[ migrate ] alien Zuozhuang Secret billions of

If so, that domestic funds, including QFII, are in the sedan preside to help the international hot money, the treatment how to solve this problem? A large number of new shares issued by it? Management's performance is worth our looking amenable to, ah ... switched from the financial network: http://www1.cfi.net.cn/p20070120000045.html
The hardest place in one operation in March 2006. Foreign requests will be 700 million U.S. dollars within one month security entry and access to domestic shareholders nearly one account. Zhang recollections. Zhang
similar cases, how many such operations, is still unknown. However, the sector estimates, underground foreign
surging at the peak of while China's stock market, control 1.2 trillion dollars of international hedge funds are quietly entered the Chinese capital markets.
exclusive first-line inquiry disclosed

industry underground inflow of foreign capital China, outflanking the stock market road map
a source of economic power in Asia, several hedge funds.
changing.
Notably, there are four of these ID cards were shown as nativity in 1986, and came from a city in Henan. When a correspondent pointed out that the bargains ministry with the same broker more than the same zone or even tens of millions of holders of the stock market investors 21-year-old is not too much estimate is a direct broker educate students to take a copy of ID card to open the account, back adjustments, can not be too obvious.
Mr. Zhang namely in charge of financial traditions in Jiangsu, a human in dictate of business actions, ever since, has successfully manipulated in extra than a billion greenbacks in foreign capital into the stock market re-entry and, accordingly, earned in 2006, pours.
guarantee not to uncover the conditions of the pertinent company information, the reporter educated that financial institutions in 2006, the ; road map for China's stock market.
7 亿 美元 entry Foreign requests will be 700 million U.S. dollars within one month security entry and access to domestic shareholders almost one account.

If the operation by way of foreign investment funds entering the time too late. Mr. Zhang said that he only chose to walk trade and the most priceless underground banks funding the two entry ways.
go trade routes, the basic approach is to use artificially tall prices of backup commodities, for the distinction. For example, the domestic value of 1 yuan to 100 yuan cost things to sell abroad, so that is equal to 99 yuan of foreign funds into the country.
financial institutions with which Mr. Zhang associated with more than a dozen companies,Lacoste R75 P2 Trainers, in April 2006 to the offshore funds sold in transactions outside the company amounted to $ 500,000,000 of needlework, carve and other low-tariff or tariff-free goods .
Zhang told reporters, a lot of trouble to go trade outlets, the first thing is to sell 1 per 100 must assure that no one is held accountable. At the same time to ensure the safety of funds, 500 million U.S. dollars of trade requires a lot of assorted pen to spread the achievement, which necessarily involves a lot of import and export trading company. In fact outside the $ 500,000 into the country will certainly be monitored by the relevant departments, we have had several hand the funds from the regulatory authorities to ensure monitoring.
trade channels
accurate one month to go, faster way of lesson,Lacoste Strap Trainers, recourse to foreign capital entry for more $ 700,000,000 in the two hundred million U.S. dollars is through underground banks into the country, the fastest at the beginning of a $ 20,000,000 operation on the 6th day Zhang entered the designated domestic account is also the slowest accounted for 3 weeks.
Mr. Zhang explained, the domestic equivalent of million dollars in 2000 to exit via underground banks, underground banks in foreign countries to $ 20,000,000 as parallel security, domestic security in the confirmation of RMB forcible exit side, the domestic money equivalent in 2000 million in funding via the money-laundering techniques, Zhang instantly into the designated list. The same $ 20,000,000 offshore funds into the country is also the final exit of funds designated abroad bank accounts.
2006 年 3 months, the Shanghai concordance from June 2005 up 998 points to 1300 near the consolidation, the atmosphere was very lusty domestic stock market bear, and $ 700,000,000 at this period about every amount of money into shareholders accounts 2 trading days in full situations.

truly adore to do his gathering line. Mr. Zhang said with a smile, for the entrance of exotic capital to do business now, the tolerate and fraught with a lot of disloyal willing to trade in the servant diplomatic trade companies, foreign investment credit to be Investment Review slack, alternatively even cover up the economic development region and so on.
foreign investment
Zhang institutions where the stock market downturn a few years ago, the company has watched no correction results, but the agency in the industry with years of hard work to make a direct talk with a platform large institutions overseas.
people.
To enter the Chinese capital markets, way and share their growth latent has become the accordance of financial institutions around the world, coupled with the end of 2005 China's share reform success and the appreciation of the renminbi and other factors, control 1.2 trillion dollars of international hedge funds, normal at all costs to quickly enter the Chinese capital market. The end of 2005, with foreign capital to enter China's stock market increasingly accelerated pace, the overseas Zhang saw the opportunity to connect this organization, Jiangsu.

