Revealing the ins and outs of day credit

The latest figures from the People's Bank of China show that in June the Chinese financial institutions added RMB 1.53 trillion yuan loan, which is the first time in the two quarter of new loans more than trillion yuan, but also the first half of this year, the new renminbi loans close to 7.4 trillion yuan, far more than the initial set in the year of 5 trillion Industry insiders believe that the June credit to create more days, in addition to commercial banks inherent in the quarter of the season of lending impulse factors, the early period of the adjustment of some industries fixed assets investment capital Ratio, is also an important reason. High-speed credit is a great boost to economic growth and confidence in the market, but it should also be concerned about the risks associated with high credit growth.　　　　The resumption of central bank bills yesterday after a 7-month outage means the central bank has begun to fine-tune liquidity.　　1 causes of the quarter-ending lending impulse? June RMB new loan reached 1.53 trillion yuan, after January 1.62 trillion yuan and March 1.89 trillion yuan.　　Many in the industry analysis, this is related to the bank's quarter-ending lending impulse. One person familiar with the bank said that the last one months of the quarter were often the key to the impact of the quarterly assessment of commercial banks. "This year, the central bank has lowered the reserve requirement ratio and the deposit-and-loan gap, and banks have to send out large amounts of money to maintain profitability." Credit is the top pressure, the bottom Rob, who grabbed the hand is who. The big banks naturally want to put their money out as much as possible.　　"Prior to this, China's Banking Regulatory Commission issued a" notice on further strengthening credit management, called for the cancellation of the assessment of the point of deposit and loan, to prevent commercial banks at the end of the month and end of the end of the loan "Chong scale" phenomenon, indicating that the late quarter of Commercial bank loan impulse has Industrial Bank chief economist Lu Commissar said that the State Council issued in May, "on the adjustment of capital investment in fixed assets" notice, the real estate projects such as the proportion of capital reduction.　　This allowed small and medium-sized banks to share a second cup of local projects, leading to credit "two Gates", which had previously been subject to a shortage of industries or projects, with loans growing more rapidly. In addition, a rebound in the property market has added to the flames of credit growth. On the one hand, the bank increased the development of real estate loans, on the other hand, by the rapid rise in market volume, residents of personal housing loans growth is relatively fast, driving June credit rapid growth. According to statistics published by the central bank's headquarters in Shanghai, May personal housing loans in Shanghai increased by 7.87 billion yuan, an increase of 6.46 billion yuan in the year, creating a new high in the past 4 years.　　June data is not released, but considering the June property market is still hot, the month of mortgage loans will continue to maintain rapid growth.　　2 are the worries flowing into the stock market? Statistics show that, at the same time of rapid loan growth, China's new deposits in June as high as 2.0022 trillion yuan, compared with the May increase in the 1.33 trillion yuan has risen sharply.　This raises the question of whether a significant portion of the high level of new credit has returned to the banking system.　The county said that if the current deposit of enterprises is the normal phenomenon, if the fixed deposit growth rate faster, it means that the expansion of enterprises will not be strong, high credit growth does not play a role in stimulating the real economy.　　If the increase in household savings deposits, the residents of the economic outlook, income expectations remain worried, lack of willingness to spend, will become the biggest test of the real economic recovery. The bigger worry is how much of this amount of credit has gone to the stock market and the property market, leading to asset bubbles.　　An unnamed senior industry insider told reporters, some enterprises due to the production prospects are not optimistic, will certainly be part of the funds for the investment in the main, which does not exclude some large enterprises put credit funds into the group "fund pool" after the stock market and the housing market. "Some big enterprises are very ' cattle ', the bank will check the use of funds, he will not open an account with you." The so-called customer bullying shop, the bank customers are now so fierce competition, banks often open one eye closed.　　"he said. 3 sound should ensure access to credit funds real economic analysts believe that the rapid growth of money and credit is not good for growth, but there are many risks, including overcapacity, inflation expectations.　　Therefore, in the future, the tone of monetary policy should be moderately relaxed, the monetary policy should be adjusted appropriately. The central bank announced on the 8th evening, 9th in the open market issued a 50 billion-year central vote, which is more than seven months to restart the bank's one-year issue.　　Earlier, the central bank is buying back interest rates and the interest rate both rise, the market sees it as a moderate central bank to withdraw funds signal.　　In addition to liquidity adjustment, the regulatory authorities also put forward to strengthen the credit quality and credit management requirements, to pay attention to the effectiveness and sustainability of financial support, to prevent the illegal flow of credit funds into the capital market, the real estate market and other fields, to prevent individual enterprises to use bills discount arbitrage, etc. Yan, director of the Shanghai Banking Regulatory Bureau, told reporters that the Shanghai Banking Regulatory Bureau will guide and urge commercial banks to pay attention to the accumulation and exposure of risks in the process of rapid loan growth, to do a good job in the investigation, loan review, credit inspection after the loans "three check" work, to ensure that credit funds into the real economy. In order to prevent loans from being diverted, regulators are also exploring long-term mechanisms, such as "real loans" instead of "real loans". At the same time, we should guide banks to improve the evaluation mechanism, focus on the loan scale, market share to the growth quality, risk resistance and control ability, guide the bank to pay more attention to service class assessment indicators.