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上饶市做双眼皮的瑞丽医院

2017年12月16日 03:51:27    日报  参与评论()人

铅山县妇幼保健人民中医院去痣多少钱上饶弋阳县激光去除雀斑费用Trading the yuan人民币交易Yuawn“元”之崛起?Buzz about the rise of Chinas currency has run far ahead of sedate reality人民币升值的呼声远远超于稳定的现实环境IF HEADLINES translated into trading volumes, the yuan would be well on its way to dominating the worlds currency markets. It once again graced front pages this week after moves to lift its status in London, the worlds biggest foreign-exchange market. This was the latest instalment of a five-year-long public-relations campaign. Since , when China first declared its intention to promote the yuan internationally, a string of announcements and milestones has cast the Chinese currency as a putative rival to the dollar.如果本文的标题翻译为“交易量”的话,那么它确实能够很好地引出这样一个事实:人民币正走向货币交易市场的霸主之位。本周在伦敦这一全球最大的外汇交易市场里,几个利好因素再次让人民币成为瞩目的焦点。人民币的公关推广活动已历时五年,而以上利好消息正是中国政府近期努力的最新成果。自年中国首次宣布推动人民币国际化的意图以来,一系列的政策公告和重大事件都使得中国货币成为了美元的假想敌。The hype rests on several seemingly impressive numbers. Yuan deposits beyond Chinas borders have increased tenfold in the past five years. The “dim sum” bond market for yuan-denominated debt issued outside China has gone from non-existence to a dozen issuances a month. And the yuan is the second-most-used currency in the world for trade finance.本次掀起的人民币热潮有赖于几个看似惊人的指标。人民币的境外储备量在过去的五年里上升了十倍。过去不曾存在的,在境外以人民币计价的“点心债券”,目前每月都有十数次的发行量。与此同时,人民币已经成为了全球第二常用的贸易金融货币。Adding to the impression that something big is afoot is the competition between cities around the world to establish themselves as yuan-trading hubs. London puffed up its chest this week after the Chinese government designated China Construction Bank as the official clearing bank for yuan-denominated transactions in Britain and agreed to launch direct trading between the pound and the yuan in China. These announcements were made to coincide with a trip to London by Li Keqiang, Chinas prime minister.更令人震撼的是,全球各大城市之间都在争先建设成为人民币交易的中心。而本周,伦敦则先下一城:中国政府决定授权中国建设有限公司担任伦敦人民币业务清算行,并且同意在间外汇市场开展人民币对英镑直接交易。上述决议的公告是与中国国务院总理李克强的访英之旅做出配合。The designation of a clearing bank creates a channel for yuan held in Britain to flow into Chinese capital markets, boosting Londons appeal as a trading centre for the currency. Other cities such as Frankfurt and Singapore have also been awarded clearing banks, but London aly controls nearly 60% of yuan-denominated trade payments between Asia and Europe, and this weeks agreement will shore up its position.此次清算的授权使得英国能够拥有一条人民币回流中国资本市场的通道,从而增加了伦敦作为全球货币结算中心的吸引力。虽然其他一些城市,例如法兰克福和新加坡,都被授予了清算的权限,但伦敦在欧亚间人民币计价交易清算的市场份额早已接近60%,而本周的协议更进一步巩固其优势地位。Londons currency traders, however, will not be hyperventilating. The rapid growth in the use of the yuan outside China, whether for trade settlement or investment, has been from a minuscule base. The yuan is the seventh-most-used currency in international payments, according to SWIFT, a global transfer system. That is up from 20th place at the start of 2012. However, the Chinese currency still accounts for a mere 1.4% of global payments, compared with the dollars 42.5%. Given that many of those deals just shuffle cash between Chinese companies and their subsidiaries in Hong Kong, there is much less than meets the eye to the yuans stature as a trade-settlement currency.然而,伦敦的货币交易员并不会因此对人民币感到兴奋不已。无论是在国际贸易清算还是投资往来方面,撑着中国境外人民币使用量急速增长的基础极为薄弱。环球金融电信协会指出,目前人民币在国际付领域常用货币的排名里,从2012年初的第二十位上升到了第七位。但即便如此,中国货币在国际付领域的份额也仅有1.4%,相比之下美元则为42.5%。考虑到涉及人民币的许多交易都只是中国公司与其在香港分机构的资金流动,以人民币作为国际贸易结算货币的情况远比我们看到的要少。