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标普信用评级(中国)有限公司被出具警示函
Xin Jing Bao· 2025-09-30 09:31
你公司应在收到本决定书之日起,立即开展全面整改,落实《证券市场资信评级业务管理办法》等相关规 定,严格遵循审慎性、一致性原则,加强评级作业质量控制,强化信息披露的规范性,充分发挥评级风险揭示 功能。 如果对本监督管理措施不服,可以在收到本决定书之日起60日内向中国证券监督管理委员会提出行政复 议申请,也可以在收到本决定书之日起6个月内向有管辖权的人民法院提起诉讼。复议与诉讼期间,上述监 督管理措施不停止执行。 标普信用评级(中国)有限公司: 经查,你公司存在从事证券评级业务时未遵循一致性原则,未按要求进行信息披露等问题,违反了《证券市 场资信评级业务管理办法》第四条、第三十九条、第四十二条的规定,依据《证券市场资信评级业务管 理办法》第四十七条的规定,现决定对你公司采取出具警示函的行政监管措施。 新京报讯中国证监会北京监管局发布关于对标普信用评级(中国)有限公司采取出具警示函措施的决定, 全文如下: ...
北京证监局对标普信用评级(中国)有限公司出具警示函
Zheng Quan Shi Bao Wang· 2025-09-30 09:27
人民财讯9月30日电,北京证监局对标普信用评级(中国)有限公司出具警示函。经查,标普信用评级(中 国)有限公司存在从事证券评级业务时未遵循一致性原则,未按要求进行信息披露等问题,违反了《证 券市场资信评级业务管理办法》第四条、第三十九条、第四十二条的规定。 ...
方式与线索探究:央行何时重启“买债”?
Yuan Dong Zi Xin· 2025-09-30 09:20
远东研究·政策解读 2025 年 9 月 30 日 邮 箱:research@fecr.com.cn 作 者:柴柯青 央行何时重启"买债"? ——方式与线索探究 摘 要 央行买债,也称为中央银行在公开市场购买债券,是货币政 策操作工具的重要方式之一,属于公开市场操作的部分。截至 2025 年 8 月底,央行资产负债表中"对政府债权"的资产类科目余 额为 2.25 万亿元,占总资产比重为 4.85%,仅包含国债。当前, 市场对央行重启国债买卖的预期升温。 从方式看,历史上央行参与买债的方式有 3 种,分别为现券 交易、滚动买入定向发行特别国债、回购交易。其中,回购交易 包括质押式逆回购和买断式逆回购,为管理短期流动性的主要工 具;买入特别国债也是现券交易的一种,目前央行表内存在今年 年内到期的特别国债,预计后续大概率等量购入续发债券,这不 会形成对流动性的投放,对基础货币无影响;如果央行直接从二 级市场购买国债,则会形成流动性的净投放,增加基础货币,在 此基础上避免影响债券收益率曲线正常形态,避免其过度平坦化 或陡峭化。 整体看,央行买卖国债主要受流动性需求、国债供求状况以 及财货政策协调配合等因素影响。三季度 ...
新政权面临的经济挑战
Shang Wu Bu Wang Zhan· 2025-09-28 16:02
InnovestX认为,关键在于财政问题:由于经济疲软,政府收入的增长速度未能 跟上支出增长的步伐。政府的固定支出规模庞大,且难以削减,这导致了财政 赤字的不断扩大。 (原标题:新政权面临的经济挑战) 据曼谷邮报9月28日报道,在人们对新政府及其经济团队充满期待的情况下,泰 国经济似乎正在展现出复苏的迹象,但同时也面临着新的挑战。最终的结果将 取决于这些新挑战能否得到妥善应对。 InnovestX认为,泰国经济在第四季度将迎来更为严重的放缓趋势,这种放缓可 能会持续到2026年上半年。在未来四个季度内,经济增长率可能低于1%,从 而导致今年全年GDP增长率仅为1.8%,明年则为1.4%。 在这种脆弱的环境中,由阿努廷领导的泰政府面临着两大亟需应对的重大风 险。 风险一:泰铢持续升值对出口行业构成挑战:今年泰铢大幅升值,兑美元汇率 一度达到31.70。本周泰铢汇率略有回落,为32.24,但全年来看仍上涨了 6.4%。 风险二:惠誉评级下调后可能引发的财政危机,更严重的风险在于泰国的财政 状况。周三,惠誉评级机构将泰国的主权信用评级从"稳定"下调至"负面",就 此指出了泰国面临的财政问题。 历史数据显示,50%的 ...
