皮豆12顾光盘档案整理(正式版)精品

DA/T 12-2012全宗卷规范1 范围本标准规定了全宗卷的编制原则、内容构成、整理方法和基本格式。

本标准适用于各级各类档案馆和档案室。

2 规范性引用文件下列文件中的条款通过本标准的引用而成为本标准的条款。

凡是注日期的引用文件，其随后所有的修改单（不包括勘误的内容）或修订版均不适用于本标准，然而，鼓励根据本标准达成协议的各方研究是否可使用这些文件的最新版本。

凡是不注日期的引用文件，其最新版本适用于本标准。

GB/T 9705—88 文书档案案卷格式GB/T 12967—92 全宗单GB/T 12968—92 档案交接文据格式DA/T 14—94 全宗指南编制规范DA/T 18—1999 档案著录规则DA/T 1—2000 档案工作基本术语DA/T 22—2000 归档文件整理规则3 术语和定义下列术语和定义适用于本标准。

3.1 全宗卷fonds descriptive file由记录和说明全宗立档单位及档案历史和现状的有关文件材料组成的专门案卷，是管理全宗档案的重要工具。

3.2 综合全宗卷synthesize fonds descriptive file由记录和说明多个全宗立档单位及档案历史和现状的综合性文件材料组成的专门案卷，是管理馆（室）藏档案的重要工具。

3.3 全宗属类fonds category馆藏量较大的档案馆，根据馆藏全宗的历史时期、机构性质、机构级别等特征，对全宗进行的属性分类。

档案馆通常对全宗属类赋予特定的标识，作为全宗编号的属性代码。

4 全宗卷编制原则4.1 档案馆（室）应以全宗为单位编制全宗卷，收集、保管在档案管理过程中以单个全宗为对象形成的相关文件材料。

4.2 全宗卷中收集的文件材料应做到齐全、完整、真实，力求全面反映全宗及其管理的历史面貌。

4.3 全宗卷的整理应做到分类合理、方法科学、格式规范。

4.4 综合全宗卷可以按馆（室）藏、全宗属类、全宗群或联合全宗进行编制，收集、保管在档案管理过程中以馆（室）藏、全宗属类、全宗群或联合全宗等多个全宗为对象形成的相关文件材料。

