中国降低存款准备金应对春节提款潮

导读:近日，中国人民银行宣布将允许五大银行减少用作存款准备金的现金数量，以应对春节前的提款潮。

China has allowed its five biggest banks to temporarily lower the amount of money that they must hold as reserves to relieve pressure in its financial system as demand for cash surges ahead of the Lunar New Year holiday, three sources with direct knowledge of the matter said.

三家内部消息源透露，中国允许其金融系统中五家最大的银行暂时性降少用作存款准备金的现金数额，以缓解春节假期前大量提取现金的浪潮所带来的压力。

The People’s Bank of China (PBOC) has cut the reserve requirement ratio (RRR) for the banks by a full percentage point, taking the ratio down to 16 percent, the sources said.

消息源透露，中国人民银行将存款准备金率下调至16%，降低了整整1个百分点。

The central bank’s move, its first reduction in RRR in nearly a year, comes after it pumped a record amount of liquidity into markets this week in a bid to avert a cash crunch heading into the country’s biggest holiday of the year.

这是中国人民银行近一年来首次降低存款准备金率。实行此举前，中国人民银行为了避免在中国最重要假期前出现现金枯竭的状况而向市场注入创纪录的流动性。

Earlier this week, short-term funding costs had spiked to their highest levels in nearly 10 years on fears that liquidity was sharply tightening, sparking a jump in the yuan currency.

本周初，短期资金成本攀升至近十年来的最高值，市场担忧流动性大幅缩紧，造成人民币价值的跳水。

But China watchers polled by Reuters had not expected a cut in RRR until the third quarter of 2017, as such a move would put more pressure on the ailing yuan.

但是路透社所采访的中国观察人士都认为2017年第三季度前存款准备金率不会降低，因为这会使人民币的处境雪上加霜。

Key funding and money market rates had shown signs of easing on Friday after the PBOC’s massive injections, but remained well above normal levels.

主要基金和资金市场指数在中国人民银行大规模注入现金后出现平缓的迹象，但是仍处于正常水平以下。

’A strange MOVE’

“怪异的举动”

"Today’s move seems to suggest that liquidity conditions are tighter than authorities’ expectations, as capital outflows remain strong," said Zhou Hau, senior emerging markets economist at Commerzbank in Singapore.

新加坡德国商业银行的资深新兴市场经济学家Zhou Hau表示：“中国人民银行今日的举动表明流动性现状比中国当局所设想的更为严峻，资本外流现象仍然十分严重。”

"But in the meantime, an outright easing will add pressure on the yuan exchange rate as well. That could be the reason behind today’s strange move."

“然而同时直接的宽松措施将对人民币的汇率造成压力，这也是如此怪异举动背后的原因。”

The central bank will restore the RRR for the five banks to the normal level at an appropriate time after the holiday, according to the sources.

消息源表示，中国人民银行在春节过后将在合适的时间恢复五大银行的存款准备金率。

"This is a temporary adjustment, and is mainly in response to the cash withdrawal, tax payment and reserve payment. (The RRR) will go back to the normal rate after the Lunar New Year holiday," one source said.

某消息源指出：“这只是一项临时调整，主要是为了应对提取现金，税收支付和储备支付。存款准备金率将在春节过后恢复到正常水平。”

The PBOC said later on Friday that it will provide temporary liquidity support for several major commercial banks for 28 days to ensure adequate liquidity ahead of the Lunar New Year, according to a notice posted on its official microblog.

中国人民银行于周五在其官方微博上发布了一项通知，表示将在28天内为几家大型商业银行提供暂时性的流动性支持，确保各家银行在春节前具备足够的流动性。

The funding cost for the liquidity support will be about the same as the open market operations rate over the same period, the PBOC said, without specifying any requirement for collateral.

中国人民银行表示，流动性支持的资金成本将与同期公开市场操作利率相同，无须提供任何抵押品。

ANNUAL TIGHTNESS

年度紧缩

Liquidity always tightens in China ahead of the Lunar New Year holiday, which this year starts on Jan. 27 and ends on Feb. 2, as households and companies usually withdraw huge amounts of cash from banks.

今年的春节假期为1月27日至2月2日，由于家庭和企业都会在春节前提取大量现金，中国往常都会缩紧流动性。

The central bank typically responds by injecting ample funds into the market, but some traders say its injections this year have barely been keeping up with heavier demand.

中国人民银行通常的应对之策是向市场注入大量资金，但是交易机构表示今年注入的资金无法满足更为庞大的需求。

This year, the holiday also extends over the month-end, when corporate cash demand increases and some tax payments are due, adding to the strain.

今年的春节假期横跨一二月份，企业对现金的需求激增，一些税务支付也即将到期，这些都加重了银行的压力。

The five biggest lenders are Industrial and Commercial Bank of China, China Construction Bank, Bank of China, Bank of Communications Co (BoCom) and Agricultural Bank of China.

这五大银行分别为：中国工商银行﹑中国建设银行﹑中国银行﹑中国交通银行和中国农业银行。

The banks did not immediately comment on the matter.

各大银行并未立即发表评论。

The last time the central bank cut RRR was Feb. 29, 2016.

中国人民银行上次降低存款准备金率还是在2016年的2月29日。

Analysts estimate that every 50 basis point cut in RRR systemwide effectively injects an estimated $100 billion worth of long-term cash into the economy, which recorded its slowest growth in 26 years last year.

分析人士估计存款准备金率每降低50基准点，将向中国市场注入1000亿长期现金。去年中国的经济增长速度创下26年来的最低纪录。