【财经早餐】2016.8.20星期六（英文版）
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1、中证报消息，当前货币政策面临的内外部约束依然存在，但有所减轻，且经济托底需求在上升，积极财政透支后或需货币政策补位，货币政策放松的压力和概率在加大，未来实施降准的概率仍大于降息。
China Securities Journal reported, the internal and external constraints faced by the current monetary policy still exist, but has been reduced, and the economic underpinning demand is rising, it may need the monetary policy to fill the seats after the proactive fiscal overdraft, the pressure and probability of monetary policy easing are increasing, the probability of future implementation of RRR cut is still greater than interest rate cut.
2、发改委表示，党中央、国务院已经安排相关职能部门专题研究降低企业杠杆率的综合措施，其中包括债转股，相应的债转股的具体措施正在研究制定当中，总的原则是遵循市场化、法治化进行债转股。
National Development and Reform Commission (NDRC) stated, the Party Central Committee and the State Council have arranged relevant functional departments to specially study comprehensive measures for reducing corporate leverage ratio, which includes debt-for-equity swap, the debt-for-equity swap corresponding specific measures are under studying and developing, the general principle is to conduct debt-for-equity swap following the marketization and legalization.
3、经济参考报消息，智能投顾和不良资产证券化尚属在具备基本监管环境下推出的金融创新产品，仍然有着种种政策和市场风险。而对那些风险更加隐秘的创新产品，除了必要的政策监管，有关部门还必须时刻关注其是否脱离了实体经济发展需求而自我膨胀，一旦出现这个苗头必须立刻喊停。
ECONOMIC INFORMATION DAILY news, intelligence investment consulting and non-performing asset securitization (NPAS) are still financial innovative products that were carried out under environment with basic regulation, and still have a variety of policy and market risks. And for those innovative products with more hidden risks, in addition to the necessary regulatory policy, relevant departments must always pay attention to whether they have broken away from the development needs of the real economy and have self-expanded, once there are this kind of signs, they must be ordered a halt immediately.
4、发改委表示，国务院决定在全国开展一次对钢铁煤炭化解过剩产能工作专项督查。部际联席会议按照国务院要求组织了10个督查组，从下周开始，将陆续赴各省区市开展督查。另外，去产能任务不能集中在年底完成，因为去产能有很多任务要完成，都需要时间。
National Development and Reform Commission (NDRC) said, the State Council decided to carry out a nationwide special supervision on the work of resolving overcapacity in the steel and coal industry. The inter-ministerial joint meeting organized 10 supervision teams in accordance with the requirements of the State Council, starting next week, which will carry out supervision in various provinces, autonomous regions and municipal cities in succession. In addition, the de-capacity task can not be completed all at once by the end of the year, because there are a lot of tasks to be completed for de-capacity, they will all need time.
5、证监会新闻发言人表示，近期证监会举办了IPO欺诈发行及信息披露违法违规案件调查组长研训班，70余名稽查骨干参与了此次研训班；此外，考虑到分级基金比较复杂，投资者难以理解，证监会暂停了分级基金的注册工作。目前，证监会正在研究完善分级基金的监管安排。
CHINA SECURITIES REGULATORY COMMISSION (CSRC) spokesperson said, CSRC recently held an investigation team leader training class on illegal cases of IPO fraud issuing and information disclosure, more than 70 key inspectors participated in the training class; additionally, taking into account that Structured Funds are relatively complex and are difficult for investors to understand, CSRC suspended the registration for Structured Funds. Currently, CSRC is studying and improving the regulatory arrangements on Structured Funds.
6、证券日报消息，近期，市场对于A股IPO节奏的判断出现分化，既有认定加快节奏的判断，也有预测放缓的声音。证券日报通过梳理相关数据与采访业内人士验证，目前A股IPO节奏并未出现显著加快或者放缓趋势，预计下半年IPO节奏将围绕维稳执行，并以消化存量排队企业为主。
SECURITIES DAILY news, recently, the market judgments for A-share IPO rhythm have shown differentiation, some agree with the judgment of an accelerated rhythm, while others give voice of slowing down. By combing through relevant data and verifying through interviews with industry insiders, Securities Daily believes that the current A-share IPO rhythm did not show significantly speed-up or slow-down trend, it is expected that the IPO rhythm will mainly focus on maintaining stability and digesting the stock of queuing enterprises in the second half of 2016.
7、证券时报消息，全国股转系统近日向各主办券商下发自查通知，要求各主办券商对挂牌公司申报挂牌时虚假记载、带病挂牌、资金占用、股权质押、私募债、持续经营能力、媒体质疑、募集资金使用等问题立即开展重点核查，并在8月31日之前提交自查专项报告。
Securities Times news, National Equities Exchange and Quotations (NEEQ) recently issued a self-examination notice to the equity exchange brokers, requiring equity exchange brokers to carry out special examination on listed companies about problems including false records, sick listing, occupation of fund, equity pledge, private equity debt, sustainability of management ability, doubt from media and the use of raised funds while they declared for listing, and the self-examination special report must be submitted before August 31st.
8、央视财经消息，一线城市高额的拿地成本正在让中小开发商被迫退出市场，房地产行业正在面临大洗牌。而像融信中国这样负债率高达640%的公司，却豪掷110亿拿到天价地块，也着实让人担心，过度使用金融杠杆造成的市场繁荣背后，究竟隐藏着怎样的风险。
CCTV Financial news, the first-tier cities’ high costs for getting land are forcing small developers to leave the market, the real estate industry is facing a major reshuffle. However, companies like RONGXIN CHINA with a debt ratio up to 640% threw 11 billion yuan to get the extremely high-priced land, which is really worrying, behind the market booming caused by excessive use of financial leverage, what kind of risks are hidden there?
9、上海交通委等八部门联合发文进一步加强上海市电动汽车充电基础设施规划建设运营管理。通知指出，新建、改建、扩建各类建筑项目配建停车场（库）及公共停车场（库）应严格执行充电设施专项规划确定的建设要求，支持在最低配建比例基础上增建充电设施。
Eight departments in Shanghai including Shanghai Municipal Transportation Commission jointly issued a notice about further strengthening of Shanghai electric vehicle charging infrastructure planning, construction and operation management. The notice pointed out that new construction, renovation and expansion of all types of construction projects with the construction of parking lots (garages) and public parking lots (garages) must strictly implement the construction requirements specified by the charging infrastructure special planning and support the construction of additional charging facilities on the basis of the lowest proportion allocated to the building.
10、中证报消息，多位业内人士称，由于持股比例达到10%形成“举牌”，广州市创势翔投资有限公司未被允许卖出*欣泰。前期业绩不佳加之重仓*欣泰，使得创势翔通过某信托公司发行的产品中，只要持有*欣泰的已全部清盘，其管理规模损失惨重。
China Securities Journal reported, a number of industry insiders said, because the share holding proportion exceeded 10% which formed "placards", Guangzhou City Rising-trend Investment Co., Ltd. was not allowed to sell *Xintai. Early underperformance coupled with heavily loaded with *Xintai caused that among all the Rising-trend products issued by a certain trust company, all went into liquidation as long as they held *Xintai, its management scale suffered great losses.
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