GIPS(Global Investment Performance Standards) said that a variety of reporting procedures were misleading at best. Some of these misleading practices included representative accounts, survivorship bias and varying time periods.

Representative accounts: showing a top-performing portfolio as representative of firm’s results.

Survivorship bias: excluding “weak performance” accounts that have been terminate.

Varying time periods: showing performance for selected time periods with outstanding returns.

I found that the job I were working as a intern in SCB had touched the standards lightly when I study throughout this part. Every day, I told to my clients like this, “if you select SCB you will get the best returns and services.” Then I may take out a pile of materials to show you that the historical triumphs SCB made are outstanding accomplishment. You must trust me. It sounds crazy beyond the standard. I think it is a typical difference between commercial bank and investment bank.

I know it is not fair and honest. But why I always do that? Someone perfectly said, if you want to survive all the time in China you must obey Chinese rules when you put your investment into such a market. That’s insane and ironical!

CFA study notes and handbook said that, GIPS is a set of ethical principles based on a standardized, industry-wide approach. Investment firms can voluntarily follow GIPS in their presentation of historical investment results to prospective clients. These standards seek to avoid misrepresentations of performance.

Yang Kaisheng, president of the Industrial and Commercial Bank of China, the country’s largest state-owned commercial lender, said that ICBC plans to launch its IPO in 2006. According to Yang, ICBC will avoid listing its stocks within the same month as Bank of China. He said ICBC has boosted its capital adequacy ratio to 10%. The bank has not decided if it will issue new stocks for the IPO, or allow the central government to sell some of its shares in the bank.

ICBC has received a total of US$3.8 billion in strategic investments from Goldman Sachs, American Express and German insurer Allianz. These partners have no significant operations in commercial banking, which rules out competition and conflict of interests between their respective business interests in China, Yang said.

Please forgive me to distort the SCB slogan, I think I must start to exert myself right now. It is possible that I was provoked during journey.

CFA is a new target in my life. Maybe I am influenced by the alluring income.

I don’t know what the pressure is. But I only know I nearly get off duty after 7:00p.m. Then I am tired out to go home in subway. Listen to some light music and wander. Outside is always dark when I am out of subway.

As an intern, I unexpectedly release from work later than others. Actually, SCB’s work is not limited strictly, yet I still be compelled working till night. Although everything is done, I stay office to finish several trivial things. My leader demanded me to keep staying here with him as a company. But everyone knows that he is a crazy ghost for work and a thorough bachelor.

Thank heaven! CB colleagues include me eventually moved to another big new good-looking work-station in Floor 12, Tower W2 Oriental Plaza. All the afternoon, we were busy crawling between two offices and were reading documents I had never read one by one. But some of the documents have been thrown away forever. I’m so sorry. For the future, I will treat my files well as caring for my parents. Don’t hate me!

The work ought to do was instead of boxes, boxes, boxes……

Our full range of investment tools and financial services include:

Renminbi and foreign currency services, ranging from multiple-currency deports to cross-currency exchange.

Order Watching Service.

Currency Link Series investment accounts.

Market Link Series investment accounts.

Presently, I am busy dedicating to it. But I ask for leave today. It’s time to return TJUFE for my essay, also being a rest.

At last being weekend! I finally can control my own time to do whatever I like. But Sunday has been arranged with a splendid wedding. This wedding, held by my brother, will invite more than 200 people to attend. I can ensure that in that day I will be full with hunger satisfied and talk with a lot of stranger who contains the beauties with a great chance. Now I have to complete my essay and exert all my strength in copy words from one article to another. This huge project made me on the run to pursuit excitement at the time of finish. I only get several writings to do a preparation. Presently it is chaotic inside my brain. Only a abstract still afflicts me whole day. I must say sorry and thanks to my practical training. If without its plenty time, I can’t take it into my essay’s imagination. And also because of it, I feel guilty of my absent-minded behavior. I vow never to follow the same old disastrous road. But now, let me enjoy games amusement!

There is a strong wind outside. But sunshine is bright and beautiful. The weather told me today will be not comfortable. I thought the weather was able to stand for one’s mood.

The index of Dow Jones AIG commodities was afflicting with me in recent two weeks. I felt I was indeed tired of it which I didn’t touch before. Now the assignments to me was contacting with clients who the manager provided through SCB’s data bank. This investment must be worthy with no risk and high benefits. However, I didn’t believe it would be really true as what it said.

