Chicago Bears rookie quarterback Mitchell Trubisky tried on Wednesday to pump the brakes on the continued hysteria surrounding his preseason debut.

“I don’t know what you’re talking about,” Trubisky said of Mitch Mania. “I don’t pay attention to it.”

For the most part, Danny Trevathan JerseysTrubisky said he successfully stayed in the bunker as Chicago reveled in his performance (18-of-25 for 166 yards and one touchdown) last Thursday at Soldier Field.“A couple more people texted me after the game -- family congratulating me,” Trubisky said. “I think it’s just a small step in the right direction. I’ve still got a lot of work to do. I was pleased with how I played, but plenty more mistakes are going on during practice for me that I need to work on and continue to improve in my game and make sure when I go out there that I’m doing my job to help other people do their job.

“I think it just showed me that I’m making progress, Walter Payton Jerseysthat I could go out there and lead and do my job like I wanted to show. But it was just a small sample. It was the first game, and you’ve just got to continue to be consistent in reproducing it. That’s why we’re out here working and practicing.”

Practice is where Trubisky can identify the majority of his flaws. Trubisky had no trouble with the vanilla scheme of Denver's second-string defense last week. But on the practice field, Trubisky often is shown looks he’s never seen before.

“[At practice], Kevin White JerseysI’ve been taking the wrong drop a couple times, Jordan Howard Jerseys[and I’m working on] getting the correct Mike [linebacker call] down so we have it blocked correctly,” Trubisky said. “[I’m working on] just being more efficient. The game was actually pretty clean; it’s more in practice.”

Saturday's game against the Cardinals is an even bigger test for Trubisky, who is expected to play sometime after the Bears pull starter Mike Glennon.

Arizona coach Bruce Arians won’t be bashful about showing stuff in the preseason. Alshon Jeffery JerseysDon’t be surprised to see the Cardinals go after Trubisky, who’s working on blitz recognition in practice but didn’t face much extra pressure in the Broncos game.

金融十二五规划发布 货币政策向价格型调控推进

 

2012年9月17日公布的《金融业发展和改革“十二五”规划》(下称《规划》)提出:“‘十二五’期间市场在金融资源配置中的基础性作用进一步增强。利率市场化改革取得明显进展。人民币汇率形成机制进一步完善。在信息监测及时有效、风险可控的基础上,人民币资本项目可兑换逐步实现。”

此前,央行在上述领域已有动作。此次《规划》的出台,将让这些备受瞩目的改革热点议程思路日渐清晰。

更关注价格稳定

根据《规划》,期内将逐步健全货币政策操作体系,推进货币政策从以数量型调控为主向以价格型调控为主转型,增强公开市场操作引导货币市场利率的能力。

国研中心金融所综合研究室主任陈道富在接受《第一财经(微博)日报》采访时说,两个因素导致数量型工具的效力在下降:一个是随着利率市场化、汇率市场化的不断改革,再加上民间资本等各种金融服务的发展,这种数量型的调控越来越容易被市场所规避。

第二个因素是资本市场的不断开放、国际化的不断深化,与国际市场的联系越来越紧密,数量型的调控有效性在不断下降,因此需要依靠更加市场化的价格型工具。

此外,《规划》明确提出:“‘十二五’期间将优化货币政策目标体系,更加突出价格稳定目标,处理好促进经济增长、保持物价稳定和防范金融风险的关系。在继续关注货币供应量、新增贷款等传统中间目标的同时,发挥社会融资规模在货币政策制定中的参考作用。”

陈道富称,《规划》在调控目标上包括两方面的转变,一个是从物价与增长并重转为更加关注价格,这表明货币政策对物价调控的责任,弱化货币政策对增长的影响,这样总体上货币政策的效果会逐步增强,并且从政策上来讲就也比较超脱。

第二个转变是把物价变成价格,反映出更广泛的不只关注物价曲线,而且关注更广泛的价格体系,包括CPI、PPI、价格指数等价格体系,来考虑调控目标。

基准利率撬动市场化改革

对于从今年6月已经初显端倪的利率市场化改革进程,《规划》提出,将按照条件成熟程度,通过放开替代性金融产品价格等途径,有序推进利率市场化。

《规划》指出,要推进金融市场 基准利率体系建设,进一步发挥上海银行间同业拆放利率的基准作用,扩大其在市场化产品中的应用。健全中长期市场收益率曲线,为金融机构产品定价提供有效基准。

“继续完善中央银行利率调控体系,疏通利率传导渠道,引导金融机构不断增强风险定价能力,依托上海银行间同业拆放利率建立健全利率定价自律机制,确保利率市场化改革按照‘放得开、形得成、调得了’的原则稳步推进。”《规划》称。

陈道富说,利率市场化本身涉及两个问题,首先是利率本身的放开、管制的放开、利率的浮动加大,这是业界普遍关注的。

“但第二个也不容忽视,那就是利率体系和基准利率之间要形成一个联动关系,提高银行市场对其他市场的影响,增加这些市场之间的联动和有效性,形成一个基准利率对其他市场影响的曲线。”他说。

资本项目放开路径明确

对于备受关注的资本项目放开,《规划》提出将依照“突出重点、整体推进、顺应市场、减少扭曲、积极探索、留有余地”的总体原则,稳妥有序推进人民币资本项目可兑换。

具体路径为:“以直接投资便利化为出发点,实现直接投资基本可兑换;以开放国内资本市场和扩大对外证券投资为重点,进一步提高证券投资可兑换程度;以便利跨境融资为重点,加快改革信贷业务外汇管理;以扩大个人用汇自主权为着力点,进一步放开个人其他资本项目跨境交易。”

中国银行首席经济学家曹远征在接受本报记者采访时称,此前政府“十二五”规划提出了使人民币基本可兑换的目标,这次只是对这一目标的具体细化。

然而,对于对资本项目放开至关重要的汇率市场化改革,《规划》仅提出进一步研究建立人民币对新兴市场货币的双边直接汇率形成机制,积极推动人民币对新兴市场经济体和周边国家货币汇率在银行间外汇市场挂牌。 

 

 
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