Why are swap rates below bond yields?

Michael Mackenzie and Joe Rennison

©Bloomberg

US interest rate swaps, popular derivatives that track government bond yields, have experienced a spectacular collapse this month with an array of reasons being suggested by traders.

This market emerged during the 1980s and has become a fundamental part of finance. Like bonds sold by companies, swap rates have historically traded at a premium over Treasury yields — seen as the risk-free rate for pricing other types of debt and derivatives.

Now dealers and users of US swaps, such as hedge funds, asset managers and companies, are watching the swap rate relationship to underlying Treasury yields, known as a spread, become increasingly negative. Last week, the 10-year swap rate at one stage was quoted 18 basis points below the 10-year Treasury yield. The current swap rate of 2.225 per cent trails that of the Treasury benchmark’s yield of 2.33 per cent by 10.5 basis points.

Why is a negative relationship prevailing?
Analysts at Deutsche Bank say the recent swap spread tightening reflects “tighter macro prudential regulation, higher capital requirements and reduced dealer balance sheet capacity”.

Also playing a role is swapping activity from companies selling debt.

Companies and institutional investors exchange floating rates of interest for fixed rates via a swap contract. When a company sells fixed-rate debt, it can use a swap to offset the payment of a bond coupon and pay a much lower floating rate — three-month Libor.

Such activity pushes swap spreads lower and has occurred when dealers have been swamped by sales of Treasury bonds from central banks and other investors. The combination of hefty company debt sales being swapped and higher dealer inventories of Treasury debt, helps explain why swap spreads are negative.

How serious is the current dislocation between swaps and bonds?

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Some say swaps are a broken market and the most visible example of post-2008 regulation of the banking system that entails serious consequences for investors, banks, companies and even the US taxpayer.
The bigger implication is that the cost of funding US government deficits in the coming years, which are projected to climb sharply, may well be higher due to a tougher regulatory environment for banks that underwrite Treasury debt sales.
Deutsche’s regression analysis places a fair value of around 3 basis points for the 10-year swap rate over the underlying 10-year Treasury yield. It thinks “the days of positive double-digit spreads, and perhaps positive spreads full stop, could be behind us”.

And with year end and a Federal Reserve interest rate rise approaching, higher volatility looms for the swaps market. Last week’s moves represented some of the biggest daily shifts since the financial crisis.

How long can swap rates trade negative to Treasury yields?
Under normal market conditions the current inversion should be swiftly reversed, but thanks to tougher bank capital regulation, derivatives trading appears to have entered a new era. Currently, no one appears willing to normalise the relationship between swap rates and Treasury yields.
“For a trader, trying to pick the bottom offers a different risk/reward in today’s heavily scrutinised world, so we haven’t seen the type of aggressive buyers that we used to see when valuations move to extremes,” says Michael Cloherty, head of US rates strategy at Royal Bank of Canada.
Trading Treasuries and swaps relies on funding via the repurchase or repo market. Thanks to balance sheet constraints, the use of repo by dealers is shrinking, another factor sustaining negative swap spreads.
“As capital and balance sheet have become more scarce commodities, banks have responded by reducing the size of their repo books due to heavy balance sheet consumption and relatively low margins of the business,” says Deutsche.
That means hedge funds, which in the past would reverse any inversion, cannot rely on the repo market to buy US Treasuries and pay the fixed rate on a swap. For a bank, facilitating a repo trade on behalf of a hedge fund means having it sit on its balance sheet, consuming precious capital.

Related Topics

• US Interest Rates,
• United States of America,
• Central Banks,
• Derivatives,
• US Treasury Bonds

海淘税改新政对海淘海带的影响其实是这样(组图)

海淘税改新政对海淘海带的影响其实是这样(组图)

文章来源: 侨报网 于 2016-04-11 20:38:19 - 新闻取自各大新闻媒体，新闻内容并不代表本网立场！

打印本新闻 (被阅读 22460 次)

4月8日，跨境电商税改正式实施，一张“浦东机场到处是不愿加税而弃置的商品”的照片顿时在网上传的是沸沸洋洋，隔着手机这小屏幕我都能感到它的热气腾腾。图片配文：

“上海浦东机场出关口已经贴指示了。不管你是代购还是旅游，只要是带东西回国，2000元/月至20000/年，都要交税！海关会开箱检查，不懂价格的去 网上搜，EMS直邮的也要全部纳税！而且化妆品的税率竟然是60%。所以，出国旅游的小伙伴们，不是自己用的还是别带了，被税了划不来。”



（上面介个是图一）

这还不够，一张黄渤在海关被扣的照片自然也“不甘示弱”，这个转这个传啊。



（上面介个是图二，右边那个叉腰的人就是黄渤）

一票小伙伴炸了，反应各式各样：

“难道代购的小船已经彻底翻了咩？”

“南京条约只要百分之五的关税，你这是逼着我们求续约吗？”

“肿么办肿么办？要我裸着回国接受七大姑八大姨的犀利目光洗礼吗？”