After all, I had to try otherwise I will turn all the previous labor to nothing.

I haven’t come here again for several days. Because I would rather read than write. In addition, my younger cousin needs me make guidance and assistance for him. He is a clever and lovable boy who likes playing basketball as well as me. And his hobby is also the same as mine. Hoho, actually, it is joyful to own a younger brother. We could talk with mutual topic and do our favorite things together. Um, I like him.

Altogether, I must be responsible for him. His dream is that he will enter the Communication University of China someday for studying French. He is very self-confident. He said to me, he wanted to become a diplomat. I highly appreciate him. Okay, a good boy.

Just have an interview for SCB. Now is waiting for the consequence. I feel better than the starting. But I can’t assure of an optimistic reply. I merely do what I am able to do and say what I am able to say. It is impossible that my real oral English may reach a high level, and furthermore improve during a short time. So I even like drinking and waiting. It’s great!

Recently, I have plenty of time to read. And I don’t know what and how to write here. So now, I just translate a paragraph of an article which is interesting aimed at CATTI as a practice on purpose. What follows are the translated text of the title of Complementary Sino-U.S. Trade.

The reason for such rapid growth in China-U.S. trade is, in the final analysis, the high degree to which the economies complement each other. This complementary, to a large extent, stems from their big differences in economic resources condition, economic structures and consumption levels. As a largest developing country all over the world, China offers a vast market, rapid development and low labor costs. But it is lacking in capital as well as technological and managerial sophistication. On the other hand, the U.S. is the world’s largest developed country, big in economic size, with abundant capital, and advanced in science and technology. But the cost of labor in the U.S. is high. Such diversity and complementary will remain for a long time, and are likely to feature more prominently in the continuing economic globalization. In my view, this is the objective basis for the sustained and rapid expansion of China-U.S. trade.

In general, I like National Geographic which is the version of English. But there is only a translation in Chinese in market. I have to admit that only an original edition is worth collecting as an essential reading magazine. So I am very regret to lose an opportunity of acquiring the original edition of NG. National Geographic is, moreover, the original complex form of a simplified Chinese character published by Taiwan. Is it possible that there is less than only one publisher on our mainland? The answer feels deeply ashamed. Sometimes one person’s demand is awfully unrealistic. In addition, the political factors influence a great many aspects. People can’t freely enjoy rights and obligations. They always accept restrictions from each area and are compelled to receive what they really don’t need. And we don’t have the capability to control all even ourselves. We can be just an obedient one without options. Therefore, we must say that we are dominated by the system of the government. It’s as sure as fate.

p.s. I am not in charge of above what I say. It is fabrication.

Today I went to Wangfujing Bookstore to look for some interesting books, so as to kill time, because of the tedious and dull vacation days.

But in my imagination, Wangfujing Bookstore changed greatly that I can’t believe its bookstore’s status. There are so many toys counter, electric products counter, even medication counter everywhere. I can see at least half space displaying a lot of goods which is not related to books. Formerly, Wangfujing Bookstore was not the same as nowadays’. While you were entering bookstore you would smell the fragrance of books wherever. But now, you aren’t able to smell such a fragrance except foul smells of money. In Wangfujing Bookstore, there is full of commercial atmosphere instead of as a family of scholars.

I bought only three “National Geographic” even though I wanted to go away hurriedly. The contents of National Geographic are plentiful and interesting enough to read for some days. I paid for books and quickly escaped from the bookstore.

No wonder Xidan bookstore is better than it in people’s heart. It is not only for the scale, but also for the circumstances and conditions.

If it were not for laziness, I didn’t visit W-bookstore absolutely. It seems that I must be diligent to walk more distance for the better one.

Just now, I found out a number of vocabularies about finance and commerce. In another word, these words and phrases, as the expansion of financial terms, are very useful for the future. I will take down and display the vocabularies in order to go over conveniently and thereby learn by heart any time.

