His life has been a
perpetual nightmare.
他的生活一直是个重复不断的噩梦。
We perpetuate the myth of the lone genius. (
perpetual)
我们使孤独天才的神话长存。
We suffer from
perpetual hunger.
我们都一直忍饥挨饿。
As an association of chefs, food and beverage professionals and foodies, Disciples d'Escoffier International aims at respecting culinary traditions, promoting a perpetual improvement of cooking practices, as well as sharing the knowledge and passion of gastronomy.
作为一个由厨师、餐饮专业人士和美食家组成的协会，Disciples d‘Escoffier International旨在尊重烹饪传统，促进烹饪实践的不断改进，并分享美食的知识和热情。
In addition, the central SOEs should work to resolve various risks, reduce the scale of perpetual bonds in an orderly manner, and bring the debt ratio of highly indebted subsidiaries to a reasonable level as soon as possible, Hao said.
此外，中央国有企业应努力化解各种风险，有序降低永续债规模，尽快将高负债子公司的负债率降至合理水平，郝说。
It includes a royalty-free perpetual and exclusive license of the Mead Johnson and Enfa family of brands (including Enfinitas, Enfamil and Enfagrow) in China.
The type of instruments to be issued will include corporate bonds, medium-term notes, short-term commercial papers, perpetual bonds and asset-backed bonds in the domestic and overseas markets, the company said.
Chandran Nair, founder and CEO of the Global Institute For Tomorrow, a think tank located in Hong Kong and Kuala Lumpur, warned that the "perpetual" growth driven by an economic model encouraging excessive consumption is not sustainable.
According to Zhu, Accenture is looking forward to exploring digital technologies to enhance operational efficiency and agility, support a new way of working with humans and AI, and maintain perpetual relevance through constant intelligent engagements.
There is perpetual demand for noodles from Chinese consumers, and many investors believe there is significant business growth potential for noodle restaurants and thus the sector is worthy of investment," said Zhu Danpeng, an independent food industry analyst.
The Switzerland-based company acquired the perpetual rights from Starbucks in 2018 to market Starbucks consumer packaged goods and food service products globally, outside of the company's coffee shops.
Homebuyers should realize that the era of perpetual rise in home prices has come to an end.
Shao noted each locale necessitates the preservation of distinctive local identities in parallel with perpetual cross-cultural learning.
- The People's Bank of China, China's central bank, conducted a central bank bills swap (CBS) operation on Wednesday to improve the liquidity of perpetual bonds.
The CBS scheme allows dealers to swap the perpetual bonds they hold for central bank bills.
Perpetual bonds are fixed-income securities with no maturity date and are not redeemable but pay a steady stream of interest in perpetuity.
The People's Bank of China, or the central bank, conducted a central bank bills swap (CBS) operation on Tuesday to improve the liquidity of perpetual bonds.
The CBS scheme allows dealers to swap the perpetual bonds they hold for central bank bills, which will boost market demand for perpetual bonds but have a neutral impact on liquidity in the banking system.
- The People's Bank of China conducted a central bank bills swap operation on Wednesday to improve the liquidity of perpetual bonds.
- The People's Bank of China conducted a central bank bills swap operation on Monday to improve the liquidity of perpetual bonds.
The People's Bank of China (PBOC) conducted a central bank bills swap (CBS) operation on Thursday to improve the liquidity of perpetual bonds.
- The People's Bank of China, or the central bank, conducted this year's eighth central bank bills swap (CBS) operation on Tuesday to improve the liquidity of perpetual bonds issued by commercial banks.
The People's Bank of China, or the central bank, conducted this year's seventh central bank bills swap (CBS) operation on Friday to improve the liquidity of perpetual bonds issued by commercial banks.
Moreover, regulators should also relax restrictions on market access for small and mid-size banks, support them to issue preferred shares, perpetual bonds, convertible bonds and tier 2 capital bonds, and increase efforts to support more quality small and mid-size banks to have priority over others in going public, Dong said.
- The People's Bank of China, or the central bank, conducted this year's sixth central bank bills swap (CBS) operation on Wednesday to improve the liquidity of perpetual bonds issued by commercial banks.
- The People's Bank of China, or the central bank, conducted this year's fifth central bank bills swap (CBS) operation on Monday to improve the liquidity of perpetual bonds issued by commercial banks.
Chen added that the PBOC will strengthen support for banks to issue perpetual bonds that will enhance their lending capacity and promote fee reductions by financial institutions to alleviate burdens on enterprises and individuals.
