中国’s Big Banks Could Drive Up Money Market Rates with 非传染性疾病 Funding Spree

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中国’全球最大的五家银行正在扩大对可转让存款证(NCD)的使用,以获取短期贷款资金,此举可能会提高货币市场的利率。

来自的数据 彭博社 indicates that sales of 非传染性疾病’s by 中国’四大贷方在2018年第一季度激增至4,240亿元人民币(约合680亿美元),是2017年第三季度创下的三个月销售记录1,661亿元人民币的两倍多。

据分析师称,随着存款增长趋缓以及监管机构严厉打击货币市场的使用,中国大银行越来越多地利用货币市场来筹集资金以满足不断增长的贷款需求。 财富 管理产品。

New lending in 中国 hit a unprecedented high of 2.9 trillion yuan in January, yet deposit 成长 dropped to its lowest level on record in 2017, and WMP’s posted meagre 成长 北京之后的1.69%’打击影子银行。

Analysts expect the surge in 非传染性疾病 issuance to heat up the money market.

“由于最大的银行现在加入了规模较小的银行,因而资金短缺,因此某些时候利率很可能会飙升,”澳大利亚人David Qu说&新西兰银行集团’驻上海的市场经济学家  彭博社 .

非传染性疾病’s were first launched in 2013 as an avenue for smaller lenders to access funds by providing them with an instrument akin to a bond. Over 8.2 trillion yuan in 非传染性疾病’s are outstanding, making them the fourth-biggest bond category in 中国 after sovereign, local government and policy bank debt.

While smaller banks are dialling back their use of 非传染性疾病’由于监管机构要求去杠杆化的压力’大型大贷方将它们视为一种便宜的债务发行形式,其可用配额仍然充足。

Mid-sized lender Industrial Bank Co. was the biggest 非传染性疾病 issuer last year, but has since reduced projected issuance for 2018 by 24% to 680 billion yuan.

Shanghai Pudong Development Bank, the second largest 非传染性疾病 issuer in 2017, has also slashed issuance for 2018, with a reduction of 13% to 700 billion yuan.

In sharp contrast big five lender Bank of Communications sold 222 billion yuan of 非传染性疾病’s in the first quarter alone, while Agricultural Bank of 中国 used the instruments to raise 126 billion yuan.

 

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