事实证明，这种说话风格咋咋呼呼+爱用emoji的行文风格已经默默荣升为微博造谣的标准格式了。

认证为“中华人民共和国上海海关”的微信公众账号“上海海关12360”发文辟谣：你们又被骗了，真是Too Young Too Naive啊。



文章说了，图一发生的背景是这样子滴：一位从韩国归来的游客带了4箱东西，大概2万人民币以上彩妆和1.5万人民币左右的护理品。带太多东西海关需要清点数量，然而恰逢中转大厅装修，没地方清点，海关只能把东西铺在地上进行清点。

所以图一的画面，只是例行检查而已。

而黄渤那张照片就更搞笑了，2015年在巴黎机场的黄渤愣生生地穿越到2016年的浦东机场，还跟风走了个微博热搜。远在泰国剧组拍戏的渤哥嘻嘻哈哈地表示：分身术段数太高，在下不会。



那么，让大伙儿一惊一乍的4月8日跨境电商税改新政到底是个神马东东？

北京时间3月24日，中国财政部、海关总署、税务总局联合发布《关于跨境电子商务零售进口税收政策的通知》，宣布：

自2016年4月8日起，中国将实施跨境电子商务零售（企业对消费者，即B2C）进口税收政策，并同步调整行邮税政策。

1. B2C是个啥玩意？

2. 行邮税是个啥玩意？

3. 4月8日税改新政到底跟我有没有关系？

这分为两个最受人关注的小问题：我往中国寄东西会受到影响吗？我往中国“人肉”东西会受到影响吗？

下面我就来一一解答。

B2C是个啥玩意？

微博上有一位自称是海关工作人员的网友“客官不要急”做了科普。

（对于真实性有所怀疑的小盆友不要急，我是认真做了真实性分析的。微博认证为“共青团中央官方微博”的“共青团中央”都转发了他的微博，所以还是比较靠谱的。）





目前东西从境外进入中国有三种渠道：

1. B2B (Business to Business)

商业对商业，商家对商家，走货物渠道。税率为关税+增值税+消费税。

跟一般小伙伴都没有什么关系，本次改革也不受影响。

2. B2C (Business to Customer)

商家对个人，就是广大海淘热爱者熟知的洋码头之流。

本次税收政改最受影响的群体。

3. C2C (Customer to Customer)

不算严谨，但是“自用”“合理”范围的携带和寄送都属于这个类别。

适用行邮税。

普罗大众最关注的“我往中国寄东西会受到影响吗？”“我往中国‘人肉’东西会受到影响吗？”都属于这个类别。

行邮税是个啥玩意？

正儿八经的来讲：

行邮税是行李和邮递物品进口税的简称，是海关对人境旅客行李物品和个人邮递物品征收的进口税。 由于其中包含了进口环节的增值税和消费税，故也为对个人非贸易性人境物品征收的进口关税和进口工商税收的总称。

说人话就是：

哎呀，我给我在中国的老爸老妈寄点保养品什么的/我好闺蜜出国给我带点东西回中国的，又不是卖的，还要算关税增值税消费税，乱七八糟的好麻烦，合成一个好了啦。于是，行邮税就产生了。

4月8日税改新政跟我有没有关系？

简单的来讲，4月8日税改新政对跨境电商的影响最大，体现为：

a.跨境电商税率变了

b.跨境电商免税额消失了

c.跨境电商有数额限制了

对关心“我往中国寄东西会受到影响吗？”“我往中国‘人肉’东西会受到影响吗？”的小伙伴来说，相关的只是：行邮税变了。

综合还在实行的旧规定和现行的新规定，具体情况是这样的：

1. 如果你要“人肉”东西回中国

（1）你享有的免税额是这个样子滴

在维持居民旅客进境物品5000元人民币免税限额不变基础上，允许其在口岸进境免税店增加一定数量的免税购物额，连同境外免税购物额总计不超过8000元人民币。

举例说明：

?你在美国买了5000人民币+在上海机场免税店买了3000人民币=不用交税

?你在美国买了3000人民币+在上海机场免税店买了5000人民币=不用交税

?你在美国买了5000人民币+在上海机场免税店买了5000人民币=超出的2000人民币要交税

?你在美国买了7000人民币+在上海机场免税店买了1000人民币=超出的2000人民币要交税（虽然总数不超过8000人民币，但是境外部分7000元超出了规定的5000元，超出的2000元部分要交税）

如果你超出了免税额，中国海关会对超出的部分，按照行邮税进行征税。

（2）你享有的限额是这个样子滴

首先需要明确的是，限额不等于免税额。超出免税额要交税，超过限额就要另行处理了。

如果你要“人肉”东西回国，你带的东西要在自用合理范围内，不能有倒卖嫌疑。如果你一下子带N多N多N多一模一样的口红，谁会信你是自己用啊……

如果你超过限额，会全部按照货物征收税款，或者退运。

（3）关于海关严查

各个口岸不一样，但是百分百开箱查验是不可能的。

2. 如果你要邮寄东西回中国

（1）你享有的免税额是这个样子滴

50块人民币。如果你超出了免税额，中国海关会对全部物品，按照行邮税进行征税。

（2）你享有的限额是这个样子滴

自用合理数量+单包裹多物品1000人民币以内。

超过1000人民币的限额是退运或者按货物报关。重申一点：限额不等于免税额，邮寄的免税额只有50元人民币。

（3）关于海关严查

包裹太多，百分百开包也是不可能的。开过箱的包裹里面会放查验告知单。

（总体是涨了，但是有些东西反而降了。例如护肤品，原先是统一50%的税率，今后是30%。但是未列明的物品从原来10%的税率涨到30%。）

3. 现行税率

根据美国侨报报道，行邮税由4档税目调整为3档（税率分别为15%、30%、60%）。其中，税目1主要为最惠国税率为零的商品，税目3主要为征收消费税的高档消费品，其他商品归入税目2。



