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中國影子銀行活動再升溫

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New loan growth from China's banks disappointed in December, but overall activity was way up, suggesting the shadow banking sector quickly took advantage of lower borrowing costs after the central bank cut rates in late November.

2014年12月份,中國各銀行新增貸款的增長令人失望,然而銀行總體業務活動卻在不斷增加。這種狀況意味着,在11月底中國央行(PBoC)降息之後,影子銀行業正迅速地藉助降低後的借貸成本獲利。

Aggregate financing, the broadest measure of Chinese credit available (including "shadow banking"), expanded by 47 per cent from a month earlier in December, far exceeding expectations and hitting its highest since June.

融資總量(aggregate financing)是應用最爲廣泛的中國信貸總量的衡量指標,它也將“影子銀行”系統中的信用規模包括在內。2014年12月,中國融資總量環比增長了47%,大大超過此前預期,達到自2014年6月以來的最大規模。

中國影子銀行活動再升溫

Aggregate financing totalled Rmb1.69tn ($273bn) in December, versus Rmb1.146tn in November. Economists were only estimating a small gain to Rmb1.2tn.

該月中國融資總量總計達1.69萬億人民幣(合2730億美元),而11月融資總量則只有1.146萬億人民幣。此前,經濟學家曾估計12月中國融資總量只會小幅增長至1.2萬億人民幣。

Details in the report are scant but new yuan loan growth from banks was only Rmb697bn, missing estimates at Rmb880bn. That accounts for only 41 per cent of the aggregate figure, suggesting it was shadow banks that ramped up lending at year-end.

該報告並未呈現更多細節。不過,中國各銀行新增人民幣貸款只有6970億人民幣,並未達到8800億人民幣的預期。在中國融資總量中,這部分貸款只佔了41%,這意味着2014年底借貸的增長是由影子銀行推動的。

In late November, the People's Bank of China cut its benchmark one-year lending rate by 40 basis points to 5.6 per cent - the first cut in two years.

2014年11月下旬,中國央行將一年期基準借貸利率下調40個基點,降至5.6%,這是兩年該行首次降息。

Meanwhile, the M2 measure of money supply rose at an annual pace of 12.2 per cent, down from 12.3 per cent. Economists had forecast it would rise to 12.5 per cent; instead, this is the third straight contraction.

此外,作爲貨幣供應量指標的M2年化增幅爲12.2%,低於11月份的12.3%。此前,經濟學家曾預計M2增幅將上升至12.5%,沒想到卻連續第三次降低。

Earlier in the year the PBoC also cut the required reserve ratio - the amount of cash reserves some lenders must hold - for some banks that lend to small businesses and the rural economy.

2014年早些時候,對於向小型企業和農村經濟放貸的部分銀行,中國央行還曾其存款準備金率。所謂存款準備金率,是指部分放貸機構必須持有的現金儲備量所佔的比例。