By Salih N. Neftci
China's monetary markets symbolize approximately $2 trillion and are anticipated to develop to approximately $10 trillion by way of 2008. As those markets proceed to open to outdoor funding, a radical realizing of the way they function may be crucial for achievement. during this e-book, Salih Neftci, a professional in finance whose instructing and examine span North the US, Europe and Asia, and Michelle Menager-Xu, a chinese language finance specialist at the moment operating in Geneva, collect an exceptional selection of chinese language insiders who're specialists of their respective industries. those specialists offer an in depth description of the banking process, the money, fairness, futures, FX, and bond markets, the coverage area, the loan industry and loan tools, and the regulators. Readers will find out how each one of those monetary sectors operates, how the govt, regulators, and the primary financial institution are concerned, every one sector's heritage, dimension and projected progress, an research of its present state of affairs and dialogue of destiny tendencies, the most important gamers, and the way the sport is performed. this can be a must-read e-book for monetary good fortune during this rising industry. *Experts inside China operating in every one quarter offer special, thoroughly updated descriptions and research *CDROM includes English translations of suitable chinese language rules now not on hand in other places *Describes how the main regulators paintings and the major impression elements in every one
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Additional info for China's financial markets
Sample text
Organizing and supervising futures transactions, settlement, and delivery. Ensuring the honoring of futures contracts. , regarding margins, daily debt-free netting, price fluctuation limit, position limit, large positions reporting, risk reserves). According to the Measures on the Administration of Futures Exchanges, the supervision and administration of a futures exchange regarding its members include: • Formulating the administrative rules of its members. • Formulating the administrative rules on trading seats and prohibiting members from transferring the seats entirely or partly in the form of a lease or subcontract.
Monday through Friday (holidays excluded). Membership Participants include all independent commercial banks and their authorized branches, rural credit cooperatives, insurance companies, fund management companies, and securities companies and those foreign financial institutions approved by the PBC to handle RMB business in China. Clearing The trading parties perform bilateral clearing according to the transaction notice. Book transfers go through the clearing system owned by the PBC. The clearing speed is T + 0 or T + 1.
1% of the trading value. As of June 2006, except for specially treated shares,10 which are subject to the daily price limit of ±5%, all other shares are subject to the daily price limit of ±10%. 9 For any trading value (of A shares or securities investment funds) less than RMB5 yuan, the minimum commission is RMB5 yuan. For a trading value of less than US$1 or HK$5 (of B shares), the minimum commission is US$1 or HK$5. 10 These are shares of listed companies with poor financial or operating conditions that require special treatments.