The list is as follows:

attract/bid for/invite investments (from overseas), emotional consumption, installment payment, overconsuming, excessive consumption, guide rational consumption, guaranty money for deposits, inflation-proof bank savings, lottery industry, welfare lotteries, water-down stocks, multi-level marketing, treasury bonds, gilt-edged bonds, floating debt, debt-to-equity swap, income from moonlighting, withdrawal of currency from circulation, blue chip, anti-poverty funds, commercial lending, non-performing loan, bad debt, holding company, allotment of shares, soft stock, turnover tax, banker surcharge, tax evasion, tax fraud, and refusal to pay taxes, re-lending, sub-loan, falsified accounts, sunrise industry, the system of public bidding for project, mortgage loan, inflation-proof bank savings, refunding export taxes, crack down on counterfeit goods, TV home shopping, e-business certification, The Heng Sheng index fluctuated violently, international settlement, balance of international payment/balance of payment, disequilibrium of balance of payment, public subsidies, projects listed as encouraged by the state, State Scientific and Technological Innovation System, state foreign exchange reserves, implement an automatic registration system of foreign trading rights on a trial basis, direct exchange, indirect exchange, cross rate, arbitrage rate, foreign currency (exchange) reserve, foreign exchange fluctuation, foreign exchange crisis, discount rate, bank rate, proactive fiscal policy, effectively control inflation, shake off the impact of the financial crisis.

Just now, I am enjoying The NBA All-Star 2006 Game in Houston, Texas. This game, which is a worldwide show, is a festival to everybody especially to me.

In the starting line, there are five superstars who are the most popular players in guy’s heart. Among them, Yao and McGrady are fixed all the Chinese audiences’ eyes upon above all. It is a grand banquet that all the basketball fans gathered the focus at TOYOTA Center in Houston.

Look at the superstars attentively! Various shoes on them were conspicuous. Wow, it is virtually great dressing show. And I dare to bet that there shoes wouldn’t sell in China. It means that these exhibiting good-looking shoes were going to disappear from now on. I was extremely anxious that I could own one of the superstars’ shoes to show off so that I would satisfy thoroughly.

But finally, LeBron James robbed MVP which should have belonged to McGrady. I regretted because LeBron was too young to win the prize even though he was strong and played wonderfully.

However, today’s world possesses young people. They are vigorous, ambitious and confident. We should respect them. Therefore, anyway, I prefer to view and admire the game which emphasizes enjoyment through the performance which players plunge into. The result is not important. Just enjoy the halfway landscapes.

I found that I was awfully false.

For example, when I met a schoolmate who I hadn’t seen for a long time, I would praise him or her excessively with a good many beautiful words no matter what he or she really was even if his (her) looks maybe lead others to be sick or his (her) change couldn’t be tolerated at once.

It seems that I can’t refuse to do like this. However, I ought to be honest and stop flattering someone hypocritically. But I can’t do it honestly because of courtesy. It looks as if the politeness must link lies. The cultural river of the polite education in history can date from 5000 years before. It is a distant source and a long stream. Everybody knows that Chinese respect the politeness whenever we are and however the fate of our nation is. It is a manner which remains as a precious heritage. The entire China is proud of this virtue.

But now, I think it isn’t worth emphasizing this tradition overly. And it isn’t necessary to carry the so-called virtue heavily on the back. Do it with the original ourselves is perfect.

Nevertheless, it seems that there isn’t a way which can’t alter the present situation thoroughly. We have a long road to walk eventually.

Just praying and blessing.

Today, I heard that one of my classmates will work for HSBC and go abroad to England for several years. I sincerely admire some one who has received the offer from HSBC very much. But not envy. Envy benefits nobody. To tell the truth, I really face upward to her whose wages are 5 even 6 and more times as high as me. And it is not merely like this. The chance to England is so charming that I began to regret that I don’t try my best to endeavor to learn English. But the time elapse and will not return. I can only be too late to repent now. This message, firing my imagination, is able to be just a fantasy for me. It seems that I should not keep the present situation which is ignorant and poison to me.

I just realize the importance of the life. To pursue the perfect climax, there will be a meaning of the life in your own. Now, I must speed up and move forward without turning back.

A long time ago, I am anxious and excited whenever my birthday is coming.

During the period of my childhood, I was daily counting backwards one month ahead to wait for my birthday. At that time, the birthday was a grand ceremony to me. I enjoyed the precious time when my dear friends went my home to join in the party for celebrating my birthday once a year together. I desired and yearned that happy time all the while till now.

But now, the birthday to me, don’t take an exceeding excitement and a joyful delight. I don’t want to find what is happening from the secondary school before to the present day. My age is the whole answer. The accumulation of experience is increasing year after year. I have known that I am not able to enjoy the happiness from annually birthday. And furthermore I realize that I haven’t been willing to go to grow up. I hope I am capable of being young forever.

In the final analysis, time will not wait for me. I have to cherish time as a long-term warfare.