The People's Bank of China, or the central bank, conducted this year's third central bank bills swap (CBS) operation on Tuesday to improve the liquidity of perpetual bonds issued by commercial banks.
- The People's Bank of China, the central bank, conducted this year's 11th central bank bills swap (CBS) operation on Tuesday to improve the liquidity of perpetual bonds issued by commercial banks.
The People's Bank of China, the central bank, conducted this year's ninth central bank bills swap (CBS) operation on Wednesday to improve the liquidity of perpetual bonds issued by commercial banks.
- The People's Bank of China, the central bank, conducted this year's seventh central bank bills swap operation on Thursday to improve the liquidity of perpetual bonds issued by commercial banks.
The People's Bank of China, the central bank, conducted this year's sixth central bank bills swap (CBS) operation on Friday to improve the liquidity of perpetual bonds issued by commercial banks.
- The People's Bank of China, the central bank, conducted this year's fifth central bank bills swap operation on Thursday to improve the liquidity of perpetual bonds issued by commercial banks.
The People's Bank of China, the central bank, said it will conduct this year's third central bank bills swap (CBS) operation on Friday to improve the liquidity of perpetual bonds issued by commercial banks.
The People's Bank of China, the central bank, said it will conduct this year's first central bank bills swap (CBS) operation on Friday to improve the liquidity of perpetual bonds issued by commercial banks.
In addition, China encouraged small and medium-sized commercial banks to replenish capital through multiple measures, including bringing in strategic investors and issuing perpetual bonds.
By the end of last year, commercial banks had issued 1.2 trillion yuan worth of perpetual bonds, a fixed income security with no maturity date, which helped banks to augment capital resources and increase lending to the real economy, the central bank said.
The People's Bank of China, the central bank, said it would conduct this year's 11th central bank bills swap (CBS) operation on Friday to improve the liquidity of perpetual bonds issued by commercial banks.
- The People's Bank of China, the central bank, said it would conduct this year's tenth central bank bills swap (CBS) operation on Wednesday to improve the liquidity of perpetual bonds issued by commercial banks.
"The four G-SIBs are expected to actively use the new capital instrument of perpetual bonds to strengthen their capital," said Yulia Wan, a senior analyst with Moody's.
In China, regulators have shortened the approval period for perpetual bonds issues, reduced entry barriers for issue of preferred shares and allowed eligible banks to use multiple capital replenishment instruments, Wan said.
- The People's Bank of China, the central bank, said it will conduct this year's eighth central bank bills swap (CBS) operation on Thursday to improve the liquidity of perpetual bonds issued by commercial banks.
Perpetual bonds are fixed-income securities with no maturity date and are not redeemable but pay a steady stream of interests forever.
Liu urged banks to make use of instruments like local government special bonds, perpetual bonds and second-tier capital debt for supporting the real economy and small and medium-sized enterprises.
- The People's Bank of China, the central bank, said it will conduct this year's seventh central bank bills swap (CBS) operation on Thursday to improve the liquidity of perpetual bonds issued by commercial banks.
The CBS scheme allows dealers to swap the perpetual bonds they hold for central bank bills, which will effectively boost market demand for perpetual bonds but have a neutral impact on liquidity in the banking system.
China has allowed small and medium-sized banks to replenish capital by issuing perpetual bonds and preferred shares.
BEIJING-- The People's Bank of China, the central bank, on Monday conducted the sixth central bank bills swap (CBS) operation in 2020 to improve the liquidity of perpetual bonds issued by commercial banks.
Apart from supporting commercial lenders in expanding channels for capital replenishment by issuing common shares, preferred shares, perpetual bonds and tier-2 capital bonds, it also encouraged local governments to help small and medium-sized banks replenish capital by raising funds in various ways.
A growing number of Chinese banks, especially small and medium-sized commercial lenders, are issuing perpetual bonds to replenish capital as part of concerted efforts to increase lending to small businesses amid the novel coronavirus outbreak.
A perpetual bond is a bond without a maturity date.
During the first five months of this year, 14 banks issued perpetual bonds worth 282.9 billion yuan ($39.7 billion).
Among them, 10 small and medium-sized commercial lenders, including Zhejiang Tailong Commercial Bank Co Ltd, Bank of Jiangsu Co Ltd and Shenzhen Rural Commercial Bank Co Ltd, issued 47.9 billion yuan of perpetual bonds, accounting for 17 percent of the total issuance volume, according to Wind, a financial data provider in China.
