據稱中國央行向五大行注入5000億元

China’s central bank plans to inject Rmb500bn ($81bn) into the banking system, according to local traders and analysts, in the latest targeted attempt by Beijing to prop up flagging growth in the world’s second-largest economy.

中國交易員和分析師透露，中國央行向銀行體系注入了5000億元人民幣（合810億美元），這是北京方面爲提振增長減速的世界第二大經濟體而採取的最新針對性措施。

The move is seen by many as a response to the economy slowing last month. Among other weak data, industrial output in August underwhelmed with 6.9 per cent annual growth, the lowest reading since the global financial crisis. It also comes at the end of the financial quarter and ahead of national holidays starting on October 1 – both times when liquidity is particularly tight.

此舉被很多人視爲對上月經濟放緩作出的迴應。在許多疲弱的數據中，8月工業產出同比僅增長6.9%，令人失望，這一增幅是全球金融危機以來最低的。此外，央行此舉也發生在財務季度末和10月1日開始的黃金週國定假日之前——這兩個時期的流動性通常都特別緊張。

The People’s Bank of China has quietly offered the funds to China’s five largest banks on a temporary three-month basis through a relatively new mechanism known as the standing lending facility. The amount is equivalent to a half a percentage point cut to China’s reserve requirement ratio (RRR) – the level of cash commercial lenders must leave on deposit with the PBoC, according to analysts.

中國的央行——中國人民銀行(PBoC)悄悄地通過相對較新的機制——常備借貸便利（Standing Lending Facility，簡稱SLF）——向國內五大銀行提供這些短期資金，期限爲3個月。分析師們表示，此次注入流動性的規模相當於削減半個百分點的存款準備金率。

The central bank and China’s main banking regulator refused to confirm the move, underscoring the government’s desire not to send a strong easing signal to the market. While Hong Kong-listed “H shares” jumped on the news by about 1 per cent, China’s onshore “A shares” rose by less than half a per cent yesterday, indicating lower levels of excitement among domestic investors.

中國央行和中國主要銀行業監管機構均拒絕證實此舉，突顯政府不想向市場發出一個強烈的寬鬆信號。儘管在香港上市的H股在消息傳出後躍升大約1%，但中國內地的A股昨日僅上漲不到0.5%，說明國內投資者興奮程度較低。

Analysts and traders said central bank officials had confirmed the move to them privately and big banks had already started making big new purchases of interbank bonds.

分析師和交易員們表示，央行官員私下向他們證實了此舉，而大銀行已開始大舉買入銀行間債券。

Just last week, Li Keqiang, Chinese premier, said Beijing would not overreact to short-term fluctuations in growth indicators. “The authorities are trying to avoid sending too strong a message to the market but they also don’t want to see liquidity shortages as we approach a long holiday and the end of the quarter,” said Wang Tao, chief China economist at UBS. “Given the continued weakness in the economy, we do think the government will intensify its support policies and will probably cut benchmark interest rates by the end of the year.”

就在上週，中國總理李克強表示，北京方面不會對增長指標的短期波動作出過度反應。“當局正試圖避免向市場傳遞過於強烈的信息，但同時也不希望在接近長假期和季末的時候看到流動性短缺，”瑞銀(UBS)中國首席經濟學家汪濤表示。“鑑於經濟持續疲軟，我們認爲政府將加大支持政策，並很可能在今年底下調基準利率。”

Previous supportive measures in recent months include RRR cuts for rural lenders, an easing of local home purchase restrictions and easier access to funding for property developers and SMEs. “[The authorities] face a dilemma,” said Qiao Liu, assistant dean at Peking University’s Guanghua School of Management. “On the one hand they want to keep economic growth and for that, monetary policy should be looser.

近幾個月出臺的支持措施包括，對農村貸款機構下調存款準備金率，放鬆各地針對購房的限購令，以及讓房地產開發商和中小企業更容易獲得資金。“（當局）面臨一個兩難境地，”北京大學光華管理學院院長助理劉俏表示，“一方面，他們希望保持經濟增長，爲此，貨幣政策應該更加寬鬆。但另一方面，他們要完成經濟再平衡和結構調整。但兩者之間存在一個矛盾。”

“On the other hand, they want to accomplish economic rebalancing and structural adjustment. But there’s a contradiction between the two.”

在金融危機爆發之後的2009年初，中國出臺了4萬億元人民幣（當時合5700億美元）的支出計劃，其不良後遺症包括鉅額債務和慢性過度建設。資產管理公司銘基亞洲(Matthews Asia)的投資總監羅福萬(Andy Rothman)淡化了中國央行此次注資的重要性，稱其爲一個“軟信號”，表明當局在密切關注經濟。

China launched a Rmb4tn spending package – equivalent to $570bn at the time – in the wake of the financial crisis in early 2009, the damaging after-effects of which include huge debts and chronic over-construction. Andy Rothman, investment director at asset manager Matthews Asia, played down the injection, calling it a “soft signal” that authorities are keeping an eye on the economy.

“要是他們擔心的話，他們原本會利用這個機會採取更具體的措施，如削減基準貸款利率。”

“If they were worried they would have used this opportunity to undertake more concrete steps, such as cutting the benchmark lending rate.”

巴克萊(Barclays)經濟學家常健表示，這一短期舉措很可能意在先發制人，以防未來幾周出現“錢荒”。

Jian Chang, economist at Barclays, said the short-term move was probably a pre-emptive strike to prevent cash shortages in the coming weeks.

她補充說，流動性短缺往往發生在季度末前後和“黃金週”等公衆假期期間，而今年股票上市以及銀行監管規則變化可能加劇這個問題。

Liquidity shortfalls often arise around the end of each quarter and during public holidays, such as the “Golden Week” break, while stock market listings and changes to bank regulation could exacerbate the problem this year, she added.

“就提高實體經濟的流動性而言，此舉的作用是有限的，由於借貸成本高昂，企業不願從銀行借款，”研究機構莫尼塔(CEBM)策略師祁益峯表示。

“It plays only a limited role in boosting liquidity for the real economy as enterprises are shy about borrowing from banks because of high loan costs,” said Qi Yifeng at CEBM, a research house.

韓碧如(Lucy Hornby)北京、張嫣(Zhang Yan)和帕提•沃德米爾(Patti Waldmeir)上海補充報道