The Chinese stock market and the foreign exchange market fell on Monday (August 14), highlighting the good news of the official introduction of the "24 articles attracting foreign capital", which was unable to reach the impact of market confidence in the financial crisis in the financial crisis.The analysis pointed out that the official policy is like "slow -stewing medicine". It focuses on the medium and long -term efforts. Investors must make a good preparation for the market for a short period of time.
Under the leading of real estate stocks, the Lukang stock market opened low and low on Monday on Monday, and gradually rebounded after the afternoon but failed to reverse the decline.After the Shanghai -Shenzhen 300 index fell 3.4 % last week, it fell 0.73 % to 3855.91 points on Monday; the Hang Seng Index fell below the 19,000 mark, closing 1.58 % to 18773.55 points.At this point, the stock indexes of the two places will vomit the increase since the Politburo meeting of the Communist Party of China on July 24.
Country Garden, which caused the market to shock, has a record low of 18.37 % to HK $ 0.8 (S $ 0.14) throughout the day, which has made the stock price declined by more than 70 % this year.Drag by the diving price of Country Garden's stock price, the Mainland Real Estate Index in Hang Seng fell 3.66%on Monday.
Country Garden first confirmed that the interest of the US dollar debt that could not be paid could not be paid last week, and then disclosed that it was expected to occur in the first half of the year.On the evening of Saturday (12th), Country Garden announced that 11 under China bonds have suspended trading this week, exacerbating investors 'concerns about the risk of housing companies' debt.
Analysts of rating agency Moody ’s warned in the report that Country Garden's credit dilemma is likely to spread and spread to China's real estate and financial markets.Chinese economist Ren Zeping also published a post last Friday call for "help Country Garden", saying that this is the need to keep the financial risk and the bottom line of the people's livelihood.
On the other hand, economic data continued to weaken, and the restrictions on investment in the United States in China have weakened the RMB exchange rate.The RMB against the US dollar fell below the 7.26 mark on Monday morning, the first time since June 30; the offshore RMB to the US dollar was approaching the 7.28 mark.According to data from Bloomberg, as of 9:00 that night, the RMB against the US dollar was 7.2620, and the offshore RMB against the US dollar was 7.2846.
The new RMB loan announced in July last Friday fell to the lowest level since 2009, and the increase in social financing has also fallen to a new low since July 2017, indicating that consumption and investment confidence have weakened.
The State Council of China issued 24 measures to attract foreign investment Sunday, including ensuring national treatment of foreign -invested enterprises, guaranteeing foreign enterprises to participate in government procurement activities in accordance with the law, equal participation in standard formulation and enjoying support policies.
Jens Eskelund, chairman of the Chinese EU Chamber of Commerce, bluntly said earlier this month that "promise fatigue" has appeared in foreign companies in China, and the official private economy stimulus policy is not enough to help foreign companies.When the EU Chamber of Commerce responded on Monday, Lianhe Zaobao asked that if the "24 Articles" can be implemented in time, coordinated and consistently, it will greatly boost business confidence."Published a detailed implementation guide is an extremely important part in this process."
Chen Chunjiang, assistant to the Minister of Commerce of China, promised at the press conference on the same day that the Ministry of Commerce will ensure that various policies are "landing and blooming", including research to promote the reasonable reduction in the negative listInvestment restrictions.
Fu Fangjian, an associate professor of Li Guangqian Business School of Singaporean Management University, pointed out that investors still pay more attention to short -term interests, and a series of policies recently issued by the official are mainly focused on improving the economic structure in the medium and long term and improving the quality of development.The medicine is not so effective. "
Fu Fangjian uses real estate as an example. If the central government rescue head real estate companies such as Evergrande and Country Garden, it can quickly boost investor confidence.However, although the official has recently released signals as a loosening of the property market, it is still targeted, rather than general stimuli."From this point of view, the government is unlikely to rescue real estate companies directly. Various policies need to survive for one or two months. Prior to this, the market will still fall in shock."
