【英语中国】中国央行时隔8个月重启正回购操作 China Drainage of cash from money markets signals concern at boom

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2014-2-20 08:56

小艾摘要: China’s central bank has drained Rmb48bn ($7.9bn) from money markets, an unexpected move that signals its concern with the boom in lending at the start of the year, writes Simon Rabinovitch in Shangh ...
China Drainage of cash from money markets signals concern at boom
China’s central bank has drained Rmb48bn ($7.9bn) from money markets, an unexpected move that signals its concern with the boom in lending at the start of the year, writes Simon Rabinovitch in Shanghai.

The People’s Bank of China withdrew the cash by issuing 14-day bond repurchase agreements. It was its first time using repos to drain liquidity from the money market in eight months.

The central bank typically gauges demand from banks the day before conducting open-market operations, but on this occasion it issued the repos without advance warning, traders said.

The Shanghai Composite, China’s main stock index, fell 0.8 per cent yesterday after rallying over the past week.

The drain follows a jump in bank and shadow bank lending in January. New local-currency loans reached Rmb1.32tn last month – nearly triple December’s total, Rmb200bn more than market expectations and the highest monthly total since January 2010.

It is customary for banks in China to lend most heavily at the start of the year, but the numbers this January were unusually strong. Chinese money conditions have been volatile over the past six months, sowing doubts about whether Beijing is more focused on reining in credit or supporting growth.

A cash crunch in June and a smaller echo in December appeared to show that the government was intent on tightening liquidity, but the lending surge in January following a series of short-term cash injections ran in the opposite direction.

Analysts said yesterday’s cash withdrawal indicated that the central bank did indeed have a tightening bias, albeit a mild one.

“It shows that the PBoC views current market liquidity conditions as over-relaxed,” said Zhou Hao, an analyst with ANZ. “The central bank’s tendency is to maintain generally tight liquidity conditions.”

The seven-day bond repurchase rate, China’s most important measure of short-term liquidity, had spiked towards 10 per cent after the cash crunch in June and a smaller one in December. But on Monday, it fell below 4 per cent, a level that the central bank appears to have judged to be excessively low.

中国央行昨日从货币市场回收了480亿元人民币(合79亿美元)资金,这一出乎市场意料之外的举措表明央行对年初出现的信贷飙升感到担忧。

中国央行通过14天期债券正回购操作回笼了资金。这是中国央行8个月来首次使用正回购操作来回收流动性。

交易员们表示,中国央行通常会在进行公开市场操作前一天评估银行需求,但这次它在没有预先警告的情况下就实施了正回购操作。

中国主要股指——上证综指(Shanghai Composite)继上周上涨之后,昨日下跌0.8%。

中国央行回收流动性之前,今年1月份正规银行和影子银行放贷出现飙升。上月新增人民币贷款1.32万亿元人民币,几乎是去年12月份的3倍,超出市场预期2000亿元人民币,并创下自2010年1月以来的最高水平。

中国的银行通常会在年初大举放贷,但今年1月份的新增贷款异常强劲。中国货币条件在过去6个月里剧烈波动,引发人们怀疑中国政府是更关注抑制信贷还是更支持增长。

去年6月中国出现“钱荒”,12月又出现程度较轻的流动性紧张,似乎表明中国政府打算收缩流动性,但在一系列短期资金注入之后今年1月的贷款飙升显示出不同的方向。

分析师们表示,昨日的正回购操作表明,央行实际上的确倾向于紧缩,尽管力度比较温和。

澳新银行(ANZ)分析师周皓(Zhou Hao)表示:“它表明中国央行认为当前市场流动性状况过于宽松。央行倾向于保持整体紧缩的流动性状况。”

在去年6月和12月出现“钱荒”之后,中国最重要的短期流动性指标——7天期债券回购利率飙升至近10%的水平。但在周一,该利率降至4%以下——这是中国央行似乎已觉得过低的水平。

译者/邹策

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