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FAQs
  • 1How to compare the valuation point of a curve with that of all the members?

     

        如果希翼比较2006年12月20日的银行间固定利率国债收益率曲线与成员对国债收益率全部估值点之间的关系,可按如下操作实现:

    1.在“曲线名称”中选择 银行间固定利率国债收益率曲线

    2.在“坐标类型”中选择 x-y坐标

    3.在“日期”栏选择 2006/12/20

    4. 在“参考点”栏中选择 全部成员估值点

    5.点击“查询” 

     

  • 2How to compare the yield of the same curve at different time points?

     

        如果希翼比较银行间固定利率国债收益率曲线在2006年12月1日、2006年12月2日和2006年12月8日(最多可比较6个不同时间点)的收益率,可按如下操作实现:

    1.在“曲线名称”中选择 银行间固定利率国债收益率曲线

    2.在“坐标类型”中选择 x-y坐标多时间点

    3.在“日期”栏选择 2006/12/01、2006/12/02、2006/12/08(最多6个不同时间点)

    4.点击“查询” 

     


     

  • 3How to display the point difference between two different curves?

     

        如果在比较2006年12月20日银行间固定利率国债收益率曲线与银行间固定利率政策性金融债收益率曲线时,还希翼同时显示该两条线的点差,可按如下操作实现:

        1.在“曲线名称”中选择 银行间固定利率国债收益率曲线 与 银行间固定利率政策性金融债收益率曲线;

        2.在“坐标类型”中选择 x-y坐标

        3.在“日期”栏选择 2006/12/20

        4.在“参考点”栏中选择 点差(仅适用于比较两条不同曲线)

        5.点击“查询”


     

  • 4 How to compare the different curves of the same working day?

     

        如想比较2006年12月20日银行间固定利率国债收益率曲线与银行间固定利率政策性金融债收益率曲线,可按如下操作实现:

        1.在“曲线名称”中选择 银行间固定利率国债收益率曲线 与 银行间固定利率政策性金融债收益率曲线;

        2.在“坐标类型”中选择 x-y坐标

        3.在“日期”栏选择 2006/12/20

        4.点击“查询”

     


     

  • 5What can we do if we do not find the yield curve and the graphics of index?

        如果在收益率曲线和指数的页面看不到显示的收益率曲线图形,请您在该页面的左下角或者云顶信息网4118ccm云顶集团“用户登录”处下载并安装J2SE Runtime Enviroment(JRE)控件。

     

     

  • 6What is the difference between saving government bonds and certificate government bonds?

    It was reported at the end of September that the Ministry of Finance (MOF) possibly launches saving government bonds in the beginning of March, 2006, and it is hoped that this government variety in consistent with international standard can replace the existing certificate government bonds. So, what's the difference between the saving government bonds and certificate government bonds?

    The certificate bonds were launched by MOF in 1994, mainly for individual investors. For such bonds, it is requested to record the name of buyer, offering rate, amount of subscription and other content in the “receipt voucher of certificate government bonds”.

    The saving bond which has experienced many years in the western countries is a kind of bond designed and issued by MOF to meet the long-term savings investment needs of individuals with more emphasis on savings function. At present, with American saving bonds as the representative internationally, it is a long-term government bonds issued by MOF of the United States for its domestic individual investors.

    At present, the certificate government bonds in our country is generally issued targeting the public through the subordinate business outlets of commercial banks and postal savings departments of Postal Savings Bank that have achieved the qualification of underwriting syndicate. During the issuance period, investors can buy the bonds at the business outlets of these institutions. As a member of the underwriting syndicate, the commercial banks take the underwriting approach to sell the bonds to the public, firstly make payment to MOF on the underwriting amount of bonds, and then issue the certificate government bonds.

    The U.S. saving government bonds are issued and cashed by all the government authorities with the authorization of MOF and more than 40,000 financial institutions. The individual investors can buy the bonds “whenever and wherever possible” through all kinds of convenient means including the OTC trading of financial institutions (such as the National Debt Bureau of Ministry of Finance, banks, savings outlets and American Savings and Loan Association etc), wages automatic deduction plan, direct trading online etc.