但据上面提到的”客官不说话”透露，化妆品的税率已经降为30%了，但是网页显示仍为60%。

完税价格

简单来说，就是价格不一样的东西，海关会定一个海关价格，差不多在这个价格区间里面的（1/2-2倍），那就套用海关价格。在这个价格区间之外的，那就物主提供海关认可的付款凭证（发票，小票，网站购买截图），海关根据实际价格计算。

中国海关总署发布了《中华人民共和国进境物品完税价格表》，网址如下：

http://www.customs.gov.cn/publish/portal0/tab49661/info793342.htm

下面截取大家最为关心的表、化妆品和包的部分。

Swap Spreads Have Fallen, and They Can't Get Up

Something strange is happening in the U.S. rate market.

Tracy Alloway tracyalloway

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Something curious is happening in an esoteric corner of the U.S. rate market.
Swap spreads—a proxy for credit spreads—have turned negative.
This is a relatively rare occurrence in the market given that swap spreads usually involve a premium over U.S. Treasuries. The premium is paid by investors striking interest rate swap deals, exchanging fixed-rates of interest for floating rates (Libor). Because such deals involve significant counterparty risk, typically exposure to a bank, swap spreads have historically been positive.
But that usual relationship has been turned on its head in recent weeks.
You can see the change in the charts below, from Michael Shaoul at Marketfield Asset Management:
Here, for instance, is the five-year swap spread:

Source; Marketfield Asset Management

And the seven-year:

Source; Marketfield Asset Management

And here's the 10-year, now at its lowest on record.

Source; Marketfield Asset Management

The moves are causing some consternation for traders, analysts, and investors who are struggling to figure out exactly what is causing the trend to lower swap spreads. There are some varying theories.
Much attention has focused on more limited balance sheets at dealer-banks in the wake of new regulation, extra sales of U.S. Treasury bills, hefty issuance of corporate bonds, the selling of U.S. government debt by emerging market central banks, and recent hedging activity by investors in mortgage-backed securities.
First up is Shaoul:

We typically monitor U.S. Treasury Swap Spreads as an indication of stress, with the widening of spreads often a reliable [gauge] of distress within the dealer market (this certainly proved the case in 2008). In recent sessions we have been watching a quite different phenomenon, namely an unprecedented degree of spread inversion that now stretches all the way from the four-year to the 30-year portion of the treasury curve. This really suggests that something quite unusual is taking place within the Treasury market, made all the more interesting by the fact that underlying yields have actually been relatively placid while the inversion has been gathering steam.

And here are analysts at Société Générale:

... With the debt ceiling now out of the way, the ramp up of bill issuance is likely to add renewed pressure on dealer balance sheets over the coming weeks. ... Corporate issuance is starting to ramp up in November, the last big month for issuance ahead of year end. The average issuance for the past three years is around $120 billion. The swapping of corporate issuance is likely to keep the pressure on swap spreads.

Meanwhile, analysts at BNP Paribas argued a month ago that negative swap spreads are here to stay:

The collapse in US swap spreads has caused considerable consternation in the US rates market, but it has shown little sign of abating. Nor should it, in our view. Indeed, we see good reason for negative swap spreads to become the ‘new normal.’ ... In our view, the drivers of negative swap spreads are primarily regulatory, which has frustrated fair-value models. Regulatory-driven hedging costs, balance sheet charges and supply and demand could easily make swap spreads negative along most of the US curve.

For now there appear to be few easy answers to this particular market conundrum.

光混个文凭没用 “海归”就业越来越难了

光混个文凭没用 “海归”就业越来越难了 www.creaders.net | 2016-04-05 17:17:27  凤凰网 | 0条评论 | 查看/发表评论




　　教育部3月25日发布的2015年度《中国留学回国就业蓝皮书》显示，2015年中国大陆学生赴海外留学人数再创新高，达52.37万人，同期学成归国人员也达40.91万人，年度出国与回国人数比例呈逐年拉近的态势。随着越来越多的学成留学人员选择回国发展，“海归”就业难也正在成为一个棘手的社会问题。