穆迪:稳定币驱动加密化浪潮对新兴市场货币主权与金融稳定构成严峻挑战
Ge Long Hui· 2025-09-28 03:20
Core Insights - Moody's warns that the rise of stablecoin-driven cryptoization poses significant challenges to monetary sovereignty and financial stability in emerging markets [1] - The report highlights the risk of weakened monetary sovereignty as stablecoins, pegged to fiat currencies like the US dollar, proliferate, potentially undermining central banks' traditional control over interest and exchange rates [1] - A shift of personal bank deposits to stablecoins or crypto wallets could lead to deposit outflows from the banking system, affecting liquidity and potentially destabilizing the overall financial system [1] Summary by Category - **Market Trends** - In 2024, the number of global digital asset holders reached approximately 562 million, marking a 33% year-on-year increase [1] - Emerging markets, particularly in Latin America, Southeast Asia, and Africa, are experiencing the fastest growth in digital asset adoption, driven by the need for cross-border remittances, mobile payment demands, and hedging against local currency inflation [1] - **Regulatory Concerns** - Moody's emphasizes the urgency of addressing regulatory gaps to prevent the cryptoization trend from exacerbating monetary and financial security risks in emerging markets [1]
涉3项违法行为,中证鹏元及相关责任人被警告、罚款
Qi Lu Wan Bao· 2025-09-24 02:48
近日,中国人民银行深圳市分行发布行政处罚决定信息公示表(深人银罚〔2025〕21号-23号)。 中证鹏元资信评估股份有限公司(下称"中证鹏元")因1.未按照法定评级程序及业务规则开展信用评级业务;2.违反审慎性原则;3.违反一致性原则。被中 国人民银行深圳市分行警告,罚款127.4万元。 时任中证鹏元评级总监和时任中证鹏元副总裁兼市场总监对中证鹏元上述违法行为负有责任:未按照法定评级程序及业务规则开展信用评级业务。分别被中 国人民银行深圳市分行警告,罚款4万元。 | | | | 中国人民银行深圳市分行行政处罚决定信息公示表(深人银罚〔2025〕21号-23号〕 | | --- | --- | --- | --- | | | | | 中国人民银行深圳市分行行政处罚决定信息公示表 | | | | | (深人银罚(2025) 21号-23号) | | 序号 | 当事人名称 | 行政处罚决定书文号 违法行为类型 | 作出行政处罚决定 行政处罚内容 名称 | | 1 | 中证鹏元资信评估股份 | 1. 未按照法定评级程序及业务规则开展信用评级业务:2. 违反审慎性原则:3. 违反一致性 深人银罚(2025)22号 | ...
《中国地方政府债券蓝皮书(2025)》发布
Zheng Quan Ri Bao Wang· 2025-09-23 13:27
本报讯 (记者苏诗钰)9月23日,由中国人民大学国家发展与战略研究院、中国人民大学经济学院、中诚信国际信用评级 有限责任公司、社会科学文献出版社联合举办的"《中国地方政府债券蓝皮书(2025)》发布会暨公共财政与债务可持续研讨 会"在北京举行。会上发布了《中国地方政府债券蓝皮书:中国地方政府债券发展报告(2025)》(以下简称蓝皮书)。 (编辑 郭之宸) 蓝皮书延续既有撰写思路,结合我国宏观经济领域、政府债务领域新动向,全面回顾了2024年地方债市场运行情况,从历 史视角总结了地方债务领域政策演化进程,从区域视角、募投领域视角深入剖析了当前地方债发展特点及面临的问题,并对地 方债助力债务化解、专项债支持稳地产、离岸人民币地方债市场建设等新问题展开研究,提出了相应的对策建议,为地方政府 债券可持续发展提供有益参考。 展望未来,蓝皮书指出,地方债也将继续稳步扩容、优化结构、提升效率,并进一步完善市场基础设施建设,助力化债的 同时更好地服务高质量发展,发挥好政府部门的稳增长"引擎"作用。此外,财税体制改革将持续深化,进一步理顺央地关系, 推动地方激励体系重构与行为模式改变,这也是促进债务与财政可持续、破题短期与中长 ...
