留心這個對美國股市中期影響：中國央行給銀行注資

對近期或許還利多，但對中國金融係統的憂慮不是空穴來風。如果中遠期沒有好轉，基本上是東南亞危機級別的股災。要關注這方麵進展和算算時間了。要是能給這個預警成功，大千該富多少？

China's central bank to inject funds into banks

 

Published: Oct 17, 2014 9:48 a.m. ET

 

 

By

LinglingWei

 

BEIJING--China's central bank is planning to inject up to 200 billion yuan ($32.8 billion) into some 20 large national and regional banks, according to banking executives briefed on the matter, in another step aimed at spurring the world's second-largest economy.

The move--which is expected to channel money to areas the government deems important, such as public housing and small business--marks the latest of a series of targeted easing measures meant to arrest a slowdown in China's economic growth. Last month, the People's Bank of China pumped 500 billion yuan into the country's five major state-owned banks.

The steps come amid growing worries that the Chinese government may miss its growth target--set at 7.5% this year--for the first time since the Asian financial crisis in 1998.

So far, the central bank has failed to lift the economy out of its doldrums, a difficulty that many economists and analysts say stems from the traditional reluctance of Chinese banks to lend to small businesses--a hesitance that is increasing as economic growth slows and the prospect of soured loans increase. But they also say a lack of real demand for loans, rather than a shortage of credit, is holding the economy back.

Many Chinese companies appear less eager to spend. For instance, at PetroChina Co., the U.S.- and Hong Kong-listed arm of China National Petroleum Corp., capital expenditures fell 15.8% during the first half of the year, compared with a year earlier. At China's largest refiner, China Petroleum & Chemical Corp., known as Sinopec, capital expenditures also fell, led by spending slowdowns in its exploration-and-production and marketing-and-distribution segments.

In terms of injecting money into the financial system, the latest action falls short of a more sweeping effort, such as an interest-rate cut that some economists say is needed to lift the economy. In the past, the central bank has used such reductions to spur growth across the economy.

Now, though, the Chinese central bank--known locally as "yang ma," or "Big Mama"--is aiming its stimulus more narrowly--a strategy intended to avoid a massive lending spree such as the one that propped up growth following the 2008 global financial crisis, but also saddled the economy with debt. Other initiatives have included a three-year, 1 trillion yuan loan to China Development Bank, a so-called policy lender that backs housing and other government projects, plus measures to encourage more lending to private businesses and rural areas.

In the latest move, the PBOC has informed joint-stock banks such as Industrial Bank Co. and Guangfa Bank to submit applications for the funds in the form of three-month loans from the central bank, the banking executives said. Interest rates on the loans are expected to be similar to the low rates on the 500 billion yuan funds given to the five state-owned banks, they said.

China's economic growth has already slowed to 7.5% in the second quarter compared with a year ago and 7.4% in the first quarter, an 18-month-low. It is expected to release the third-quarter gross do