    From the perspective of offering period and payment, circulation way, the certificate government bonds in China include only three kinds of intermediate-term government bonds of 2-year, 3-year, 5-year Treasury notes which can be registered, and reported if lost, but cannot be traded in the market. If the investors need encashment, they can redeem the bonds in advance at the original outlets, including the repayment of principal and interests calculated according to the actual number of days held and the corresponding interest rate.

    And the saving government bonds with longer duration generally can meet the needs of individual’s long-term savings investment. For example, the U.S. saving government bonds are generally long-term bonds with 10-30 years period, which are divided into three series, namely I, EE, and HH, and also cannot be traded and transferred. And with a certain interest-penalty provision for advance encashment, the bonds cannot be cashed in advance until the holding period exceeds 6 months. If the holding time exceeds 5 years, the investors can achieved all the proceeds as of the time without any loss. When investors need encashment, they can handle advance encashment at any proxy institution. The encashment amount of saving bonds are paid in cascade way, finally direct payment by MOF, therefore there is no principal risk.

    As for the rate determination and interest calculation of the certificate government bond in China, it is determined in accordance with the savings deposit interest rate of commercial banks in the same period, usually slightly higher than the after-tax yield of savings deposit in same period, and the bonds are issued at par. The simple interest way will be taken with fixed rate in the existence period of bonds, and repayment of principal and interest for one time at maturity.

    The interest rate of saving government bonds in the United States is determined according to the market benchmark interest rate, with bonds offering at par and discount, and comparatively market-oriented coupon rate. The bonds with compound interest and regular fluctuations in the duration help investors avoid interest rate risk.

    In addition, the interest income of certificate government bonds of China is free from income tax, while the interest income of saving government bonds of the United States is free from the state and local income tax instead of the federal income tax.

  • 7Rules-based proxy sales for electronic saving government bonds

    Yesterday, MOF and the People’s Bank of China (PBC) jointly issued the Pilot Administrative Measures for Proxy Sales of (Electronic-type) Saving Government Bonds (Trial), which indicates that the long-planned electronic saving government bonds is upcoming.

    The electronic saving government bonds mentioned in the Administrative Measures refer to the non-tradable RMB bonds which are issued by MOF in China to record the creditor’s right in electronic way, and which are sold for the individual investors through the pilot commercial banks.

    According to regulations, when a investor purchases the electronic saving government bonds, he/she should specify a RMB settlement account in the individual government bonds account-opening bank as the capital settlement account of individual government bond account, and the account opener of capital settlement account and individual government bond account should be the same person. All business shall be handled on the basis of electronic saving government bond with 100 Yuan as unit, and the minimum and maximum subscription limit should be set for the single individual government bond according to single offering of government bonds.

    The first batch of saving government bonds (electronic type) proxy sale pilot commercial banks include Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, China Merchants Bank and Bank of Beijing.

  • 8Seven banks share the proxy sale of recently-pilot electronic saving government bonds

    Yesterday, MOF and PBC announced the Pilot Administrative Measures for Proxy Sales of (Electronic-type) Saving Government Bonds (Trial, and will carry out pilot work of saving government bonds in the near future. The seven commercial banks shall become the first batch of saving government bonds (electronic type) proxy sale pilot banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, China Merchants Bank and Bank of Beijing.

    The saving government bonds refer to the non-tradable RMB bonds which are issued by MOF in China to record the creditor’s right in electronic way, and which are sold for the individual investors through the pilot commercial banks.

    The head of Government Bonds Issuance and Encashment Administrative Section of Treasury Department of MOF has ever said, "strictly speaking, saving government bond is not a new variety of government bond, and the certificate government bond issued currently is actually a variety of saving government bond." However, the saving government bond features it major feature to be issued only for individuals.

    According to the provision of the Measures, the saving government bond shall bear interest from the date of issuance, with two interest payment methods including repayment of principal with interest and regular payment of interest. During the pilot period of saving government bonds, MOF will firstly launch two varieties, namely fixed-rate-fixed-period and fixed-rate-variable-period bonds. The Measures also stipulates that an investor is only allowed to open one account in the same pilot commercial bank.

    All business shall be based on the saving government bond with 100 Yuan as subscription and redemption unit, and the minimum and maximum subscription limit should be set for the single individual government bond according to single offering of government bonds. "The subscription and redemption unit gives full consideration to the savings structure of current residents, while the limit setting reflects the difference between saving government bonds and household savings," an industry insider said, "the saving government bonds will become another choice of household savings, which will also enable the issuance of government bonds to be more flexible."