Even more telling is the yuans standing as an investment currency. The dollars biggest selling point as a global reserve currency is the deep, liquid pool of American assets open to international buyers. Despite the barrage of reports in recent years about the dim-sum bond market, Chinas offerings are much sparser. Jonathan Anderson of Emerging Advisors Group calculates that global investors have access to 56 trillion of American assets, including bonds and stocks. They can also get their hands on 29 trillion of euro-denominated assets and 17 trillion of Japanese ones. But when it comes to Chinese assets, just 0.3 trillion or so are open to foreign investors. This puts the yuan on a par with the Philippine peso and a bit above the Peruvian nuevo sol, Mr Anderson notes.更能说明人民币真实情况的是其作为投资货币的地位。美元作为国际储备货币的最大卖点就在于,具有市场深度和流动性的美国资产在撑着它,并且这些资产还对全球的投资者开放。除了近期铺天盖地宣传报告的“点心债券”之外,中国能给予人民币的撑则少之又少。根据瑞银股份有限公司北京首席新兴市场经济学家乔纳森·安德森的估算,全球投资者可以购买的包括债券和股票在内的美国资产总值达到了56万亿美元。与此同时,市场可以购买到的欧元区资产达到了29万亿美元,日本资产方面则达到了17万亿美元。但对于中国资产来说,外国投资者能够接触的资产总值仅为0.3万亿美元。安德森先生指出,中国开放资产的程度使得人民币的地位与菲律宾比索相当,仅仅比秘鲁索尔高一点点。What is holding the yuan back? The answer is China itself—both by circumstance and, more importantly, by design. For a currency to go global, there has to be a path for it to leave its country of origin. The easiest route is via a trade deficit. For example, since the ed States imports more than it exports, it in effect adds to global holdings of dollars on a daily basis. That does not work for China, which almost always runs a large trade surplus. It has tried to solve this problem by offering to pay for imports in yuan, while still accepting dollars for its exports.是什么在阻碍着人民币发展?就是中国自身。不仅仅是中国的现实环境所造成的,更重要的是中国制度设计上的原因。如果一种货币要走向全球,那么必须存在一个通道能让其离开它的本国,而简单的方法莫过于“贸易逆差”。比方说,由于美国进口产品的总值要大于其出口,因而实际上每天都有美元流到国际市场当中。但这对于中国来说是行不通的,因为它几乎总处于贸易顺差的情况。中国已经尝试通过在对出口商品收取美元的同时,对进口商品付人民币的方法来解决问题。Yet this approach can go only so far, because of the design of the Chinese system. Foreigners paid in yuan cannot do much with the currency and thus look askance at it. China could change this at a stroke by flinging open its capital account. There is speculation that it might do just that as debate about financial reform intensifies in Beijing. But Yu Yongding, a former adviser to the central bank, predicts that caution will prevail, with the government slowly lowering its wall of capital controls rather than demolishing it. That would be far better for Chinas financial stability. But it also means that the chasm between the hype about the yuan and the mundane reality is likely to widen.然而,由于中国货币系统设计的因素,导致了上述方法的作用十分有限。即便外国人在贸易过程中接受人民币也改变不了宏观现实,并且他们会因此产生对此种清算方式的厌恶情绪。目前,有人预测人民币将进行大刀阔斧的激进改革,而这引起的波澜将如同北京新一轮的经济改革所引起的争论一样。但前央行货币委员会委员(顾问)余永定预计,稳健依旧会是中国政府的主要方针。他表示中国政府会缓慢降低资本管制的标准,而不是一蹴而就地开放资本市场。诚然,这样的做法更有利于中国经济的稳定性。与此同时,这也意味着人民币热潮所鼓吹的愿景,很可能将与现实渐行渐远。 /201406/307634江西上饶市做眼角除皱手术多少钱 Business商业报道Twitters IPO推特上市Going cheep?先闻其声?The microblogging firms shares may not be the bargain investors are hoping for推特股价可能高于投资者预期TWITTER is aly a social-media star.推特已经是社交明星。Now it hopes to become the toast of the stockmarket too.现在它又希望可以成为股票市场的新星。The firm has gradually been unveiling more information about its business.为了准备在纽约券交易所的上市交易,But as it gets y for its first day of trading as a public company on the New York Stock Exchange, which looks likely to be on November 7th, opinions about a fair price for the shares vary considerably.这家公司现在开始逐渐公开一部分商业信息。上市日期大概在11月7日左右,现在对其股票上市的价格有诸多意见。The firm has announced a provisional range of between 17 and 20 for its stock, which would value it at up to 11.1 billion.推特表示其股票价格暂定在17到20美金之间,总价值可达111亿美元。Speculation is rife that Twitter and its bankers could set an even loftier price before trading starts, though as we went to press no change had been announced.虽然现在还没有消息称公司会改变发售价但普遍认为推特及其会在股票发售前定一个较高的价格。