Release Procedure in PurchasingOverview for CustomizingR e l e a s e46C H E L P . M M P UR ™Copyright© Copyright 2000 SAP AG. All rights reserved.No part of this brochure may be reproduced or transmitted in any form or for any purpose without the express permission of SAP AG. The information contained herein may be changed without prior notice.Some software products marketed by SAP AG and its distributors contain proprietary software components of other software vendors.Microsoft®, WINDOWS®, EXCEL®, Word®, NT® and SQL-Server® are registered trademarks of the Microsoft Corporation.IBM®, DB2®, OS/2®, DB2/6000®, Parallel Sysplex®, MVS/ESA®, RS/6000®, AIX®, S/390®,AS/400®, OS/390®, und OS/400® are registered trademarks of the IBM Corporation.OSF/Motif® is a registered trademark of the Open Software Foundation.ORACLE® is a registered trademark of the ORACLE Corporation, California, USA.INFORMIX®-OnLine for SAP is a registered trademark of Informix Software Incorporated.UNIX®, X/Open®, OSF/1®, and Motif® are registered trademarks of the Open Group.ADABAS® is a registered trademark of Software AG.SAP and SAP-Logo, R/2, R/3, RIVA, ABAP, SAP-EDI, SAP Business Workflow, SAP EarlyWatch, SAP ArchiveLink, ALE/WEB, BAPI, SAPPHIRE, Management Cockpit, SEM are trademarks or registered trademarks of SAP AG in Germany and in several other countries all over the world.SymbolsSymbol MeaningCautionExampleRecommendationNoteSyntaxTipContentsThis document provides an overview of the steps you must carry out to set up a release (approval, or clearance) procedure for documents such as requisitions or purchase orders.Copyright________________________________________________________________________2 Symbols_________________________________________________________________________2 How Do You Define a Release Procedure?______________________________4 1Create Characteristics_________________________________________________5 2Create Class_________________________________________________________7 3Define Release Strategy________________________________________________8 3.1Create Release Group________________________________________________8 3.2Create Release Codes_______________________________________________8 3.3Create Release Indicators_____________________________________________9 3.4Create Release Strategies____________________________________________10 3.5Workflow: Assign Release Code to Release Point_________________________11 How Does the System Find the Right Release Strategy?_________________12 Prerequisites___________________________________________________________12 Process Flow___________________________________________________________12 Example_______________________________________________________________13 Glossary________________________________________________________15The relevant menu paths and descriptions are based on SAP Release 4.6B/C. However, you can also make all settings in earlier SAP Releases.How Do You Define a Release Procedure?In order to set up a release procedure with classification, you must make certain settings inCustomizing. This section provides an overview of the necessary activities.PrerequisitesIf you want to use workflow to release requisitions and external purchasing documents, you must make the standard and basic settings for workflow in the Implementation Guide (IMG) (Basis →Business Management → SAP Business Workflow ).ActivitiesYou must perform the following steps:Procedure without link to workflow Procedure with link to workflow Path*IMG: Basis → Business Management → SAP Business Workflow → Edit Organizational Plan Prerequisites:•Define organizational plan • Assign standard tasks and activate event-receiver linkage IMG: Basis → Business Management → SAP Business Workflow → Perform Task-Specific Customizing1 Create characteristics 1 Create characteristics SAP menu: Logistics → Centralfunctions → Classification system →Master data → Characteristics2 Create class 2 Create classSAP menu: Logistics → Centralfunctions → Classification system →Master data → Classes 3 Set up release procedure withclassification3 Set up release procedure with classification 3.1 Create release group3.1 Create release group 3.2 Create release code3.2 Create release code 3.3 Create release indicators3.3 Create release indicators 3.4 Create release strategy 3.4 Create release strategyIMG: Materials Management →Purchasing → <Purchasing object> →Release Procedure for <Purchasing object> → Define Release Procedure for <Purchasing object>3.5 Assign release code torelease point * SAP Release 4.6B/CAs of SAP Release 4.6B, a check report is available in Customizing for Purchasing , with which you can test your Customizing settings for the release procedure. It enables you to check whether you have set up the release procedure for the relevant purchasing documents properly and completely.1 Create CharacteristicsClassification characteristics are the criteria for a release condition. If the criteria of a release condition are satisfied, the associated release strategy is assigned to the purchasing object in question (e.g. a requisition or purchase order).Release condition for release strategy BA:Characteristic Characteristic valueTotal value of purchase requisition Above $10,000If the total value of a purchase requisition exceeds $10,000, release strategy BA is assigned to the requisition.PrerequisitesIn the communication structure for purchase requisitions (CEBAN) and external purchasing documents (CEKKO), you will find all the fields that can be used as characteristics for a release condition (e.g. MATKL for the material group and GSWRT for the value of the item).Check which fields you wish to use as characteristics for your release strategy. To do so, choose Tools → ABAP Workbench → Development → Dictionary, enter CEBAN or CEKKO in the Database table field, and choose Display.Activities1. Create a characteristic for each field of the communication structure (CEBAN or CEKKO) that is toserve as a criterion for your release strategy. You have a free choice of names for thecharacteristic.2. Specify the table and field names on the tab page Additional data (e.g. table CEBAN for fieldGSWRT).Do not select any of the indicators in the Procedure for value assignment area on the tab page Additional data. Only if none of these indicators is selected can you assign a value or valueinterval to the characteristic when defining your release strategy.-If you create a characteristic for a currency-dependent field (e.g. GSWRT), a window appears, in which you have to enter the currency for this value. The system then translatesthe currency of the purchase requisition into this currency.3. Check the data for the chosen field on the tab page Basic data. If you wish to enter several valuesor value intervals for a characteristic, select the Multiple values indicator in the Value assignment area.Value intervals can only be specified for numeric values (e.g. an interval from $10,000 to 15,000 for the value of a requisition item).4. Check the texts for the field on the tab page Descriptions.5. You can maintain default values for a characteristic on the tab page Values. If you maintain valueshere, they will be displayed to you as input help under Create Procedure with Classification →Release Strategy → Classification. If you wish to use not only the values from the input help but also other values, you must select the Additional values indicator.You can also maintain ' ' as a default value (for the account assignment perhaps, e.g. ' ' for stock material, 'K' for cost center, and 'A' for asset).6. If you want to restrict the use of a characteristic to certain class types, enter the relevant types onthe tab page Restrictions (e.g. class type 032 for the release strategy).Customer ExitsThe following customer exits allow you to change the communication structure for determining the release strategy:requisition• Purchase-M06B0002 – for item-wise release-M06B0005 – for overall release•External purchasing documents-M06E00042 Create ClassYou group together those characteristics that are to constitute a release condition for a release strategy in a class. In the worksteps Set up Procedure with Classification and Define Release Procedure for <purchasing object>, you assign this class to the release procedure.Activities1. Create a class with the class type 032. You have a free choice of names for the new class (e.g.REL_PREQ for the release of requisitions.2. Assign a description for the new class on the tab page Basic data.3. You can display an error message if different characteristics with identical values have beenassigned to a class. To do so, select the Check with error message indicator in the Sameclassification area.4. If you wish, maintain search terms (enabling you to conduct searches for your class) on the tabpage Keywords.5. Assign your characteristics to the class on the tab page Characteristics.3 Define Release StrategyIn this step, you set up the release procedure with classification. You can also link the release procedure to workflow.Prerequisites•In the case of a release procedure with a link to workflow, you must have previously created the user names, positions, jobs, etc. that you assign to the release code at this point in theorganizational plan and have linked them to the relevant standard tasks in task-specificCustomizing (Basis → Business Management → Business Workflow → Perform Task-Specific Customizing).