中國銀監會擬出臺新規打擊影子銀行

China is preparing rules to tackle risks from shadow finance by curbing the issuance and portfolio mix of “wealth management products” that have fuelled the huge increase in Chinese corporate debt since 2008.

中國正在起草規則，通過遏制“理財產品”的發行和投資組合，以化解影子銀行風險。自2008年以來，理財產品推動中國企業債務大幅激增。

WMPs, which allow banks to channel credit to local governments, property developers and overcapacity industries struggling to access normal bank loans, have surged from Rmb1.7tn ($255bn) at the end of 2009 to Rmb23.5tn ($3.53tn) by the end of last year, according to Wind Information.

理財產品讓銀行可以向地方政府、房地產開發商，以及難以獲得正常銀行貸款的產能過剩行業輸送信貸。據萬得資訊(Wind Information)數據，理財產品從2009年底的1.7萬億元人民幣（2550億美元），去年底飆升至23.5萬億元人民幣（合3.53萬億元美元）。

By recording WMPs off-balance-sheet, or by classifying them as “investments” rather than loans, banks are able to report higher capital adequacy ratios and set aside less provisions against bad loans.

通過將理財產品列爲資產負債表外項目，或歸類爲“投資”而不是貸款，銀行可以報告更高的資本充足率，並減少不良貸款撥備。

The China Banking Regulatory Commission has drafted rules that would limit the size of lenders’ WMP issuance based on their total balance sheet or deposits, 21st Century Business Herald reported this week. The draft rules also restrict the share of equities and so-called “non-standard” assets — mainly illiquid loans — within a single WMP. If adopted, the change would force WMPs to rely More on bonds and money-market assets, which are less risky but offer lower yields.

據《21世紀經濟報道》(21st Century Business Herald)本週報道，中國銀行業監督管理委員(China Banking Regulatory Commission)已起草相關規則，將基於銀行資產負債和存款限制其理財產品發放規模。草案還限制股票和所謂“非標”資產——主要是缺乏流動性的資產——在一支理財產品內的比例。如果草案通過，這一變動將迫使理財產品更多依靠債券和貨幣市場資產，後者風險較小，但提供的收益率較低。

The rules would also forbid banks from issuing structured products made up of multiple tranches, each with different levels of risk. Multi-tranche products have become increasingly popular, with subordinate tranches using leverage to increase yields. Structured WMPs channelling funds into the stock market helped fuel last year’s boom and bust.

規定或許還將禁止銀行發行由不同風險水平的多種資產組成的結構化產品。分級產品已變得越來越受歡迎，其中的次級資產使用槓桿提高其收益。將資金輸入股市的結構化理財產品，曾助長了去年股市的泡沫及其破裂。

WMPs have also added significant complexity to China’s financial system, creating difficulties for assessing risk. Rating agency Moody’s warned this week that data from China’s central bank on “total social financing”, which is meant to capture corporate and household credit from all sources, understates economy-wide leverage by Rmb16tn. Loans packaged into WMPs are the biggest sources of hidden credit, with small and midsize lenders most active.

理財產品還大大增加了中國金融體系的複雜性，爲風險評估製造了困難。就在本週，評級機構穆迪(Moody's)曾警告稱，來自中國央行的“社會融資總量”數據，對整個中國經濟體內的槓桿低估程度達到16萬億元人民幣，而該指標原本旨在衡量所有來源的企業和家庭信貸。被打包成理財產品的貸款，正是隱形信貸的最大來源，而中小銀行則扮演着其中最積極的角色。

Finally, the regulations would restrict banks’ ability to partner with non-bank financial institutions such as brokerages, fund management companies, and insurers to move loans off their books.

最後，該監管規定或將限制銀行與券商、基金管理公司和保險公司等非銀行類金融機構合作、以便把貸款從賬目表移除的能力。

Industry observers caution that the draft rules are subject to change and that much depends on enforcement.

業內觀察人士提醒說，這一規定草案還會更改，而且它在很大程度上要看實施情況。