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Shadow banking grows beyond $45tn

来源:FT中文网    2018-03-06 12:48

        Shadow banking grew by nearly 8 per cent globally to more than $45tn on a conservative measure after international rulemakers were able to include detailed data from China and Luxembourg for the first time.        根据国际规则制定者首次得以纳入中国和卢森堡的详细数据后保守估算出的数字,全球影子银行业增长了近8%,其规模已增至逾45万亿美元。
        Shadow banking — the parts of the financial system that perform banklike functions such as lending but do not have the same safeguards — accounted for 13 per cent of total global financial assets, according to the Financial Stability Board, the international group of policymakers and regulators that makes recommendations to the G20.        影子银行是金融体系的一部分,拥有放贷等类似银行的职能,但没有相同的保障措施。根据金融稳定委员会(Financial Stability Board)的数据,影子银行业占全球金融资产总额的13%。金融稳定委员会是一个由政策制定者和监管机构组成的国际组织,负责向20国集团(G20)提出建议。
        The data form part of the FSB’s annual monitoring exercise of shadow banking, which it says is necessary in order to calibrate policy responses. The inclusion of China and Luxembourg — home to a large part of the world’s investment funds — makes this year’s monitoring report the most detailed yet.        该数据是金融稳定委员会对影子银行业年度监测工作的一部分,该委员会表示,为了调整应对政策,这一工作是必需的。纳入中国和卢森堡的数据让今年的监测报告成为迄今最为详细的报告。卢森堡是全球大量投资基金的大本营。
        The report covers 2016 figures. But since then China has launched a continuing crackdown on its shadow-banking sector. China contributed $7tn, or 15.5 per cent, of the $45tn assets comprising the FSB’s conservative definition of shadow banking, while Luxembourg contributed $3.2tn, or 7.2 per cent.        该报告涵盖的是2016年的数据。但自那以后,中国对国内影子银行业展开了持续性的整治。在金融稳定委员会根据保守定义估计的45万亿美元的影子银行资产中,中国贡献了7万亿美元,占比15.5%;卢森堡贡献了3.2万亿美元,占比7.2%。
        The data come after the FSB said last summer that it had “tamed” the most toxic parts of the shadow banking industry, which was widely blamed for exacerbating the financial crisis a decade ago. Since then, reform has been under way led by the FSB to try to exercise more control over the sector.        金融稳定委员会去年夏天曾表示已“驯服”影子银行业中最有害的部分。人们普遍认为影子银行在十年前加剧了金融危机。自那以后,在金融稳定委员会领导下,改革工作一直在进行,以对该行业施加更多控制。
        But defining shadow banking can be a slippery business. The FSB’s exercise starts with looking at the assets of anything that is not a bank, including pension funds, insurers and “other financial institutions”, or OFIs. That wider ecosystem accounts for $160tn assets worldwide, compared with $340tn total financial assets globally.        但定义影子银行业是一个非常棘手的任务。金融稳定委员会从查看所有非银行资产入手,包括养老基金、保险公司以及“其他金融机构”(OFI)。这个更广泛的生态系统在全球拥有160万亿美元资产,而全球金融资产总值为340万亿美元。
        Meanwhile, OFIs grew by 8 per cent to $99tn; a faster level than banks, insurers and pension funds. OFIs now account for 30 per cent of the financial system’s assets — the highest level since 2002.        同时,其他金融机构资产增长了8%,至99万亿美元,增速超过了银行、保险公司和养老基金。其他金融机构现在占金融体系资产的30%,这是自2002年以来的最高水平。
        From OFIs, the FSB then drills down further to its “narrow” definition of shadow banking, which this year included granular data from China for the first time.        从其他金融机构开始,金融稳定委员会进一步深入探讨了其对影子银行业的“狭义”定义,今年首次纳入了中国的详细数据。
        Luxembourg hosts collective investment vehicles, which the FSB underscored as being susceptible to runs by investors. In 2017, it put out measures that G20 countries should adopt to mitigate runs — including “gates” to stop investors getting immediate access to their cash in exceptional circumstances. Such collective investment schemes account for 72 per cent of the FSB’s narrow definition of shadow banking.        卢森堡有许多集合投资工具,金融稳定委员会强调该工具易于受投资者挤兑的影响。2017年,金融稳定委员会提出了G20国家应采取的减少挤兑的措施,包括设置“闸门”阻止投资者在特殊情况下立即提取现金。这种集合投资工具占了金融稳定委员会对影子银行业狭义定义的72%。
        Meanwhile, in China, the growth of trust companies was particularly striking. They expanded 47 per cent in 2016: faster than the average 33 per cent growth rate seen between 2011 and 2015, the FSB said.        同时在中国,信托公司的增长尤其惊人。金融稳定委员会表示2016年中国信托公司扩张了47%,快于2011年至2015年间33%的平均增长率。
        The assets of Chinese trust companies — which conduct asset-management business for investors — totalled $3.4tn in 2016. That equated to 6 per cent of domestic Chinese assets and 3.4 per cent of the OFI category’s total.        2016年,为投资者开展资产管理业务的中国信托公司的资产总额达到2.9万亿美元,相当于中国国内金融资产的6%。

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