　　留学生规模的扩大、学位结构的低端化、培养质量的良莠不齐和国外就业环境的恶化，是造成“海归”扎堆回国的重要原因。在美国纽约大学、南加州大学等地，甚至出现了中国留学生扎堆入学的现象。越扎堆，圈子便会越封闭，成功融入当地社会的难度便会越高，社会化失败的极端案例也会越高。虽然中国留学生已经成为一些大学赖以生存和发展的重要“金主”，但有些学校在基础设施建设、公共服务供给及教育管理等方面的投入未必会保持同步增长，留学环境难如早前。在低龄学生聚集的一些地方，校园暴力、交通肇事等恶性事件发生的几率也相对偏高，成为中国对外“输出”教育责任和社会责任的负面窗口。






　　当然，绝大多数中国留学生都是积极向上求进步，而且其中许多人都成为名副其实的“学霸”，但留学生在当地就业所需的，不只是成绩和能力，还要有人脉和圈子。成功的社会融入，不仅包括经济收入和身份上的“达标”，还要受到种族、宗教、文化、婚姻和社会等多方因素的制约。常青藤等名校毕业的白人学生，可以顺理成章地利用父母、家庭、师长等人脉资源，在华盛顿、华尔街等“政商圈”谋得位子。但对于留学生而言，这些资源都极其匮乏，“学霸”的精英光环禁不起毕业季的炙烤。能留下的，多数都是凭技术吃饭的“理工男”，进入管理层的，比例很低。

　　对于多数留学生而言，做“海归”才是现实的选择。不过，“海归”的过程也是时隔数年本土社会再融入的过程。其间，不能与时俱进者照样会败下阵来。部分单位更乐意接收熟悉国情的国内毕业生，有些岗位因为“专业不对口”也无法充分利用归国留学生的特长。因此，近三分之二“海归”就业去向都集中在了涉外企业。特别是一些学历层次偏低的“海归”，在与一些国际化程度较高的国内高校毕业生竞争时，竞争力和含金量都难言优势。

　　专业不对口、起薪水平低、社会再融入难，让一些“海归”更青睐国际化程度相对较高的东部大城市。但是，人员地域流向的集中化，为就业问题雪上加霜，自主创业者比例低，有些人甚至不得不重启人脉钥匙，回归“传统”择业轨道。在国内经济景气程度亦不如前些年的当下，“海归”的光环也不再那么闪亮。不过，让归国留学生和国内毕业生在同一起跑线上竞争，也是一个开放社会应有的常态。

　　目前，“海归”就业难已经开始逆向重塑出国留学市场，淘汰掉一些逃避型和盲从性心态，让出国留学变成一种更有积极、理性预期的选择。无论何时，为了学贯中西的内涵和能力去镀金而不是为了镀金而去镀金，才是出国留学的应有之义。
- See more at: http://news.creaders.net/immigration/2016/04/05/1659622.html#sthash.3oYIIe9R.dpuf更多精彩点击：<a href='http://www.creaders.net'>http://www.creaders.net</a>

光混个文凭没用 “海归”就业越来越难了 www.creaders.net | 2016-04-05 17:17:27  凤凰网 | 0条评论 | 查看/发表评论

　　教育部3月25日发布的2015年度《中国留学回国就业蓝皮书》显示，2015年中国大陆学生赴海外留 学人数再创新高，达52.37万人，同期学成归国人员也达40.91万人，年度出国与回国人数比例呈逐年拉近的态势。随着越来越多的学成留学人员选择回国 发展，“海归”就业难也正在成为一个棘手的社会问题。
　　留学生规模的扩大、学位结构的低端化、培养质量的良莠不齐和国外就业环境的恶化， 是造成“海归”扎堆回国的重要原因。在美国纽约大学、南加州大学等地，甚至出现了中国留学生扎堆入学的现象。越扎堆，圈子便会越封闭，成功融入当地社会的 难度便会越高，社会化失败的极端案例也会越高。虽然中国留学生已经成为一些大学赖以生存和发展的重要“金主”，但有些学校在基础设施建设、公共服务供给及 教育管理等方面的投入未必会保持同步增长，留学环境难如早前。在低龄学生聚集的一些地方，校园暴力、交通肇事等恶性事件发生的几率也相对偏高，成为中国对 外“输出”教育责任和社会责任的负面窗口。
当然，绝大多数中国留学生都是积极向上求进步，而且其中许多人都成为名副其实的“学霸”，但留学生在当地就业所需的，不只是成绩和能力，还要有人脉和圈 子。成功的社会融入，不仅包括经济收入和身份上的“达标”，还要受到种族、宗教、文化、婚姻和社会等多方因素的制约。常青藤等名校毕业的白人学生，可以顺 理成章地利用父母、家庭、师长等人脉资源，在华盛顿、华尔街等“政商圈”谋得位子。但对于留学生而言，这些资源都极其匮乏，“学霸”的精英光环禁不起毕业 季的炙烤。能留下的，多数都是凭技术吃饭的“理工男”，进入管理层的，比例很低。　　对于多数留学生而言，做“海归”才是现实的选 择。不过，“海归”的过程也是时隔数年本土社会再融入的过程。其间，不能与时俱进者照样会败下阵来。部分单位更乐意接收熟悉国情的国内毕业生，有些岗位因 为“专业不对口”也无法充分利用归国留学生的特长。因此，近三分之二“海归”就业去向都集中在了涉外企业。特别是一些学历层次偏低的“海归”，在与一些国 际化程度较高的国内高校毕业生竞争时，竞争力和含金量都难言优势。
　　专业不对口、起薪水平低、社会再融入难，让一些“海归”更青睐国际化 程度相对较高的东部大城市。但是，人员地域流向的集中化，为就业问题雪上加霜，自主创业者比例低，有些人甚至不得不重启人脉钥匙，回归“传统”择业轨道。 在国内经济景气程度亦不如前些年的当下，“海归”的光环也不再那么闪亮。不过，让归国留学生和国内毕业生在同一起跑线上竞争，也是一个开放社会应有的常 态。
　　目前，“海归”就业难已经开始逆向重塑出国留学市场，淘汰掉一些逃避型和盲从性心态，让出国留学变成一种更有积极、理性预期的选择。无论何时，为了学贯中西的内涵和能力去镀金而不是为了镀金而去镀金，才是出国留学的应有之义。

