中国日报:中国本周可能发布资产管理业务新规 - 互联网金融门户 未央网

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中国日报:中国本周可能发布资产管理业务新规

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新浪财经讯 4月25日消息,《中国日报》周三援引接近央行的消息人士称,中国即将公布资产管理业务新规。作为降低中国金融体系风险举措的一部分,市场一直在等待资产管理业务新规最终版本的发布。

《中国日报》中文翻译:

据《中国日报》报道,中国推出更严格资产管理规定的倒计时已开始,可能在周末前启动,这将限制银行投资于高风险和短期融资工具,并进一步缓解金融脆弱性。

但有迹象表明,中国政策制定者对最终的放行持谨慎态度,原因是资产管理产品的激增,其中包括截至2017年银行发行的价值约29.54万亿元(约合4.68万亿美元)理财产品。此外,据专家称,任何不加强金融机构流动性和资本缓冲的不谨慎举动,都可能无意中增加稳定风险。

一位与中国央行关系密切的匿名消息人士对《中国日报》表示:“在一些银行进行游说,并可能对拟议的监管规定进行修订后,新规定最早可能于本周公布,赶在周日开始的‘五一’假日之前。”

他表示:“但我认为随着规则生效,许多基本事项和细节需要在指引方面进一步澄清,包括重新评估标准信贷资产的规模,及其适当的价值评估方法。”

中国规模达250万亿元的银行系统、证券经纪商、基金公司、信托公司和保险公司都热衷于交叉持有资产负债表外的投资工具,自全球金融危机以来,监管机构和投资者一直难以监控这些投资工具,从而推动了信贷繁荣,提高了杠杆率。

即将出台的监管措施旨在限制高风险投资工具的杠杆水平和复杂性(根据国际货币基金组织(IMF)的数据,截至去年此类风险投资工具价值接近75万亿元),并逐渐限制银行为通常高于标准存款产品的固定收益回报提供隐含担保的能力。

在更严格的监管约束下,中国货币市场利率今年已大幅上升,导致企业债券息差扩大,这意味着更高的风险溢价,特别是对较弱的借款人而言。

中信证券分析师明明(Ming Ming)表示,银行融资渠道的收缩以及与其他金融机构的业务相互关联,可能会减缓信贷增长,同时提高企业融资成本。

他表示:“规模较小、分行网络有限、吸引存款能力较弱的银行将面临更大压力。”“但去杠杆化和风险控制仍将是金融监管机构未来几个月的关键任务。”

为了缓解银行不断上升的流动性压力,中国央行决定从周三开始定向降准1个百分点,相当于释放1.3万亿元的流动性。

中国央行还打算推进利率改革,包括进一步放开存款利率,这将允许银行保留一些原本会流入其他金融产品的财富管理基金。

3月28日,新的监管指导方针获得了国家最高决策者的批准。中国央行去年11月以准则草案的形式发布了统一的标准和明确的资产分类。

一些市场观察人士猜测,近期全球金融市场的波动和中美贸易紧张将推迟该准则的发布,但一些地方媒体援引匿名高级官员的话称,新规的推出仍将“按期进行”,可能会在5月初。

中国央行行长易纲上周日表示,“中国已经表明了进一步改革和开放的坚定决心”,尽管金融脆弱性的上升,贸易和地缘政治紧张局势加剧和处于历史高位的全球债务都可能威胁到全球增长前景。

《中国日报》英文原文如下:

Tighter asset management rules ‘days away’

By Chen Jia | China Daily

Policymakers cautious about giving go-ahead due to product proliferation

The final countdown for the debut of China‘s tightened asset management regulation has begun, with a possible launch by the weekend, which would restrict banks from investing in high-risk and short-term funding vehicles and further ease financial vulnerability, sources said.

But signals have shown that Chinese policymakers are cautious about giving the final go-ahead, due to the proliferation of asset management products that included around 29.54 trillion yuan ($4.68 trillion) of bank-issued wealth management products by 2017. In addition, any indiscreet move without strengthening financial institutions‘ liquidity and capital buffers could inadvertently raise stability risks, said experts.

“After some banks‘ lobbying and the possible revision of the proposed regulation, the new rules could be released as early as this week, before the May Day holiday starting on Sunday,” an anonymous source close to the central bank told China Daily.

“But I think with the regulation taking effect, many basic matters and details need to be further clarified in terms of guidelines, including reassessing the scale of standard credit assets and their appropriate value assessment methods,” he said.

The nation‘s 250-trillion-yuan banking system, securities brokers, fund companies, trust companies and insurers, were keen on cross-holding off-balance-sheet investment vehicles that have been difficult for regulators and investors to monitor since the global financial crisis, facilitating the credit boom and elevating leverage.

The upcoming regulation is aimed at limiting the leverage level and complexity of risky investment vehicles, valued at almost 75 trillion yuan by last year, according to the International Monetary Fund, and gradually restricting banks‘ ability to implicitly guarantee fixed-yield returns that are usually higher than standard deposit products.

Following tighter regulatory constraints, China‘s money market rates have risen sharply this year, leading to wider corporate bond spreads which indicate a higher risk premium, particularly for weaker borrowers.

Ming Ming, an analyst with CITIC Securities, said that the contraction of banks‘ funding channels and interconnected business with other financial institutions may moderate credit growth while raising corporate financing costs.

“Smaller banks with limited branch networks and a weaker ability to attract deposits will face greater pressure.

“But deleveraging and risk control will remain key tasks in the coming months for financial regulators,” he said.

To ease banks‘ rising liquidity pressure, the central bank decided to cut the amount of cash that financial institutions must hold on reserve starting from Wednesday by 1 percentage point, freeing 1.3 trillion yuan in total.

The central bank also intends to push forward interest rate reform, including further liberalizing deposit rates, which would allow banks to retain some wealth management funds that would have otherwise flowed into other financial products.

On March 28, the new regulatory guidelines were approved by the country‘s top policymakers. The unified standards and the clear classification of various asset products were released in the form of a draft guideline in November by the central bank.

Some market watchers speculated that the recent fluctuations in the global financial market and Sino-US trade tension would delay the debut of the guidelines, but some local media quoted anonymous senior officials as saying the launch is still “right on schedule”, possibly by the beginning of May.

Yi Gang, the central bank governor, said on Sunday that “China has demonstrated its firm determination on further reform and opening-up”, although rising financial vulnerability, increasing trade and geopolitical tensions, and historically high global debt could threaten global growth prospects.


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