China completes draft plan for stock issuance reformWord文件下载.docx
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China completes draft plan for stock issuance reformWord文件下载.docx
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CSRCledthedraftingofthereformplan,withparticipationbymultiplesagenciesincludingtheNationalDevelopmentandReformCommission,MinistryofFinance,andthecentralbank,Zhangsaid.
Underthecurrentapproval-basedIPOsystem,newlylistedcandidatesoftenexperienceacomplicatedapplicationprocessthatcantakemultipleroundsofreviewsandseveralyearstoreceiveapprovalfromtheCSRC,whiletheregistration-basedIPOsystemwillfocusoncompanies'
compliancereviewandbemarket-orientedandmoretransparent.
ToyotaMotorCorpsaidonThursdayitwouldrecall57,000vehiclesgloballytoreplacepotentiallydeadlyairbagsmadebyTakataCorp,asasafetycrisisaroundtheJapaneseautopartsmakerlooksfarfrombeingcontained.
Toyota'
sactionfollowsarecallbyrivalHondaMotorCoameproblemtwoweeksagoafterrevelationsofafifthdeath,inMalaysia,linkedtoTakata'
sairbaginflator.Morethan16millionvehicleshavebeenrecalledworldwidesince2008overTakata'
sairbaginflators,whichcanexplodewithtoomuchforceandspraymetalfragmentsintothecar.
ToyotaisrecallingsomeVitzsubcompacts,calledYarisinsomemarkets,andRAV4crossovermodelsmadebetweenDecember2002andMarch2004.About40,000areinJapan,6,000inEuropeandtherestinothermarketsoutsideNorthAmerica.Toyotasaiditwasnotawareofanyinjuryordeathrelatedtotherecall.
Separately,Toyota'
ssmall-carsubsidiaryDaihatsuMotorCoalsoissuedarecall,inJapan,of27,571MiraminivehiclesproducedbetweenDecember2002andMay2003forthesamereason-itsfirstrecallinvolvingTakatainflators.
About2.6millionvehicleshavebeenrecalledinJapansofarforTakata'
sairbaginflators,atransportministryofficialsaid.
Takata-relatedrecallsarealmostcertaintoballoonafterUSsafetyregulatorsonWednesdayorderedthecompanytoexpandaregionalrecallofdriver-sideairbagstocovertheentireUnitedStates,notjusthotandhumidareaswheretheairbaginflatorsarethoughttobecomemorevolatile.
Takatahassofarresistedexpandingtherecall,sayingthatcoulddivertreplacementpartsawayfromthehigh-humidityregionsthatneedthemmost.
AvisitorisreflectedinaToyotaMotorCorp'
svehicledisplayedatthecompany'
sshowroominTokyoSept26,2012.[Photo/Agencies]
China'
scross-bordertradesettledintheyuanwilllikelydoubleinthenextfivetosevenyears,whichwillgenerateopportunitiesforfinancialinstitutionsinoffshoremarketsforthecurrency,aseniormonetaryofficialfromHongKongsaidonFriday.
ChanTak-lam,chiefexecutiveoftheHongKongMonetaryAuthority,saidthatheexpectedfinancialinstitutionsinHongKongtointroducemoreyuan-denominatedproductstomeetinvestors'
demandfortheyuan.
Salesofproductssuchasexchange-tradedfundsassociatedwiththeChinesemainland'
sA-sharemarketaregrowingrapidly,hesaid.
Yuan-denominatedforeigntradeaccountsfor15to20percentofthecountry'
stotaltradeandthatpercentagewilllikelyriseto40to50percent,indicatingmoreacceptanceoftheyuanamonginternationaltradersandinvestors,ChantoldanewsconferenceinBeijingaftermeetingwithmainlandregulators.
FromJanuarytoOctober,yuan-denominatedtradesettlementinHongKonggrewsignificantly.Offshoreyuantradingdoubledtotheequivalentof$30billioninthesameperiod,Chansaid.
DemandforoffshoreyuanincreasedafterlastMonday'
slaunchofthelandmarkstocktradingprogramthatlinksShanghaiandHongKong.Tomeetrisingdemand,theHongKongregulatorremovedthedailyconversionlimitof20,000yuan($3,262)foritsresidents.
Chancalledforanexpansionofquotasfortherenminbiqualifiedinstitutionalinvestorprogram,whichallowscertainoverseasinstitutionstouseyuantoinvestinthemainland'
scapitalmarket.
Thecurrentquotaof270billionyuanallocatedtoHongKongcannolongermeetdemandandtheregionhopedthatmainlandregulatorswouldraisethequotaassoonaspossible,hesaid.
ChansaidtheHKMAhadreceived"
apositiveresponse"
ontheissuefromthemainland'
smonetaryauthorities.
InHongKong,theworld'
slargestoffshoreyuanmarket,depositsofthecurrencyhaveexceeded1.1trillionyuan,abouthalfofthetotaloffshoreyuanglobally.
ChansaidHongKongdidnotanticipateadirectthreatfromtheriseofotherinternationalyuanclearingandsettlementcenterssuchasLondonandSingapore.
"
Ourrelationshipwithotheroffshoreyuancentersisamutuallybeneficialoneasweintendtojointlygrowthepieofyuanbusiness,"
hesaid.
RandallKroszner,aprofessorattheUniversityofChicago'
sBoothSchoolofBusiness,saidthatChinaneedstocontinuetoliberalizeitscapitalmarketinthedirectionoffullconvertibilityofitscurrency.
Thenationalsoneedstoimprovethetransparencyandpredictabilityofitsfinancialinstitutionstofosterlong-terminvestmentratherthanshort-termspeculationinvolvingitscurrency.
AcurrencyexchangeboothinHongKong.Thespecialadministrativeregionistheworld'
slargestoffshoreyuanmarket,wheredepositsofthecurrencyhaveexceeded1.1trillionyuan,abouthalfofthetotaloffshoreyuanglobally.
Chancalledforanexpansionofquotasfortherenminbiqualifiedinstitutionalinvestorprogram,whichallowscertainoverseasinstitutionstouseyuantoinv
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