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Beijing has declared a partial victory over shadow banking, which has loomed large over China’s $30tn banking system in recent years, enabling it to pursue looser monetary policy without exacerbating risks.
北京方面宣布整顿影子银行的努力取得了局部胜利，令其可以在不加剧风险的情况下，采取更宽松的货币政策。近年来，在中国规模达30万亿美元的银行体系中，影子银行问题变得越来越突出。
The explosive growth of non-bank lending — known as shadow banking — since 2010 created a thick tier of riskier borrowers paying higher rates to a new, lightly regulated sector, raising the prospect of a wave of defaults as the economy slows.
非银行贷款亦称“影子银行”。2010年以来，向这一监管薄弱的新行业支付更高利率、并承担更高风险的借款者数量大增，从而加大了经济放缓时发生违约潮的可能性。
Data released last month by the People's Bank of China show that credit creation from all sources fell 6 per cent in 2014 from a year earlier, only the third annual decline since collection of data on “total social finance” started in 2002. This fall reflects the slowing growth of non-bank lending, analysts say.
中国央行(PBoC)上月发布的数据显示，2014年所有渠道的信贷创造量同比减少6%，为2002年开始收集“社会融资总量”数据以来，仅有的三个呈现减少态势的年度之一。分析师表示，这反映出非银行贷款增长开始放慢。
“Although shadow banking has continued to grow, it has done so more slowly in recent quarters as regulatory measures to rein in the sector’s growth appear to be having an effect,” says Michael Taylor, chief credit officer for Asia-Pacific at Moody’s.
“尽管影子银行仍在增长，但随着旨在抑制其扩张的措施开始生效，该行业在近几个季度的增速已变得非常之低，”穆迪(Moody’s)亚太业务首席信贷官迈克尔•泰勒(Michael Taylor)表示。
The steady stream of regulations intended to curb risky off-balance-sheet financing has led to a rebound in the share of new debt channelled through banks, with local-currency bank loans comprising 63 per cent of all new credit last year, the highest level since the stimulus year of 2009.
随着旨在抑制危险的表外融资的监管规定不断出台，以银行为渠道的新贷款份额已呈现反弹，本币银行贷款占到去年新增信贷总量的63%，为2009年以来的最高水平。
The regulatory push to channel more credit back on balance sheet is reflected in tweaks that broaden the definition of deposits used to calculate banks’ loan-to-deposit ratios. Previously, the 75 per cent LDR ceiling has been a key motivation for banks to move loans off balance sheet in recent years, analysts say.
监管层引导更多信贷回归资产负债表的努力，在微调用于计算银行存贷比(LDR)的存款定义方面得到了体现。分析师表示，75%的存贷比上限，一直是近年来推动银行将贷款移出资产负债表的关键动力。
Among non-bank channels, corporate bonds — which are considered less risky than other forms of non-bank financing due to their higher liquidity and transparency — rose to an all-time high of Rmb23.8tn ($3.8tn) last year, or 15 per cent of all new credit, according to the People’s Bank of China. This propelled bonds past trust loans as the economy’s third-largest source of credit, behind only bank loans and loans between companies.
中国央行数据显示，在非银行渠道信贷中，去年公司债（因其流动性和透明度更高，被认为风险低于其他非银行融资工具）的规模升高至23.8万亿元人民币（合3.8万亿美元）的历史峰值，占新增信贷总量的15%。这推动债券超过信托贷款、成为中国经济的第三大信贷来源，仅次于银行贷款和公司间借贷。
The value of trust loans — which had been the focus of concern over shadow banking because they delivered funds to property developers, local governments and other sectors that banks were trying to avoid — plummeted by more than two-thirds to Rmb517bn ($83bn), for 3 per cent of all new credit.
信托贷款的规模大减逾三分之二，减至5170亿元人民币（合830亿美元），占新增信贷总量的3%。信托贷款一直是影子银行引发担忧的核心部分，因为它把资金发放给银行竭力避免的地产开发商、地方政府和其他行业。
The regulatory push against risky practices has set the stage for targeted monetary loosening, following GDP data showing China growing at its slowest pace in 24 years in 2014. The drive “should help provide [the PBoC] with more flexibility on future monetary policy with less concern on the potential negative ‘side effects’ if further easing is needed,” Richard Xu, China financials analyst at Morgan Stanley, wrote last month. Indeed, the central bank in January confirmed market rumours that it had recently injected fresh cash into the banking system via its newly created medium-term lending facility.
在GDP数据显示2014年中国经济增速为24年来最低后，中国监管层防控风险的努力，已为定向货币宽松做好了准备。摩根士丹利(Morgan Stanley)中国金融业分析师Richard Xu上月写道，此举“应有助于在需要进一步宽松时，为（中国央行）提供更大的货币政策灵活性，减少对潜在不利‘副作用’的担忧。”实际上，1月中国央行证实了市场传闻——其不久前通过新近创设的中期借贷便利(MLF)向银行体系注入了新的资金。
