中國將堵住銀行業放貸的漏洞
BEIJING--A Chinese regulator is planning to make it harder for banks to use the nation's sprawling shadow-banking system to get around lending limits, the latest salvo in its efforts to rein in credit growth.
爲進一步抑制信貸過快增長，中國監管部門正醞釀出臺信貸新規，以加大銀行業利用影子銀行系統繞開放貸限制的難度。According to two bankers who have seen draft rules put together by the China Banking Regulatory Commission, the regulator wants to limit the ability of financial institutions to label corporate loans as loans between banks, which are typically of lower risk and subject to fewer restrictions. The process typically involves loans to trust companies--wealth-management companies that are the biggest nonbank lenders in China--that are then repackaged as so-called interbank assets.
據兩位看到中國銀行業監督管理委員會（簡稱：銀監會）相關規定草案的銀行業人士透露，銀監會希望通過該新規限制金融機構將企業貸款包裝成銀行間市場同業拆借的能力。銀行間拆借交易通常風險較低且限制較少。這種做法通常涉及對信託公司的貸款，信託公司將這些貸款再包裝成所謂的銀行間資產。Beijing's efforts to rein in credit growth in recent years have been repeatedly stymied by the emergence of a network of nonbank lenders that often work with banks, which have grown increasingly adept at finding creative ways to continue lending.
中國政府近年抑制信貸增長的努力多次因非銀行貸款機構網絡的出現而難以奏效。這些貸款機構通常會與銀行進行合作，而爲了能夠繼續放貸，中資銀行的手段更是日漸高明。
The draft rules, which are expected to take effect in some form in February, are aimed at the interbank lending market, usually used by banks to borrow at low interest rates from one another to cover their short-term funding needs. Increasingly, banks are using short-term interbank loans to obtain funds to make longer-term loans to companies, a mismatch that contributed to a credit crunch in June. The overnight rate banks charge one another rose as high as 30%, as banks scrambled to renew short-term borrowing to fund longer-term corporate lending.
上述新規草案預計將在明年2月份以某種形式開始實施，這些措施旨在加強對銀行間拆借市場的管理。各大銀行通常通過該市場以低利率相互拆借資金，以滿足短期融資需求。但中資銀行正越來越多地通過銀行間市場籌集短期資金用於發放長期貸款，這種錯配導致了6月份的“錢荒”，當時隔夜拆款利率一度飆升至30%的高位。According to Standard Chartered PLC, a U.K. bank, about 20% of small and medium-size Chinese banks' funding currently comes from the interbank market, up from between 10% and 15% prior to 2012. Earlier this month, the central bank flagged its intention to crack down on the practice, which it said had 'made it more difficult to manage liquidity and prevent risk.'
根據渣打銀行(Standard Chartered PLC)的數據，中小型中資銀行目前約20%的融資來自銀行間市場，2012年前該比例僅爲10%-15%。本月早些時候，中國央行暗示將對這種做法進行打擊，稱這種做法加大了流動性管理和風險控制的難度。'There spread expectations that regulators may tighten interbank (asset shuffling) businesses soon...[that may] have led to banks becoming more cautious about lending short-term liquidity in the interbank market,' said Wang Tao, an economist with UBS, in a recent note. Over recent months, the central bank has also repeatedly signaled that it won't pump as much cash into the economy as it has recently, a development that has also made banks less willing to lend to one another, analysts say.
瑞銀(UBS)經濟學家汪濤在近期的一份報告中表示，外界普遍預計監管機構可能即將收緊銀行間資產調配業務，這可能已導致銀行對銀行間市場上的短期借貸行爲變得越來越謹慎。分析師們也表示，近幾個月來，中國央行已多次暗示其對市場的資金投放量將較此前減少，這也導致銀行間的資金拆借出現意願下降。On Nov. 18, the benchmark weighted average of the seven-day repurchase rate--a measure of interbank borrowing costs--rose to 5.94%, the highest level since the June credit crunch, and well above 3%, where the market hovered earlier in the year. It was at 4.77% Wednesday, after the central bank injected cash into the banking system.
11月18日，衡量銀行間拆借成本的基準7天期回購加權平均利率升至5.94%，爲6月份“錢荒”以來的最高水平，也遠遠高於今年早些時候3%左右的水平。在央行向銀行系統注入流動性後，該利率週三回落至4.77%，Chinese banks are allowed to lend no more than 75 cents for every dollar in deposits they hold, a severe constraint on their ability to expand, but interbank loans don't count toward banks' loan-to-deposit ratios. Moreover, corporate loans require banks to hold four times as much capital for every dollar lent out as for interbank loans.
按照相關規定，商業銀行的貸款餘額和存款餘額的比例不得超過75%，這對銀行信貸擴張能力是一個很大的限制，但同業拆借不計入貸存比指標。此外，商業銀行每發放1美元企業貸款，就必須持有四倍於每發放1美元銀行間貸款所需持有的資本。As a result, disguising corporate loans as interbank loans has become a popular way for banks to expand their lending while minimizing their costs. A often-used method has been for a bank to make a loan to a company through a trust and then use the trust asset as collateral for a short-term loan from another bank. In the process, the loan gets reclassified as an interbank asset.
這樣一來，爲了在擴大貸款規模的同時將成本降至最低，把企業貸款包裝成銀行間貸款就成了商業銀行之間的一種流行做法。通常使用的一種方式是：銀行通過信託向企業發放貸款，然後將該信託資產用作抵押從另外一家銀行獲得短期貸款。在這一過程中，這筆商業貸款被重新歸類爲銀行間資產。The new rules would make it harder to do this. The regulations also require banks to count their interbank lending as part of overall loan quotas, which the regulator sets for each bank. The quotas currently don't cover lending on the interbank market.
新規將增加上述做法的操作難度。相關規定還要求銀行將銀行間貸款作爲整體貸款配額的一部分，銀監會將向每家銀行設置一定的配額。目前該配額不包括銀行間市場貸款。A loan manager with a mid-sized Chinese bank said the new rules, if they go into effect as planned, would seriously pinch bank business.
一家中等規模中資銀行的貸款經理稱，如果新規按計劃實施，將會嚴重衝擊銀行業務。In a bid to force banks to manage their liquidity better and avoid maturity mismatches such as the one that roiled markets in June, the new rules would also limit interbank loans to a maximum of one year. The draft also calls on banks to make provisions for potential losses from interbank lending.
爲促使銀行更好地管理流動性並避免期限錯配，新規定還將把銀行間貸款的最長期限設定爲一年。新規定將敦促銀行爲此類貸款計提損失撥備。The rules also would cap a bank's interbank lending at 50% of its total deposits. Outstanding borrowing and lending with a single financial institution wouldn't be allowed to exceed 100% of any bank's own net capital, and any bank's loans to all nonbank financial institutions wouldn't be permitted to rise above 25% of its net capital.
新規定還將給單一銀行向其他金融機構提供銀行間貸款的規模設置上限，即不超過銀行總存款的50%。此外，單一金融機構的借款和貸款餘額將不得超過其淨資本的100%；任何銀行向一切非銀行類金融機構發放的貸款不得超過其淨資本的25%。China's banking regulator said in the new draft rules that it will step up its supervision of banks that are active in the interbank market.
銀監會在新規草案中表示，將加強對活躍在銀行間市場的銀行的監督。
