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Sixth, to make an overall plan on the allocation of regional markets, complete the building of regional markets of capital, labourer, technology, productive materials and agricultural products, and realize the markets connection.

六是统筹规划区域内重大市场布局,建设区域性资本、劳动力、技术、生产资料、农产品流通市场,逐步融入长三角统一开放的市场体系,加快市场对接。

Arjun Divecha, an emerging-markets specialist who manages about $20 billion for GMO LLC, says that until recently, investors bought pricey stocks in both markets because these economies were seen as the fastest-growing.'But with U.S. and global growth expectations slowing, it's the markets that were bid up the most that are getting hurt the most now,' he said.

为GMO LLC管理着约200亿美元资产的新兴市场专家阿让迪瓦查表示,就在不久前,投资者还在中国和印度市场中积极买进那些价格昂贵的股票,因为他们认为这两个经济体发展之迅猛数一数二;但随着美国和全球经济增长前景放缓,曾经最受追捧的市场现在则在承受最为沉重的打击。

Looking at this year's trend in Shanghai and Shenzhen stock markets, with global stock markets have amazing consistency, it was down more than the stock market the United States and Europe, Shanghai and Shenzhen stock markets this week's trading, then by the "Black Monday" will be the impact of Is obvious.

展望在今年的上海和深圳股票市场的趋势与全球股市有惊人的一致性,其跌幅超过股票市场美国和欧洲,上海和深圳股市本周的交易更多,然后由"黑色星期一"将是很明显的影响。

Then positively ana.lyzed transmission effect of monetary policy of China in recent years, and with relative theories, discussed rr~ore deeply the existing principal problems on transmission mechanisms of monetary policy in our state under the realistic institutional situation of economy and finance:(1)Monetary policy tools lag behind the economic and financil background;(2)Separated and uneven money markets, the lack of transaction agents and defect in the relation between money markets and c~potal markets, have rendered the transaction of monetary policy lack on effective channel;(3)over-speculating, illegal operation and insufficient competition have severely weakened the transmission fumction;(4) systematic defect of state -owned commercial bank, asymmetry between financial and economic composition have made monetary policy lose an effective carrier;(5) factors beyond the financial system, such as soft cornstraint over state - owned enterprises policy decision, imperfect social insurance system, etc.

接下来对我国近年来的货币政策传导效果进行了实证分析,在此基础上运用相关传导机制理论并结合我国实际经济、金融制度与环境论述了我国当前货币政策传导机制的主要问题:(1)货币政策工具相对于经济、金融环境显得落后;(2)货币市场的分割、不平衡、交易主体不全以及货币市场与资本市场的联系机制缺位使得货币政策缺乏一个有效的场所;(3)资本市场特别是股票市场的过渡投机、违规操作以及不充分竞争严重地削弱了证券市场的传导功能;(4)国有商业银行现行体制的缺陷,金融结构与经济结构的非对称使得货币政策传导受阻;(5)金融体系外的因素(如国企决策行为软约束、社会保障制度不健全)。

Then positively ana.lyzed transmission effect of monetary policy of China in recent years, and with relative theories, discussed rr~ore deeply the existing principal problems on transmission mechanisms of monetary policy in our state under the realistic institutional situation of economy and finance:(1)Monetary policy tools lag behind the economic and financil background;(2)Separated and uneven money markets, the lack of transaction agents and defect in the relation between money markets and c~potal markets, have rendered the transaction of monetary policy lack on effective channel;(3)over-speculating, illegal operation and insufficient competition have severely weakened the transmission fumction;(4) systematic defect of state -owned commercial bank, asymme try between financial and economic composition have made monetary policy lose an effective carrier;(5) factors beyond the financial system, such as soft cornstraint over state - owned enterprises' policy decision, imperfect social insurance system, etc.

接下来对我国近年来的货币政策传导效果进行了实证分析,在此基础上运用相关传导机制理论并结合我国实际经济、金融制度与环境论述了我国当前货币政策传导机制的主要问题:(1)货币政策工具相对于经济、金融环境显得落后;(2)货币市场的分割、不平衡、交易主体不全以及货币市场与资本市场的联系机制缺位使得货币政策缺乏一个有效的场所;(3)资本市场特别是股票市场的过渡投机、违规操作以及不充分竞争严重地削弱了证券市场的传导功能;(4)国有商业银行现行体制的缺陷,金融结构与经济结构的非对称使得货币政策传导受阻;(5)金融体系外的因素(如国企决策行为软约束、社会保障制度不健全)。

Global financial markets continued their disintermediation: the provision of credit moved from banking systems to markets with many sources for corporate funding—distinct markets for equities, corporate bonds, commercial paper, and bank loans.

全球金融市场都继续他们不充当中介体的工作:信贷条款从各种银行体制转向各种具有许多公司融资源的市场,区分了股权、公司债券、商业票据和银行贷款的市场。

China's securities market is a transitional markets from emerging markets to mature markets.

中国证券市场是一个正在从新兴市场向成熟市场过渡的市场。

At the first session of bookish assembly hosted by Secretary General Huang Chin-ying on June 13, Mr. Chuang Hong-kai reported on the book Voluntary Carbon Markets: An International Business Guide to What They Are and How They Work , written by Ricardo Bayon, Amanda Hawn and Katherine Hamilton. The book discussed "voluntary carbon markets" through definition, demand and supply, and the advantages and disadvantages of the market-operating model, cited many expert opinions, and made comparison with the carbon markets of the Kyoto Protocol.

6月13日的读书会在黄晋英秘书长主持下,第一场由庄紘恺先生报告《Voluntary Carbon Markets: An International Business Guide to What They Are and How They Work》,作者为Ricardo Bayon、Amanda Hawn、Katherine Hamilton等,本书从定义、供需及市场运作模式之利弊来论述「自愿性碳市场」,并举出多个专家观点,将之与京都议定书的碳市场比对。

The innovations in this thesis are:(1) based on the literature of futures markets, the reason that futures markets was invented, the basic theory of futures markets function and hedger' s risk-decision are reviewed thoroughly and deeply.

对期货市场的价格发现机制进行研究,提出了价格发现是成熟的期货市场的产物,它是期货市场风险回避功能的派生功能,具有公共产品的性质。

Based on works above all, the thesis compares results of positive analysis with what is going on in real markets, proceeds to verify the results of positive analysis, the thesis brings forward some advice in order to reform and perfect the China"s agricultural commodity futures markets.The first two chapters in this article investigates the unbiasedness hypothesis of futures prices in China"s agricultural commodity futures markets.

第二章详细介绍了协整技术和误差修正机制,利用该技术分析了距离最后交易日一月、二月、三月、四月、五月和六月期的大豆和小麦期货价格与现货价格之间的协整关系,发现四月期以内的大豆和二月期以内的小麦期货价格是对现货价格的无偏预测,而五月、六月期的大豆和三月期的小麦期货价格不是现货价格的无偏预测,四月、五月、六月期的小麦期货价格与相应的现货价格不存在协整关系。

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