•You must assign the authorization M_EINK_FRG to the persons who are to participate in this release procedure (Authorization Management → Create Authorization Profiles and Assign to Users).ActivitiesHere the following worksteps are necessary:•Create release group•Create release codes•Create release indicators•Create release strategy•Workflow: Assign release code to release point3.1 Create Release GroupDefine a release group for your release procedure by:•Assigning the release group to either the overall or item-wise release method using the OverReqRel indicatorYou determine whether a requisition has to be released in total or item by item via the document type. If you have defined overall release for the document type "NB – purchase requisition” for example, a requisition of the document type "NB" cannot be released item by item. The release group for overall release, for example, is thus only valid for the document types subject to overall release.•Assigning a class, thereby assigning release conditions to the release procedureIn the case of purchase requisitions, you must assign the same class to all release groups with the same type of release (item-wise or overall release).You have assigned the class "PReq_overall" to the release group for overall release "01". If you also create the release group "02" for overall release, you must likewise assign the class"PReq_overall" to this group.3.2 Create Release CodesHere you create the release codes you need for your release strategy and assign the codes to your release group. If a release code is to be used in workflow, you indicate this in the Workflow field.The Workflow indicator also controls role resolution:•"1 – Role resolution with group, code, and plant (T16FW)"Here you use a role resolution that is supplied in the standard system. You must assign a release code to the release point in the section Workflow: Assign Release Code to Release Point (see below).•"9 – Role resolution via user exit"Here you use customer exit M06B0001 for requisitions and M06E0005 for external purchasing documents to define a role resolution of your own.3.3 Create Release IndicatorsA release indicator shows the release status of a purchasing object. In the standard system, you will find predefined indicators that you can use for your release strategy.Note:You need the following release indicators for every release procedure:•Release indicator for initial statusAs a rule, a purchasing object must first be released before it can undergo further processing(e.g. before an RFQ or a PO can be entered in respect of a purchase requisition). For this reason,a release indicator that blocks such further processing is assigned to a purchasing object at thetime the latter is created.On the detail screen for this indicator, you may not select:-The indicators denoting release for the issue of RFQs and POs (in the case of requisitions) Released indicator (in the case of external purchasing documents)- TheIn the standard system, the release indicator "x - Blocked" is already defined for the initial status of purchase requisitions.•Release indicator for released statusThis indicator is assigned to the purchasing object when it has been released.The following indicators must be selected for this release indicator:-In the case of requisitions, you must select the indicator denoting release for the issue of RFQs or POs. (At least one of the available indicators must be selected.)-In the case of POs, you must select the Released indicator.In the standard system, several release indicators have already been defined in this way for the released status of requisitions (e.g. quotations can be solicited for a requisition with the release indicator "1 - RFQ".If you need additional release indicators, you must maintain the following:•Release StatusIn the Details area, you specify the status a purchasing object with this release indicator is to have. In the standard system, for example, quotations can be solicited in respect of a requisition with the release indicator "1 - RFQ".•Field Selection KeyVia the field selection key, you specify which fields in a purchasing object may be changed or must be populated, for example, with this release indicator.•Changes After the Start of the Release ProcedureChangeability indicator, you specify how changes affect a purchasing object (e.g.- Withthethat a new release strategy has to be determined for a changed requisition).-Via the value change criterion, you can determine that the release procedure is re-started if a purchasing object is changed and the value of an item thereby increases by a certainpercentage (e.g. 10%). To achieve this, set the Changeability indicator to "4 – Changeable,new release in case of new strategy or change in value" and enter a percentage in the Value change field.3.4 Create Release StrategiesCreate a release strategy for your release group and assign your release codes.•Release PrerequisitesWith the release prerequisites, you specify the order in which the individual release points(release codes) may effect release (signify approval).The following table shows release prerequisites for a release strategy with four release codes:Release prerequisite01020304Release code01-02x-03x x-04x x x-In this release strategy, the release codes 01, 02, 03 and 04 must successively release therequisition.Read the table from left to right. The third line for release code 03, for example. Releaseprerequisite for code 03 is release with codes 01 and 02. In other words, the requisition must be released with codes 01 and 02 before it can be released with code 03.•Release StatusesHere you specify which status a purchasing object has after certain release points have effected release.Specify which release indicator a purchasing object is to have after being released by a certain release code.•ClassificationIn Classification, you maintain the values assigned to characteristics. Via the characteristics and their values, you specify the requisitions or external purchasing documents to which your release strategy is assigned.Maintain values (individual values or intervals) for your characteristics.Value intervals can only be specified for numeric values (e.g. an interval of $10,000 to $15,000 for the value of a requisition item.Two characteristics and their values have been maintained in classification for release strategy 'BA':-Document type'NB – Purchase requisition'$10,000- Totalvalue AboveAll requisitions with document type and a total value exceeding $10,000 are thus subject to a release procedure with the release strategy 'BA'.