德银昨日出的对14-15号全国金融工作会议的解读，不得不说外资好勤奋，周日加班加点赶出来了。其中提到这次会议最重要的一点是成立了一个最高级别的监管主体，那么看来一行三会也会靠边站了。以后一行三会也许只是政策执行机构，政治决策能力和影响力大大下降，英文14页：

Key change: To set up a new committee to strengthen regulatory coordination
China held its fifth National Financial Working Conference on 14-15 July. This conference emphasized the financial sector supporting the real economy, strengthening regulatory oversight and preventing systemic financial risks. The most important change was to set up a new, higher-level committee to strengthen regulatory coordination. This should help reduce regulatory arbitrage and hence lower systemic risks over the long run. In the near term the government implied it would maintain a tight liquidity balance, i.e. it is unlikely to further tighten or loosen. We view big banks as key beneficiaries of a more properly regulated environment. Buy ICBC/BOC/CCB.