In order to further promote decentralization and improve the foreign exchange management of insurance business, the State Administration of foreign exchange has issued the Circular of the State Administration of foreign exchange on Issuing the guidelines for foreign exchange management of insurance business ([2015]6), hereinafter referred to as the notice.

The main contents of the notice include: 1.

。

To lower the market access and exit of corporate insurance institutions' foreign exchange insurance business, and to examine the authority of conversion of capital and foreign currency, cancel the market entry and exit approval of foreign exchange insurance business of insurance institutions below the provincial level and below, and cancel the requirements for re certification of insurance companies' foreign exchange insurance business qualification every three years.

Two is

。

Clear cross border insurance,

It is entrusted with the management of foreign exchange funds and other business rules to regulate the use of foreign exchange accounts of insurance institutions.

The three is to integrate laws and regulations.

Abolish 8 foreign exchange management regulations involving insurance business, and facilitate the understanding and implementation of market participants.

The four is to simplify procedures.

Based on the principle of "understanding customers", "understanding business" and "due diligence", managed financial institutions can simplify audit materials for foreign exchange insurance business.

The same corporate insurance institution shall be allowed to collect and collect foreign exchange funds under insurance.

The five is to improve supervision.

Clear data submitted requirements, strengthen the foreign exchange insurance business and related foreign exchange revenues and expenditures after the monitoring and verification.

The notice has been implemented since March 1, 2015.

Related links:

In the near future, the Shanghai stock index has a wide range of shocks before 3400, and the market view also disagrees with the future trend of the bull market.

Huang Yanming, the director of the Guotai Junan Research Institute, made a few comments on the market recently, and again issued a research report jointly with the chief macroeconomic analyst Ren Zeping. He reiterated that the current market logic remained unchanged, and the bull market would run through 2015.

According to the research report, in the 2010-2013 years, due to the lack of enough understanding of the necessity of speed shifting and the necessity of reform, the progress of reform slowed down, and the old growth mode refused to be cleared. It formed three big black holes in capital, plus leveraged debt cycles, expanding the demand for ineffective capital and pushing up risk-free interest rates.

As the new central leadership group pushed ahead with reform in 2014, market risk preferences improved significantly.

Since the two quarter of 2014, the real estate sector, which has a high degree of marketization in the three big black holes, has launched a long period of liquidation, and has forced the clearing of the two major areas of the system.

The reform of finance, taxation and state owned enterprises has accelerated the pace of blocking the three major capital black holes, shrinking the inefficient financing needs, creating conditions for policy easing, guiding risk free interest rates to fall, and enhancing risk preferences.

The risk-free interest rate has lowered the yield of shadow banking products, and the risk-taking preference has improved the confidence of all sectors of the community to restore China's future confidence and start to configure stocks representing future assets, capital flows from real estate and shadow banking to the stock market, and the stock market gets rid of the stock game dilemma and moves towards the new era of incremental game.

According to the research report, the "pitional cattle" and "reform cattle" launched in 2014 were similar to 1996-2001 years in China, 1970-1980 years in Japan, 1983-1992 years in Taiwan and 1992-2002 years in Korea.

The bull market can be summarized as follows: reform blocking capital black holes, shrinking inefficient financing needs, and creating conditions for policy easing so as to guide risk-free interest rates to fall, reform and improve resource allocation efficiency, enhance risk preference, restore social confidence and guide incremental capital to enter the market.