According to Mr. Zhang introduced mostly through Hong Kong ahead the entry of foreign funds, and the current route through Taiwan, the proportion of the Mainland of China is increasing. In theory, Mr. Zhang is in Taiwan's capital into China. Jiangsu Province, a huge number of Taiwan-funded enterprises has become a major foreign capital entry Zhang,
2005 since the fourth quarter, Mr. Chang is a major work of those who are unwilling to find full and Taiwan into the registered capital of domestic enterprises.
initial investment is often less than the registered capital, and therefore the registered capital of foreign enterprises into the domestic owned enterprises in full is not worth while, so that entry of foreign funds emerged Vacancies in registered capital contribution in part by offshore funds, while the funds into the country, the cost of paying the required entry, and then disbursed to the companies 1-2% of the fare, by the Taiwan enterprises and domestic companies to set up a joint adventure subsidiary diverted from the company or the Sun, can legally enter the stock market.
offshore funds in the overseas company will then set up wholly owned enterprises in China, which is more simple access to funds. However, foreign companies established in the country is the absence to report outside the Economic Commission and other regulatory approval, cost is cheap, but the operation is difficult, and time is not good control. But exports.
After the selection of mining and export business. As foreign investment in the local government is too eager, and not a cent in the case of immigration, this has made of shell companies,Womens Lacoste Arin Trainers, including mining allow, including all the procedures. Mr. Zhang's $ 40,000,000
became into this shell enterprise registered capital. With namely goes from Taiwan Taiwan's long-term procurement contracts, to win loans from the bank formally fired the kaolin project, and Mr. Zhang's $ 40,000,000 of the funds are transferred later a few back and forth, with 10% of the year lending interest rates into the stock market.

stock but do not PLAY A shares
Chuang buy entire buy, full of stores, or full storage, pull, has been pulled. Mr. Zhang saw a lot of these ten million Chinese stock market's operation is very disturbed. Although China's stock market in 2006 continued to be sung vacant, but the momentum of its rapid rise is not too many Obviously, the current stock of foreign capital in China, great background, a mammoth amount of money, but also operations such as pre-talk a good line.
2006 year Last Shanghai index rose to a reporter from 1100 to 2847 points before the deadline, a fact that proves that the economic power of Asia's fund operation is correct. Zhang showed reporters his office stood in the sacks to calculate stock Jiaoge Dan, more than a billion dollars were invested in 2006, earned a twice.
reporters free to open a sack, took out a roll of Jiaoge Dan: This is a shareholder account, including Industrial and Commercial Bank, including 3 heavyweights in the 4 months of transactions, trading in some time and even frequently to in minutes.