•Simulation of ReleaseUsing the release simulation function, you can check which status a purchasing object with a certain release strategy will achieve after a certain release point has effected release.Choose "Simulate release" and effect release by double-clicking on the release code. You then see which status the purchasing object has as a result.3.5 Workflow: Assign Release Code to Release PointYou only need to perform this step if you wish to link the release procedure to workflow and are not using the customer exits M06B0001 and M06E0005.Assign a processor ID to the workflow-relevant release codes. The processor (member of staff responsible for processing the document) will then automatically receive a work item when a purchasing object is awaiting release.You can assign a processor ID either directly or indirectly:•Direct processor assignment:Enter a user name.assignment:• IndirectprocessorEnter a job or a position, for example. At runtime, the system will then determine the person responsible for processing.If you are using the overall release approach for the requisition, you must create an entry for every combination of release group and workflow-relevant release code for which you do not specify a plant.This entry is necessary for the SAP System to be able to assign a requisition with overall release to a processor in the event that the items of this requisition relate to different plants.Group Code Plant Object type Processor ID0102User MillerCustomer ExitsWith the customer exits M06B0001 (for requisitions) and M06E0005 (for external purchasing documents), you can define your own role resolution to determine the person responsible for effecting release in workflow.Further InformationFor more information on how to set up a release procedure with a link to workflow, refer to the SAP Library under Basis → Business Management (BC-BMT) → SAP Business Workflow (BC-BMT-WFM)→ Reference Documentation → BC Workflow Application Scenarios → MM Materials Management: Workflow Scenarios.How Does the System Find the Right Release Strategy?This section describes how the system determines the release strategy for purchasing documents – in other words, how a release procedure with classification works – taking a purchase requisition as an example.PrerequisitesYou must have set up the release procedure for purchase requisitions or external purchasing documents.When you define your release procedure, you assign the characteristics of a class to a release strategy via the release group. You assign values or value intervals to these characteristics for each individual release strategy.Process FlowThe system carries out the following activities to find the release strategy for a purchase requisition: Filling the Communication StructureWhen you process a requisition, the system passes the data from the document on to the communication structure CEBAN. Certain fields of CEBAN are determined prior to such transfer from the data of the requisition (e.g. the total value of an item).•If you wish to use fields that are not contained in the communication structure CEBAN for the purposes of determining the strategy, you must include the relevant fields in the communication structure CEBANZZ.•Via the customer exits M06B0002 (item-wise release) and M06B0005 (overall release), you can then include data in the communication structure that is not included as standard.The relevant cost center manager is to be determined for a cost center in a purchase requisition.The data is read from the cost center master record, placed in the field USRC1, and passed on to the communication structure CEBAN.Object SearchOnce the data has been passed on to the communication structure, the system runs an object search: 1. The document type of the requisition determines whether the latter is released in total or item byitem.2. The system determines the relevant class via the type of release (overall or item-wise).Only one class is admissible per type of release. That is to say, you must assign the same class to all release groups that are to be valid for (say) overall release. When defining releaseprocedures for purchase requisitions, you must therefore create a maximum of two classes: one for overall release and one for item-wise release.3. The system assigns the values from the communication structure CEBAN to the characteristics ofthis class.4. With the aid of the object search function, the system then determines a release strategy whosecharacteristics correspond to the values from the communication structure or lie within thespecified interval.The following search results are possible:-Just one release strategy found.The system assigns this release strategy to the requisition.-Several release strategies found.The system assigns the first release strategy found to the requisition.-No release strategy found.The system does not assign a release strategy to the requisition. The requisition can beconverted into a follow-on document without having to be released.ExampleIn your enterprise, all requisitions with a total value in excess of $5,000 have to be approved prior to issue. Final release has to be effected by various persons, depending on the requisition value.•$5,000 to $10,000 by project manager•$10,000.01 to $15,000 by head of department•Above $15,000by cost center managerTherefore three release strategies have been defined in Customizing:Strategy '01'Strategy '02'Strategy '03' Characteristic Value Value ValueDocument type NB, GF NB, GF NB, GFTotal value$5,000-10,000$10,000.01-$15,000.01> $15,000.01 Process Flow1. The following purchase requisition of document type 'NB' is created in the SAP System:Item Material Quantity Price/pc Value of item 010Telephone350 pc$200$7,000 020Swivel chair300 pc$150$4,500 Total value of requisitionΣ $11,5002. The data from the requisition is passed on to the communication structure CEBAN. The data isalso aggregated, so that the total value of the requisition ($11,500) is also determined and passed on to the communication structure.3. The system checks the document type in Customizing: Overall release is specified for documenttype 'NB'.4. The system then searches the release procedure Customizing facility for release groups for whichoverall release has been defined. Release group '01' is valid for requisitions for which overall release has been defined via the document type. The class 'PReq_ove' is assigned to this group.5. The system assigns the values from communication structure CEBAN to the characteristics of theclass 'PReq_ove':- Document type: NB- Total value of requisition: $11,5006. The object search function is started and delivers the release strategy '02' as the result, since thecharacteristics of the requisition agree with the characteristics of the release strategy. The release strategy is assigned to the requisition.GlossaryRelease codeTwo-character identifier with which a person responsible for processing a document can release (approve) an item of a purchase requisition, a complete purchase requisition, or a complete external purchasing document, or cancel such release (that is, revoke a previously granted approval). If a link to SAP Business Workflow has been defined for the release code, the person involved can also refuse to effect release (withhold approval), thus rejecting the relevant item or document.•Organizational release codeIn this case, the user department specifies which user may work with which release code.•Workflow-relevant release codeIn this case, processors are assigned in Customizing for Purchasing. You can assign a processor either directly or indirectly:-Directly: The processor ID is a user name.-Indirectly: The processor ID is a job or position, for example. At runtime, the system then determines the responsible processor.Release indicatorShows the release (approval) status of a purchasing document. When you have released (approved) an internal or external purchasing document with your release code, a release indicator is assigned to this document. The release indicator determines how the document may be processed further. For example, it may show that a requisition can be converted into a purchase order, or that a subsequent release point (individual or department) must first signify approval.Release strategyDefines the release codes with which a purchase requisition item, a complete purchase requisition, or a complete external purchasing document must be released (that is, approved, or given the "green light") and in which sequence release must be effected using these codes.For example, you may specify a certain release strategy for all purchase requisitions whose value exceeds a certain figure.Release prerequisites/sequenceSpecifies the sequence in which the processors (members of staff responsible for processing a certain document) must approve an internal or external purchasing document with their respective release codes.The release (approval) procedure for purchase requisitions within an enterprise may provide that a department manager must approve a requisition item before the next-higher level of authority (for example, the cost center manager). In this case, approval by the department manager is the prerequisite for approval by the cost center manager.Purchasing objectGeneric term covering the following documents:•Purchase requisition (PReq)•Request for quotation (RFQ)(PO)• Purchaseorder• Contractagreement• Scheduling。