If they do push the price higher, long-term investors could get their fingers burned.如果他们真的抬高了发售价,那些长线投资者的利益将会有所损失。Twitbulls point out that Twitter is going public at a time when social-media stocks are all the rage.推文指出现在社交媒体类股票风靡一时,于是推特选在这时上市。On October 30th Facebooks share price, which had aly risen by 84% this year, soared in after-hours trading following news that its latest quarterly revenue had hit 2 billion.10月30号,脸书公布其最新季度收入达到20亿美金,之后其股票飙升,而今年它的股票已经升了84%了。LinkedIn has seen its stellar revenue growth slow a bit recently, but its shares are still up 95% this year.LinkedIn 最近的主要收入增长有所放缓,但今年他的股票仍涨了95%。Twitters boosters also claim that the company deliberately set a conservative initial price range to fuel investor interest in its stock, noting that an internal valuation conducted by the firm in August reckoned its shares were worth 20.62 each at the time.推特的持者声称公司故意设置了一个保守的价格区间以吸引投资者,公司在8月份内部股价认为当时价值20.62美元每股。The company has continued to increase its audience, and now boasts 232m users that visit it at least once a month.现在公司的关注度在持续上升,至少有2亿3千2百万用户每月至少浏览一次。Small wonder, then, that some financial folk are predicting Twitters stock will fly even if the IPO price is a bit higher than the existing range.不足为奇的是,一些民间金融预测推特的股票会上涨即使IPO的价格略高于现有区间。Brian Wieser of Pivotal Research Group reckons its shares will be changing hands at 29 by the end of the year.广告业研究机构匹维托研究集团的布莱恩?维瑟认为这股票到年末会涨至29美元。Others are even more optimistic.甚至还有一席人表现得更为乐观。Doug Kass of Seabreeze Partners Management, a hedge fund, has said he thinks the share price of Twitter could double within its first month of trading and that he would be willing to pay up to 32.50 for its shares. Twitbulls like to point out that Twitter is currently generating about 2.30 of revenue per user.海风资产管理公司的对冲基金管理人Doug Kass表示他认为股票价格会在交易的第一个月翻倍,他愿意以32.5美元的价格买入股票。That is much less than Facebook makes from its audience, implying Twitter has plenty of room to boost sales.推文指出推特最近可以在每个用户上收入约2.30美元,远脸书的收益,旨在暗示推特任由上涨空间。But they gloss over an important fact. Unlike Facebook and LinkedIn, which were making healthy profits before they went public, Twitter is still losing money—134m in the first nine months of this year compared with 71m in the same period of 2012.但是他们掩盖了一个重要事实。推特不像脸书和LinkedIn那样在上市前健康盈利,而是还在亏损。These losses make it impossible to compare Twitters IPO with others using the traditional yardstick of a price-earnings ratio.今年的前9个月亏了1.34亿美金,去年同期则亏损了7千1百万美金。这些亏损使得推特的IPO不能用传统的价格收益比来衡量。Instead, analysts often look at another measure: the ratio of a firms proposed market capitalisation at IPO to the past 12 months sales.相反,分析家经常看其他数据,例如公司就过去12个月销售及IPO所提出的公司目标市值比。Jay Ritter, a professor at the University of Florida, has calculated this ratio for Twitter using a share price of 18.50, which is the midpoint of its proposed range.Jay Ritter佛罗里达大学教授根据这个比计算得出推特的股价应在18.50美元,这一价格处于公司提出的股价范围的中位。Counting in restricted shares and those associated with outstanding stock options, this produces a market cap of 12.9 billion and a price-to-sales ratio of 24.1 based on Twitters revenues over the past 12 months.计算有限的股票和相关的优秀股权,这产生了大约129亿元的市场价值和24.1的市销率。That is the third-highest PSR of any IPO in America since 1980 involving firms with significant revenues.这是自1980年以来美国企业重要收入IPO中第三高的市销率。Shares in the two companies ahead of Twitter in the chart—Facebook and Palm, a now-defunct maker of hand-held devices—fell sharply in the months following their IPOs; and Mr Ritter notes that the top 15 companies in his PSR ranking saw their share prices drop by an average of 5% in the six months after their first day of trading.表上领先推特的2家公司—脸书和Plam的股票继IPO之后在本月快速下降;Ritter先生表示15家市销率榜上的顶尖企业的股票在第一日交易后的6个月中都平均下降了5%。