中國(guó)對(duì)委托貸款業(yè)務(wù)出臺(tái)新限制

China’s banking regulator has put new curbs on the country’s Rmb13.8tn ($2.13tn) entrusted lending business, a sign that the crackdown on shadow banking launched by Beijing in 2017 will extend into the new year.

中國(guó)銀行業(yè)監(jiān)管機(jī)構(gòu)對(duì)國(guó)內(nèi)13.8萬(wàn)億元人民幣(合2.13萬(wàn)億美元)的委托貸款業(yè)務(wù)出臺(tái)了新的限制，這表明北京方面2017年對(duì)影子銀行業(yè)發(fā)起的打擊將在新的一年延續(xù)。

Rules issued at the weekend by the China Banking Regulatory Commission bar banks from making decisions for companies making entrusted loans, and from providing guarantees for those loans. They also stop the loans from being used to buy equities, bonds or derivatives by the company borrowing.

中國(guó)銀行業(yè)監(jiān)督管理委員會(huì)(CBRC)在剛剛過(guò)去的周末發(fā)布新規(guī)，禁止銀行代發(fā)放委托貸款的公司做出決策，以及對(duì)這類貸款提供擔(dān)保。新規(guī)還禁止這類貸款的借款企業(yè)用貸款資金購(gòu)買股票、債券或衍生工具。

Entrusted loans are loans made from one company to another in what has come to resemble banking activity but without the same level of risk controls that licensed lenders exercise when making credit decisions.

委托貸款是指一家公司向另一家公司發(fā)放的貸款，這種活動(dòng)在實(shí)踐中已變得類似于銀行業(yè)務(wù)，但不具有正規(guī)貸款機(jī)構(gòu)在做出信貸決策時(shí)行使的那種風(fēng)險(xiǎn)控制。

The rules, which reduce banks to intermediaries in the entrusted lending business, are part of an effort from China’s regulators to stem risk in the country’s financial sector, much of which was leveraged off banks’ balance sheets, and out of clear view.

新規(guī)將銀行在委托貸款業(yè)務(wù)中的角色縮減為中介。這是中國(guó)監(jiān)管機(jī)構(gòu)遏制國(guó)內(nèi)金融行業(yè)風(fēng)險(xiǎn)的舉措之一。中國(guó)金融業(yè)有很大一部分在銀行資產(chǎn)負(fù)債表外杠桿化，令外人看不清楚。

“In many areas of shadow banking, I think this kind of regulation will become tighter and tighter,” said Xia Le, chief economist for Asia at BBVA. “This is going to put pressure on banks because shadow banking has already become an important source of income for them” as they earn fees guaranteeing and arranging the transactions.

“我認(rèn)為這種監(jiān)管將在很多影子銀行業(yè)務(wù)領(lǐng)域變得越來(lái)越緊，”西班牙對(duì)外銀行(BBVA)亞洲首席經(jīng)濟(jì)學(xué)家夏樂表示。“這將給銀行帶來(lái)壓力，因?yàn)橛白鱼y行業(yè)已成為它們的重要?jiǎng)?chuàng)收來(lái)源”，因?yàn)殂y行可以從擔(dān)保和安排交易中賺取費(fèi)用。

Banks that guarantee such loans do not disclose that liability on their balance sheet, and it is not constrained by loan-to-deposit rules or capital adequacy measures. The upshot is that this vast volume of loans is unregulated.

擔(dān)保這些貸款的銀行并不在自己的資產(chǎn)負(fù)債表上披露這一責(zé)任，這類貸款也不受貸存比規(guī)則或資本充足率衡量標(biāo)準(zhǔn)的限制。結(jié)果就是巨大數(shù)量的貸款不受監(jiān)管。

Shadow banking continued to grow in the first half of 2017. Shadow banking assets hit Rmb64.7tn at the end of June, about 27 per cent of total banking assets but just a 0.5 per cent increase from the end of 2016, according to data from Moody’s.

影子銀行業(yè)在2017年上半年繼續(xù)增長(zhǎng)。穆迪(Moody’s)數(shù)據(jù)顯示，6月底影子銀行業(yè)資產(chǎn)達(dá)到64.7萬(wàn)億元人民幣，約占銀行業(yè)總資產(chǎn)的27%，但是相比2016年底僅增加0.5%。

Entrusted loans rose faster during that period, at about 4.5 per cent, to Rmb13.8tn. However, growth in that business, considered a core element of shadow banking, has slowed over the past few years. During 2016, entrusted loans rose 21 per cent from the year before.

在此期間，委托貸款增長(zhǎng)速度更快，約為4.5%，至13.8萬(wàn)億元人民幣。然而，被視為影子銀行業(yè)核心元素的這塊業(yè)務(wù)的增長(zhǎng)近年有所放緩。2016年，委托貸款較上年增長(zhǎng)21%。

Companies engaged in entrusted lending often lend out excess cash but many also borrow from banks and then re-lend at much higher rates to other companies, often to ones that could not get approval for bank loans in the first place.

從事委托貸款的公司經(jīng)常貸出多余現(xiàn)金，但也有很多從銀行借款，然后以高得多的利率向其他企業(yè)(往往是那些本來(lái)無(wú)法獲得銀行貸款的企業(yè))轉(zhuǎn)貸。

Banks have grabbed part of the business by acting as arrangers for the loans, said Mr Xia, but many do not play a role in monitoring the activity. “They get the fees but don’t do much else,” he said.

夏樂表示，銀行通過(guò)擔(dān)當(dāng)貸款安排者，抓住了部分業(yè)務(wù)，但許多銀行并沒有發(fā)揮監(jiān)督相關(guān)活動(dòng)的作用。“它們收取了費(fèi)用，但不做什么事情，”他表示。

Several large state-owned steel and coal companies, such as Baosteel and coal miner China Shenhua, have in the past pushed into the entrusted lending business.

過(guò)去，數(shù)家大型國(guó)有鋼鐵和煤炭企業(yè)，比如寶鋼(Baosteel)和中國(guó)神華(China Shenhua)，紛紛進(jìn)入委托貸款業(yè)務(wù)。

Starting in early 2017, the CBRC and China’s central bank launched a series of measures that have taken aim at various channels used to structure off-balance-sheet lending.

從2017年初開始，銀監(jiān)會(huì)和中國(guó)央行出臺(tái)一系列措施，針對(duì)各種用于安排表外放貸的渠道。

In November, the People’s Bank of China published rules aimed at the country’s $15tn asset management market that prohibited asset managers from promising investors a guaranteed rate of return, while also requiring them to set aside 10 per cent of the management fees they collect for provisioning purposes. In September, money market funds came under regulatory attack.

11月，中國(guó)人民銀行(PBoC)發(fā)布了針對(duì)中國(guó)15萬(wàn)億美元資產(chǎn)管理市場(chǎng)的規(guī)則，禁止資產(chǎn)管理公司向投資者承諾提供保證回報(bào)率，同時(shí)要求它們將10%的管理費(fèi)用作為撥備。9月，貨幣市場(chǎng)基金也受到監(jiān)管打擊。