As with the QFII, the value of the investment-based, while
However, over time, more than ten billion dollars this gradually move closer to the dozens of super-large-cap stocks, even more scaring is the rapid increase with the index, each of the market long and short, differences among the two sides to increase the fussy moment inverted position in the foreign funds pulled back and forth testify of market shares to more and more manifest.
. At first I thought that purchasing stocks is gambling and Commercial Bank of appreciation of the renminbi actually did not anticipate this fund shares in ICBC began near to 4 Yuan pulled down stock prices, the absolute daily turnover is 20 billion yuan, shoving the share price until an fell pounce line over 4 yuan.
can guarantee the share price to rise so quickly.
.
do Zhuang Zhongguo A shares.
, the scale of foreign capital may be underground in the 800 billion U.S. dollars. The process have to not grant the repetition of these tragic in China.
In her view, the surge and to the international hot money in China's stock market pushed up, it is also accumulated huge financial risks. And how to deal with the international hot money has become a global economic issues. the scale of foreign capital into the market underground
800 billion?
continuation of 2007. And domestic institutions also hope that foreign capital will continue to shake up the stock market until the presentation of index futures and then make strategic adjustments.
reporter saw a market capital of a brokerage monitoring report, in mid-2006 to remove all levels of funds into the stock market may be at least a net 300 billion yuan into the stock market can not entirely informed sources. Reported that most of these funds may get busy Europe, America and Japan.
publicly available data, has been acknowledged the QFII (qualified foreign institutional investors) a total investment of only $ 9,045,000,000 (collectively, 70 billion yuan), while the flow of the new market value of A-share market was 2.4 trillion yuan. This is a little foreign QFII unattended did not pull the tape so to rise. But a QFII agenda, told reporters,
She also believes that, in addition to acceptance by the State accepted QFII funds, should also be a large number of domestic and foreign capital influx into the stock market. But she stressed that hot money inflows will not be a short-term behavior, the afterward few years,Lacoste Shua Lace Trainers, the Chinese economy to face the test of this issue.
economist Andy Xie stressed, in 2006, most of the world things market rendition is not good - the United States has entered a bear market in real estate; commodity markets in a bear market; bond market also showed no clear trend; major Currency exchange rates fluctuate only within a definite scope; most of the stock market is not good, such as Japan, Korea, Thailand's stock market in 2006, did not very eye-catching extravaganza. Only China, India and the U.S. stock market acted well, so many are in pursuit of the international capital markets.
foreign investment will sprint very rapid to run

increasingly clear appreciation of the renminbi in anticipation of, the influx of foreign capital began to China, hoping to eating into the profits of RMB appreciation. Currently, to prevent hot money came in such a way that adds greater exchange rate flexibility to slow yuan appreciation.
Zuo Xiaolei that doing so not only can not prevent the international hot money, yet will be more secure ample to international hot money into China. risk. Because you 5% growth each year, it has by fewest 5% of this revenue certify. There is so nice why do not you come in? Just capable the share reform, the development of the Chinese stock market is indeed up to the eyes of international hot money into the flesh and potatoes. They hope to fund with their own strengths and experience in the gambling, while appreciation of the renminbi, and then make excellent fishing in a Chinese stock market.
Perhaps a year no problem, maybe two years, no problem, but the risk is greater in the more assured.
May 8, 1997 off the daytime by 58 banks in Thailand, the risk is that the formation of that day? Not. It had a few years to put in the foreign investment, the economy appears to unprecedented prosperity, pedaled by foreign investment, but at some point, when the withdrawal of foreign profits, the crisis will outbreak. History is anyone adviser, there are a lot of experience around the world can learn from, in appending to Thailand, the economic crisis triggered by Japan, China Taiwan have experienced the great stock market and economy from the large V, are chiefly in the promotion of international hot money. intervention finished.
the current state of Chinese stock markets, regulators, it seems quite optimistic. Vice Chairman of China Securities Regulatory Commission, Mr. Tu few days ago, said at a conference of high-profile, China's capital market through rapid development in recent years, from the market system to change the basic conditions for strategic transformation. The transformation of one of the goals is that Zuo Xiaolei
accented that the problem may be more tough to determination than we envisaged. Globalization has led to surge in global trade and capital streams nigh the globe transform the regulation, paired with the promotion of message technology,Buy Lacoste, Internet assist, so that a current universal capital flows in the face of multinational capital in an instant can go.
Although the current situation in China and Thailand, the situation was not completely similar, but the most basic question has not changed: the practical way of global capital flows have changed the whole world without a country or region to build a system of timely, to match this variety of globalization, the rapid flow of financial information a new model. Failed to form a machinery to avoid such a chaste wheel of liquidity risk. In other words, a new pattern of global capital flows, but did not form a new series Yi, this is not China, had a country can solve the problem.
inquiry, along to Zuo Xiaolei, in the world, globalization of capital flows have been several toss back and forth. Early 90s of last century, the U.S. economic downturn, international hot money to flow to Asia, the Asian tigers appeared, four tigers economic miracle; when the Asian financial crisis of 1997, hot money has returned to Wall Street. In the late 90s of last century, come up with a high-tech Nasdaq index soared forward, cumulative risk of two or three years, and from the Nasdaq stock index dropped more than 5000 points more than 1000 points. After this part of the hot money to rescue again. At the same time, Japan, the United States also proposed the slogan of reviving the economy, started to increase money supply, leading to more hot money in the world swimming. .
We must begin early, early obstruction, response in the exploration process, may be capable to relieve the risk. Conversely, whether your blind optimism on the current position does not change maneuvers in a timely form, not actively looking for new solutions, or the misadventure of history reiterating itself. Why is the international copper prices fell?

