Investment Banks Take The Opportunity To Search The Air When They Are Empty.

Like P, China has the same data. For this year, China's economic growth rate is over 8.6%, while others underestimate it to 6.9%.

The mystery is worth pondering.

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< p > < strong > paradoxical investment bank < /strong > /p >

< p > is it the difference between economists' valuation models that lead to such a big difference? "What is model (model)?" an economist from an international investment bank recently revealed to reporters that "some investment banks want to do marketing (market promotion). Extreme optimism and empty interest are all the needs of potential investors in the market."

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P says that China has changed so fast that economists who studied China ten years ago had a minimum depreciation rate of 30% per year.

"Now we are mainly looking at a few pieces of data, such as shadow banking, local debt, import and export, investment, and foreign exchange reserves," he said. "Look at 8.6% and 6.9%, it is estimated that there will be many queries on the side of customers."

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< p > for international investment banks, customers, namely buyers, are mainly institutional investors such as funds and pension.

As a seller, international investment banks should provide timely information and in-depth analysis, and help clients to visit "one line and three meetings" (the central bank, the Securities Regulatory Commission, the Banking Regulatory Commission and the CIRC).

"Although all of them are similar, the credibility of a live report is even higher."

The analyst said.

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< p > this spirit of wholeheartedly serving customers is not the "culture" of every investment bank.

Last March, Greg Smith, a former executive of Goldman Sachs, said in his article "why I left Goldman Sachs" that maximizing the exploitation of customers has replaced the tradition of customer interest supremacy to become the corporate culture of Goldman Sachs, Greg Smith.

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< p > business of proprietary sector has become a platform for clients to gain high profits from gambling.

Some media found that when the empty market led to the market downturn, its own sector could take the opportunity to copy the bottom.

But the economists stressed to reporters: "what we write is what we believe in, and we will not see it in advance, and there will be fewer and fewer proprietary businesses in investment banks."

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< p > < strong > > a href= "http://www.91se91.com/news/index_c.asp" > stock market < /a > short China < /strong > /p >

< p > it is undeniable that almost all international investment banks have expressed concern about the short term problems of China's economy: shadow banking, local debt, dependence on export bottlenecks, pformation from investment to consumption driven, and these worries are not without reason.

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< p > international investors' attitude towards China has been divided: there are mostly O'neal and Chanos.

The 19 page press release released by Charles last year claimed that China's financial crisis had begun, and that the Domino dominoes seemed to have collapsed and that the real estate bubble would accelerate and explode under the stimulus of the shadow banking system.

He has repeatedly told the media that he has been doing a lot of real estate related industries and Chinese banking in the Hongkong market.

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< p > because the mainland stock index futures are not fully open to foreign investors, QFII (qualified foreign institutional investors) can only engage in hedging pactions. Foreign capital shorting is mainly carried out in Hongkong and overseas markets, including short selling by direct borrowing, selling options, warrants and other derivatives to sell short.

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< p > yesterday, Hong Kong shares sold short selling amount of HK $6 billion 374 million, and another 8 million 990 thousand yuan short selling. The short selling ratio was 9.54%, that is, 100 of the 100 shares were sold for about 10 shares.

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< p > it is worth noting that A50 is the first place in 02823.HK.

A50 is the largest A share ETF of Hong Kong stock, which indirectly sells short A shares through short selling.

With the diversification of RQFII (RMB qualified foreign institutional investors), more hedge funds choose to use RQFII ETF designed to sell short A shares.

Among them, the southern A50 (02822.HK) has been ranked short selling third.

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< p > overseas voice is strong, Hengsheng H-share financial industry index returns to -11.64% from the beginning of this year, and the Hang Seng index is -9.08%, which is significantly lower than the Hang Seng Index -2.7% return.

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< p > strong > speculation > a href= "http://www.91se91.com/news/index_c.asp" > RMB < /a > /strong > /p >

Since P > 2, the RMB exchange rate has been unexpectedly devalued, breaking the market expectation of the one-way appreciation of the RMB.

Since 2005, the yuan has risen by 33%. A large number of domestic and foreign funds have been betting on the appreciation of the renminbi.

Morgan Stanley reported that the Hongkong market had more than $500 billion in position to bet on Renminbi appreciation through various unsecured derivatives.

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Chinese enterprises represented by real estate enterprises have been financing in the US dollar market in Hongkong, China and other overseas markets, < p >.

In the appreciation of the RMB channel, the cost of financing can be fully covered by the appreciation of RMB appreciation.

According to UBS estimates, in the past year, mainland enterprises have acquired about 200 billion US dollars in loans in China's Hongkong and Singapore, of which US $170 billion has been repatriation to the mainland to enjoy higher interest rates in China, resulting in double arbitrage pactions with spreads and spreads.

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After the implementation of < a href= "http://www.91se91.com/news/index_c.asp" > quantitative easing > /a >, the RMB yen interest rate trading began to prevail in Japan. < p >

Haitong international research report said that the cost of Japanese yen's withdrawal is only 0~0.25%, and RMB yen to interest spread trading can get a 3% interest rate and 4% annual earnings brought by the appreciation of 1% yuan.

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< p > but since February 17th, the RMB exchange rate against the US dollar has fallen for ten consecutive days. The sharp depreciation of the RMB in the current round of adjustment has confirmed the two-way volatility of the RMB. Hu Yifan, chief economist of Haitong international, said that this is conducive to the central bank's suppression of speculation and paved the way for the future expansion of the RMB floating zone and the marketization of the RMB exchange rate.

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< p > Hu Yifan pointed out that the market is worried about China's sluggish macroeconomic data, the plight of China's trust industry and the problems of banking and shadow banking.

These worries have caused short selling of the renminbi, and have been rapidly amplified by the liquidation of heavily leveraged large Renminbi products under the pressure of devaluation.

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< p > a RMB fund manager told reporters that there have been short hedge funds in the market. The increase in the Yuan's volatility now means more opportunities for them.

With the downward trend of China's capital yield and rising risk, there will be more fixed income and IMF has the power to short the RMB.

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