金融委重磅定调！打击比特币挖矿和交易行为，严打证券违法

　　深夜，高层释放重磅信号！

late at night, high-level signal!

　　据中国政府网，5月21日，国务院金融稳定发展委员会(以下简称金融委)召开第五十一次会议，研究部署下一阶段金融领域重点工作。会议由中共中央政治局委员、国务院副总理、金融委主任刘鹤主持，金融委成员单位有关负责同志参加会议。

According to the Chinese Government Network, on 21 May, the Committee on Financial Stability and Development of the State Council (hereinafter referred to as the Financial Committee) convened its fifty-first meeting to study the deployment of priorities in the area of finance in the next phase. The meeting was chaired by Liu Xuan, a member of the Central Political Bureau of the Communist Party of China, the Deputy Prime Minister of the State Council and the Director of the Financial Committee.

　　此次会议有两点令人印象深刻：

The meeting had two impressive points:

　　一是打击比特币挖矿和交易行为，坚决防范个体风险向社会领域传递。

The first is the fight against the mining and trading of bitcoin and the determination to prevent individual risks from being transmitted to the social sphere.

　　二是要维护股、债、汇市场平稳运行，严厉打击证券违法行为，严惩金融违法犯罪活动。

The second is the maintenance of equity, debt and exchange markets, the severe suppression of securities offences and the severe punishment of financial offences.

　　在会议内容发布之后，比特币瞬间跳水3000美元，其它加密货币也全线暴跌，比特币1小时爆仓金额增加至14亿元人民币。那么，股市又会受到啥影响？

After the launch of the conference, Bitcoin jumped off $3,000 in an instant, and all the other encrypted currencies collapsed, raising the amount of Bitcoin’s 1-hour explosion to RMB 1.4 billion. So, what is the impact on the stock market?

　　重点着墨金融风险防控

focuses on financial risk control in Mexico

　　5月21日，国务院金融稳定发展委员会(以下简称金融委)召开第五十一次会议，研究部署下一阶段金融领域重点工作。会议由中共中央政治局委员、国务院副总理、金融委主任刘鹤主持。

On 21 May, the Committee on Financial Stability and Development of the State Council (hereinafter referred to as the Financial Committee) convened its fifty-first meeting to study the deployment of priorities in the area of finance in the next phase. The meeting was chaired by a member of the Central Political Bureau of the Communist Party of China, the Deputy Prime Minister of the State Council and the Director of the Financial Committee, Liu Xuan.

　　会议指出，金融系统坚决贯彻党中央、国务院决策部署，加大对实体经济的支持力度，稳健的货币政策灵活适度，信贷政策精准适应市场主体需要，流动性保持合理充裕，金融服务水平提高，金融支持疫情防控和经济社会发展取得明显实效。

It was noted that the financial system was firmly committed to the deployment of the Party's central and State Council decision-making, increased support for the real economy, sound monetary policy with a moderate degree of flexibility, precision of credit policies adapted to the needs of market players, adequate liquidity, higher levels of financial services, financial support for disease prevention and economic and social development, and tangible results.

　　会议要求，金融系统要坚持大局意识，坚持稳字当头，科学精准实施宏观调控，把握好度，不搞急转弯。要综合运用多种货币政策工具保持流动性合理充裕，有效防范和化解金融风险，促进经济金融良性循环。

The conference called for the financial system to remain aware of the big picture, to remain stable, and to be scientifically accurate in implementing macro-regulations, to be well-positioned, and not to turn fast. A combination of monetary-policy instruments should be used to keep liquidity reasonably adequate, to effectively prevent and mitigate financial risks, and to promote a virtuous cycle of economic and financial well-being.

　　一是进一步服务好实体经济。稳健的货币政策要灵活精准、合理适度，继续实施直达实体经济的政策工具，增强微观主体活力，稳企业保就业，大力支持普惠小微、乡村振兴、制造业、科技创新和绿色转型发展。

One is to further serve the real economy. Sound monetary policy needs to be flexible, precise, reasonable and proportionate, continue to implement policy instruments that go straight to the real economy, strengthen micro-entity, stabilize business and sustain employment, and support inclusive microfinance, rural revitalization, manufacturing, science, technology, innovation, and green transformation development.

　　二是坚决防控金融风险。坚持底线思维，加强金融风险全方位扫描预警，推动中小金融机构改革化险，着力降低信用风险，强化平台企业金融活动监管，打击比特币挖矿和交易行为，坚决防范个体风险向社会领域传递。要维护股、债、汇市场平稳运行，严厉打击证券违法行为，严惩金融违法犯罪活动。要严密防范外部风险冲击，有效应对输入性通胀，加强预期管理，强化市场监管，做好应对预案和政策储备。

To maintain a bottom-line approach, to strengthen early warning of the full range of financial risks, to promote the transformation of small and medium-sized financial institutions, to reduce credit risks, to strengthen the regulatory framework for business and financial activities, to combat the mining and trading of bitcoin, and to prevent individual risks from being transmitted to the social sphere. To maintain equity, debt, and remittance markets, to fight against securities violations, and to punish financial offences.

　　三是继续深化改革开放。进一步推动利率汇率市场化改革，保持人民币汇率在合理均衡水平上的基本稳定。加快资本市场改革，推动债券市场高质量发展。深化金融机构改革，回归本源，坚守定位，遵循绿色理念开展投融资行为。继续扩大高水平金融开放。

Three are continuing to deepen reform and openness. Further market-based reforms for interest rates will be pursued to maintain the basic stability of the RMB exchange rate at a reasonably balanced level.

