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[財經新聞] shadow banking 影子銀行

shadow banking 影子銀行

BIS Report On China's Shadow Banking Sector Suggests A Problem That's Not Going Away
https://www.forbes.com/sites/douglasbulloch/2018/02/21/chinas-shadow-banking-comes-into-the-light/#4869da961c07

China’s leaders sign off on new rules to crack down on ‘shadow banking’
http://www.scmp.com/news/china/economy/article/2139695/chinas-leaders-sign-new-rules-crack-down-shadow-banking
Official endorsement is latest sign Beijing is serious about cleaning up US$15 trillion asset management industry

Chinese shadow banking has slowed — but that's not as good as it seems
https://www.cnbc.com/2017/11/19/china-shadow-banking-has-slowed-chinese-debt-may-just-go-elsewhere.html
•Growth in China's shadow banking sector is falling
•But the borrowing is just moving around


人行擬出招 嚴管影子銀行
螞蟻金服首當其衝
https://hk.finance.appledaily.com/finance/daily/article/20180508/20384533?_ga=2.121243656.1465736064.1525769722-364722842.1525769722


馬雲旗下估值逾萬億元的金融巨企螞蟻金服,或受人民銀行新規監管。彭博引述消息指,人行擬要求橫跨兩類金融行業之企業需要領牌,並於資本要求、擁有權制度、系內交易設限,以避免出現系統性風險,近年迅速崛起的螞蟻金服料首當其衝。
記者:周家誠 余慕恩

有分析認為是次屬打擊中國規模最大影子銀行舉措,螞蟻上市計劃勢必受阻,亦影響持有33%股權之阿里巴巴。
螞蟻金服擁有球最大的貨幣基金天弘基金;旗下支付寶每季處理2.4萬億元人幣流動支付,而這些並非存在於銀行體系的資金,正是中國最大型的影子銀行,令中國政府擔憂會出現系統性風險,最終擬「出大招」規管。

集資需求或大增
有分析員指出,螞蟻金服業務本身風險甚高,例如消費貸款業務規模龐大,但資本充足率低,而這些貸款再打包成資產抵押證券(ABS),今年初已被監管機構關注,並要求納入財報以方便計算負債比率,令到發行規模大減。

若果人行要求螞蟻金服資本充足率須與系統重要性銀行並列,即其資本充足率或須高達11.5%水平,雖然該企業從未公佈其詳細財務數據,但分析員指出,或令該公司集資需求大增,甚至是拖慢發展步伐。

中信光大同受累
是次人行推出的新招仍需要國務院審批,螞蟻金服稱該公司一直與監管機構緊密聯絡並支持中國金融業健康發展。事實上,螞蟻金服旗下公司接連受到監管機構打擊,例如今年2月起餘額寶每日轉入額度僅為2萬元人幣。

年初入股螞蟻金服33%權益的阿里巴巴,未受消息影響,昨晚股價開市後升近3%。
除螞蟻金服外,彭博引述消息指,中信集團及光大集團同樣受制於新規。至於擁有多項金融業務的騰訊(700),有分析員指出,該公司旗下幾項金融業務以投資者角色擁有,未有如螞蟻金服般架構複雜,現系內資金容易混雜。

事實上,2011年從阿里巴巴分拆出的螞蟻金服,上月傳出進行新一輪規模達100億美元的融資計劃,令該企市值上望1,500億美元,料將展開上市計劃,不過新規出台後將受阻。 
德勤中國全國上市業務組聯席領導合夥人歐振興相信,新牌照要求屬重要法規改變,並不可單以風險因素作披露,若螞蟻選擇在香港上市,估計或需要等到其取得牌照後,證明業務的可持續性,聯交所方會放行。
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Chinese shadow banking has slowed — but that's not as good as it seems
https://www.cnbc.com/2017/11/19/china-shadow-banking-has-slowed-chinese-debt-may-just-go-elsewhere.html
•Growth in China's shadow banking sector is falling
•But the borrowing is just moving around

China is on a drive to reduce its reliance on debt, a habit that some experts warn could lead to a global financial crisis.

An apparent recent victory in that push is new data suggesting that the growth in the risky "shadow banking" sector is slowing this year. But that might not be as good news as it seems on first blush: The credit is just moving to more regulated areas, keeping overall lending activity high.

Here's a break down of what you need to know:

What is shadow banking in China?
Shadow banking refers to activities performed by financial firms outside the formal banking sector, and therefore subject to lower levels of regulatory oversight and higher risks. Such activities are off the balance sheets due to accounting practices.

There have been worries that such practices mask the amount of risk that banks and other financial entities, such as insurance companies, are taking on. Those debt concerns have led some to claim that shadow banking in the Chinese economy could eventually lead to a financial crisis if the bubble pops.

What's new?
According to a recent Moody's report, broad shadow banking levels in China "barely grew" to 64.7 trillion yuan ($9.72 trillion) at the end of the first half of 2017 from 64.4 trillion yuan ($9.7 trillion) at the end of 2016.

