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China's financial markets: an insider's guide to how the markets work

Author: Neftci, Salih N. ; Ménager-Xu, Michelle YuanPublisher: Elsevier, 2007. ; Academic Press, 2007.Language: EnglishDescription: 400 p. : Graphs ; 22 cm. includes CD-ROM / DVDISBN: 0120885808Type of document: BookNote: CD available inside back coverBibliography/Index: Includes bibliographical references and index
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Item type Current location Collection Call number Status Notes Date due Barcode Item holds
Book Europe Campus
Main Collection
Print HG4538.42 .C4 C45 2007
(Browse shelf)
001221203
Available CD available inside back cover 001221203
Total holds: 0

CD available inside back cover

Includes bibliographical references and index

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China's Financial Markets An Insider's Guide to How the Markets Work Contents Preface About the Contributors About the Editors 1. An Overview of China's Financial Markets Liu Lisheng 1.1 Overview of China's Financial Markets 1.2 The Stock Market 1.3 The Opening Up of the Securities Industry 1.4 Securities Offerings 1.5 The Bond Market 1.6 Securities Exchanges 1.7 Listed Companies 1.8 Securities Companies 1.9 Securities Depositories and Clearing 1.10 Investment Funds 1.11 Qualified Foreign Institutional Investors (QFIIs) 1.12 Other Major Institutional Investors 1.13 Stock Exchanges 1.14 Futures Markets 1.15 Legal Framework 1.16 Regulatory System and Organizational Structure 1.17 Conclusions Appendix: Contacts xi xii xv 1 1 2 4 7 11 12 15 18 19 21 23 24 26 27 31 32 32 34 vi Contents PART I China's Money and Foreign Exchange Markets 2. China's Money Markets Zheng Xu 2.1 Structure 2.2 History and Statistics 2.3 REPO (Outright Repo) Market 2.4 Bond Market 2.5 Bills Market 2.6 Regulation and Supervision 2.7 The People's Bank of China 2.8 Monetary Policy 2.9 Market Practice 2.10 Some Current Problems 2.11 Conclusions References 3. China's Money Markets: Policies and the Banks Thom Thurston 3.1 Introduction 3.2 Bonds: Spot and Repo 3.3 Central Bank Bills 3.4 Bonds and Monetary Policy 3.5 Acceptances and Commercial Paper 3.6 Foreign Participation in Securities 3.7 Commercial Banking 3.8 Conclusions References Appendix: An Overview of China's Banks 4. China's Foreign Exchange Markets Le Yan 4.1 China's Foreign Exchange Controls 4.2 A History of China's Foreign Exchange System 4.3 The Exchange Rate Regime 4.4 China's Foreign Exchange Market 4.5 The "Other" Foreign Exchange Market 4.6 Conclusions Appendix: Currency Swaps 37 41 41 45 50 58 65 68 68 72 74 78 84 85 87 87 91 95 96 99 101 101 105 106 106 113 113 114 116 120 132 133 134 Contents Vii PART II China's Bond Markets 5. China's Bond Market Le Jiachun 5.1 Structure of China's Bond Market 5.2 Statistics and Figures 5.3 Regulation and Supervision 5.4 Trading in China's Bond Market 5.5 Conclusions References 135 137 137 152 158 160 168 168 6. China's Convertible Bond Market Liu Qiang 6.1 Introduction 6.2 Development of the Market 6.3 The Data 6.4 Convertible Holders and Market Players 6.5 Convertible Bonds versus Stock Or Corporate Debts 6.6 Conclusions 171 171 172 174 179 183 184 PART III China's Equity Markets 7. China's Stock Market Tan Wentao 7.1 Introduction 7.2 Structure of the Chinese Stock Market 7.3 Regulation 7.4 Special Characteristics of the Chinese Stock Market 7.5 Some Special Characteristics of the Chinese Stock Market 7.6 Weak Market Foundations 7.7 Financial Distress and Brokerages 7.8 Conclusions References 187 189 189 190 197 200 207 208 211 214 214 Viii 8. A History of China's Stock Markets Tan Wentao 8.1 Graphical Overview 8.2 First Phase: The Stock Market Is Born 8.3 Second Phase: Rapid Growth 8.4 Third Phase: Enforcing Regulations 8.5 Fourth Phase: The Speculative Bubble 8.6 Current Period 8.7 State-Owned Share Liquidation 8.8 Conclusions References Contents 215 215 218 218 223 225 227 232 235 236 PART IV China's Futures and Derivatives Markets 9. China's Futures Markets Tan Wentao 9.1 Futures Exchanges 9.2 Main players 9.3 Regulation 9.4 Historical Review 9.5 Third Stage: 1998-2001 9.6 Fourth Stage: 2002­Present 9.7 Some Existing Problems 9.8 Future Developments 9.9 Conclusions 237 239 239 243 245 247 255 256 257 260 263 10. China's Derivatives Markets Michelle Yuan Menager-Xu 10.1 Introduction 10.2 The Rules 10.3 Regulation 10.4 Old Ways 10.5 New Rules in FX Derivatives 10.6 Futures Markets 10.7 Interest Rate Derivatives 10.8 Securitization 265 265 266 266 267 267 268 269 271 Contents ix 10.9 Conclusions 10.9 References 274 275 PART V China's Mortgage, Insurance, and the Funds Industry 11. China's Mortgage and Housing Market Wu Xuchuan 11.1 Overview 11.2 Real Estate Market 11.3 The Situation in the Real Estate Market 11.4 History 11.5 Development of the Mortgage Market 11.6 Basic Parameters of the Mortgage Market 11.7 Reasons Contributing to the Rapid Development of Mortgages 11.8 Risks in the Current Real Estate Market 11.9 Conclusions: The Future Appendix 12. China's Insurance Market Guan Lin and Michelle Yuan Menager-Xu 12.1 Introduction 12.2 Current Parameters 12.3 Market Players 12.4 Reinsurance Companies 12.5 Brokers and Agencies 12.6 Marketing Channels 12.7 Investment Management 12.8 Challenges 12.9 Future Prospects References Appendix 13. Investment Funds in China Mu Xianjie 13.1 History and Introduction 13.2 Securities Investment Funds 277 279 279 280 280 286 287 289 294 298 300 303 307 307 311 316 319 319 326 330 333 334 335 336 337 337 340 x 13.3 Trust Funds 13.4 Private Funds 13.5 Regulations 13.6 Types of Funds 13.7 Problems and Future Trends 13.8 Conclusions References List of Figures List of Tables Index On enclosed CD-ROM: Chinese Financial Regulations (see inside back cover) Regulation 1--Access of Banking Institutions to National Interbank Lending Market Regulation 2--Bond Forward Trading on the National Interbank Bond Market Regulation 3--Financial Bonds on the National Interbank Bond Market Regulation 4--The Bankcard Industry Regulation 5--Short-term Financing Bills Regulation 6--Administration of the Issuance of RMB Bonds Regulation 7--Administration Rules for Pilot Securitization of Credit Assets Regulation 8--Lending Interest Rates of Financial Institutions Regulation 9--Management Guidance for Commercial Bank Mortgages For updates on regulations and statistical data on the Chinese financial markets, please go to the site: www.ruiji-regis.com Contents 357 360 361 363 374 376 377 379 383 386

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