　　加密货币再遭血洗

　　在上述会议内容报出之后，关于“打击比特币挖矿和交易行为，坚决防范个体风险向社会领域传递”的表述开始刷屏。外围加密货币市场再度崩盘。

After the above-mentioned conference was published, the expression “Combating the mining and trading of bitcoin, firmly preventing individual risks from passing on to the social sphere” began to be painted.

　　比特币24小时跌超10%，跌至37000美元。以太币跌至2428美元，24小时下跌17%。币安币、瑞波币24小时跌近20%。

Bitcoin fell by more than 10 per cent in 24 hours, to $37,000. It fell to $2428, or 17 per cent in 24 hours. It fell by almost 20 per cent in 24 hours.

　　有段子云：以前炒股，周五收盘之后，至少有两天不会亏损。后来，学会炒币了，全天候亏损。据比特币家园，比特币1小时爆仓金额增加至14亿元人民币。这个市场的动荡对于许多币圈人士而言，可能又是一个难眠之夜。

There was a cloud: before the stock-breeding, at least two days after the closing on Friday, there was no loss. Later, he learned to sell the coins and lost all day. According to Bitcoin’s home, the amount of a one-hour explosion in bitcoin went up to RMB 1.4 billion.

　　其实，此前的5月18日，中国互联网金融协会、中国银行业协会、中国支付清算协会已经联合发布《关于防范虚拟货币交易炒作风险的公告》。公告强调，金融机构、支付机构等会员单位不得用虚拟货币为产品和服务定价，不得直接或间接开展与虚拟货币相关的业务。这一公告导致了加密货币市场的崩盘。然而，最近两天，这个市场又反弹了不少。

Indeed, on May 18, the Chinese Internet Finance Association, the Chinese Banking Association, and the Chinese Payments Clearing Association jointly issued a bulletin on protection against the risks of virtual currency transactions. The bulletin stressed that financial institutions, payment agencies, etc., should not use virtual currency for the pricing of products and services and should not directly or indirectly conduct business related to virtual currency. The announcement led to the collapse of the encrypted currency market.

　　诺贝尔经济学奖得主保罗-克鲁格曼(Paul Krugman)表示 ，比特币类似邪 教的数字货币总能找到新的信徒，而这些信徒将确保其无限期地生存下去。“我已经放弃了对比特币即将消亡的预测。似乎总会有新的信徒出现。也许他们只是把它当作一个可以无限期生存的邪 教。”

Nobel Laureate Paul Krugman says that bitcoin-like digital money will always find new followers who will ensure its survival indefinitely. “I have given up the prediction that bitcoin is about to die. There seems to be always a new believer. Maybe they just think of it as a cult that can survive indefinitely.”

　　股市是否受影响？

Is the stock market affected?

　　此次会议涉及到股市方面的内容，令人印象深刻的一点是：要维护股、债、汇市场平稳运行，严厉打击证券违法行为，严惩金融违法犯罪活动。

The meeting, which dealt with the stock market, was impressive in terms of maintaining equity, debt and the smooth functioning of the foreign exchange market, combating securities violations and punishing financial crimes.

　　从此次表述来看，首先强调的是平稳运行。这也是中央的一贯要求。站在现在这样一个关键时间点上，这种要求会更为明显。因此，最近一个多月，股市出现系统性风险的概率可能并不大，债市同样如此。当然，出现一波超大行情的可能性同样也不太高。因为，目前外围国际环境并不友好，同时超大行情也并不符合平稳特征。不出现持续系统性大跌，阶段性稳步向上的行情特征或许才符合平稳特征。

From this point of view, the emphasis is first and foremost on smooth functioning. It is also a central requirement. This is more evident at this critical point in time.

　　其次，突出两个“严”字，即“严厉”打击证券违法行为，“严惩”金融违法犯罪活动。近期，叶飞事件闹得沸沸扬扬，在一定程度上冲击到了资本市场的生态，亦暴露出资本市场的一些丑态。在这种背景之下，祭出严打，有利于正本清源，有利维护资本市场的三公，更有利于资本市场长期稳定的发展。值得注意的是“严”与“平稳”并不矛盾。

Second, the two “severe” words, “severe” against securities offences, and “severe punishment” for financial crimes, have been highlighted. In recent times, Ye Fei’s events have hit the ecology of capital markets to some extent, and have revealed some of the scandals of capital markets.

　　此外，还有两条值得注意：一是坚持底线思维，加强金融风险全方位扫描预警，推动中小金融机构改革化险，着力降低信用风险；二是加快资本市场改革，推动债券市场高质量发展。前者，今年底将推出资管新规，在这一前提之下，充分暴露、充分发现、全力化解金融风险可能是一个工作重点；后者，在加快资本市场改革方面，债券市场的发展和改革可能要推上日程。

In addition, two other areas are worth noting: a bottom-line approach that strengthens financial risk-scanning early warning in all its aspects, and pushes small and medium-sized financial institutions to reform and reduce credit risk; and an acceleration of capital market reforms to promote high-quality bond market development. The former, which will be financed by the end of this year, may be a priority in terms of full exposure, full detection, and full efforts to address financial risk; and the latter, in terms of accelerating capital market reform, the development and reform of bond markets may be on the agenda.

〖 券商中国 〗

♪ China, China, China, China, China, China, China ♪

本文不构成投资建议，股市有风险，投资需谨慎。

This paper does not constitute an investment proposal. The stock market is at risk and investments need to be prudent.