“A valuation at a high price-to-sales ratio removes a lot of the upside potential for investors in the public market,” he says.在公共市场中,基于高市销比的估价减少了投资者的上涨潜力。The challenge faced by companies with high ratios is to generate revenue fast enough to meet investors expectations.那些有着高市销比的公司面临着加快产生收益已满足投资者期许的挑战。So far, Twitter has only a microscopic share of the 118 billion a year global market for online advertising.到目前为止推特只拥有1180亿美元每年的网络广告全球市场的微型股。Yet the fact that many people tweet on their smartphones means it is well-positioned to take advantage of growth in mobile advertising.然而,很多人用智能机发推特表示了它能很好地利用手机广告的增长。On the other hand the compact nature of its tweets, limited to 140 characters, means that Twitter will find it harder than Facebook to generate ad formats that mint money.另一方面,由于140字符的限制使得推特短小精悍,这意味着较脸书推特跟难产生广告效应从而盈利。And it now faces much stiffer competition from the social network and other companies such as Google in the mobile-ad arena.同时现在它正面临着来自其他社交媒体和类似谷歌的公司在手机广告领域的挑战。Trick or tweet?恶作剧还是推特So what is a fair value for Twitters shares?所以推特的真正股票价值是多少?Aswath Damodaran, a professor at New York University, has built a valuation model that assumes Twitter will scoop up around 5.5% of the online ad market by 2023, giving it revenues of 11.2 billion.Aswath Damodaran纽约大学教授建立了价值模型,估计到2023年推特的网络广告市场将会增加5.5%,这会给企业带来112亿美元的收入。His model also posits an operating margin of 25% for the company, which seems plausible given that of other internet firms that have grown fast.他的模型还假定基于其他网络公司快速发展的情况下,推特营运利润率为25%看上去是可信的。Based on his analysis, he reckons Twitters shares are worth 17.84 each, which is towards the lower end of Twitters current price range.根据他的分析,他推算推特的股票脚趾17.84美元每股,低于推特最近给出的价格范围。Given the many uncertainties that still dog the companys business model, a price of around 18 a share seems reasonable.由于公司发展仍有很多不确定性,每股18美元左右的售价是比价合理的。But investors who like volatility may still want to take a flutter on Twitters stock even if the price is somewhat higher.但是那些活跃的投资者仍想入手推特的股票,即使价格有些高。Given all of the hype around the company, Twitters shares could spike upwards immediately after its IPO, allowing investors to mint money by buying and selling quickly.在大肆宣传之后,推特的股票会在其上市后发行,允许投资者以快速买卖的方式流动资金。So Twitters flotation could be a great short-term trading opportunity.所以推特发行股票是一个很好的短期交易机会。But at anything above 18 each, its shares will be a poor long-term investment.但是任何一股超过18美元每股后,他就会变成长期投资。 /201311/263573上饶韩美医疗整形美容医院打美白针多少钱

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上饶上饶县无痕丰胸手术费用An ancient Hanukkah lamp, a commemoration of the temple light, that tradition said kept burning.一盏古旧的光明节灯,纪念着光明,它的传统是一直燃烧。It mattered supremely to Freud,这对弗洛伊德而言意味良多,this little object with its Hebrew inscription.就是这个上面镌刻希伯来语铭文的小物件。For the commandment is the lamp and the teaching for light.戒律就是灯而教育则是光亮。The Menorah is the most ancient and enduring symbol of Jewish identity,烛台是犹太身份最古老及最持久的象征,even for someone who calling himself, the godless Jew.甚至对那些自称不信神明的犹太人而言也是如此。Godless, he may have been, but Freud never gave up on his Jewishness.弗洛伊德可能是不信神者,但他从未放弃过他的犹太本性。And as the dark stain of Nazi anti-Semitism began to sp, he proclaimed it publicly and loudly.而当纳粹反犹主义的黑暗开始蔓延,他大声公开宣称。He was also driven to begin his own exploration of the routes of Jewish story.他自己也开始了对于犹太人故事的探索之路。Work that would dominate the final years of his life, first in Vienna and then in London.他生命的最后几年全部投入到研究工作当中,首先是在维也纳,然后是在伦敦。Psychoanalysis, Freuds great discovery,精神分析,弗洛伊德的伟大的发现,was driven by the belief that in our origins lay the explanations of everything that followed.是对于我们解释一切起源的信仰所驱使。201403/281287 万年县治黄褐斑多少钱上饶市人民医院做双眼皮手术多少钱

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