Beijing Signals Liquidity Concerns
中国政府正在回收部分鼓励金融机构放贷的资金，周四中国央行已连续第三周从货币市场上回笼资金。此举可能显示出，政府方面对大量现金过快地流入金融系统感到担忧。银行对中央政府通过放开信贷刺激经济的压力做出了大力回应，但是有迹象显示，一些借款人可能将现金转入了投机市场，而不是实体经济中。许多投资者认为，今年上证综合指数的飙升在某种程度上就是因为贷款资金进入了股市，而没有用于可能改善中国经济前景的经营活动中。政府开始审核新贷款使用去向的消息导致上证综合指数周三重挫4.7%。周四，市场温和反弹0.8%，今年以来仍上涨了22%。周四，中国央行连续第三周发售3个月期票据。去年11月，它曾表示，会改变过去每周发售央行票据的做法，改为每两周发售一次。发售央行票据会暂时消除银行系统中的现金。中国央行以0.9650%的利率发售了350亿元（51.2亿美元）的3个月期票据，收益率与上周持平。央行本周已通过公开市场操纵从银行间同业市场净回笼了635亿元资金，高于上周的560亿元。荷兰银行(ING)亚洲研究部主管康登(Tim Condon)在研究报告中写道，我们认为，中国央行重新开始每周发售3个月期票据，表明了对流动性过剩的高度关注。在12月份放贷数额大幅增加的基础上，中国的银行1月份又新发放贷款1.62万亿元，是去年1月份8,036亿元新增贷款数额的两倍以上。如果现金流入金融体系的速度太快，它可以迅速推高股市，刺激通货膨胀或以其它方式给支持经济增长的目标带来反作用。SooChow Asset Management债券分析师Mo Fan说，央行确实试图对银行系统的流动性管理进行微调，以防止资金进入股市。不过，一些分析师说，每周发售3个月期票据可能是削减流动性的临时举措，但今年货币政策的主基调仍将是支持经济增长。Wang Ming / James T. Areddy相关阅读中国股市大涨 境外投资者多保持观望 2009-02-17看好中国人寿的诸多理由 2009-01-30中国证监会重拾去年工作目标 2009-01-16中国将鼓励长期资金投资股市 2009-01-152009年或是中国股票建仓时机 2009-01-09
China's government is soaking up some of the money it encouraged financial institutions to lend, as the central bank on Thursday withdrew money-market funds for the third consecutive week.The move is a possible sign that it is concerned that too much cash is flowing too quickly into the financial system.Banks have responded forcefully to pressure from Beijing to help jump-start economic activity by freeing up credit, but there are signs some borrowers may be pumping the cash right into speculative markets instead of the real economy. Many investors believe this year's surge in the Shanghai Composite Index is partly due to loan money going into stocks rather than business operations that might improve the country's economic prospects.News that the government has started to look into the use of new loans helped pull down the Shanghai index 4.7% Wednesday. The market rebounded a modest 0.8% Thursday and remains up 22% for the year.On Thursday, the People's Bank of China sold three-month bills for the third week in a row. In November, it had said it would do so every two weeks instead of weekly. Such sales temporarily remove cash from the banking system.The PBOC sold 35 billion yuan ($5.12 billion) of three-month bills at 0.9650%, with the yield unchanged from last week. The central bank withdrew a net 63.5 billion yuan from the interbank market this week through its open-market operations, up from 56 billion yuan last week.'We think the PBOC's return to weekly sales of three-month bills signals a heightened concern with excessive liquidity,' Tim Condon, head of research for Asia at ING, wrote in a research note.China's banks extended 1.62 trillion yuan in new loans in January, more than double the 803.6 billion yuan extended in January 2008 and on top of sizable amounts in December.If that cash flows into the financial system too fast, it can quickly boost stocks, spur inflation or otherwise prove counterproductive to the goal of underpinning economic growth.'The central bank is indeed trying to fine-tune its liquidity management in the banking system so as to prevent funds from entering the equity market,' said Mo Fan, a bond analyst at SooChow Asset Management.However, some analysts said the weekly sale of three-month bills likely is a temporary move to trim liquidity, but the overall theme of monetary policy this year will remain supportive of growth.Wang Ming / James T. Areddy
