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48406 2007 年 02 月 10 日 21:31 Reading (loading. ..) Comments (1) Category: Personal Diary Funds redemption of the black experience five days (Economic Observer)
1 月 31 to February 6,
paul smith wallet, large-scale redemption lasted only 5 days.
China's fund industry is perhaps the longest 5 days. Stock market volatility, various funds eager to escape before the funds market, the crisis triggered the collapse. Just at this point, the CSRC announced the new fund issue to restart, and in January, before the issue of suspension of the new fund is to cool the market.
the hands of the government under the impetus of all this seems to settle, but the risk really is behind?
to the redemption of sudden
No one knows how the crisis is coming.
1 31, the Shanghai and Shenzhen stock index headed lower after the severe shock, the highest since 1999, the largest decline. Over the past few months, has been crowded with the purchase fund of the bank counter suddenly become deserted. Shuangyushu branch of China Merchants Bank, starting from the broader market slump, the number of new accounts, the Fund decreased by almost 60%.
It is at this day, the funds from the large-scale Jing Shengou into net redemptions.
2 1 May, stock index is still down, the net redemption of fund industry size of 30 billion yuan.
2 2 April, the net redemption amount of accumulated funds has risen to 50 billion yuan. But the industry view is really amazing. Some people say that the net redemption of more than 10 billion yuan, some said up to 400 billion yuan .
Awkwardness sharp correction followed
Fund,
designer handbags online, from January 31 to February 6, a decrease of the top index is the financial services industry, ferrous metals, food and beverage sector fund promising.
few days, there are 20 open-end funds below 1 yuan net. From January 29 to February 2 open-end fund average net loss of 6.97%, based Jin Jingshun Great new growth, facility power pioneer, Southern blue-chip growth, high growth in the South, the South actively configure net decrease of 10% to 12% between.
2 5 March, Monday. Reached a peak of redemption in Beijing Huaxia Fund Management Co., Ltd. Sales Department,
handbags online, most of the Christian Democratic money managers asking,.
Christian Democratic surnamed Zhang
throw away the hands of the nearly 60 million fund.
Harvest Fund, easy Fang Daji gold and big companies like the South Fund amounted to 20-30 billion in net redemptions, the fund size of medium-sized amount of net redemption of 10-20 billion, such as China Universal Fund small companies, the net redemption amount is also about 800 million yuan. Even better performance above JP Morgan fund, redemption volume reached 4-5 billion.
Regardless of the Christian Democrats who
balanced funds and equity funds What is the difference, they only know what funds were redeemed Which makes more money, then buy 1 per fund. Marketing Department, a fund company in Shenzhen who said the funds are to be redeemed early in higher-yielding funds.
crisis imminent
total size of China's nearly trillion fund industry, but the amount of tens of billions of redemption, it seems not too worried.
redemption of the past is no different: investors redeem fund, fund managers are forced to sell the fund holding, fund net down, investors expected to fund the net continue to fall, more large-scale redemptions, a vicious cycle superposition,
paul smith bag, the total size of the fund industry has shrunk rapidly, and spread to the entire stock market.
However, in February 2007 in the Chinese stock market, stock valuation in excess liquidity and the bubble has been pulled, according to a long time between, the high volatility in the market, the first trading month of 2007, turnover on the Shanghai Composite Index up 87% from January 4 to January 31, 20 days in 9 days on the Shanghai Composite Index more than 100 points shock.
2006 year Last card index rose over 130%. Galaxy Securities Funds Research Center data show that stock funds in 2006 was 121.41 percent return, index funds was 125.87%. Investment in the stock market who have enjoyed the feast, not more jealous of those who enter the market, capital after another.
2006 年 10 months, central bank data show that savings deposits decreased by 76 billion, in June 2001 the first decline since. Shareholders in December 2006 to 1.63 million new accounts, number of accounts opened in January 2007 reached 2.7 million, the number of single-day stock accounts more than 90,000, equivalent to 1 month in 2005 to open an account number.
is crazier than the stock funds. December 1, 2006, the fund had reached 150,000 new accounts the amount of days. December 7, Harvest Strategic Growth Fund issued 41.9 billion to create one world record. Galaxy Securities, according to statistics, in 2006 the total size of the Fund's net asset value of more than 850 billion yuan, when the scale of the new Development Fund for the 390.7 billion yuan, more than the sum of the new fund issue over the past four years.
banks even pawn funds are flowing into the stock market. Investors used China Merchants Bank, Shanghai Pudong Development Bank and other banks of the Li Xian optimistic about the potential of a good market share, but could not have enough money to buy, so he went to a pawnshop, in the issued certificates and other related real estate information, pawn shops, the staff quickly for his handling of the relevant procedures, and press included in the appropriate proportion of his share capital account.
