,” said Sun Jianbo, chief strategist for China Galaxy Securities, a domestic brokerage.

The Shanghai Composite tumbled 22 per cent last year and it has been the worst performer of the world’s 10 biggest stock markets in the past two years, despite China’s continued economic boom.

The securities regulator announced late on Monday that it had awarded quotas to 14 foreign institutions in December to invest in domestic capital markets. Chinese markets are mostly off limits to foreigners and quotas granted under the Qualified Foreign Institutional Investor programme are the main way in the door. But they are very restrictive, typically capped at about $100m.

The securities regulator adjusts the pace of approvals in an attempt to influence the stock market’s direction. From May until October last year, when China worried that hot-money inflows were causing inflation, it granted no such quotas.

But recently, as evidence has mounted of capital outflows and stock prices have tumbled, Beijing has started awarding quotas again.

December was the busiest month for approvals since China launched the foreign investor programme in 2003, bringing the total number of quotas to 135. The newest recipients include the central banks of Korea and Thailand, the Kuwait Investment Authority and the Canadian Pension Plan.

In what would be an even bigger boost for Chinese stocks, the China Securities Journal, an official newspaper, reported yesterday that regulators would allow local pension funds to invest about Rmb100bn ($15.8bn) in capital markets. China’s national pension fund invests about a third of its assets in stocks, but local pension funds – managed by provinces and cities – put very little of their money into equities.

Guo Shuqing, recently appointed head of the China Securities Regulatory Commission, vowed last month to bring more pension money into equities to help stabilise markets that are still dominated by small-sized retail investors.

中国已向境外机构发放一系列股市投资额度。目前中国正加大努力,吸引更多资金流入困境中的国内股市。

同时据官方媒体报道,地方养老基金将开始投资股市。这些举动是最新的迹象,说明官方正试图向市场注入信心。过去两年来,中国股市跻身于全球表现最糟的股市之列。

相关政策支持承诺,加上比预期更为强劲的经济增长数据,昨日推动中国股市上扬。上证综指收盘上涨4.2%,这是两年多来的最大单日涨幅。

“归根结底,我认为股市跌过头了。有鉴于此,大家越来越有信心认为,将会出台多项政策来稳定市场,”中国银河证券(China Galaxy Securities)首席策略师孙建波表示。

尽管中国经济迄今一直保持繁荣,但上证综指去年却下挫22%,过去两年里,中国股市是全球十大股市中表现最糟糕的。

中国证监会(CSRC)周一晚宣布,去年12月授予14家境外机构投资国内资本市场的额度。中国市场对外国人基本上是关闭的,而按照合格境外机构投资者(QFII)计划授予的额度,是外资主要的进场通道。但这些额度受到严格限制,一般上限仅为1亿美元左右。

中国证监会调整QFII审批节奏,以求影响股市走向。去年5月至10月,中国担心热钱流入导致通胀,在此期间没有发放任何投资额度。

但在最近,随着越来越多的证据显示资本外流、同时股价大跌,北京方面又开始授予额度。

去年12月是中国自2003年启动境外投资者计划以来审批最为忙碌的月份,合格境外机构投资者的总数也因此达到135家。新获得资格的机构包括韩国央行和泰国央行、科威特投资局(Kuwait Investment Authority)以及加拿大养老金计划投资委员会(Canadian Pension Plan Investment Board)。

将给中国股市带来更大提振的动态是,据官方的《中国证券报》(China Securities Journal)昨日报道,监管部门将允许地方养老基金向资本市场投资大约1000亿元人民币(合158亿美元)。中国的全国社保基金将大约三分之一资产投入股市,但由各省市管理的地方养老基金目前极少投资股市。

不久前受命出任中国证监会主席的郭树清,上月誓言将更多养老基金的资金引向股市,以帮助稳定目前仍以小打小闹的散户投资者为主的市场。

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