- See more at: http://news.creaders.net/immigration/2016/04/05/1659622.html#sthash.3HYIUn7N.dpuf

光混个文凭没用 “海归”就业越来越难了 www.creaders.net | 2016-04-05 17:17:27  凤凰网 | 0条评论 | 查看/发表评论

　　教育部3月25日发布的2015年度《中国留学回国就业蓝皮书》显示，2015年中国大陆学生赴海外留 学人数再创新高，达52.37万人，同期学成归国人员也达40.91万人，年度出国与回国人数比例呈逐年拉近的态势。随着越来越多的学成留学人员选择回国 发展，“海归”就业难也正在成为一个棘手的社会问题。
　　留学生规模的扩大、学位结构的低端化、培养质量的良莠不齐和国外就业环境的恶化， 是造成“海归”扎堆回国的重要原因。在美国纽约大学、南加州大学等地，甚至出现了中国留学生扎堆入学的现象。越扎堆，圈子便会越封闭，成功融入当地社会的 难度便会越高，社会化失败的极端案例也会越高。虽然中国留学生已经成为一些大学赖以生存和发展的重要“金主”，但有些学校在基础设施建设、公共服务供给及 教育管理等方面的投入未必会保持同步增长，留学环境难如早前。在低龄学生聚集的一些地方，校园暴力、交通肇事等恶性事件发生的几率也相对偏高，成为中国对 外“输出”教育责任和社会责任的负面窗口。
当然，绝大多数中国留学生都是积极向上求进步，而且其中许多人都成为名副其实的“学霸”，但留学生在当地就业所需的，不只是成绩和能力，还要有人脉和圈 子。成功的社会融入，不仅包括经济收入和身份上的“达标”，还要受到种族、宗教、文化、婚姻和社会等多方因素的制约。常青藤等名校毕业的白人学生，可以顺 理成章地利用父母、家庭、师长等人脉资源，在华盛顿、华尔街等“政商圈”谋得位子。但对于留学生而言，这些资源都极其匮乏，“学霸”的精英光环禁不起毕业 季的炙烤。能留下的，多数都是凭技术吃饭的“理工男”，进入管理层的，比例很低。　　对于多数留学生而言，做“海归”才是现实的选 择。不过，“海归”的过程也是时隔数年本土社会再融入的过程。其间，不能与时俱进者照样会败下阵来。部分单位更乐意接收熟悉国情的国内毕业生，有些岗位因 为“专业不对口”也无法充分利用归国留学生的特长。因此，近三分之二“海归”就业去向都集中在了涉外企业。特别是一些学历层次偏低的“海归”，在与一些国 际化程度较高的国内高校毕业生竞争时，竞争力和含金量都难言优势。
　　专业不对口、起薪水平低、社会再融入难，让一些“海归”更青睐国际化 程度相对较高的东部大城市。但是，人员地域流向的集中化，为就业问题雪上加霜，自主创业者比例低，有些人甚至不得不重启人脉钥匙，回归“传统”择业轨道。 在国内经济景气程度亦不如前些年的当下，“海归”的光环也不再那么闪亮。不过，让归国留学生和国内毕业生在同一起跑线上竞争，也是一个开放社会应有的常 态。
　　目前，“海归”就业难已经开始逆向重塑出国留学市场，淘汰掉一些逃避型和盲从性心态，让出国留学变成一种更有积极、理性预期的选择。无论何时，为了学贯中西的内涵和能力去镀金而不是为了镀金而去镀金，才是出国留学的应有之义。

- See more at: http://news.creaders.net/immigration/2016/04/05/1659622.html#sthash.3HYIUn7N.dpuf