BIS Quarterly ReviewJune 2008 International banking and financial market developmentsBIS Quarterly ReviewMonetary and Economic DepartmentEditorial Committee:Claudio Borio Frank Packer Paul Van den BerghWhite Már Gudmundsson Eli Remolona William Robert McCauley Philip TurnerGeneral queries concerning this commentary should be addressed to Frank Packer(tel +41 61 280 8449, e-mail: frank.packer@), queries concerning specific parts to theauthors, whose details appear at the head of each section, and queries concerning the statisticsto Philippe Mesny (tel +41 61 280 8425, e-mail: philippe.mesny@).Requests for copies of publications, or for additions/changes to the mailing list, should be sent to:Bank for International SettlementsPress & CommunicationsCH-4002 Basel, SwitzerlandE-mail: publications@Fax: +41 61 280 9100 and +41 61 280 8100This publication is available on the BIS website ().©Bank for International Settlements 2008. All rights reserved. Brief excerpts may be reproduced or translated provided the source is cited.ISSN 1683-0121 (print)ISSN 1683-013X (online)BIS Quarterly ReviewJune 2008International banking and financial market developmentsOverview : a cautious return of risk tolerance (1)Credit market turmoil gives way to fragile recovery (1)Box: Estimating valuation losses on subprime MBS with theABX HE index – some potential pitfalls (6)Bond yields recover as markets stabilise (8)A turning point for equity prices? (11)Emerging market investors discount growth risks (12)Tensions in interbank markets remain high (13)Highlights of international banking and financial market activity (17)The international banking market (17)The international debt securities market (23)Derivatives markets (24)Box: An update on local currency debt securities marketsin emerging market economies (28)Special featuresInternational banking activity amidst the turmoil (31)Patrick McGuire and Goetz von PeterThe build-up of international bank balance sheets (32)Developments in the second half of 2007 (36)Bilateral exposures of national banking systems (39)Concluding remarks (42)Managing international reserves: how does diversification affect financial costs? 45 Srichander RamaswamyFramework of the analysis (46)Risk-return trade-offs (48)Financial cost of acquiring reserves through FX intervention (49)Box: Methodology for computing estimates of financial cost (51)Central bank objectives and FX reserve allocation (53)Conclusions (54)Credit derivatives and structured credit: the nascent markets of Asiaand the Pacific (57)Eli M Remolona and Ilhyock ShimCredit default swaps (58)Traded CDS indices (60)Collaterised debt obligations (61)How the region’s markets have fared in the global turmoil (63)Conclusion (65)Asian banks and the international interbank market (67)Robert N McCauley and Jens ZukunftAsian banks’ international interbank liquidity: where do we stand? (68)Foreign banks and the local funding gap (73)Box: The Asian financial crisis: international liquidity lessons (76)Conclusions (78)BIS Quarterly Review, June 2008 iiiRecent initiatives by Basel-based committees and groupsBasel Committee on Banking Supervision (81)Joint Forum (84)Financial Stability Forum (87)Statistical Annex ........................................................................................ A1 Special features in the BIS Quarterly Review ................................ B1 List of recent BIS publications .............................................................. B2Notations used in this Reviewe estimatedlhs, rhs left-hand scale, right-hand scalemillionbillion thousand… notavailableapplicable. not– nil0 negligible$ US dollar unless specified otherwiseDifferences in totals are due to rounding.iv BIS Quarterly Review, June 2008BIS Quarterly Review, June 20081Ingo Fender +41 61 280 8415ingo.fender@Peter Hördahl+41 61 280 8434peter.hoerdahl@Overview: a cautious return of risk toleranceFollowing deepening turmoil and rising concerns about systemic risks in the first two weeks of March, financial markets witnessed a cautious return of investor risk tolerance over the remainder of the period to end-May 2008. The process of disorderly deleveraging which had started in 2007 intensified from end-February, with asset markets becoming increasingly illiquid and valuations plunging to levels implying severe stress. However, markets subsequently rebounded in the wake of repeated central bank action and the Federal Reserve-facilitated takeover of a large US investment bank. In sharp contrast to these favourable developments, interbank money markets failed to recover, as liquidity demand remained elevated.Mid-March was a turning point for many asset classes. Amid signs of short covering, credit spreads rallied back to their mid-January values before fluctuating around these levels throughout May. Market liquidity improved, allowing for better price differentiation across instruments. The stabilisation of financial markets and the emergence of a somewhat less pessimistic economic outlook also contributed to a turnaround in equity markets. In this environment, government bond yields bottomed out and subsequently rose considerably. A reduction in the demand for safe government securities contributed to this, as did growing perceptions among investors that the impact from the financial turmoil on real economic activity might turn out to be less severe than had been anticipated. Emerging market assets, in turn, performed broadly in line with assets in the industrialised economies, as the balance of risk shifted from concerns about economic growth to those about inflation.Credit market turmoil gives way to fragile recoveryFollowing two weeks of increasingly unstable conditions in early March, credit markets were buoyed by a cautious return of risk tolerance, with spreads recovering from the very wide levels reached during the first quarter of 2008. Sentiment turned in mid-March, following repeated interventions by the Federal Reserve to improve market functioning and to help avert the collapse of a major US investment bank. As these actions alleviated earlier concerns about risks to the financial system, previously dysfunctional markets resumed trading and prices rallied across a variety of risky assets.2BIS Quarterly Review, June 2008Between end-February and end-May, the US five-year CDX high-yield index spread tightened by about 144 basis points to 573, while corresponding investment grade spreads fell by 63 basis points to 102. European and Japanese spreads broadly mirrored the performance of the major US indices, declining by between 25 and 153 basis points overall. Between 10 and 17 March, all five major indices had been pushed out to or near the widest levels seen since their inception. They then rallied back and seemed to stabilise around their mid-January values, remaining significantly above the levels prevailing before the start of the market turmoil in mid-2007 (Graph 1).business lines, tightening repo haircuts caused a number of hedge funds and other leveraged investors to unwind existing positions. As a result, concerns underlying exposures are almost entirely protected by federal guarantees, as summer of 2007 (Graph 3, right-hand panel).BIS Quarterly Review, June 20083Fears about collapsing financial markets reached a peak in the week March, triggering repeated policy actions by the US authorities. investment grade credit default swap (CDS) indices underperforming lower-quality benchmarks (Graph 4, left-hand and centre panels). Spreads were temporarily arrested when, on 11 March, the Federal Reserve announced an expansion of its securities lending activities targeting the large US dealer banks (see section on money markets and Table 1 below). European CDS indices tightened by more than 10 basis points on the news, while the two key basis points down, respectively (Graph 1). allowing it to make secured advance payments to the troubled investment These developments appeared to herald a turning point in the market, funds target down to 2.25%. Earnings announcements by major investment banks on 18 and 19 March that were better than anticipated provided further support, with investors increasingly adopting the view that various central bank initiatives aimed at reliquifying previously dysfunctional markets were gradually gaining traction. Consistent with perceptions of a considerable reduction in systemic risk, spreads, and particularly those for financial sector and other investment grade firms, tightened from the peaks reached in early March(Graph 4). Movements were partially driven by the unwinding of speculative short positions, as suggested by changes in pricing differentials across products with similar exposures, according to the ease with which such positions can be opened or closed. For example, spreads on CDS contracts referencing the major credit indices moved more strongly than those on the same indices’ constituent names (Graph 1, centre and right-hand panels). Similarly, CDS markets outperformed those for comparable cash bonds, as market participants adjusted their synthetic trades.risks (Graph 1, centre and right-hand panels). Similarly, implied volatilities from CDS index options eased into the second quarter, indicating a somewhat reduced uncertainty about shorter-run credit spread movements (Graph 3, centre and right-hand panels).losses based on ABX prices (see