【英语中国】中国央行定向下调存款准备金率 China cuts reserves rules in growth bid

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2014-6-10 07:01

小艾摘要: China has taken a fresh step to boost flagging growth by cutting the level of cash reserves some lenders must hold at the central bank, in an attempt to boost lending to small businesses and the rural ...
China cuts reserves rules in growth bid
China has taken a fresh step to boost flagging growth by cutting the level of cash reserves some lenders must hold at the central bank, in an attempt to boost lending to small businesses and the rural economy.

The People’s Bank of China said it would reduce the “required reserve ratio” by 0.5 per cent for banks that mainly lend to small businesses and rural borrowers.

In the first quarter of this year, China’s economy grew by an annual 7.4 per cent, down from 7.7 per cent in the final three months of 2013. Even if the country hits its official growth target of 7.5 per cent for 2014, it will be the slowest pace since 1990. Many economists believe even that target is unrealistic. Morgan Stanley’s Helen Qiao yesterday lowered her growth forecast for this year to just 7 per cent.

The PBoC’s latest move suggests industrial production, fixed-asset investment and inflation data due this week could show a further softening in the second quarter.

The property market is another focus of concern, with prices declining month-on-month in May for the first time since 2012.

Chinese policy makers are attempting to strike a fine balance between preventing a sharp economic slowdown or “hard landing” and reining in credit growth, which risks enlarging the country’s worrying debt burden and fuelling an overheating property market.

The new measure – which follows a similar move in late April – comes into effect on June 16 and is aimed squarely at small banks. The cut will apply to those for whom either rural or small-business loans comprised at least 50 per cent of total new loans last year and for whom such loans comprise at least 30 per cent of total outstanding loans.

中国已出台新措施提振乏力的经济增长。央行对某些银行定向下调存款准备金率,引导信贷资源支持农村经济和小微企业。

中国人民银行(PBoC)宣布,将对主要向农村借款人和小微企业放贷的银行下调“人民币存款准备金率”0.5个百分点。

今年第一季度,中国经济同比增长7.4%,相比2013年末季7.7%的同比增幅有所放缓。即使中国在2014年达到7.5%的官方经济增长目标,那也将是自1990年以来的最慢增长。许多经济学家认为,即使这个目标也是不现实的。摩根士丹利(Morgan Stanley)的乔虹昨日将她对中国今年增长预测下调至7%。

中国央行的最新举措似乎预示着,定于本周发布的工业产出、固定资产投资和通胀数据,可能显示中国经济在第二季度进一步趋软。

房地产市场是另一个关注焦点,5月份房价出现2012年以来首次月度环比下降。

在防止经济急剧减速(即“硬着陆”)和遏制信贷增长(其风险在于加大中国令人担心的债务负担,助燃过热的楼市)之间,中国政策制定者正试图审慎把握平衡。

下调存款准备金率的新措施(4月下旬有过类似举动)将从6月16日起实行,适用对象全是小银行,具体标准是上年新增涉农或小微贷款占全部新增贷款比例超过50%、且上年末此类贷款余额占全部贷款余额比例超过30%的银行。

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