光混个文凭没用 “海归”就业越来越难了 www.creaders.net | 2016-04-05 17:17:27  凤凰网 | 0条评论 | 查看/发表评论

　　教育部3月25日发布的2015年度《中国留学回国就业蓝皮书》显示，2015年中国大陆学生赴海外留 学人数再创新高，达52.37万人，同期学成归国人员也达40.91万人，年度出国与回国人数比例呈逐年拉近的态势。随着越来越多的学成留学人员选择回国 发展，“海归”就业难也正在成为一个棘手的社会问题。
　　留学生规模的扩大、学位结构的低端化、培养质量的良莠不齐和国外就业环境的恶化， 是造成“海归”扎堆回国的重要原因。在美国纽约大学、南加州大学等地，甚至出现了中国留学生扎堆入学的现象。越扎堆，圈子便会越封闭，成功融入当地社会的 难度便会越高，社会化失败的极端案例也会越高。虽然中国留学生已经成为一些大学赖以生存和发展的重要“金主”，但有些学校在基础设施建设、公共服务供给及 教育管理等方面的投入未必会保持同步增长，留学环境难如早前。在低龄学生聚集的一些地方，校园暴力、交通肇事等恶性事件发生的几率也相对偏高，成为中国对 外“输出”教育责任和社会责任的负面窗口。
当然，绝大多数中国留学生都是积极向上求进步，而且其中许多人都成为名副其实的“学霸”，但留学生在当地就业所需的，不只是成绩和能力，还要有人脉和圈 子。成功的社会融入，不仅包括经济收入和身份上的“达标”，还要受到种族、宗教、文化、婚姻和社会等多方因素的制约。常青藤等名校毕业的白人学生，可以顺 理成章地利用父母、家庭、师长等人脉资源，在华盛顿、华尔街等“政商圈”谋得位子。但对于留学生而言，这些资源都极其匮乏，“学霸”的精英光环禁不起毕业 季的炙烤。能留下的，多数都是凭技术吃饭的“理工男”，进入管理层的，比例很低。　　对于多数留学生而言，做“海归”才是现实的选 择。不过，“海归”的过程也是时隔数年本土社会再融入的过程。其间，不能与时俱进者照样会败下阵来。部分单位更乐意接收熟悉国情的国内毕业生，有些岗位因 为“专业不对口”也无法充分利用归国留学生的特长。因此，近三分之二“海归”就业去向都集中在了涉外企业。特别是一些学历层次偏低的“海归”，在与一些国 际化程度较高的国内高校毕业生竞争时，竞争力和含金量都难言优势。
　　专业不对口、起薪水平低、社会再融入难，让一些“海归”更青睐国际化 程度相对较高的东部大城市。但是，人员地域流向的集中化，为就业问题雪上加霜，自主创业者比例低，有些人甚至不得不重启人脉钥匙，回归“传统”择业轨道。 在国内经济景气程度亦不如前些年的当下，“海归”的光环也不再那么闪亮。不过，让归国留学生和国内毕业生在同一起跑线上竞争，也是一个开放社会应有的常 态。
　　目前，“海归”就业难已经开始逆向重塑出国留学市场，淘汰掉一些逃避型和盲从性心态，让出国留学变成一种更有积极、理性预期的选择。无论何时，为了学贯中西的内涵和能力去镀金而不是为了镀金而去镀金，才是出国留学的应有之义。

- See more at: http://news.creaders.net/immigration/2016/04/05/1659622.html#sthash.3HYIUn7N.dpuf

30 Hot Fintech Startups You Should Be Watching

By Miranda Marquit | In: Accounting & Budgeting, Apps & Software, Innovation, Mobility

If you’re in the banking sector, there’s no doubt that you should be keeping a close eye to the Fintech industry. Besides providing innovative new technology and ideas for the banking industry, it’s also been estimated by Statista that “bank spending on new technologies was predicted to amount to $19.9 billion in 2017 in North America.”
Not only that, but these exciting Fintech startups also provide innovative solutions for the small business owner. If you are looking for low-cost solutions to your business accounting and finance needs, from invoicing to payroll to investing, the Fintech sector is an exciting space.

Image: niekverlaan via pixabay

Whether you’re just getting into Fintech or have been interested in the technology for some time, here are 30 top-notch Fintech startups located in the always exciting Bay Area.

Due.com

Due.com has recently redesigned the website of its invoicing service to allow greater ease of use. Clients can now design their own invoices, upload company logos, and access an increased amount of data and reports from the dashboard in a snap. Due.com is also a free invoicing service with hundreds of templates for business owners to use.

SoFi

SoFi gives individuals an opportunity to refinance a number of debts including student and personal loans, mortgages, and MBA loans. SoFi also provides opportunities for investors.

Planwise

Planwise was established to help people in a simple way gain confidence and skills necessary in financial planning. A user-friendly software program guides customers as they evaluate their current financial situations, add monetary goals, and develop plans-of-action to reach these goals.

LendUp

LendUp offers an affordable alternative to traditional payday loans. Each loan has clear terms and can have an interest rate as low as 29 percent. The LendUp Ladder program allows borrowers who have made steady payments to obtain better rates and longer terms on future loans.

Nok Nok Labs

Nok Nok Labs has developed innovative authentication technology for e-commerce consumers. The company has assembled an experienced web security team who strive to provide superior customer service, as well as ongoing support and training for clients

Trulioo

Trulioo developed an instant bank grade identity verification service called GlobalGateway.  It’s used with compliance systems across the globe to help payment providers and financial services comply with international Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements worldwide. This is done easily through a single API integration.

