中國銀行業(yè)尋求軟化資管新規(guī)

Chinese banks are engaged in a fierce lobbying campaign to soften new rules that would curtail shadow banking, in a test of the government’s determination to rein in runaway debt.

中國的銀行正在奮力進(jìn)行游說，試圖軟化將會(huì)限制影子銀行業(yè)的新規(guī)，這將考驗(yàn)中國政府遏制失控的債務(wù)的決心。

The People’s Bank of China and four financial regulatory agencies jointly issued draft rules last month to eliminate implicit guarantees, regulatory arbitrage and maturity mismatch in the asset management sector.

上月，中國央行和4家金融監(jiān)管機(jī)構(gòu)聯(lián)合發(fā)布新規(guī)草案。新規(guī)的目的是消除資產(chǎn)管理行業(yè)的隱性擔(dān)保、監(jiān)管套利和期限錯(cuò)配等問題。

Regulators have issued a steady stream of rules since 2010 to curb risky non-bank lending, but bankers said the latest rules went far beyond previous efforts. In focus is the Rmb29tn ($4.4tn) market for “wealth management products” that banks market to retail investors as a higher-yielding alternative to deposits.

自2010年以來，為了遏制高風(fēng)險(xiǎn)的非銀行貸款，監(jiān)管機(jī)構(gòu)制定了一系列規(guī)則，但銀行家表示，這一次的新規(guī)的力度遠(yuǎn)超之前。本次新規(guī)的關(guān)注點(diǎn)是29萬億元人民幣(合4.4萬億美元)的“理財(cái)產(chǎn)品”市場。銀行向個(gè)人投資者銷售理財(cái)產(chǎn)品，作為儲(chǔ)蓄存款的一種高收益替代品。

The regulations forbid banks from guaranteeing a rate of return on wealth management products. Instead, banks will have to mark the products to market based on their net asset value each day, essentially transforming them into traditional mutual funds.

在新規(guī)下，銀行不得對(duì)理財(cái)產(chǎn)品承諾收益率保證。相反，銀行必須依據(jù)理財(cái)產(chǎn)品的凈值來確定產(chǎn)品價(jià)格。這在本質(zhì)上把理財(cái)產(chǎn)品轉(zhuǎn)化為傳統(tǒng)的共同基金。

"These rules are radically disruptive, far more than anything we've seen before," said a wealth management executive at a mid-sized Chinese bank. “The overall direction is correct. Developed countries don’t have these kinds of guaranteed products. But we need more time for the transition.”

“這些規(guī)則極具破壞性，遠(yuǎn)超我們之前看到的程度。”一家中型的中資銀行的理財(cái)主管說，“大方向是正確的。發(fā)達(dá)國家沒有這種擔(dān)保產(chǎn)品。但我們需要更多時(shí)間轉(zhuǎn)型。”

Last week, a document circulated online containing detailed feedback from 10 mid-sized lenders during a November 30 meeting convened by the China Banking Association. The association responded that “there is no such thing as a joint submission to regulators” but did not deny a meeting had occurred. Two sources confirmed to the FT the document accurately summarised the meeting.

上周，一份在網(wǎng)上流傳的文件披露了10家中型銀行在11月30日中國銀行業(yè)協(xié)會(huì)(China Banking Association)召開會(huì)議期間的反饋意見。該協(xié)會(huì)回應(yīng)說“不存在10家股份制銀行聯(lián)合上書情況”，但沒有否認(rèn)此次會(huì)議的召開。有兩方面消息來源向英國《金融時(shí)報(bào)》證實(shí)這份文件準(zhǔn)確地總結(jié)了此次會(huì)議。

While the change shifts risks from banks to investors, bankers fear that, without guarantees, investors will stop buying the products, harming banks’ ability to raise funds. Non-bank financial institutions such as mutual funds and hedge funds are expected to benefit, since they will be able to compete with banks for investor funds on a more equal footing.

雖然這一變動(dòng)將風(fēng)險(xiǎn)從銀行轉(zhuǎn)嫁給投資者，但銀行家擔(dān)心如果不做保證，投資者將停止購買此類產(chǎn)品，這將有損銀行籌集資金的能力。預(yù)計(jì)共同基金和對(duì)沖基金等非銀行金融機(jī)構(gòu)將受益，因?yàn)樗鼈儗⒖梢愿降鹊嘏c銀行競爭投資者資金。

The rules also restrict banks’ ability to shift loans off their balance-sheets or disguise on-balance-sheet loans as “investments” to evade capital-adequacy requirements.

這些規(guī)定還限制銀行轉(zhuǎn)移資產(chǎn)負(fù)債表上的貸款，或?qū)⒈韮?nèi)貸款偽裝成“投資”以規(guī)避資本充足率的要求。

In a direct appeal to policymakers’ desire to maintain strong growth, the document warned the rules would “reduce the strength of support for the real economy”. A significant share of wealth management funds flow to local governments to finance infrastructure projects, which have emerged as a crucial pillar of growth.

該文件警告稱這些規(guī)則將“降低對(duì)實(shí)體經(jīng)濟(jì)的支持力度”，直接訴諸政策制定者保持強(qiáng)勁增長的愿望。有相當(dāng)一部分的財(cái)富管理基金流入了地方政府，為基礎(chǔ)設(shè)施項(xiàng)目提供資金，這些項(xiàng)目已成為增長的關(guān)鍵支柱。

The PBoC and the China Banking Regulatory Commission did not respond to requests for comment.

中國人民銀行(PBoC)和中國銀行業(yè)監(jiān)督管理委員會(huì)(China Banking Regulatory Commission)沒有回應(yīng)置評(píng)請(qǐng)求。