Earlier this month, Reuters calculations showed combined trust loans, entrusted loans and undiscounted bankers' acceptances — all common forms of shadow banking finance — fell to 107 billion yuan ($16 billion) in October from 396 billion yuan ($60 billion) in September.

The data, however, doesn't seem to be quelling concerns — not least from the Chinese regulators themselves — about a major credit event spreading to global markets.

Their concern is that debt isn't going away, it's just moving around: One reason for a fall in risky loans is that credit is being re-channeled into more formal and more regulated sectors.

Still, that could be a "silver lining," said Vishnu Varathan, head of economics and strategy at Mizuho Bank.

"One thing they got right is that they're getting away with the shadowy aspect of it, so more of it is going through formalized banking channels," he told CNBC.

New loans extended by Chinese banks reached 11.82 trillion yuan ($1.78 trillion) in the first 10 months of this year against last year's record 12.65 trillion yuan ($1.9 trillion), central bank figures show.

How has the official crackdown affected shadow banking?

On Friday, China's central bank took a new step in curbing debt by announcing new regulations that tighten rules on the 102 trillion Chinese yuan ($15.3 trillion) asset management business — which contributes greatly to the shadow banking industry.

That was just the latest stage of a crackdown from Beijing that has begun to show some signs of success.

Broad shadow banking levels "barely grew" to 64.7 trillion Chinese yuan ($9.72 trillion) at the end of the first half of 2017 from 64.4 trillion yuan ($9.68 trillion) at the end of 2016, a Moody's report released in November showed.

However, the growth in certain activities classified as "core" shadow banking accelerated to 18.2 percent from a year ago at the end of the third quarter of 2017, the reported added.

Undiscounted bankers' acceptance, a short-term debt product in the "core" category, for instance, returned to positive territory for the first time in three years, said Moody's.

The various "core" components are captured by Total Social Financing (TSF) data, an official gauge that provides a measure of credit and liquidity supplied by the entire financial system in China.

Non-"core" components, meanwhile, are not part of the TSF and are based on the issuance of higher-risk instruments such as wealth management products and asset management plans. These are the targets of the recent crackdown.

In assessing China's shadow banking sector, Moody's determined that debt in the country was moving into "comparatively better regulated parts," which improves transparency "and may increase the system's resilience to unexpected shocks."

Moody's latest report followed similar findings from Fitch a month earlier about China's shrinking shadow banking sector.

"Overall, China has been able this year to keep the off-balance-sheet or shadow banking activities slow," said Ben Luk, global macro strategist at State Street Global Markets.

On Thursday, central bank advisor Sheng Songcheng said at a finance forum in Beijing that he expects China's financial deleveraging to be less forceful next year as it has already achieved obvious results, Reuters reported.

Chinese regulators warn on debt

Despite headline figures about debt reductions in the country, there are major concerns over whether China will be able to keep it from eventually bubbling over.

Outgoing Chinese central governor Zhou Xiaochuan raised the issue when he highlighted high leverage levels in the country earlier this month.

"High leverage is the ultimate origin of macro financial vulnerability," wrote Zhou, who has indicated he is serving his last term in office after 15 years at the helm of the People's Bank of China (PBOC).

"This manifests as excessive debt in the sectors of real economy and as overly rapid credit expansion in the financial system," he added.

At the end of 2016, China's leverage ratio in the macro economy was 247 percent of GDP, while leverage in the corporate sector reached 165 percent of GDP. Debt risks are particularly worrisome in state-owned enterprises, which have been slow to reform, he added in an article warning of "hidden [but] sudden, contagious and hazardous risks]."

After all, it's not just a matter of regulation, as lenders will always look for creative ways to sidestep new rules.

Regulation spurs innovation

"Some shadow banking products are not transparent, and regulatory measures tend to end up encouraging financial innovations for evading tighter regulations," said Moody's.

For instance, under recent scrutiny are negotiable certificates of deposits (NCD), a kind of short-term bond, and niche products like perpetual notes, a long-term debt instrument that can be listed as equity rather than debt on balance sheets. The PBOC said it will start to include NCDs in its quarterly risk assessments next year.

"Overall, it means that the PBOC is following the 19th Congress's mandate to stabilise the financial sector during the financial sector clean-up," Iris Pang, Greater China economist at ING, said in a Monday note.

Pang added that the government controls on the NCDs are "just the first steps to control the growth of shadow banking," and she expects more rules to come.

