中国将堵住银行业放贷的漏洞

Beijing--A Chinese regulator is planning to make it harder for banks to use the nation's sprawling shadow-banking system to get around lending limits, the latest salvo in its efforts to rein in credit growth.

为进一步抑制信贷过快增长，中国监管部门正酝酿出台信贷新规，以加大银行业利用影子银行系统绕开放贷限制的难度。

According to two bankers who have seen draft rules put together by the China Banking Regulatory Commission, the regulator wants to limit the ability of financial institutions to label corporate loans as loans between banks, which are typically of lower risk and subject to fewer restrictions. The process typically involves loans to trust companies--wealth-management companies that are the biggest nonbank lenders in China--that are then repackaged as so-called interbank assets.

据两位看到中国银行业监督管理委员会（简称：银监会）相关规定草案的银行业人士透露，银监会希望通过该新规限制金融机构将企业贷款包装成银行间市场同业拆借的能力。银行间拆借交易通常风险较低且限制较少。这种做法通常涉及对信托公司的贷款，信托公司将这些贷款再包装成所谓的银行间资产。

Beijing's efforts to rein in credit growth in recent years have been repeatedly stymied by the emergence of a network of nonbank lenders that often work with banks, which have grown increasingly adept at finding creative ways to continue lending.

中国政府近年抑制信贷增长的努力多次因非银行贷款机构网络的出现而难以奏效。这些贷款机构通常会与银行进行合作，而为了能够继续放贷，中资银行的手段更是日渐高明。

The draft rules, which are expected to take effect in some form in February, are aimed at the interbank lending market, usually used by banks to borrow at low interest rates from one another to cover their short-term funding needs. Increasingly, banks are using short-term interbank loans to obtain funds to make longer-term loans to companies, a mismatch that contributed to a credit crunch in June. The overnight rate banks charge one another rose as high as 30%, as banks scrambled to renew short-term borrowing to fund longer-term corporate lending.

上述新规草案预计将在明年2月份以某种形式开始实施，这些措施旨在加强对银行间拆借市场的管理。各大银行通常通过该市场以低利率相互拆借资金，以满足短期融资需求。但中资银行正越来越多地通过银行间市场筹集短期资金用于发放长期贷款，这种错配导致了6月份的“钱荒”，当时隔夜拆款利率一度飙升至30%的高位。

According to Standard Chartered PLC, a U.K. bank, about 20% of small and medium-size Chinese banks' funding currently comes from the interbank market, up from between 10% and 15% prior to 2012. Earlier this month, the central bank flagged its intention to crack down on the practice, which it said had 'made it more difficult to manage liquidity and prevent risk.'

根据渣打银行(Standard Chartered PLC)的数据，中小型中资银行目前约20%的融资来自银行间市场，2012年前该比例仅为10%-15%。本月早些时候，中国央行暗示将对这种做法进行打击，称这种做法加大了流动性管理和风险控制的难度。

'There spread expectations that regulators may tighten interbank (asset shuffling) businesses soon...[that may] have led to banks becoming more cautious about lending short-term liquidity in the interbank market,' said Wang Tao, an economist with UBS, in a recent note. Over recent months, the central bank has also repeatedly signaled that it won't pump as much cash into the economy as it has recently, a development that has also made banks less willing to lend to one another, analysts say.

瑞银(UBS)经济学家汪涛在近期的一份报告中表示，外界普遍预计监管机构可能即将收紧银行间资产调配业务，这可能已导致银行对银行间市场上的短期借贷行为变得越来越谨慎。分析师们也表示，近几个月来，中国央行已多次暗示其对市场的资金投放量将较此前减少，这也导致银行间的资金拆借出现意愿下降。

On Nov. 18, the benchmark weighted average of the seven-day repurchase rate--a measure of interbank borrowing costs--rose to 5.94%, the highest level since the June credit crunch, and well above 3%, where the market hovered earlier in the year. It was at 4.77% Wednesday, after the central bank injected cash into the banking system.

11月18日，衡量银行间拆借成本的基准7天期回购加权平均利率升至5.94%，为6月份“钱荒”以来的最高水平，也远远高于今年早些时候3%左右的水平。在央行向银行系统注入流动性后，该利率周三回落至4.77%，

Chinese banks are allowed to lend no more than 75 cents for every dollar in deposits they hold, a severe constraint on their ability to expand, but interbank loans don't count toward banks' loan-to-deposit ratios. Moreover, corporate loans require banks to hold four times as much capital for every dollar lent out as for interbank loans.

按照相关规定，商业银行的贷款余额和存款余额的比例不得超过75%，这对银行信贷扩张能力是一个很大的限制，但同业拆借不计入贷存比指标。此外，商业银行每发放1美元企业贷款，就必须持有四倍于每发放1美元银行间贷款所需持有的资本。

As a result, disguising corporate loans as interbank loans has become a popular way for banks to expand their lending while minimizing their costs. A often-used method has been for a bank to make a loan to a company through a trust and then use the trust asset as collateral for a short-term loan from another bank. In the process, the loan gets reclassified as an interbank asset.

这样一来，为了在扩大贷款规模的同时将成本降至最低，把企业贷款包装成银行间贷款就成了商业银行之间的一种流行做法。通常使用的一种方式是：银行通过信托向企业发放贷款，然后将该信托资产用作抵押从另外一家银行获得短期贷款。在这一过程中，这笔商业贷款被重新归类为银行间资产。

The new rules would make it harder to do this. The regulations also require banks to count their interbank lending as part of overall loan quotas, which the regulator sets for each bank. The quotas currently don't cover lending on the interbank market.

新规将增加上述做法的操作难度。相关规定还要求银行将银行间贷款作为整体贷款配额的一部分，银监会将向每家银行设置一定的配额。目前该配额不包括银行间市场贷款。

A loan manager with a mid-sized Chinese bank said the new rules, if they go into effect as planned, would seriously pinch bank business.

一家中等规模中资银行的贷款经理称，如果新规按计划实施，将会严重冲击银行业务。

In a bid to force banks to manage their liquidity better and avoid maturity mismatches such as the one that roiled markets in June, the new rules would also limit interbank loans to a maximum of one year. The draft also calls on banks to make provisions for potential losses from interbank lending.

为促使银行更好地管理流动性并避免期限错配，新规定还将把银行间贷款的最长期限设定为一年。新规定将敦促银行为此类贷款计提损失拨备。

The rules also would cap a bank's interbank lending at 50% of its total deposits. Outstanding borrowing and lending with a single financial institution wouldn't be allowed to exceed 100% of any bank's own net capital, and any bank's loans to all nonbank financial institutions wouldn't be permitted to rise above 25% of its net capital.

新规定还将给单一银行向其他金融机构提供银行间贷款的规模设置上限，即不超过银行总存款的50%。此外，单一金融机构的借款和贷款余额将不得超过其净资本的100%；任何银行向一切非银行类金融机构发放的贷款不得超过其净资本的25%。

China's banking regulator said in the new draft rules that it will step up its supervision of banks that are active in the interbank market.

银监会在新规草案中表示，将加强对活跃在银行间市场的银行的监督。