Hsieh III: pulled up outside the capital is certainly the chief impulse of China's stock market, at least one of the most major cause. Increase of more than 2000 billion dollars a year in foreign exchange reserves, 10 per day billion was converted into RMB, you said that portion of the where the main flow of RMB?
is not outdoor the capital have not come in question, but we simply have no direction to stop the entry of international hot money. International hot money will surely have to come in, it not up to us.
Now many people understand of international hot money is directed at the yuan to rise, the question is who knows how much chamber for appreciation of the renminbi? China has become the world's purchasing power equality real exchange rate breach with one of the largest (in accordance with the International Monetary Fund announced the purchasing power equality of RMB opposition the U.S. dollar's purchasing power around the ratio is 1:1.8, the domestic common outlook of the data only with a reference value) In this case, the rush of international hot money will, of course, irresistible.

Hsieh three: methodology, there are six methods accessible rejoinder measures: First round of inflation, so price hikes, but the people can not afford; second is to raise interest rates, but interest rates will quicken the influx of foreign capital China; third, again raised the reserve ratio, but this move had restricted clash on China's stock market; fourth is distinct seeing for a flood diversion, flood the land, such as to the real possession market excited another, but the human who can not stand; Five is to accelerate the appreciation of the renminbi pace, tread in area immediately to announce within a few years does not appreciate, but the foreign trade enterprises will be so massive digit of bankruptcy, can not solve the problem of unemployment; a final resort, only to a moderate bullish stock market. Specific manner is more and more the publish of new shares, with the issuance of new shares of the means, the rate of foreign capital pulled the stock market below control, to dodge the keen rise in the drip.

Hsieh three: the appreciation of the renminbi is now fair beginning, the stock market has just opened a good start, there is no crash problems. I calculate the Shanghai index rose to 6,000 points within a year or two is a great likelihood.
The fluctuations will then, will not affect the Chinese economy, it is another question. Economic development is a regular, you do not liberalize the exchange rate a decade ago, and thus prosperity in exchange for the export-oriented economy, is jump to the formation of today's hot money In a sense this is also the quondam debt.
and economic development could not have been all the best, and constantly must make strategic choices. In truth, even some fluctuations in the stock market do not must fear too much. Japan's stock market, Hong Kong stock market crash of 1997, after going through, nor is it to be totally destroyed. Although foreign investment into the stock market may lead to greater volatility, but longer-term cycle point of view, this situation of a country economic development is good or is hard to say, this is a country in a particular historical period, the issue of economic plan choices . benefit either the minimum when
weight, the lesser of two disadvantages relative to the right. In the circumstance of international hot money must come in, let the stock market to Manniu way bigger, ought be a least noxious programs. May be a morsel helpless, but this is our only alternative.
background
QFII
junket to China as a WTO commitment to open train, QFII was proposed in 2000, but until the end of 2002, .
2003 年 7 9, a high-profile Swiss bank to complete the first single QFII, QFII A-share mall officially entered China.
As of August 2006, three years, a total of 45 foreign institutions to obtain QFII status, of which 39 were granted QFII investment quota of $ 7,495,000,000 in with the previously announced end of 2006, $ 10,000,000,000 limit remaining 2.505 billion dollars.
of the QFII, the Mainland stock market in its stride when the stock market is entering a three-year long bear market. Their investment in the Mainland investors vigorously pursued the concept backward the whole market perplexity in the investment instruction.
QFII three-year cruise, setting off a great discussion on the concept of portfolio investment, the re-valuation of listed companies to the broader market of blue-chip as their new darling of the QFII and fund, QFII investment philosophy has accelerated the diversification of the mainland stock market, stock index also leaving the bottom to slow.
three-year pilot, QFII is agreeable the investment in the mainland stock market forces can not be ignored.
data show that from 2005 to the end of first 15 min of 2006, QFII in the altitude ten tradable shares of listed companies held along the shareholders of A stock market value of the competition has more than 18.3 billion yuan, further the broker, the national social security funds, insurance companies and additional institutions teams, as A-share market after the public fund's second-largest investment groups. Thailand's financial emergency

