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中国对委托贷款业务出台新限制
China shadow bank clampdown eyes $2tn of entrusted loans

来源:FT中文网    2018-01-09 07:05



        China’s banking regulator has put new curbs on the country’s Rmb13.8tn ($2.13tn) entrusted lending business, a sign that the crackdown on shadow banking launched by Beijing in 2017 will extend into the new year.        中国银行业监管机构对国内13.8万亿元人民币(合2.13万亿美元)的委托贷款业务出台了新的限制,这表明北京方面2017年对影子银行业发起的打击将在新的一年延续。
        Rules issued at the weekend by the China Banking Regulatory Commission bar banks from making decisions for companies making entrusted loans, and from providing guarantees for those loans. They also stop the loans from being used to buy equities, bonds or derivatives by the company borrowing.        中国银行业监督管理委员会(CBRC)在刚刚过去的周末发布新规,禁止银行代发放委托贷款的公司做出决策,以及对这类贷款提供担保。新规还禁止这类贷款的借款企业用贷款资金购买股票、债券或衍生工具。
        Entrusted loans are loans made from one company to another in what has come to resemble banking activity but without the same level of risk controls that licensed lenders exercise when making credit decisions.        委托贷款是指一家公司向另一家公司发放的贷款,这种活动在实践中已变得类似于银行业务,但不具有正规贷款机构在做出信贷决策时行使的那种风险控制。
        The rules, which reduce banks to intermediaries in the entrusted lending business, are part of an effort from China’s regulators to stem risk in the country’s financial sector, much of which was leveraged off banks’ balance sheets, and out of clear view.        新规将银行在委托贷款业务中的角色缩减为中介。这是中国监管机构遏制国内金融行业风险的举措之一。中国金融业有很大一部分在银行资产负债表外杠杆化,令外人看不清楚。
        “In many areas of shadow banking, I think this kind of regulation will become tighter and tighter,” said Xia Le, chief economist for Asia at BBVA. “This is going to put pressure on banks because shadow banking has already become an important source of income for them” as they earn fees guaranteeing and arranging the transactions.        “我认为这种监管将在很多影子银行业务领域变得越来越紧,”西班牙对外银行(BBVA)亚洲首席经济学家夏乐表示。“这将给银行带来压力,因为影子银行业已成为它们的重要创收来源”,因为银行可以从担保和安排交易中赚取费用。
        Banks that guarantee such loans do not disclose that liability on their balance sheet, and it is not constrained by loan-to-deposit rules or capital adequacy measures. The upshot is that this vast volume of loans is unregulated.        担保这些贷款的银行并不在自己的资产负债表上披露这一责任,这类贷款也不受贷存比规则或资本充足率衡量标准的限制。结果就是巨大数量的贷款不受监管。
        Shadow banking continued to grow in the first half of 2017. Shadow banking assets hit Rmb64.7tn at the end of June, about 27 per cent of total banking assets but just a 0.5 per cent increase from the end of 2016, according to data from Moody’s.        影子银行业在2017年上半年继续增长。穆迪(Moody’s)数据显示,6月底影子银行业资产达到64.7万亿元人民币,约占银行业总资产的27%,但是相比2016年底仅增加0.5%。
        Entrusted loans rose faster during that period, at about 4.5 per cent, to Rmb13.8tn. However, growth in that business, considered a core element of shadow banking, has slowed over the past few years. During 2016, entrusted loans rose 21 per cent from the year before.        在此期间,委托贷款增长速度更快,约为4.5%,至13.8万亿元人民币。然而,被视为影子银行业核心元素的这块业务的增长近年有所放缓。2016年,委托贷款较上年增长21%。
        Companies engaged in entrusted lending often lend out excess cash but many also borrow from banks and then re-lend at much higher rates to other companies, often to ones that could not get approval for bank loans in the first place.        从事委托贷款的公司经常贷出多余现金,但也有很多从银行借款,然后以高得多的利率向其他企业(往往是那些本来无法获得银行贷款的企业)转贷。
        Banks have grabbed part of the business by acting as arrangers for the loans, said Mr Xia, but many do not play a role in monitoring the activity. “They get the fees but don’t do much else,” he said.        夏乐表示,银行通过担当贷款安排者,抓住了部分业务,但许多银行并没有发挥监督相关活动的作用。“它们收取了费用,但不做什么事情,”他表示。
        Several large state-owned steel and coal companies, such as Baosteel and coal miner China Shenhua, have in the past pushed into the entrusted lending business.        过去,数家大型国有钢铁和煤炭企业,比如宝钢(Baosteel)和中国神华(China Shenhua),纷纷进入委托贷款业务。
        Starting in early 2017, the CBRC and China’s central bank launched a series of measures that have taken aim at various channels used to structure off-balance-sheet lending.        从2017年初开始,银监会和中国央行出台一系列措施,针对各种用于安排表外放贷的渠道。
        In November, the People’s Bank of China published rules aimed at the country’s $15tn asset management market that prohibited asset managers from promising investors a guaranteed rate of return, while also requiring them to set aside 10 per cent of the management fees they collect for provisioning purposes. In September, money market funds came under regulatory attack.        11月,中国人民银行(PBoC)发布了针对中国15万亿美元资产管理市场的规则,禁止资产管理公司向投资者承诺提供保证回报率,同时要求它们将10%的管理费用作为拨备。9月,货币市场基金也受到监管打击。
                
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