box). This was despite the lack of a recovery for the index series with lower original ratings, whose prices continued to4 BIS Quarterly Review, June 2008BIS Quarterly Review, June 20085suggest expectations of complete writedowns of all underlying bonds by mid-2009 (Graph 2, centre panel). At these low levels, and with none of the ABX indices having experienced any principal writedowns so far, investors appeared to be pricing in the possibility of legislation writing down mortgage principal. Against this background, issuance of private-label mortgage-backed securities remained depressed, with volume growth coming mainly from US agency-Supported by optimism about banks’ recapitalisation efforts, spreads pace of capital replenishment. Following news of a rights issue on 31 March, CDS spreads referencing debt issued by Lehman Brothers tightened. UBS announced large first quarter losses and a fully underwritten capital increase on 1 April, and other institutions followed over the rest of the month. Globally, banks managed to raise more than $100 billion of new capital in April alone, stemming the deterioration in capital ratios. Financial CDS spreads, the monoline segment excluded, outperformed corresponding equity prices in the process (Graph 4, right-hand panel), reflecting diminishing concerns about imminent financial sector risk as well as the dilutory effects of equity financing. Markets retraced some of these gains in early May, partially driven by strong supply flows from corporate issuers that included, at $9 billion, the largest US dollar deal by a non-US borrower in seven years. Volumes were dominated by6 BIS Quarterly Review, June 2008Pitfalls in using the ABX. Estimated mark to market losses and actual writedowns made by banks and other investors can differ for a variety of reasons. Analysts, depending on their objective, thus have to be mindful of potential sources of bias. At least three such sources can be identified, of which two are specific to the ABX index:•Accounting treatment. Subprime MBS are held by a variety of investors and for different purposes. While large amounts of outstanding subprime MBS are known to reside inbanks’ trading books, banks and other investors may also hold these securities tomaturity. This can result in different accounting treatments, which would tend to deflateactual writedowns and impairment charges relative to estimates of mark to market losseson the basis of market indices, such as the ABX. The size of this effect, however, isdifficult to determine. Further complexities are added once securities cease to be tradedin active markets, implying the use of valuation techniques, which may differ acrossinvestors, in establishing fair value.5•Market coverage. ABX prices may not be representative of the total subprime universe, due to limited index coverage of the overall market. Original balance across all four serieshas averaged about $31 billion. This compares to average monthly MBS issuance ofsome $36 billion over the 10 quarters up to mid-2007, ie almost a month’s worth ofsubprime MBS supply per index series. Similarly, with 2004–07 vintage subprime MBSvolumes estimated at around $600 billion in outstanding amounts, each series representssome 5% of the overall universe on average. At the same time, ABX deal composition isknown to be quite similar in terms of collateral attributes (such as FICO scores and loan-to-value ratios) to the overall market (by vintage).6 Therefore, despite somewhat limitedcoverage, this particular source of bias may not be large.•Deal-level coverage. Similarly, ABX prices may not be representative because each index series covers only part of the capital structure of the 20 deals included in the index(see Graph A, right-hand panel, for an illustration).7 In particular, tranches referenced bythe AAA indices are not the most senior pieces in the capital structure, but those with thelongest duration (expected average life) – the so-called “last cash flow bonds”. Theseclaims will receive any cash flow allocations sequentially after all other AAA trancheshave been paid; and tend to switch to pro rata pay only when the highest mezzaninebond has been written down. It follows that AAA ABX index prices are going to reflectdurations that are longer, and effective subordinations that are lower, than those of theremaining AAA subprime MBS universe. As a result, using newly available data for MBStranches with shorter durations, the $119 billion of losses implied by the ABX AAA indicesas of end-May would be some 62% larger than those implied under more realisticassumptions.8_________________________________1 See, for example, International Monetary Fund, Global Financial Stability Report, April 2008, pp 46–52, and Box 1 in Bank of England, Financial Stability Report, April 2008.2 Supplementary indices, called ABX HE PENAAA, were introduced in May 2008 to provide additional pricing information for all four existing vintages.3 An alternative approach, likely to lead to very different results, would estimate future default-related cash flow shortfalls on the basis of deal-level or aggregate data for subprime securities. To obtain these estimates, such methodologies rely on information about collateral performance and require the analyst to make assumptions about structural relationships and model parameters. Typical subprime loss projections, for example, use delinquency data and assumptions about factors such as delinquency-to-default transitions, default timing, and losses-given-default. See Box 1 in the Overview section of the December 2007 BIS Quarterly Review for an example on the basis of an approach devised by UBS. 4Mark to market losses (relative to par) are calculated assuming that unrated tranches are written down completely; ABX prices for the BBB– indices are used to mark BB collateral; rated tranches from the 2004 vintage are assumed unimpaired; outstanding amounts remain static.5 For details, see Global Public Policy Committee, Determining fair value of financial instruments under IFRS in current market conditions, December 2007.6 See, for example, UBS, Mortgage Strategist, 17 October 2006. 7 Incomplete coverage at the deal level further reduces effective market coverage: typical subprime MBS structures have some 15 tranches per deal, of which only five were originally included in the ABX indices. As a result, each series references less than 15% of the underlying deal volume at issuance.8 Duration effects at the AAA level are bound to be significant for overall loss estimates as the AAA classes account for the lion’s share of MBS capital structures. Using prices for the newly instituted PENAAA indices, which reference “second to last” AAA bonds, to calculate AAA mark to market losses generates an estimate of $73 billion. This, in turn, translates into an overall valuation loss of $205 billion (ie some 18% below the unadjusted estimate of $250 billion).capitalisation had recovered, while remaining weaker than before the crisis. At the same time, still-elevated implied volatilities suggested ongoing investor uncertainty over the future trajectory of credit markets. With the credit cycle continuing to deteriorate and related losses on exposures outside the residential mortgage sector looming, it was thus unclear whether liquidity supply and risk tolerance had recovered to an extent that would help maintain this improved environment on a sustained basis.Bond yields recover as markets stabiliseFrom its low point on 17 March, the 10-year US Treasury bond yield rose by 75 basis points to reach 4.05% at the end of May. During this period, 10-year yields in the euro area and Japan climbed by around 70 and 50 basis points, respectively, to 4.40% and 1.75% (Graph 5, left-hand panel). In US and euro area bond markets, the increase in yields was particularly pronounced for short maturities, with two-year yields rising by 130 basis points in the United States and by almost 120 basis points in the euro area (Graph 5, centre panel). Two-year yields went up in Japan too, but by a more modest 35 basis points. In addition to reduced safe haven demand for government securities, the rise in short-term yields reflected a reassessment among investors of the need for monetary easing, following the stabilisation of financial markets.In the first two weeks of March, as the financial turmoil deepened and forward rates dropping (Graph 6, right-hand panel). While flight to safety and other effects relating to the volatility in financial markets may have influenced consistent with the observed fall at the short end of the forward break-evencurve. At the same time, these same concerns led investors to increasinglyexpect the Federal Reserve to maintain a more accommodative policy stancethan normal in an effort to contain the fallout on economic growth. Insofar asthis was seen as likely to lead to higher prices down the road, it could explainthe rise in distant forward break-even rates at the time.As the situation in financial markets stabilised after the rescue of BearStearns in mid-March, and perceptions of the economic outlook improvedsomewhat, the US forward break-even curve shifted in the opposite directionand flattened considerably. To a large extent, this shift in the forward curve islikely to have reflected a reversal of the same influences that had been at playin the first two weeks of