日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

USEUROPEAFRICAASIA 中文雙語Fran?ais
Business
Home / Business / Finance

China moves to deleverage without destabilizing growth

Xinhua | Updated: 2017-04-26 10:11

BEIJING — China is walking a tightrope between deleveraging and maintaining growth.

Authorities have tightened financial regulation and credit control and are using an expanded monetary policy toolkit to deleverage without stymieing an economic recovery.

Policy makers are wary of debt piling up in corporations, local governments and even households. They are eyeing investment booms in financial markets ranging from stocks, bonds to farm produce futures with extreme caution. This year, the task in hand is to reduce leverage and contain financial risks.

Things have escalated in recent weeks. The banking regulator has issued a flurry of directives on risk control and threatened to come down hard on malpractice. The China Banking Regulatory Commission (CBRC) last week ordered lenders to conduct self-inspections, focus on non-performing loans, fix regulation loopholes, and engage in more debt-for-equity swaps.

The Financial News, affiliated with the central bank, ran an editorial Monday saying the supervision under central bank's risk monitoring system - the macro prudential assessment - and CBRC scrutiny were both aimed at deleveraging and controlling financial risks. More such policies are in the pipeline.

Concern over the regulatory squeeze has weighed on the stock market, which on Monday posted its worst performance this year. The benchmark Shanghai Composite Index tumbled 1.37 percent.

The interbank market is also feeling the strain, with the overnight Shanghai Interbank Offered Rate - the cost at which Chinese banks lend to one another - up 3.57 basis points on Tuesday to 2.75 percent, the highest level in more than two years.

Tightening is likely to hurt excessively levered carry trades, but unlikely to spill over to the real economy, said Liu Wenqi, an analyst at China International Capital Corporation.

Policy makers need to better manage the frequency and intensity of monetary and regulatory tweaks, balancing the contradictory goals of reduced leverage and sustained recovery, said Zeng Gang, an economist with the Chinese Academy of Social Sciences.

With monetary policy shifting away from a relatively loose stance, the central bank has been feathering, not slamming on, the credit brakes.

Commercial banks made a total of 4.2 trillion yuan ($610 billion) in new yuan loans in the first quarter, down 8.5 percent from a year before, the first year-on-year decrease since 2011.

M2, a broad measure of money supply that covers cash in circulation and all deposits, grew 10.6 percent to about 160 trillion yuan at the end of March. The pace of increase slowed 2.8 percentage points compared with the same month last year.

Zeng believes China has finally shifted away from credit-fueled stimuli to better control of the "credit floodgate" and use funds more efficiently.

Over the past year, the central bank has steered clear of interest rate cuts and avoided tinkering with reserve requirement ratios. Instead, it employed a range of tools, such as reverse repos and lending facilities to manage liquidity.

Following the tightening of regulations, the central bank continued cash injections into the banking system to help avert any severe cash shortages. Some 170 billion yuan was pumped into the market last week, the largest weekly cash injection in three months.

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 69老司机 | 久久精品视频3 | 国产激情综合 | 国产一区精品在线观看 | 91高清免费 | 99热这里是精品 | 亚洲三级久久 | www国产在线 | 欧美一级网| 成人小视频免费观看 | 日本美女毛片 | 久久露脸国语精品国产91 | 草草精品视频 | 成人3d动漫一区二区三区91 | 日韩一区欧美二区 | 亚洲精品日韩欧美 | 香蕉影音| 国产精品视频免费 | 欧美精品在线一区二区三区 | 黄色大片一级片 | 国产精品视频网址 | 免费国产成人看片在线 | 国产成人亚洲综合a∨婷婷 国产三级精品三级观看 | 久久ww| 色婷婷在线观看视频 | 国产黄色精品网站 | 福利小视频在线 | 国产免费成人 | 波多野结衣一区二区三区高清 | 久久久久久久久网站 | 我要看一级黄色录像 | 久久黄色一级片 | 一级黄色片在线播放 | 日韩亚洲欧美在线 | 91ts人妖另类精品系列 | 日本免费网站视频 | 欧美亚洲国产日韩 | 激情开心成人网 | 日韩中文一区二区 | 色网站在线看 | 伊人夜夜 |