法国信用评级再遭下调
Jin Rong Shi Bao· 2025-09-22 06:50
Group 1 - The core viewpoint of the articles highlights the recent downgrades of France's credit rating by international rating agencies, reflecting political and economic uncertainties in the country [1][2] - On September 19, Morningstar DBRS downgraded France's long-term foreign and local currency issuer ratings from "AA (high)" to "AA" due to challenges in fiscal consolidation and increasing political fragmentation [1] - Fitch Ratings had previously downgraded France's long-term foreign and local currency issuer default ratings from "AA-" to "A+" on September 12, citing the weakening ability of the political system to implement large-scale fiscal adjustments [1] Group 2 - The recent political turmoil in France, including the resignation of former Prime Minister Borne and the subsequent appointment of Defense Minister Sébastien Lecornu, has left the fiscal budget plan for 2026 in limbo [2] - France is projected to record the largest fiscal deficit in the Eurozone in 2024, with significant adjustments needed to meet the 2026 budget deficit target of 4.6% of GDP as outlined in the Medium-Term Fiscal Structural Plan (MTFSP) [2] - The public debt-to-GDP ratio in France rose from 98.2% in 2019 to 114.9% in 2020 due to various shocks, and despite some recovery, it only decreased to 109.8% by 2023 [2] Group 3 - Morningstar DBRS indicated that if the French government fails to address structural fiscal imbalances, a further downgrade of the credit rating may occur [3] - A sustained increase in the debt-to-GDP ratio to 125%, especially with a significant rise in interest burdens, could also lead to a downgrade [3] - Conversely, if the government can structurally improve fiscal conditions and reduce the debt ratio, there is potential for an upgrade in the credit rating [3]
法国经济长期疲软态势难改
Jing Ji Ri Bao· 2025-09-21 22:05
Economic Outlook - France's economic growth expectations have slightly improved but remain weak overall, influenced by high domestic debt, political instability, and external geopolitical threats [1][2] - The French central bank forecasts a growth of 0.7% in 2025, up from a previous estimate of 0.6%, but has lowered growth expectations for 2026 and 2027 to 0.9% and 1.1% respectively [1][2] Structural Challenges - The long-term weak performance of the French economy is attributed to structural challenges rather than cyclical downturns, with growth rates hovering between 0.6% and 0.8% this year [2][3] - The political crisis has led to a loss of GDP by 0.1% and 0.3% in 2024 and 2025 respectively, totaling a loss of €12 billion [3] Political Instability - The resignation of former Prime Minister Borne and the appointment of a new Prime Minister has raised concerns about ongoing political instability, which is eroding investor confidence and delaying necessary reforms [2][4] - The political deadlock is expected to persist, especially with the upcoming presidential elections in 2027, limiting fiscal consolidation efforts [4] Debt Burden - France's sovereign credit rating has been downgraded from "AA-" to "A+" due to ongoing political turmoil and unresolved budget issues, with debt projected to rise to 121% of GDP by 2027 [4] - Economists warn that without effective measures, debt could reach 128% of GDP by 2030, posing a risk of a systemic crisis similar to Greece in 2010 [4] External Factors - The unilateral tariff wars initiated by the U.S. have exacerbated France's economic vulnerabilities, contributing to a decline in business investment and consumer confidence [5][6] - France's productivity is lagging behind the Eurozone average, with rising labor costs further impacting competitiveness [6] Need for Strategic Vision - French economists emphasize the necessity for a long-term strategic vision to address current economic challenges, aiming to restore productivity and innovation [6]
这国逾50万人罢工 其中首都约5.5万人 超300人被捕!发生了什么?
Mei Ri Jing Ji Xin Wen· 2025-09-19 00:55
据央视新闻,当地时间9月18日,法国多地发生大规模罢工和示威活动。据法国政府部门统计,全法共有超过50万人参与罢工,其中首都巴黎约5.5万人。这 是法国近期因反对政府财政紧缩方案而爆发的又一次大规模抗议活动。 巴黎警察局长努涅兹表示,他对巴黎游行队伍中可能出现大量破坏分子感到非常担忧,并呼吁巴黎的商户关闭店铺。当天,法国交通、教育、电力、医药等 行业劳动者在不同程度上响应工会号召举行罢工,呼吁制订"更加公正"的财政方案。巴黎、里昂、雷恩等城市的街头示威活动还伴随暴力及破坏事件。 2024年法国财政赤字已达到国内生产总值(GDP)的5.4%;公共债务总额相当于GDP的114%;政治局势持续不稳,使2026年预算的通过充满不确定性。 经济学家埃里克·多尔评论称,此次下调"合乎逻辑",因为法国目前并没有可持续的财政整顿路径。 据法国内政部通报,全法有超过300人被捕。受大罢工的影响,一些著名文化景点如卢浮宫和奥赛博物馆的部分展厅也临时关闭。 法国总理勒科尔尼当晚在社交媒体发文说,他将围绕法国工会组织和抗议者的诉求继续与社会各界展开协商。他同时谴责示威活动中的暴力行为。 7月,法国时任总理贝鲁推出主打财政紧缩的202 ...