March: the dampening effect on prices coming from theturmoil was perceived to be weaker after mid-March, while the Federal Reservewas seen to be less likely to deliver further sharp rate cuts. Moreover, upwardprice pressures appeared to intensify in the short to medium term, with foodprices rising continuously and oil prices reaching new all-time highs during thisperiod (Graph 5, right-hand panel), pushing near-term forward break-evenrates further upwards.real yields reflected a combination of expectations of higher average realinterest rates in coming years and a reversal of flight to safety pressures. Theformer component, in turn, was due to perceptions among investors that thereal economic fallout from the financial turmoil was likely to be less severe thanhad previously been anticipated. This was despite indications of deterioratingconsumer confidence amid tighter bank lending standards and continuedweakness in US housing markets. The revival in investor confidence seemedinstead to follow from the stabilisation in markets and from a number ofrelatively upbeat macroeconomic announcements. These included better thangovernment securities.In line with perceptions that the stabilisation of markets had reduced therisks to economic growth somewhat, prices of short-term interest rateindicating expectations of a period of stable rates, followed by rising rates inthe first half of 2009 (Graph 7, left-hand panel). In the euro area, EONIA swapprices at the beginning of March had signalled expectations of sizeable ECBrate cuts, but by end-May prices had shifted to reflect expectations of graduallyincreasing policy rates (Graph 7, centre panel). Meanwhile in Japan,expectations of mildly falling policy rates in March had by May been revised toindicate rising rates (Graph 7, right-hand panel).A turning point for equity prices?to end-2007 levels, gained almost 10% between 17 March and end-May. Equity markets in Europe and Japan, which had seen losses in excess of 20% between the turn of the year and 17 March, subsequently also displayed a strong recovery, with the EURO STOXX gaining 11% and the Nikkei 225 rising Reflecting the improved situation in financial markets during this period, by almost 20% and 34%, respectively. These gains occurred despiteannouncements by several banks of record losses during the first quarter amidcontinued credit-related write-offs. Investors obviously took solace from the factthat losses – although big – were no worse than expected, and that a numberof banks had been successful in their recapitalisation efforts (see credit marketsection above).surprises remained well above that of negative surprises, provided somesupport for equity prices. In addition, as fears failed to materialise that economic growth might slow dramatically in the first few months of the year,investors increasingly began to see equity valuations as attractive following thesharp price declines in late 2007 and early 2008. markets recovered after a sharp dip in March (Graph 8, right-hand panel).Emerging market investors discount growth risksequities fell up to mid-March, before rebounding in the wake of the change inmarket sentiment following the Bear Stearns rescue in the United States.Between end-February and end-May, the MSCI emerging market indexgained about 4% in local currency terms, and was up more than 14% from thelows established in mid-March. Latin American markets, which had seen ahigh trading volumes in commodity derivatives (see the Highlights section inthis issue) and speculative demand as a source of part of that strength, otherspointed to low supply elasticities and expectations of sustained rates ofindustrialisation throughout the emerging markets. With the region being amajor net commodities importer and natural disaster contributing to weakerequity prices in China, Asian markets were broadly flat over the period.Emerging Europe, in turn, remained exposed to the risk of a reversal in privatecapital flows, owing to large current account deficits and associated financingneeds in a number of countries. Nevertheless, strong gains in Russia and thebetter than expected growth performance of major European economies in thefirst quarter seemed to aid equity markets in May.Emerging market credit spreads, as measured by the EMBIG index,accounting for most of the spread tightening, the EMBIG remained almost flatin return terms, gaining about 1.1% between end-February and end-May(Graph 9, left-hand panel). Large stocks of foreign reserves and favourablemacroeconomic performance in key emerging market economies continued toprovide support, aiding the market recovery. Spread dispersion remained high,pointing to ongoing price differentiation according to credit quality (Graph 10,centre panel). At the same time, with inflation running well above target in anumber of major emerging market economies, policy credibility appeared tobecome more of a concern, putting pressure on local bond markets. Risinginflation expectations, combined with increasing US Treasury yields andrelatively resilient markets during the earlier stages of the recent marketturmoil, may thus have contributed to a somewhat more muted performancefrom emerging market bonds relative to other asset markets over the periodsince mid-March.Tensions in interbank markets remain highas high at the end of May as three months earlier, across most horizons and inall three major markets (Graph 10). This appeared to imply expectations thatinterbank strains were likely to remain severe well into the future.After a relatively smooth turn of the year, interbank market tensions hadappeared to ease somewhat until early March 2008, and Libor-OIS spreadshad shown some signs of stabilising. However, as the financial turmoilsuddenly deepened in the second week of March, following an acceleration inmargin calls and rapid unwinding of trades (see the credit section above),interbank market pressures quickly increased. With market rumoursproliferating about imminent liquidity problems in one or more large investmentbanks, banks became increasingly wary of lending to others. At the same time,their own demand for funds jumped as they sought to avoid being perceived ashaving a shortage of liquidity.Selected central bank liquidity measures during the period under review7 March The Federal Reserve increases the size of its Term Auction Facility (TAF) to $100 billion andextends the maturity of its repos to up to one month.11 March The Federal Reserve introduces the Term Securities Lending Facility (TSLF), which allowsprimary dealers to borrow up to $200 billion of Treasury securities against collateral. Theexisting dollar swap arrangements between the Federal Reserve and the ECB and the SNB areincreased from a total of $24 billion to $36 billion.16 March The Federal Reserve introduces the Primary Dealer Credit Facility (PDCF), which providesovernight funding for primary dealers in exchange for collateral. The Federal Reserve alsolowers the spread between the discount rate and the federal funds rate from 50 to 25 basispoints, and lengthens the maximum maturity from 30 to 90 days.28 March The ECB announces that the maturity of its longer-term refinancing operations (LTROs) wouldbe extended from up to three months to a maximum of six months.21 April The Bank of England introduces the Special Liquidity Scheme, under which banks can swapilliquid assets for Treasury bills.2 May The Federal Reserve boosts the size of its TAF programme to $150 billion, and announces abroadening of the collateral eligible for the TSLF auctions. The dollar swap arrangements withthe ECB and the SNB are increased further, from $36 billion to $62 billion.Source: Central bank press releases. Table 1The near collapse and subsequent takeover of Bear Stearns onMarch highlighted the risks that banks face in such situations. On the would not be allowed to fail, and this helped restore order in other markets. On the other hand, the speed with which Bear Stearns’ access to market liquidity had collapsed underscored the vulnerability of other banks in this regard, which kept Libor-OIS spreads high even as CDS spreads on banks and brokerages Throughout the period, central banks maintained and even stepped up activity from central banks seemed to have limited immediate impact oninterbank rates. To some extent, this may have reflected the fact that while thesums involved in central bank liquidity schemes were large in absolute terms,they were still rather limited compared to banks’ assessment of their overallliquidity needs against the background of a sharp decline in traditional sourcesof funding. One significant source of short-term funding for banks in the pasthas been money market mutual funds. Such funds have seen substantialinflows since the outbreak of the financial turmoil (Graph 11, left-hand panel),reflecting a noticeable reduction in investors’ appetite for risk. However, thisloss of risk appetite also resulted in money market funds shifting theirinvestments increasingly into treasury bills and other safe short-term securities,hence depriving banks of a key funding source (Graph 11, centre panel). Thissuggests that determining how persistent the interbank tensions will be maydepend significantly, among other things, on how long the risk appetite ofmoney market fund managers, and investors more broadly, will continue to bedepressed.。