Both the number of banks that issued perpetual bonds and the issuance volume increased significantly on a yearly basis.
During the same period in 2019, Bank of China Ltd, a large State-owned commercial lender, and China Minsheng Banking Corp, a national joint-stock commercial lender, issued perpetual bonds of 40 billion yuan each.
The coupon rates of five-year perpetual bonds issued by small and medium-sized banks ranged from 3.8 percent to 5.8 percent in the first five months of this year, while large State-owned commercial lenders issued such bonds at coupon rates as low as 3.4 percent.
The scope of perpetual bond issuers has been expanding continuously.
MYbank, a privately owned online-only bank, received approval from the China Banking and Insurance Regulatory Commission's Zhejiang office to issue up to 5 billion yuan of perpetual bonds, the office announced on May 20.
It became the first private bank that has got the green light to issue perpetual bonds.
As some perpetual bonds can be recorded as equity instruments in accounting books, issuing this type of bonds will lower the leverage of small and medium-sized banks, said Wang Gang, research fellow with the Research Institute of Finance under the Development Research Center of the State Council, in an article published in China Finance on Monday.
Compared with preferred shares, perpetual bonds have a lower cost of funds and a shorter issuance approval cycle.
Therefore, perpetual bonds are the best channel for unlisted small and medium-sized banks to replenish tier-1 capital, the primary funding source of banks, Wang said.
The China Banking and Insurance Regulatory Commission canceled requirements regarding issuer banks' assets and credit ratings, in addition to removing requirements that insurance funds only invest in tier-2 capital bonds with AAA credit ratings, and in perpetual bonds rated at least AA+.
The People's Bank of China, the central bank, conducted the fifth central bank bills swap (CBS) operation in 2020 Tuesday to improve the liquidity of perpetual bonds issued by commercial banks.
Last year, 15 banks, including five large State-owned commercial lenders and seven national joint-stock commercial lenders, issued perpetual bonds totaling 569.6 billion yuan.
The People's Bank of China, the central bank, conducted the third central bank bills swap (CBS) operation in 2020 on Wednesday to improve the liquidity of perpetual bonds issued by commercial banks.
Small and medium-sized commercial banks will be encouraged to issue perpetual bonds to augment their capital requirements and increase lending to small businesses, according to the banking and insurance regulator.
Since the beginning of this year, five unlisted city commercial lenders, namely Guilin Bank Co Ltd, Guangxi Beibu Gulf Bank Co Ltd, Bank of Huzhou Co Ltd, Bank of Dongguan Co Ltd, and Huarong Xiangjiang Bank Co Ltd, have received regulatory approval for the issuance of perpetual bonds totaling 18 billion yuan ($2.6 billion).
Postal Savings Bank of China Co Ltd, a large State-owned commercial lender, and Bank of Jiangsu Co Ltd, a regional joint-stock commercial lender headquartered in Nanjing, Jiangsu province, also received the green light this year to issue up to 80 billion yuan and 20 billion yuan of perpetual bonds, respectively.
The bill swaps allow dealers to swap the perpetual bonds they hold for central bank bills, which will effectively boost market demand for perpetual bonds but have a neutral impact on liquidity in the banking system.
Last year, 15 banks, including five large State-owned commercial lenders and seven national joint-stock commercial lenders, issued perpetual bonds amounting to 569.6 billion yuan.
The People's Bank of China, the central bank, conducted the second central bank bills swap (CBS) operation in 2020 on Friday to improve the liquidity of perpetual bonds issued by commercial banks.
The People's Bank of China, the central bank, has conducted the first central bank bills swap (CBS) operation in 2020 to improve the liquidity of perpetual bonds issued by commercial banks.
The CBS program allows dealers to swap the perpetual bonds they hold for central bank bills, which will effectively boost market demand for perpetual bonds but have a neutral impact on liquidity in the banking system.
To support liquidity and improve commercial bank's asset quality, the PBOC will supplement commercial banks' capital in 2020 through issuance of perpetual bonds — a credit instrument having no date to pay back.
The People's Bank of China, the central bank, has conducted the 7th central bank bills swap (CBS) operation to improve the liquidity of perpetual bonds issued by commercial banks.
The People's Bank of China, the central bank, on Wednesday conducted the sixth central bank bills swap (CBS) operation to improve the liquidity of perpetual bonds issued by commercial banks.