financial crisis erupted in Thailand in the second quarter of 1997, but the basis occasion as early as 1990 to 1995 phase of rapid economic growth on the buried. At that time, Thailand actively appliance policies to encourage foreign investment, is to scale up opening up the financial manufacture, and promote the convertibility of the currency and interest rate liberalization processes. Bangkok, Thailand to create the match with Hong Kong's international financial heart in the capital account, interest rate fluctuations, the introduction of foreign financial institutions and the development of derivatives market has taken a very high intensity, a much faster pace of reform and prologue up.
to the above policy, driven by continued large inflows of foreign capital territory, FDI and foreign debt have increased substantially, the proportion of short-term debt up to 50%, and part of the inflow of foreign funds directly or indirectly, the stock market and real estate market. In outer debt and foreign investment promotion, export-oriented economy has been more international balance of payments surplus, the appreciation of the currency is facing pressure, which in turn preoccupy more foreign capital inflows.
the role of the above factors, the domestic economic growth (1990 to 1995 average annual GDP growth of 9.04% in Thailand), and stock prices rose sharply, and gradually form a spume economic. At the same time, the price of fatigue has increased year by year. All of which boost creation costs and foreign undertakings, worsening the investment surroundings and export products, losing international competitiveness. Quantitative change into qualitative change in accumulated after the restriction of foreign capital began, the state of international poise of remittances began to fall into shortage, the currency began to devalue in the face of oppression. Japanese companies plucking back
aid in the critical moment the parent company, offshore speculative forces from the opening of financial markets and derivatives amplification on the stock market and foreign exchange launched a strong attack, resulting in the stock market fell sharply, the Bank of Thailand was forced to relinquish the nailed exchange rate, Thai baht immediately depreciated 56.7%, the cumulative decline in the attribute market has approached three to four percentage hardly ever. The situation worsened, not only led by a foreign debt of real estate companies in trouble, by any debt or the real estate loans and equity-related financial crisis, local banks have been deserving to a large number of closed or taken over. Japan's stock market volatility

from August 1971 to 1989, besides for a few years, the Japanese are at the international balance of payments surplus and the expected appreciation of the reciprocal promotion of the era.
a high savings rate, the relative lack of domestic demand, mainly by local companies and export products of competitive export-oriented economic architecture, leading to Japan's continued strong balance of payments additional, the yen is facing greater pressure to appreciate, Japan US trade friction is intensifying.
the Japanese government in September 1985 and February 1987 met with West Germany, Britain and the United States signed the main square in a coordinated exchange rate agreements and interest rate adjustments based Louvre concert. After 17 months, the yen against the dollar from 240 yen / dollar rose sharply to around 153 yen / dollar, the cumulative increase of up to 57%. Appreciation of the yen, in turn, stimulate the inflow of foreign capital a larger scale, and to promote housing and stock market continued to substantially rise.
early gratitude of the yen, and merely a small measure of international capital into Japan. In 1979, foreign web purchases of Japanese stocks is merely 192 million in 1980 soared to 61.5 billion U.S. dollars. April 1987, Tokyo Stock Exchange stock market worth soared to 2.66 trillion U.S. dollars, more than the New York Stock Exchange market amount of $ 2,652,000,000,000.
1989 end of the year, the Japanese government know of the problem. Ministry of Finance was coerced to take fierce measures, from May 1989 to August 1990 a total of 350 points the interest rate adjustment, the rapid rise in the Japanese discount rate to 6%. At the same time,Lacoste Running Trainers, authorities also disallow financial institutions from payment of real estate loans, and forced banks to gradually return the funds. This intense action, and now rupture the bubble, leading to sharp ebb in stock prices and house prices.