Plaid

Financial management applications have been brought into the future with the technology developed by Plaid. Plaid has technology that allows ACH verification to be completed in just seconds and allows banking data to be quickly accessed and organized into comprehensive statements.

Wealthfront

Wealthfront is a fully-automated investment management system. It has the most advanced software that can minimize tax liabilities and react to changing economic conditions through a schedule of rebalancing investment portfolios.

Giftly

Giftly offers the most versatile way to give gift cards. Senders may opt to send a card by email, text, or U.S. mail; recipients can print the card or transfer the funds to a credit card or PayPal. They can also correspond with the sender to offer thanks or to share what they purchased with the card.

FinCon

If you want to attend one of the best Fintech conferences on the planet, FinCon is where you should start. FinCon brings together thousands of Fintech companies for one of the best networking conferences that I’ve been to. Sessions are sculpted around meeting each other and learning. FinCon makes this list as it is a startup as well. You can check out the upcoming conference that takes place later this year.
On top of that, the Plutus Awards are presented each year at FinCon. If you’re a business owner looking to connect with influencers in the space, sponsoring the Plutus Awards is a great way to go about it. I’ve helped plan the Plutus Awards for a few years now, and it’s always one of the highlights of the conference.

Stripe

Stripe provides a wide array of API applications that can handle all aspects of e-commerce for businesses of any size. Stripe offers complete security and customer support for electronic payment systems, including systems on mobile devices.

Addepar

Addepar is a comprehensive investment management system that allows immediate access to data, customized reports, dashboards, and the most sophisticated technology in the field.   Addepar can consolidate information from all departments within your company and can integrate them with existing software systems.

Epiphyte

Epiphyte’s award winning software programs allow financial service providers to convert the currency of one nation to bitcoin, make an international transfer, and change the bitcoin into the currency of the destination country. Epiphyte software operates well with crypto-financial networks and bridges traditional financial services with the latest in bitcoin technology.

Robinhood

Robinhood provides free stock market trading. The goal is to provide a simplified explanation of the stock market that will allow all individuals an opportunity to make informed investments and build their wealth.

Clinkle

Clinkle is a mobile app that allows users to earn virtual treats by linking the app with their credit or debit card. When the card is used seven times, they earn a virtual treat that they can send to a friend. The recipient can apply the treat as a credit to their account and possibly win a refund of their most recent purchase.

Square

Square is a mobile POS app that can perform a number of functions such as credit card sales, invoicing, inventory, and analytics. Square offers users an opportunity to access business capital and provides an extensive customer support network.

Equidate

Equidate benefits both investors and shareholders by allowing access to promising startups in the pre-IPO stage. Employees of such companies can sell their shares before the company becomes highly successful.

Tipalti

Manage your global payments in an automatic, cost-effective manner with Tipalti. Tipalti integrates well with partner websites, reduces transaction fees, and continuously updates your payment system for changes in tax and regulatory laws.

LendFriend

LendFriend is an innovative online platform that seeks to serve the population who are underserved by banks and traditional lenders. LendFriend creates an opportunity for individuals to lend money to people they know.

TrueAccord

TrueAccord has developed a fully automated debt recovery system for enterprises and small businesses. It gives those who owe money a method to repay their debts and for businesses to preserve customer relationships while recovering past due payments.

WePay

WePay is a flexible payment option for online merchants. The Connect platform enables users to use WePay to receive payments, while the Clear platform allows users to collect payments under their own brand.

Flint

Flint provides mobile businesses a way to accept credit card payments without the use of a reader. Flint offers immediate activation and a low transaction fee. No merchant account is required to use Flint.

Lending Club

Lending Club offers a non-traditional way for individuals and businesses to obtain loans. Groups of investors fund the loans and Lending Club now offers a program where medical providers can give patients the option of obtaining loans to cover medical treatments.

DataFox

DataFox gives businesses access to data concerning tech companies. This information can then be used to generate leads to proposed business ventures.

Juntos

Juntos is a mobile application that encourages individuals to fully utilize their online financial accounts. The program is designed to change user behavior and help people take a greater interest in their financial future.

BTCjam

BTCjam allows users to invest their bitcoins and earn a high rate of return. This process is secure and allows investors to participate in peer-to-peer lending. BTCjam is also a great place for those seeking loans.

NerdWallet

NerdWallet offers a wealth of financial information about credit cards, banking, and mortgages. Visitors can obtain free financial advice and reviews of credit card offers.

Prosper

Prosper is a peer-to-peer lending company. Borrowers may request loans from $2,000 to $35,000 while investments begin at $25. Prosper handles the loan servicing on behalf of both parties in the transaction.

Neighborly

Neighborly is expected to launch in the summer of 2015 and will allow citizens to invest in their own communities. Investors will be able to earn commission-free returns on their investments.

LendingRobot

LendingRobot allows peer-to-peer lenders to bring automation to their loan portfolios. This process allows individual investors to have instant access to lending opportunities, invest according to pre-set criteria, and receive daily reports on portfolio activity.

