中国影子银行活动再升温
New loan growth from China's banks disappointed in December, but overall activity was way up, suggesting the shadow banking sector quickly took advantage of lower borrowing costs after the central bank cut rates in late November.
2014年12月份，中国各银行新增贷款的增长令人失望，然而银行总体业务活动却在不断增加。这种状况意味着，在11月底中国央行(PBoC)降息之后，影子银行业正迅速地借助降低后的借贷成本获利。Aggregate financing, the broadest measure of Chinese credit available (including "shadow banking"), expanded by 47 per cent from a month earlier in December, far exceeding expectations and hitting its highest since June.
融资总量(aggregate financing)是应用最为广泛的中国信贷总量的衡量指标，它也将“影子银行”系统中的信用规模包括在内。2014年12月，中国融资总量环比增长了47%，大大超过此前预期，达到自2014年6月以来的最大规模。
Aggregate financing totalled Rmb1.69tn ($273bn) in December, versus Rmb1.146tn in November. Economists were only estimating a small gain to Rmb1.2tn.
该月中国融资总量总计达1.69万亿人民币（合2730亿美元），而11月融资总量则只有1.146万亿人民币。此前，经济学家曾估计12月中国融资总量只会小幅增长至1.2万亿人民币。
Details in the report are scant but new yuan loan growth from banks was only Rmb697bn, missing estimates at Rmb880bn. That accounts for only 41 per cent of the aggregate figure, suggesting it was shadow banks that ramped up lending at year-end.
该报告并未呈现更多细节。不过，中国各银行新增人民币贷款只有6970亿人民币，并未达到8800亿人民币的预期。在中国融资总量中，这部分贷款只占了41%，这意味着2014年底借贷的增长是由影子银行推动的。In late November, the People's Bank of China cut its benchmark one-year lending rate by 40 basis points to 5.6 per cent - the first cut in two years.
2014年11月下旬，中国央行将一年期基准借贷利率下调40个基点，降至5.6%，这是两年该行首次降息。Meanwhile, the M2 measure of money supply rose at an annual pace of 12.2 per cent, down from 12.3 per cent. Economists had forecast it would rise to 12.5 per cent; instead, this is the third straight contraction.
此外，作为货币供应量指标的M2年化增幅为12.2%，低于11月份的12.3%。此前，经济学家曾预计M2增幅将上升至12.5%，没想到却连续第三次降低。Earlier in the year the PBoC also cut the required reserve ratio - the amount of cash reserves some lenders must hold - for some banks that lend to small businesses and the rural economy.
2014年早些时候，对于向小型企业和农村经济放贷的部分银行，中国央行还曾其存款准备金率。所谓存款准备金率，是指部分放贷机构必须持有的现金储备量所占的比例。
