4月25日消息，周三援引接近央行的消息人士稱，中國(guó)即將公布資產(chǎn)管理業(yè)務(wù)新規(guī)。作為降低中國(guó)金融體系風(fēng)險(xiǎn)舉措的一部分，市場(chǎng)一直在等待資產(chǎn)管理業(yè)務(wù)新規(guī)最終版本的發(fā)布。

《中國(guó)日?qǐng)?bào)》中文翻譯：

據(jù)《中國(guó)日?qǐng)?bào)》報(bào)道，中國(guó)推出更嚴(yán)格資產(chǎn)管理規(guī)定的倒計(jì)時(shí)已開始，可能在周末前啟動(dòng)，這將限制銀行投資于高風(fēng)險(xiǎn)和短期融資工具，并進(jìn)一步緩解金融脆弱性。

但有跡象表明，中國(guó)政策制定者對(duì)最終的放行持謹(jǐn)慎態(tài)度，原因是資產(chǎn)管理產(chǎn)品的激增，其中包括截至2017年銀行發(fā)行的價(jià)值約29.54萬億元(約合4.68萬億美元)理財(cái)產(chǎn)品。此外，據(jù)專家稱，任何不加強(qiáng)金融機(jī)構(gòu)流動(dòng)性和資本緩沖的不謹(jǐn)慎舉動(dòng)，都可能無意中增加穩(wěn)定風(fēng)險(xiǎn)。

一位與中國(guó)央行關(guān)系密切的匿名消息人士對(duì)《中國(guó)日?qǐng)?bào)》表示：“在一些銀行進(jìn)行游說，并可能對(duì)擬議的監(jiān)管規(guī)定進(jìn)行修訂后，新規(guī)定最早可能于本周公布，趕在周日開始的‘五一’假日之前。”

他表示：“但我認(rèn)為隨著規(guī)則生效，許多基本事項(xiàng)和細(xì)節(jié)需要在指引方面進(jìn)一步澄清，包括重新評(píng)估標(biāo)準(zhǔn)信貸資產(chǎn)的規(guī)模，及其適當(dāng)?shù)膬r(jià)值評(píng)估方法。”

中國(guó)規(guī)模達(dá)250萬億元的銀行系統(tǒng)、證券經(jīng)紀(jì)商、基金公司、信托公司和保險(xiǎn)公司都熱衷于交叉持有資產(chǎn)負(fù)債表外的投資工具，自全球金融危機(jī)以來，監(jiān)管機(jī)構(gòu)和投資者一直難以監(jiān)控這些投資工具，從而推動(dòng)了信貸繁榮，提高了杠桿率。

即將出臺(tái)的監(jiān)管措施旨在限制高風(fēng)險(xiǎn)投資工具的杠桿水平和復(fù)雜性(根據(jù)國(guó)際貨幣基金組織(IMF)的數(shù)據(jù)，截至去年此類風(fēng)險(xiǎn)投資工具價(jià)值接近75萬億元)，并逐漸限制銀行為通常高于標(biāo)準(zhǔn)存款產(chǎn)品的固定收益回報(bào)提供隱含擔(dān)保的能力。

在更嚴(yán)格的監(jiān)管約束下，中國(guó)貨幣市場(chǎng)利率今年已大幅上升，導(dǎo)致企業(yè)債券息差擴(kuò)大，這意味著更高的風(fēng)險(xiǎn)溢價(jià)，特別是對(duì)較弱的借款人而言。

中信證券(19.130,-0.11,-0.57%)分析師明明(Ming Ming)表示，銀行融資渠道的收縮以及與其他金融機(jī)構(gòu)的業(yè)務(wù)相互關(guān)聯(lián)，可能會(huì)減緩信貸增長(zhǎng)，同時(shí)提高企業(yè)融資成本。

他表示：“規(guī)模較小、分行網(wǎng)絡(luò)有限、吸引存款能力較弱的銀行將面臨更大壓力。”“但去杠桿化和風(fēng)險(xiǎn)控制仍將是金融監(jiān)管機(jī)構(gòu)未來幾個(gè)月的關(guān)鍵任務(wù)。”

為了緩解銀行不斷上升的流動(dòng)性壓力，中國(guó)央行決定從周三開始定向降準(zhǔn)1個(gè)百分點(diǎn)，相當(dāng)于釋放1.3萬億元的流動(dòng)性。

中國(guó)央行還打算推進(jìn)利率改革，包括進(jìn)一步放開存款利率，這將允許銀行保留一些原本會(huì)流入其他金融產(chǎn)品的財(cái)富管理基金。

3月28日，新的監(jiān)管指導(dǎo)方針獲得了國(guó)家最高決策者的批準(zhǔn)。中國(guó)央行去年11月以準(zhǔn)則草案的形式發(fā)布了統(tǒng)一的標(biāo)準(zhǔn)和明確的資產(chǎn)分類。

一些市場(chǎng)觀察人士猜測(cè)，近期全球金融市場(chǎng)的波動(dòng)和中美貿(mào)易緊張將推遲該準(zhǔn)則的發(fā)布，但一些地方媒體援引匿名高級(jí)官員的話稱，新規(guī)的推出仍將“按期進(jìn)行”，可能會(huì)在5月初。

中國(guó)央行行長(zhǎng)易綱上周日表示，“中國(guó)已經(jīng)表明了進(jìn)一步改革和開放的堅(jiān)定決心”，盡管金融脆弱性的上升，貿(mào)易和地緣政治緊張局勢(shì)加劇和處于歷史高位的全球債務(wù)都可能威脅到全球增長(zhǎng)前景。

《中國(guó)日?qǐng)?bào)》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.

關(guān)鍵詞： 中國(guó) 管理規(guī)定 資產(chǎn)