Final

Final is a mobile app that allows credit card holders to set time and spending limits with merchants. Final can help protect consumers in the event of security breaches.

FutureAdvisor

FutureAdvisor brings years of financial planning experience to today’s investors. The company serves clients throughout the nation in areas of retirement and educational planning.

Chinese Students and U.S. Universities Connect Through a Third Party

Sinosphere

By CAO LI JAN. 19, 2016

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Chinese students and parents visiting college recruitment booths at the Education Expo in Beijing in 2011. Credit Shiho Fukada for The New York Times

BEIJING — Zhao Yang, 18, a high school student in Beijing, looked upset as she emerged from a room equipped with a video camera.

“I was too nervous, so I spoke too fast,” she told her parents. “The questions were too weird. I wasn’t prepared for most of them.”

Ms. Zhao is a top student with ambitions to go to a top American university. She has been preparing for years, working with a private admissions agent and taking the SAT and the Test of English as a Foreign Language several times. Her parents have invested more than $30,000 in the project, hoping to give their only child a boost.

On this afternoon, Ms. Zhao faced a new challenge — being interviewed in English before a camera. “He asked me what I’m interested in and why,” she said.

The video of the interview, conducted by a private company based in Beijing, would be uploaded to the company’s website, where it could be viewed by American admissions officers, who would consider it alongside Ms. Zhao’s test scores and written application.

The number of Chinese students competing to enter high schools and colleges in the United States has soared in recent years. According to the Institute of International Education, in the 2014-15 academic year, more than 300,000 Chinese were enrolled in American higher education, almost triple the number five years before.

Traditionally, colleges conduct on-campus interviews or enlist alumni to help. But with the surge in applications from China, colleges are unable to keep up with the volume of interview requests. To sift through the flood of applicants, more American institutions have sought third-party interviews with prospective students. This helps determine whether students who score high on paper can also engage in class discussions. It also provides a check against fraud, such as forged transcripts or application essays ghostwritten by hired agents, by testing their English-language abilities.

That in turn has given rise to new services on the Chinese side to meet that demand. Terry Crawford, the chief executive of InitialView, which provides interview services and was founded in Beijing in 2009, said that in 2013, more than 6,000 applications from China included an InitialView interview and that by 2014, the number exceeded 17,000. According to Chinese admissions agents, more than a third of the 100 top-rated American colleges and universities recommend third-party interviews, though few require them.

Jiang Xiaobo, the director of the college counseling center at the Beijing National Day School, said, “Third-party interviews require a high level of communication skills in English and logical thinking, which poses a challenge to students who grew up in the traditional education system in China.” That system tends to emphasize written test results, with little regard for extracurricular pursuits.

Experts say the interviews can change how colleges consider applicants.

“Students who are able to articulate their thoughts in understandable (perfection is not expected) English and who appear ready to succeed in the college classroom are advantaged,” Jim Miller, a college enrollment consultant and the former president of the National Association for College Admission Counseling, wrote in an email.

Photo

A high school student in Beijing being interviewed in English for a video that will accompany his applications to American colleges. Credit Courtesy of InitialView

Yan Xiaoliang, 19, who attended a private high school in Chengdu that offers courses in English, said he believed an interview made the difference to his admission to the Georgia Institute of Technology.

“My SAT scores were below average,” he said in a phone interview. But in his interview, Mr. Yan, who is now a sophomore at Georgia Tech, discussed his interest in electric cars and the novel “Moby-Dick,” explaining what he considered his own personal “white whale.”

Rick Clark, Georgia Tech’s director of undergraduate admissions, said the institute had worked with InitialView since 2011. “This was based on a radically increasing number of applicants from China and our desire to admit and enroll students who were not only academically talented but who also demonstrated an ability to contribute to classroom dialogue and the campus community,” he said. While 33 students from China applied in 2007, he said, the number jumped to 1,149 for the class entering in 2011.

Mr. Crawford of InitialView said the admission rate at Georgia Tech among Chinese applicants who had been interviewed by his company was 17 percent, and 3 percent for those who had not. Mr. Clark would not confirm those figures.

“That seems to imply doing an interview radically changes the admit rate or puts it at a very high point, and that’s not accurate,” Mr. Clark said. “However, if a student couples good grades, good testing, good interview, their holistic profile is certainly strong and compelling.”

“We have definitely found examples of discrepancies between documents and application materials, as well as instances in which applicants or agents have falsified materials,” he said. “The interview helps to confirm a student’s English ability, as well as to really probe into both curriculum as well as extracurricular involvement and passions.”

A third-party interview can cost $150 to more than $450. Many students complain, but some parents accept this as the price of admission.

“I guess this will help schools to know my daughter better,” said Ms. Zhao’s mother, who declined to give her name. “But it is tough.”

Applying to only American colleges has spared her daughter the ordeal of taking the gaokao, China’s notoriously stressful university entrance exam, her mother said.

Still, she said her daughter sleeps only about five hours a day, with the demands of homework and applying for college.

“I would say the pressure is just as great as for the gaokao,” Ms. Zhao’s mother said.