people who do the investment industry began working capital into the stock market, investors are beginning to use the credit card advances to the stock market. Foreign funds are flocking through the underground banking, the media reported the amount of funding to 800 million US dollars.
flood of liquidity chasing scarce stocks, funds and stock market resonance, the Shanghai index over 1,600 points, 1,800 points, 2,000 points to 3,000 points after the singing forward. However, the funds will be poured into a flood after the flight, from a pile of money because the stock market may be a domino collapse of small adjustments occur.
from January 31, 2007 to February 6, redemption fund should have two cases, the first case, the fund continued pre-marketing companies to respond to redemption out of capital (pre many fund the company through dividends, the NAV to 1 yuan in the vicinity, ongoing marketing, access to many new funds); the second case, the fund should sell the stock redemption. International Fund in order to safeguard the interests of investors to cease marketing, fund net redemptions of substantial damage in the last week, JP Morgan China Advantage Fund, a decrease of 9.73% within.
This is just a beginning. If redemption is not brief stop in time, the fund company's continued marketing of the funds will soon run out, join the Foundation to sell more shares - cash cash - should the tide of redemptions.
Also, more money to prepare to escape before the funds, some private equity market correction has reduced the first two weeks of positions. Huang, general manager of Beijing-based investment firm said:
If a lot of money out of the stock market
the Chinese A-share market is likely to occur Xiangcai Securities chief economist at Golden Rock described as However, such a turn for the better when it is in the. Of the Taiwan stock market rose 80% within a year, then fell 76% in one year; March 2001, the Nasdaq nosedive a year fell to 1,800 points from 5,100 points, followed for six months fell to 1,200 points.
no one wants to see a similar phenomenon occurred in the Chinese market.
2 月 6 day which is an hour that the Shanghai index slid 71 points to 2541 points. This is close to the adjustment of the legendary 2500 target point. However, the stock market declines seem to have no stop signs. 10: 30, came news of China Securities Regulatory Commission, 5 the Fund approved the company's new products.
2 7 December, the Fund redeemed unilateral change in the state, many fund companies into Jing Shengou. Shanghai and Shenzhen stock index followed reversal.
crisis has not yet eradicated
crisis triggered by the Fund for redemption does not eradicated.
promote major factor in this round of stock prices is the Chinese stock market after the share reform of the
to October 2006, beginning when compared with the stock market index rose by more than 50% of the price-earnings ratio of Chinese A shares rose 22 times from about 14 times, but by January 2007, A shares have 32 times the average price-earnings ratio so,
burberry bags, the highest in the forefront of the world's stock markets.
2007 年 1 month, economist Wu Jinglian that excess liquidity in China, at least 30 trillion yuan of hot money making waves in the market., The former Morgan Stanley economist Andy Xie, chief Asia-Pacific also proposed a January 30,
paul smith sale, Cheng Siwei, vice chairman of National People's Congress - China said at the meeting in Dongfeng, China's stock market is a bubble,
quietly out of the hands of government regulation.
2006 year, the Government has started the supply of funds and publicity from the two levels of regulation of the stock market rising rhythm.
2006 年 12 months, the China Securities Regulatory Commission to suspend issuance of the approval of stock funds, the CBRC is strictly prohibited bank loans into the stock market, and even SASAC Director Li Rongrong also emphasized that state-owned enterprises have been allowed to play the stock market listing. In early 2007, the central bank to raise deposit reserve ratio that the inter-bank interest rates continue to rise, interest rates have heard rumors.
China Securities Regulatory Commission Chairman Shang Fulin and the National Bureau of Statistics, in public, Xie their tips stock market risk to the public, mobilize fund companies preach the risk of investment funds. China's State Information Center, Fan Jianping, director of forecasting, said:
1 31, the stock market hit the biggest decline since 1999, which triggered a large-scale redemptions, although only a short 5 days, but almost triggered the collapse crisis.
fell under the hand of government regulation of a subtle change. Suppression and rescue at the edge of the stock market regulators weigh chose this time to save.
China Securities Regulatory Commission released the first split of the Fund's approval, within just a week, Bank of Communications Schroder have selected, easy to grow and build positive side of the letter of lasting value only to fund spin-off plan approved more than 2 6, the CSRC approved the Fund announced five new issue, and the organization of brokers and fund companies to discuss the current market adjustment.
At this point, the Commission announced the suspension of new funds from the issue, but for 1 month.
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