（各种教材）2007.5编号内容题材年级版本盒数备注1 英语第一册上 12 英语第一册下 13 英语第二册上 14 英语第二册下 15 英语第三册上 16 英语第三册下 17 英语第一册上 18 英语第一册下 19 英语第一册 110 英语第二册下 111 英语第三册上 112 英语第三册下 113 体育与保健 114 作文 115 农村经济 116 中国地理（上） 117 中国地理（下） 118 化学 119 物理1 120 物理2 121 初三物理1*222 初三数学1*223 中国历史（上） 124 中国历史（中） 125 中国历史（下） 1（各种教材）2007.5编号内容题材年级版本盒数备注1 美术 12 美术 13 中数奥林匹克1*154 浙江省2000年CAI课件1*65 浙江省1999年CAI课件1*26 浙江省2000年CAI课件（续） 17 浙江省2000年CAI课件（文） 18 英语初三（上下）1*29 英语初二（上下）1*210 渡江侦察记 111 狼牙山五壮士 112 小兵张嘎 113 上甘岭 114 铁甲008 115 初中化学试验 116 初中物理试验1*217 初中语文 118 省2001年中学文科课件1*219 拉德茨基进行曲 120 海天佛国普陀山 121 世界经典序曲 122 江南园林 123 中华奇观 124 世界美术长廊1 125 世界美术长廊2 1（各种教材）2007.5编号内容题材年级版本盒数备注1 自然科学第一册（1） 12 自然科学第一册（2） 13 自然科学实验系列 14 自然科学第二册 25 自然科学实验系列 26 自然科学三册实验 27 自然科学第四册（1） 18 自然科学试验系列 19 自然科学第五册（1） 210 自然科学第五册（2） 111 自然科学实验系列 112 自然科学第六册 213 自然科学实验系列 114 自然科学3－1 215 自然科学3－2 216 自然科学3－3 217 自然科学第四盒 318 自然科学第五盒 319 自然科学第六盒 320 自然科学第二册 22122232425（各种教材）2007.5编号内容题材年级版本盒数备注1 英语第一册上 12 英语第一册下 13 英语第一册下（1） 14 英语第一册下（2） 15 英语第一册下（3） 16 英语第二册上 27 英语第二册下 28 英语第二册下（1） 19 英语第二册下（2） 110 英语第二册下（3） 111 英语第三册上 112 英语第三册下 113 英语第三册下（1） 114 英语第三册下（2） 115 英语第三册下（3） 116171819202122232425（各种教材）2007.5编号内容题材年级版本盒数备注1 体育与保健 12 体育与保健 13 中学音乐第一册 14 中学音乐第二册 15 中学音乐第三册 16 中学音乐 37 中学音乐第四册 1 戏曲8 美术第一册 19 美术第二册 110 美术第三册 111 中国板画欣赏 112 外国油画欣赏 113 中国历代绘画作品（一） 114 中国历代绘画作品（二） 115 家庭生活（上） 116 家庭生活（下） 117 社会第一册 1 漠河18 社会第一册 1 坎儿井19 社会第一册 1 台风20 社会第二册 121 社会第三册（1） 122 社会第三册（2） 123 社会第四册 324 社会第五册（1） 125 社会第五册（2） 1（各种教材）2007.5编号内容题材年级版本盒数备注1 思想政治初一上 12 思想政治第一册 13 思想政治第二册 14 思想政治第四册（1） 15 思想政治第四册（2） 16 思想政治第六册 17 爱国主义教育一年级上 18 爱国主义教育一年级下 19 爱国主义教育二年级上 110 爱国主义教育二年级下 111 爱国主义教育三年级上 112 爱国主义教育三年级下 113 公民第三册2—1 114 公民第三册2—2 115 公民第四册1 316 公民第四册2 217 体育与公民 118 劳技第一册 419 劳技2—1 320 劳技2—2 321 劳技第二学年 422 劳技第二册 223 劳技第三学年 224 走向成熟 125 中小学学生自护自救 1（各种教材）2007.5编号内容题材年级版本盒数备注1 教学范例与评析 22 中学生心理健康教育（上） 13 中学生心理健康教育（下） 14 中学素质教育理论与实践（1） 15 中学素质教育理论与实践（2） 16 中学素质教育理论与实践（3） 17 中学教师教法指导（上） 18 中学教师教法指导（下） 19 中学生学习方法指导（上） 110 中学生学习方法指导（下） 111 教学方法的优化训练 412 班主任教育素养与艺术 113 全国优秀教师师德报告（一） 114 全国优秀教师师德报告（二） 11516171819202122232425（各种教材）2007.5编号内容题材年级版本盒数备注1 历史人物与事件（一） 12 历史人物与事件（二） 13 黄河 14 汉字源流 15 屈原 16 从赵州桥说起 17 林则徐 18 上海工人三次起义 19 啊！延安 110 冼星海 111 长征 112 鲁迅 113 从一大到十五大（1） 114 从一大到十五大（2） 115 从一大到十五大（3） 116 从一大到十五大（4） 117 热爱生命，远离毒品18 东方小故事（17）19 东方小故事（18）20 东方小故事（18）21 东方小故事（20）22232425（各种教材）2007.5编号内容题材年级版本盒数备注1 中国地理资料（一） 12 中国地理资料（二） 13 中国地理资料（三） 14 中国古代科技（上） 15 中国古代科技（下） 16 三江源自然保护 17 中国民乐（一） 18 外国舞蹈（二） 19 音乐风光（三） 110 中国文化集粹（一） 111 中国古代农业 112 欧洲园林欣赏（一） 113 奥运之歌（一） 114 奥运之歌（二） 115 731部队罪行 116 浙江爱国主义教育基地巡礼1 117 浙江爱国主义教育基地巡礼2 118 浙江爱国主义教育基地巡礼3 119 血战台儿庄 120 董存瑞 121 开天辟地 122 南昌起义 123 中华民族（一） 124 中华民族（二） 125 环境·资源·发展 1（各种教材）2007.5编号内容题材年级版本盒数备注1 世界美术长廊3 12 杭州西湖 13 周恩来A 14 周恩来B 15 朱德 16 宋庆龄 17 孙中山A 18 孙中山B 19 邓小平1*210 刘少奇1*211 Windows 98一周通 1。