据称中国央行向五大行注入5000亿元

China’s central bank plans to inject Rmb500bn ($81bn) into the banking system, according to local traders and analysts, in the latest targeted attempt by Beijing to prop up flagging growth in the world’s second-largest economy.

中国交易员和分析师透露，中国央行向银行体系注入了5000亿元人民币（合810亿美元），这是北京方面为提振增长减速的世界第二大经济体而采取的最新针对性措施。

The move is seen by many as a response to the economy slowing last month. Among other weak data, industrial output in August underwhelmed with 6.9 per cent annual growth, the lowest reading since the global financial crisis. It also comes at the end of the financial quarter and ahead of national holidays starting on October 1 – both times when liquidity is particularly tight.

此举被很多人视为对上月经济放缓作出的回应。在许多疲弱的数据中，8月工业产出同比仅增长6.9%，令人失望，这一增幅是全球金融危机以来最低的。此外，央行此举也发生在财务季度末和10月1日开始的黄金周国定假日之前——这两个时期的流动性通常都特别紧张。

The People’s Bank of China has quietly offered the funds to China’s five largest banks on a temporary three-month basis through a relatively new mechanism known as the standing lending facility. The amount is equivalent to a half a percentage point cut to China’s reserve requirement ratio (RRR) – the level of cash commercial lenders must leave on deposit with the PBoC, according to analysts.

中国的央行——中国人民银行(PBoC)悄悄地通过相对较新的机制——常备借贷便利（Standing Lending Facility，简称SLF）——向国内五大银行提供这些短期资金，期限为3个月。分析师们表示，此次注入流动性的规模相当于削减半个百分点的存款准备金率。

The central bank and China’s main banking regulator refused to confirm the move, underscoring the government’s desire not to send a strong easing signal to the market. While Hong Kong-listed “H shares” jumped on the news by about 1 per cent, China’s onshore “A shares” rose by less than half a per cent yesterday, indicating lower levels of excitement among domestic investors.

中国央行和中国主要银行业监管机构均拒绝证实此举，突显政府不想向市场发出一个强烈的宽松信号。尽管在香港上市的H股在消息传出后跃升大约1%，但中国内地的A股昨日仅上涨不到0.5%，说明国内投资者兴奋程度较低。

Analysts and traders said central bank officials had confirmed the move to them privately and big banks had already started making big new purchases of interbank bonds.

分析师和交易员们表示，央行官员私下向他们证实了此举，而大银行已开始大举买入银行间债券。

Just last week, Li Keqiang, Chinese premier, said Beijing would not overreact to short-term fluctuations in growth indicators. “The authorities are trying to avoid sending too strong a message to the market but they also don’t want to see liquidity shortages as we approach a long holiday and the end of the quarter,” said Wang Tao, chief China economist at UBS. “Given the continued weakness in the economy, we do think the government will intensify its support policies and will probably cut benchmark interest rates by the end of the year.”

就在上周，中国总理李克强表示，北京方面不会对增长指标的短期波动作出过度反应。“当局正试图避免向市场传递过于强烈的信息，但同时也不希望在接近长假期和季末的时候看到流动性短缺，”瑞银(UBS)中国首席经济学家汪涛表示。“鉴于经济持续疲软，我们认为政府将加大支持政策，并很可能在今年底下调基准利率。”

Previous supportive measures in recent months include RRR cuts for rural lenders, an easing of local home purchase restrictions and easier access to funding for property developers and SMEs. “[The authorities] face a dilemma,” said Qiao Liu, assistant dean at Peking University’s Guanghua School of Management. “On the one hand they want to keep economic growth and for that, monetary policy should be looser.

近几个月出台的支持措施包括，对农村贷款机构下调存款准备金率，放松各地针对购房的限购令，以及让房地产开发商和中小企业更容易获得资金。“（当局）面临一个两难境地，”北京大学光华管理学院院长助理刘俏表示，“一方面，他们希望保持经济增长，为此，货币政策应该更加宽松。但另一方面，他们要完成经济再平衡和结构调整。但两者之间存在一个矛盾。”

“On the other hand, they want to accomplish economic rebalancing and structural adjustment. But there’s a contradiction between the two.”

在金融危机爆发之后的2009年初，中国出台了4万亿元人民币（当时合5700亿美元）的支出计划，其不良后遗症包括巨额债务和慢性过度建设。资产管理公司铭基亚洲(Matthews Asia)的投资总监罗福万(Andy Rothman)淡化了中国央行此次注资的重要性，称其为一个“软信号”，表明当局在密切关注经济。

China launched a Rmb4tn spending package – equivalent to $570bn at the time – in the wake of the financial crisis in early 2009, the damaging after-effects of which include huge debts and chronic over-construction. Andy Rothman, investment director at asset manager Matthews Asia, played down the injection, calling it a “soft signal” that authorities are keeping an eye on the economy.

“要是他们担心的话，他们原本会利用这个机会采取更具体的措施，如削减基准贷款利率。”

“If they were worried they would have used this opportunity to undertake more concrete steps, such as cutting the benchmark lending rate.”

巴克莱(Barclays)经济学家常健表示，这一短期举措很可能意在先发制人，以防未来几周出现“钱荒”。

Jian Chang, economist at Barclays, said the short-term move was probably a pre-emptive strike to prevent cash shortages in the coming weeks.

她补充说，流动性短缺往往发生在季度末前后和“黄金周”等公众假期期间，而今年股票上市以及银行监管规则变化可能加剧这个问题。

Liquidity shortfalls often arise around the end of each quarter and during public holidays, such as the “Golden Week” break, while stock market listings and changes to bank regulation could exacerbate the problem this year, she added.

“就提高实体经济的流动性而言，此举的作用是有限的，由于借贷成本高昂，企业不愿从银行借款，”研究机构莫尼塔(CEBM)策略师祁益峰表示。

“It plays only a limited role in boosting liquidity for the real economy as enterprises are shy about borrowing from banks because of high loan costs,” said Qi Yifeng at CEBM, a research house.

韩碧如(Lucy Hornby)北京、张嫣(Zhang Yan)和帕提•沃德米尔(Patti Waldmeir)上海补充报道