久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

Global EditionASIA 中文雙語(yǔ)Fran?ais
Business
Home / Business / Finance

Monetary policy eyes boosting capital markets

By Wang Yu and Chen Jia | China Daily | Updated: 2018-11-12 07:01
Share
Share - WeChat
Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, Oct 28, 2018. [Photo/IC]

China's central bank is focused on further boosting capital markets and facilitating corporate financing in order to raise confidence among private businesses and offset headwinds, both external and internal.

The clear signal came from the latest third-quarter China Monetary Policy Report released by the People's Bank of China late on Friday, which highlighted additional efforts to improve financing channels and ease enterprises' borrowing difficulties. It also underlined the significance of a well-developed equity market in the long run to benefit corporate financing.

In the report, the monetary authority announced no change in its overall policy stance, which is still characterized as "prudent and neutral", and aims to control the total money supply and seek a balance between "multiple targets". However, dynamic and advance policy adjustments are possible under different circumstances and situations, the report stressed.

Commercial banks, as well as the stock and bond markets, will undertake the majority of financing tasks, with the central bank ensuring sufficient liquidity to maintain a lower lending interest rate to make financing both efficient and affordable, according to analysts.

Some financial channels not employed by the "standard" banking system could be allowed again to provide funding to private companies, a policy adviser told China Daily. Some of these channels used to be major components of the so-called "shadow banking sector", which were put on hold by a regulation on asset management products issued in April.

"It will not be a simple reopening of the currently banned off-balance-sheet business. Instead, they should run under a new regulatory framework to avoid previous wild expansions," said the adviser, on condition of anonymity.

Judging from the report, further specified supportive measures might be released afterward to encourage lending to private companies, said analysts, who also speculated financial regulators may tolerate a slightly higher nonperforming loan ratio and leveraging level for commercial banks, who face regulatory assessment pressures.

Song Yu, an economist with Goldman Sachs, said, "For more tangible measures, we now foresee a higher probability that total financing growth will accelerate from now, but more likely at a very measured pace."

Financial constraints confronting private companies have reflected accumulated economic downturn pressure, unstable market expectations and worsening risk appetite, said the central bank report. "Some private companies have been trapped in debt default risk, further pushing up difficulties for credit financing."

During the first three quarters this year, 24 private companies incurred bond defaults, losing 67.41 billion yuan ($9.69 billion), according to the central bank. In the same period, total bond issuance from the private sector stood at only 402.9 billion yuan, down 17.6 percent year-on-year.

Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said in a recent statement that new regulations on wealth management products by commercial bank subsidiary companies will be released later this month. That will mobilize more funds raised by wealth management products to support private enterprises.

The latest China Monetary Policy Report also called for strengthening policy coordination, improving the transmission mechanism of monetary policy and making innovations in monetary policy instruments and mechanisms.

The central bank admitted that constraints exist in the structure and within certain fields in the monetary policy transmission.

To address the problem, the central bank has taken targeted measures, including issuing special-purpose bonds for private companies, expanding the range of collateral and precisely reducing the reserve requirement ratio to better support the development of private companies and small and micro enterprises.

Since the beginning of 2018, the central bank has also put into effect a raft of measures to maintain medium and long-term liquidity by cutting the RRR and Medium-term Lending Facility.

The central bank has reduced the RRR four times this year, releasing 2.3 trillion yuan into the market.

Xinhua contributed to this story.

Top
BACK TO THE TOP
English
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
CLOSE
 
主站蜘蛛池模板: 国产免费一级高清淫曰本片 | 久草在线资源网站 | 日本一级特黄大一片免 | 欧美日韩视频二区三区 | 一级毛片在线免费观看 | 久草手机在线观看视频 | 国产欧美综合在线一区二区三区 | 成年人免费在线观看网站 | 日韩一级欧美一级一级国产 | 在线成人国产 | 国产亚洲精品久久久久久午夜 | 亚洲欧美色视频 | 日本免费一二区视频 | 欧美aaaaa一级毛片在线 | 欧美成人a大片 | 免费一级欧美片片线观看 | 欧美性色生活片天天看99 | 中文字幕二区 | 亚洲第一区香蕉_国产a | 天堂va欧美ⅴa亚洲va一国产 | 成人久久18免费网站入口 | 在线观看aaa| 欧洲做人爱c欧美 | www亚洲免费| 日韩三及片 | 欧美真人毛片动作视频 | www.99热| 久一在线 | 日日摸天天摸狠狠摸视频 | 国产成人亚洲精品 | 免费在线观看a级片 | 亚洲国产精品a在线 | 国产亚洲人成网站在线观看 | 国产男女乱淫真视频全程播放 | 久草视频官网 | 欧美 另类 精品一区视频 | 男女在线免费视频 | 欧美一级欧美三级 | 国产在线步兵一区二区三区 | 久久机热综合久久国产 | 日韩理论在线 |