    The Measures were implemented from March 21 this year.

  • 9Five changes in the management of government bonds

    Report from our correspondent, the government bond management in China has experienced a process of continuous improvement and perfection from the recovery of government bonds in 1981 to now, and the government bond market has made considerable progress on the basis of openness and fairness, with expanding scale and continuous introduction of innovative measures. A few days ago, in the mobilization meeting of national saving government bonds (electronic type) proxy sale pilot work held in Hangzhou, Mr. Zhan Jingtao, the head of Treasury Department of MOF summarized the characteristics of government bond management work as follows:

    First, constantly expanding the offering size of government bonds and greatly improving the market-based degree. The offering size of government bonds increases from 4.9 billion Yuan in 1981 to 704.2 billion Yuan in 2005, with the balance of government bonds over 3 trillion Yuan at the end of 2005, accounting for 17% of GDP in the year. The offering mode of government bonds developed from the administrative distribution in the 1980s to the underwriting mode in the beginning of 1990s and then to the current underwriting mode of syndicate member, and all book-entry government bonds are issued to the public through public bidding. With strong support and cooperation of the relevant authorities of central government, MOF comprehensively utilizes internationally-accepted Dutch bidding and American bidding mode to create a hybrid bidding mode in line with the China's actual condition, and continuously explores and perfects all kinds of government bonds bidding modes, which causes the market-oriented degree of government bond management to be improved continuously.

    Second, constantly enriching the varieties of government bonds and increasingly strengthening the benchmark role of the market. The varieties of government bonds are gradually standardized as two major varieties – saving government bond mainly targeting individual investors and book-entry government bond mainly targeting institutional investors, including both fixed rate and floating rate bonds, and both short-term bond below 1 year and ultra long-term bond for 30 years. China has now become one of the few countries to issue ultra long-term government bonds in the world.

    Third, vigorously developing the trading market of government bonds. Three mutually complementary markets have been established such as inter-bank market, stock exchange market, and book-entry government bond OTC trading market of pilot commercial banks, with trading size of government bonds in the three markets up to 10.8734 trillion Yuan in 2005. The trading varieties include spot bond trading, pledged repo and buy-out repo and forward transactions.

    Fourth, constantly improving the transparency of government bond management. Each year, MOF releases in advance the annual offering plan of key-term government bonds, and take measures such as organizing quarterly financing meeting to fully communicate with the market, and releases in advance the quarterly offering plan of book-entry government bonds.

    Fifth, constantly improving the information-oriented level of government bond management. We have established and constantly improved the remote issuance bidding system and advance redemption bidding system of book-entry government bonds, and developed government information management system and other systems for constantly improving the information management level in the government management work.

    The government bond is playing more and more important role in the macroeconomic management. In 1998-2005, the central government issued a total of about 4.355 trillion Yuan of government bonds, of which 990 billion Yuan of long-term construction government bonds are used for the construction of major infrastructure projects which relate to the overall situation of national economic development with result of driving the social investment especially the follow-up of private capital, boosting GDP growth of 1.5-2%, and directly creating millions of employment opportunities, promoting the adjustment of economic structure and vigorously facilitating the steady and rapid development of economy.

  • 10Electronic saving bonds are "coming up"

    Hangzhou in May is full of green with fresh and pleasant climate. In 24 - 27, nearly 300 delegates from MOF, PBC and China Central Depository and Clearing Co., Ltd, and 7 commercial banks gathered here to participate in the mobilization meeting of national saving government bonds (electronic-type) proxy sale pilot work. Unlike in the past, MOF and PBC jointly hosted the meeting which featured not only big size, many involved authorities and units, but also that the principal heads of two authorities in charge of government bond offering made speeches in the meeting. "For this situation, it was rare in the past," said a delegate who has attended the government bond conference for several times.

    Corresponding to the form of the grand meeting, the importance of the meeting reflects in the content. The electronic saving government bond is coming up, which not only closely links to hundreds of millions of urban and rural residents, but also aims at 15 trillion Yuan of household deposits. The people concerned predict that saving government bond (electronic-type) is expected to become one of the most popular investment varieties of people with its advantages such as more convenient purchase channels, more scientific and safe record of creditor's rights, and more abundant investment varieties etc.

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