Number:8)12
RMB appreciationAThe one of solid reason of share. HKD the contact for U.S. dollar of implement the system of exchange rate, as RMB is for the unceasing appreciation of U.S. dollar , HKD also devalues constantly for RMB. This has two completely different influences for the stock market of Hong Kong:
1, negative
The stock2007Annual second half of the year absolutely strike back , and wound makes new high, tendency obvious winner in American the stock market, this and continent " the Hong Kong's share vehicle of straight line" andQDIIFund expect into city that there is direct relation. Though, the Hong Kong's share vehicle of straight line has not now been formal and open-minded to make clear date table, but inland fund enters the stock market of Hong Kong through various channels , is for the support of Hong Kong's share with promotion role cannot little Qu, the expectation of the market of Hong Kong for these funds forms advantage also for Hong Kong's share well.
But what HKD is carried7.8:1Exchange rate get7.75-7.85:1, when HKD appreciation breaks through upper limit, the golden pipe department of Hong Kong will suppress HKD into city intervention, is for the appreciation of U.S. dollar. RMB since since remit to alter , appreciate continuously steadily for U.S. dollar, nature, HKD stabilizes devaluation continuously relative to RMB.2007In year, range2006Year, and there are
So, inland fund enters the2007In year, HKD is6Year1.0024:1, devaluing7Year0.9364:1, devalue6.58%. If be in bull market , this some loss is insignificant relative to the profit of stock rising, however if in balanced city, it is even bear market, the profit of stock rising has the loss of greater not definite, HKD devaluation but being definite, so not only, part has been quited into the inland fund of city for the loss that avoids HKD devaluation, partial inland investors can also give up the plan that enters the stock market of Hong Kong.
Obviously, HKD is for the devaluation of RMB , for port the stock market site is advantage leaves empty. The devaluation for euro and the currencies such as Jia-Yuan, the investor that influences also to hold these currencies enter city enthusiasm.For inland investor,AThe more share the stock market
2, positive
For the plenty of inland companies that appear on the market in Hong Kong, their asset and profit are with RMB valuation, stock comes with HKD valuation and trade, bonus is also paid with HKD. So, when HKD devalues constantly, these companies can increase constantly with each profit of HKD calculation, price/earning ratio can also drop. So, identical price/earning ratio devalues along with HKD, share price will rise correspondingly. This can again attract partial inland funds to enter city.
ActuallyFor long-term investor, HKD devaluationSo as China3968) is regular, expect2007Annual each1First RMB,< xml:namespace prefix=st1 ns="urn:schemas-microsoft-com:office:smarttags"/>< chsdate isrocdate=False islunardate=False day=18 month=1 year=2008 w:st=on>1Month18Day< chsdate/>Closing30.9HKD,2007The calculation28.934Time. Do not1000Cost30.9 thousandHKD is equivalent28.934It is first. If this8In year, the2008In year, HKD8%, after one year33.59HKD1000Share28.934First RMB. And identicalAThe bonus10%The taxHThe bonus of
Is under the condition of not open the Hong Kong's share vehicle of straight line temporarily , as inland fund so as is short and fried mainly, HKD devalues to form certain advantage for Hong Kong's share to leave empty; Is many as inland fund with long-term investment, HKD devaluation for port the stock market site has no direct influence. Believe that if the Hong Kong's share vehicle of straight line is opened , the inland long term fund of plenty of inevitable attractions is bought in into city relativelyAShare considerablyHShare forms
' >This text publishes
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