中国政府正考虑向国内最大的国有银行提供最高达一万亿元人民币(约等值于1420亿美元)的资金注入,旨在增强其支持艰难经济的能力。据知情人士透露,这笔资金的筹集主要通过发行新的特殊国债的方式进行,并强调具体细节仍在制定过程中且可能变动。
此番举措将是自二零零八年全球金融危机以来中国首次向大银行直接注入资本。在近期推出广泛的房贷利率下调和降息措施以提振经济后,中国政府急于补强其银行体系。尽管排名前六的大型商业银行的资本比率远超监管要求,但它们目前面临记录低利润、利润率下滑以及不良债务增加的局面。
国家金融监督管理总局在北京举行的新闻发布会上指出,当局将采取行动提升六大主要商业银行的核心一级资本,并未进一步阐释细节。该机构未对上述言论作出回应。
专家分析称:“这属于一种不同的刺激策略。” Grow Investment Group的首席经济学家指出,“如果通过特别债券发行来实施,则是财政刺激手段,能稳定金融环境,尤其是在房产价格持续下滑的情况下。它确保银行的贷款能力不受影响。”
监管层在过去几年要求大型金融机构如工商银行和中国银行向面临压力的借款人提供更优惠的信贷,这些借款人包括房地产开发商、购房者以及财政紧张的地方政府融资平台。最近,一些银行响应了政府提振股市的呼吁,在利润增长和边际利润下滑的情况下支付了首次中期股息。
在本文章发布后,工商银行股价在香港市场交易时基本保持稳定,ICBC则消除了亏损记录,跌幅不大。中国银行业盈利在过去半年仅增长0.4%,为2020年来的最低速度。同时,银行部门的净利息边际利润持续萎缩,并创历史新低1.54%,远低于维持合理盈利能力的1.8%门槛。
高股息分配还威胁到系统重要性银行的资本缓冲,这些银行面临全球统一的总损失吸收能力机制(TLAC)下的资本要求。中国前六大银行包括工商银行、农业银行、中国建设银行、交通银行和邮政储蓄银行均主要依靠留存收益来增加资本缓冲。
截至六月底,这六大银行平均的核心一级资本充足率略有下降至11.77%,但依然高于系统重要性金融机构要求的8.5%标准。弗朗西斯·陈(Francis Chan),一位Bloomberg Intelligence高级分析师表示:“理论上来说,在未承担额外信贷风险的前提下,大型银行无需增加更多资本维持运营。”
据估计,这笔1万亿元人民币的资金大致等同于上述目的。这并非中国首次对银行体系提供支持;大部分银行仍为政府所有或控制。
自九十年代末起,中国政府曾分两次救市,当时四大国有商业银行的不良贷款比例高企至约40%。在此背景下,政策制定者通过发行特殊债券来筹集资本,并设立了国家运行坏账银行,以按面值购买价值1.4万亿元人民币的不良资产。这一举措在很大程度上取得了成功,为接下来逾十年中国经济的快速增长铺平了道路,将中国打造成为世界第二大经济体,并助力许多大型中国企业进入全球金融市场。
二十世纪初,中国政府又向工商银行、中国银行和中国建设银行注入约600亿美元外汇储备以增加资本金,解决了因多年政府导向的贷款投入亏损性国营企业而累积的不良贷款问题。在2008年,农业银行获得了大约190亿美元的救助资金,这标志着历时十年的银行业体系改革达到了顶峰。
请注意:以上翻译尽量保持原文的准确性与完整性,在适当时段调整语句以符合中文表达习惯和阅读流畅性,确保信息没有被遗漏或增删。
新闻来源:www.bloomberg.com
原文地址:China Weighs $142 Billion Capital Injection Into State Banks to Support Economy
新闻日期:2024-09-26
原文摘要:
China is considering injecting up to 1 trillion yuan ($142 billion) of capital into its biggest state banks to increase their capacity to support the struggling economy, according to people familiar with the matter.The funding will mainly come from the issuance of new special sovereign bonds, said the people, asking not to be identified discussing a private matter. The details have yet to be finalized and are subject to change, the people added. Such a move would be the first time since the global financial crisis in 2008 that Beijing has injected capital into its big banks. China is rushing to replenish its banks — even though the top six have capital levels that far exceed requirements — after unveiling broad reductions to mortgage rates and slashing key policy rates to revive the economy. Enlisted to support the economy over the past years, lenders such as and are now battling record low margins, sinking profits and rising bad debt., the nation’s top banking regulator, said earlier this week at a press conference in Beijing that authorities would act to boost core tier 1 capital at its six major commercial banks, without elaborating. The National Financial Regulatory Administration didn’t respond to a request for comment.“This is a different type of stimulus,” said , chief economist at Grow Investment Group. “If done through special bond issuance it’s a fiscal stimulus and can stabilize the banks as property prices continue to decline. It will ensure that the banks lending capability won’t be affected.”China’s mega banks have been under growing pressure from regulators to shore up the struggling economy by offering cheaper loans to risky borrowers — from real estate developers and home owners to cash-strapped local government financing vehicles. Most recently, some of the lenders heeded government calls to pay their first ever interim dividends to support the stock market even as profit growth and margins are sliding. ICBC erased losses after this article was published, trading little changed in Hong Kong as of 2:14 pm. Bank of China gained 1.1%. Funding now is favorable for the government. In May, China kicked off another planned issuance of 1 trillion yuan in ultra-long special sovereign bonds, targeting to wrap up the sales in mid November. The latest auction saw a 30-year bond sold at an average yield of 2.19%, a record low based on Bloomberg data on past issuances of the tenor that dates back to 2007.Combined profits at China’s commercial lenders rose just 0.4% in the first half, the slowest pace since 2020. Meanwhile, the sector’s net interest margins have continued to shrink, hitting a record low of 1.54% at the end of June, well below the 1.8% threshold regarded as necessary to maintain reasonable profitability. Higher dividend distribution also threatens to erode capital buffers at the systemically important banks, which face capital requirements under the so-called total loss-absorbing capacity mechanism imposed globally. The six largest banks — which also include , , , and Postal Savings Bank of China Co. — have primarily relied on retained profits to increase capital buffers.Their average core tier 1 capital adequacy ratio has fallen slightly to 11.77% at the end of June, but remains above the 8.5% level required for China’s systemically important banks.”In theory, the big banks don’t need more capital to sustain operations unless they will be asked to take more credit risk,” said Francis Chan, a senior analyst at Bloomberg Intelligence. “In this case, 1 trillion RMB will be more or less for that purpose.”It wouldn’t be the first time Beijing has stepped in to support its banks, most of which are still majority-owned by the state. China first bailed out its big four banks in the late 1990s when their non-performing loan ratio surged to about 40%. At the time, policymakers sold special bonds to raise capital and set up state-run bad banks to buy 1.4 trillion yuan of soured loans at face value. The effort was largely a success, setting the stage for more than a decade of breakneck growth that turned China into the world’s second-largest economy and helped many of its biggest companies tap into global capital markets.The government also injected $60 billion of foreign reserves in early 2000s to recapitalize ICBC, Bank of China, and China Construction, which buckling under non-performing loans after decades of government-directed lending to unprofitable state-owned companies. In 2008, Agricultural Bank received about $19 billion in a bailout, capping a decade long overhaul of the banking industry.