For example, the Bank of Taizhou is likely to become the first city commercial bank in China to issue perpetual bonds, a method to increase its capital, the bank's executives said.
Stricter capital management is also needed to boost smaller banks' capability to resolve financial risks, he added, noting that some smaller banks with good performance will likely accelerate their fundraising plans through initial public offerings while some will opt to issue perpetual bonds - a fixed income security with no maturity date - to replenish capital.
Regulators will encourage financial holding groups to replenish capital by making financial instruments, and one of the tools could be a perpetual bond, said analysts.
Multiple measures to supplement equity of these institutions are expected to lend a hand, such as enhancing the efficiency of perpetual bond issuance, and lowering the standards of issuing preference shares and convertible bonds.
To resolve the problem that participating in the program may harm banks' capital adequacy, regulators will support banks to issue perpetual debt - a type of debt without a maturity date - to replenish their capital.
As such, the PBOC is encouraging commercial banks to issue perpetual bonds and convertible bonds to supplement their capital.
The People's Bank of China (PBOC) on Thursday conducted a new central bank bills swap (CBS) operation in support of perpetual bonds issued by commercial banks.
Following the first CBS operation in February 2019, the new operation aims to "raise the liquidity of banks' perpetual bonds and support their issuance of perpetual bonds," the PBOC said.
In January, the Bank of China issued the first-ever perpetual bonds by a Chinese bank, which were oversubscribed by institutional investors.
The PBOC officials said that more perpetual bonds will be issued by commercial banks, to raise capital and strengthen the cushion against potential risks.
China Minsheng Banking Corp (CMBC) has been approved to issue a perpetual bond worth no more than 40 billion yuan ($5.88 billion), according to the China Banking and Insurance Regulatory Commission (CBIRC).
It was the first perpetual bond ever issued by a Chinese joint-stock commercial bank, and the People's Bank of China will conduct a central bank bills swap (CBS) operation to support CMBC's issuance of the bonds, CBIRC said.
On Jan 28, the Bank of China issued the country's first perpetual bond worth 40 billion yuan in the interbank bond market with no maturity date and a nominal interest rate of 4.5 percent.
The People's Bank of China (PBOC) announced the operation Wednesday, which is designed to improve the liquidity of perpetual bonds.
Dealers will be allowed to transfer perpetual bonds into central bank bills worth 1.5 billion yuan ($222 million) and hold the bills for one year with a fixed rate of 0.25 percent.
Perpetual bonds are often used to replenish capital for commercial banks and therefore have better financing capability to support the real economy.
As central bank bills can be pledged as collateral, the PBOC hopes the swap program will make perpetual bonds more attractive to dealers and improve market expectations.
Analysts said perpetual bonds, by replenishing bank capital, will effectively relieve the financing difficulties of the real economy, prompting stronger financial support for private companies -- small ones in particular.
The PBOC also stressed that the CBS is not quantitative easing, since it neither increases nor decreases in the monetary base, and the bank does not hold the ownership of perpetual bonds or take credit risks.
Commercial banks facing shortfall in meeting risk buffer requirementsChina's central bank launched its first swap program on Wednesday to transform 1.5 billion yuan ($223 million) of perpetual bonds into central bank bills, a measure to support recapitalization for commercial banks and cushion risks, according to an official statement.
The swap program is intended to improve the liquidity of perpetual bonds, or bonds with no maturity date, making them more attractive to investors and potentially cheaper for banks to issue, according to analysts.
A statement from the open-market operations office of the People's Bank of China, the central bank, said on Wednesday that primary dealers can shift perpetual bonds into central bank bills worth 1.5 billion yuan in total, for holding the bills for one year with a coupon rate of 2.45 percent.
Bank of China is currently the only issuer of perpetual bonds in China－40 billion yuan worth of the bonds were issued on Jan 25.
"Clearly the first swap is a small amount, compared with the potential issuance of perpetual bonds that could be more than 1.08 trillion yuan as we estimated," said Jiang Chao, an economist with Haitong Securities, an A-share listed brokerage.
From 2016 to 2018, the total perpetual bond issuance in global markets was about $100 billion, according to data collected by the PBOC.
Through the swap scheme, the central bank can provide liquidity to perpetual bond issuers, but without taking credit risks or providing base money, "thus it is not a measure of quantitative easing", said Sun Guofeng, head of the PBOC Monetary Policy Department.