外资银行对中国放贷上半年创新高

Lending to China by international banks hit a new high in the first half of 2017, as Beijing’s deleveraging drive led to tighter domestic credit conditions, pushing corporate borrowers offshore.

海外银行对中国的贷款在2017年上半年创下新高。北京方面的去杠杆化努力导致国内信贷条件趋紧，推动企业借款人把目光投向境外。

Foreign banks can typically charge higher interest rates on loans to Chinese borrowers than to those in their home markets, boosting the banks’ profits. But increased exposure to China also carries risks, as economists warn that extraordinary debt growth since 2008 is likely to produce rising defaults.

外资银行一般可以向中国借款人收取比本土借款人更高的贷款利率，有助于这些银行提高利润。但是增加对中国的风险敞口也是有风险的，因为经济学家们警告称，2008年以来的不寻常债务增长可能导致违约增加。

“Expansion into China will support Hong Kong banks’ margins but could also expose risks. An increase in China exposure without adequate controls and capital buffers could?.?.?.?be negative for banks’ ratings,” Sabine Bauer, senior director for financial institutions at Fitch Ratings in Hong Kong, wrote in a report.

“向中国内地扩张有助于支持香港各银行的利润率，但也可能使它们暴露于风险。若没有适当的控制和宽裕的资本金，加大对中国的风险敞口可能……对银行的评级是不利的。”惠誉评级(Fitch Ratings)在香港的金融机构高级主管鲍冰娜(Sabine Bauer)在一份报告中写道。

Foreign banks’ total exposure to mainland China hit $1.89tn at the end of June, up from $1.67tn six months earlier and surpassing the previous record of $1.84tn at the end of 2014, according to the report. The figures include cross-border loans into China and most lending by foreign bank subsidiaries incorporated on the mainland.

该报告显示，今年6月底，外资银行对中国内地的总敞口达到1.89万亿美元，高于六个月之前的1.67万亿美元，也超过此前的纪录、2014年底的1.84万亿美元。这些数字包括对中国借款人发放的跨境贷款，以及在内地注册的外资银行子公司的大部分放贷。

China’s central bank has tightened monetary policy this year, while the banking regulator introduced macro-prudential regulations that limit banks’ ability to expand lending. This combination has raised funding costs for corporate borrowers, pushing them offshore in search of better terms.

中国央行今年收紧了货币政策，而银行业监管机构出台了限制银行扩大放贷能力的宏观审慎监管措施。这一组合拳加大了企业借款人的融资成本，促使他们到海外寻觅更有利的条款。