外資銀行對中國放貸上半年創新高
Lending to China by international banks hit a new high in the first half of 2017, as Beijing’s deleveraging drive led to tighter domestic credit conditions, pushing corporate borrowers offshore.
海外銀行對中國的貸款在2017年上半年創下新高。北京方面的去槓桿化努力導致國內信貸條件趨緊，推動企業借款人把目光投向境外。Foreign banks can typically charge higher interest rates on loans to Chinese borrowers than to those in their home markets, boosting the banks’ profits. But increased exposure to China also carries risks, as economists warn that extraordinary debt growth since 2008 is likely to produce rising defaults.
外資銀行一般可以向中國借款人收取比本土借款人更高的貸款利率，有助於這些銀行提高利潤。但是增加對中國的風險敞口也是有風險的，因爲經濟學家們警告稱，2008年以來的不尋常債務增長可能導致違約增加。“Expansion into China will support Hong Kong banks’ margins but could also expose risks. An increase in China exposure without adequate controls and capital buffers could?.?.?.?be negative for banks’ ratings,” Sabine Bauer, senior director for financial institutions at Fitch Ratings in Hong Kong, wrote in a report.
“向中國內地擴張有助於支持香港各銀行的利潤率，但也可能使它們暴露於風險。若沒有適當的控制和寬裕的資本金，加大對中國的風險敞口可能……對銀行的評級是不利的。”惠譽評級(Fitch Ratings)在香港的金融機構高級主管鮑冰娜(Sabine Bauer)在一份報告中寫道。
Foreign banks’ total exposure to mainland China hit $1.89tn at the end of June, up from $1.67tn six months earlier and surpassing the previous record of $1.84tn at the end of 2014, according to the report. The figures include cross-border loans into China and most lending by foreign bank subsidiaries incorporated on the mainland.
該報告顯示，今年6月底，外資銀行對中國內地的總敞口達到1.89萬億美元，高於六個月之前的1.67萬億美元，也超過此前的紀錄、2014年底的1.84萬億美元。這些數字包括對中國借款人發放的跨境貸款，以及在內地註冊的外資銀行子公司的大部分放貸。China’s central bank has tightened monetary policy this year, while the banking regulator introduced macro-prudential regulations that limit banks’ ability to expand lending. This combination has raised funding costs for corporate borrowers, pushing them offshore in search of better terms.
中國央行今年收緊了貨幣政策，而銀行業監管機構出臺了限制銀行擴大放貸能力的宏觀審慎監管措施。這一組合拳加大了企業借款人的融資成本，促使他們到海外尋覓更有利的條款。
