QDII is no longer a scourge not affect the pace of the bull market.

<P>: Http:// News, China Securities Regulatory Commission recently released a "qualified domestic institutional investors overseas securities investment management pilot scheme" and its "implementation of the notice", on the QDII access conditions, product design, fund raising, foreign investment .consultants, asset custody, investment operations, to provide for information disclosure. .This means that following the recently approved Banking QDII sea, the funds, brokerage firms have been allowed to release the QDII system. .In the last bear market was once considered a scourge of the QDII, now officially the mainland stock market to the two main institutional fund companies and securities companies opened the door, this will give China what kind of impact the stock market? .This is undoubtedly a concern of mainland investors. .Although the management has now launched QDII New Deal, there have diverted funds intended to the mainland market, but at this stage in the Mainland and overseas stock market situation, QDII funds at this stage can shunt very limited minimal impact on the mainland stock market, no .hinder the pace of the current bull market. .</ P> <P> First, from the fund companies and securities companies, is currently also a lack of sufficient understanding of foreign markets. .Even if it is the Hong Kong stock market, the Mainland fund companies and securities companies are not very familiar with, but the lack of corresponding investment experience. .Therefore, in this case, the Mainland to Hong Kong to fund investment in companies and securities companies, is up to try the water only. .Therefore, beginning in the QDII, the Mainland fund companies and securities companies are willing to invest the funds in Hong Kong stock market will be limited, essentially cautious, step by step. .</ P> <P> Second, in the mainland stock market, fund companies and securities companies are subject to the policy largely sheltered, the management introduced a number of major policy, often in the fund will advance survey companies and securities companies, fund companies and securities .easy to understand the intention of the management company, so that fund companies and securities companies when the investment will not be a big deviation. .But enter the Hong Kong market, the Mainland fund companies and securities companies are very ordinary investors, the policy of the sun can shine on the head of QDII. .And the beginning of the QDII fund companies and securities companies to invest in Hong Kong stock market the size of funds is limited, which also decided that they can not be the decisive force in Hong Kong stock market. .Therefore, in the investment process, the Mainland fund companies and securities companies will be inevitable thwarted at every turn. .This determines the Mainland fund companies and securities firms can not be cast into a lot of money. .</ P> <P> Third, the Hong Kong stock market in which the current historic highs, the mainland also that the fund companies and securities companies must carefully. .Although the past two years, the mainland stock market bull market that investors have a high sense of fear. .But in fact, including overseas markets, including Hong Kong stock market, the bull market of the time even earlier than even two years in Shanghai and Shenzhen stock markets, stock markets are equally present these again reaching record highs. .Therefore, a new historical high in this position into the Hong Kong stock market, fund companies and securities companies also can not help but to think twice, most likely fix is to go to Hong Kong, Hong Kong stock market investors take the last stick. .Although the H share prices much lower than A shares, but in fact the total H shares rise in recent years far beyond the A shares. .As investors in the two structures are different, so if you simply H shares and A shares of stocks analogy, it is possible that this is the Hong Kong stock market left a beautiful trap QDII. .</ P> <P> Fourth, the face of the appreciation of the RMB, foreign capital flows to the mainland market a lot, QFII significantly increase the amount again. .At this time the mainland capital outflow to the outside, is undoubtedly a move against the current, a departure from the principle of economic interests. .And since last September launched the first pilot QDII funds only - Hua An International Balanced Fund of the operation point of view, the fund's NAV by the end of April this year, about $ 1.038 level, the annual rate of return of 8% to 10%. .The level of the average yield over the same period compared to A shares, attraction is obviously inadequate. .It is due to the reasons for the low level of income QDII, so the launch of QDII mechanism for a year, its performance has been in the doldrums, investors have been getting the cold shoulder. .</ P> <P> According to the CBRC Vice Chairman Tang Shuangning said in Hong Kong late last year, SAFE has so far approved 126 billion dollars in credit, but the actual purchase of foreign exchange turnover is less than 3 billion U.S. dollars. .At present, the largest is the Hua An International Balanced Fund QDII, the scale of 1.97 billion, compared to A-share market funds, is trivial. .Thus, while the New Deal after the introduction of QDII, China has more than 30 fund companies and securities companies have to apply QDII qualification, but in the short term in order to have a lot of investors to purchase, is clearly not possible. .After all, the current A-share market for the mainland more attractive to investors. .Recently the central bank announced the national urban depositors in the second quarter survey showed that residents will buy stocks and funds over savings deposits for the first time, this also shows that the current mainland investors optimistic about the stock market on the Mainland. .</ P>.