"It's a bit of a hide and seek [as] they're looking for a Goldilocks here," Mizuho's Varathan added, explaining that a hard-line crackdown on leverage in the system could too-rapidly cool the Chinese economy, leading to a so-called hard landing.
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學生民工數冚數 上月80家平台出事
內地萬億網貸隨時爆
https://hk.finance.appledaily.com/finance/daily/article/20180720/20455096


繼中美貿易戰及債務危機後,一個新的金融危機正在內地急速形成。近年內地興起一股網上借貸潮,標榜「零門檻、即時審批,幾分鐘過數、額度超高」,在內地規模已上萬億元。惟負重數的大學生、民工,瘋狂借數冚數,部份公司放貴利手段亦喪心病狂,借貸息口以每小時計算。

市場憂慮當局隨時「一刀切」叫停所有網貸,資金紛紛抽離網貸平台,上月出問題的平台已有80家,昨單日再有6家爆煲。

農村少女累母親自殺

今年1月,19歲的湖南農村少女夏雙用手機App借債後離家出走,其母親不堪收數公司天天上門壓力,飲下農藥自盡。但在下葬當日,由上午12時至下午4時,仍不斷有追數公司上門催債,前後共達四批,令村民怒不可遏。

夏雙父親向媒體表示,之前已代還10多萬(人民幣.下同),但仍不知夏雙在外的欠債金額。母親下葬後三日,夏雙在母親墳前痛哭流涕,一度撞碑自殺,幸被親友制止。

據內地媒體報道,今年至少已出現四宗大學生因網貸自殺個案,但死後家人仍受騷擾。

在5月,陝西省一名大學生的家屬接獲警方通知,其子已自殺身亡,但收數公司不肯相信,要求家屬「那你把電話拿到土裏面,讓你孩子聽電話」。相關錄音在網上公佈後,輿論譁然。
標榜零門檻即時審批

這些慘絕人寰的悲劇,揭露內地網貸毫無監管。內地網貸又稱「P2P網絡貸」,資金由民間投資者提供,網絡平台根據借款人需要作出配對,目前在監管上屬於灰色地帶,亦沒有信貸資料庫記錄借貸情況,借款人可以任借任碌。

本報記者用內地手機App搜索,輕易就找到多款借貸平台,全部標榜「零門檻、即時審批,幾分鐘過數、額度超高」,甚至阿里巴巴旗下的螞蟻金服、京東、騰訊(700)旗下的微信都有提供網貸。

據內地網貸之家披露,至上月底內地網貸平台數量達1,836家,網貸餘額達1.31萬億元。這些網貸公司良莠不齊,其中不少巧立明目收取超貴息,甚至以「套路貸」方式令人家破人亡,有極端個案是只借1,500元,但短期內竟要還20萬元。  

收數人掌握微信資料

在收數方面,他們會要求借款人提供所有電話通訊錄、微信及朋友圈資料、以及過往幾個月的通話紀錄,等於掌握借款人的全部人脈,追收力度遠大於傳統金融機構。

由於輿論壓力,當局不斷吹風將加強監管網貸,令借予資金給網貸平台的投資人紛紛抽資。網貸平台惟有抽貸,或鋌而走險以更貴息放數,造成資金鏈的連鎖反應,對金融體系帶來更大衝擊。

內地網貸月報披露,6月出現問題的平台(即爆煲)數目已達80家,包括投資者提現困難、走佬、停業等。
在昨日,規模達百億的銀豆網、金銀貓等6家網貸平台先後宣佈停止營運和清盤,顯示形勢越發嚴峻。在多重危機之下,滬綜指今年亦累跌逾16%,成為全球表現最差股市之一。

「套路貸」攞命 借千五還廿萬
https://hk.finance.appledaily.com/finance/daily/article/20180720/20455105

內地用手機App借錢容易,但隨時有致命陷阱。大量網絡貸款以低息、免審批為招攬手段,不斷誘使借款人再借下家,利滾利令債務款項達致天文數字,這種模式在內地被稱為「套路貸」,導致不少人家破人亡。

按照內地法律,民間借貸最高利息只可為24%。但套路貸通常以手續費、違約金名目收取費用,並在借款人無力償還的情況下,再逼簽更高數額的借款合同冚數,讓受害人陷入一環套一環的陷阱。  

逾期每小時計息

浙江公安在今年6月公佈,破獲一個套路貸犯罪集團,抓獲成員246名,受害人已達數千人,涉案金額過億元(人民幣.下同)。根據警方公佈的真實個案,其中一位受害人林先生,在今年2月用手機App借1,500元,扣除利息400元,對方在網上支付現金1,100元,要求五日內還款,逾期每小時計息500元,而借據金額則寫為3,000元。

其後網貸公司再向林先生推薦多家其他公司網貸,用於償還該筆借款,截至3月16日,網貸總數已達60筆,累計本息達20餘萬元。在4月報警前,林先生家人已支付5萬元。

「校園貸」盛行 女生需交裸照
https://hk.finance.appledaily.com/finance/daily/article/20180720/20455119
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人行指將改善內地中小企融資借貸難問題 冀促進民間投資
http://news.tvb.com/greaterchina/5b9115e2e60383027e411b5c

內地中小微企借錢難,催生P2P網絡民間借貸迅速,但亦發生爆煲事件,造成大批投資者損失。在北京,發改委和人民銀行表示,會改善內地中小微企融資借貸困難問題,希望促進民間投資。

人民銀行數據指,內地小微企業平均壽命不到三年,不過由成立到首次獲銀行貸款,平均要四年多。即是很多捱不到借貸獲批,已經結業。人行指財政部銀行保險監督管理委員會等部門,會合作鼓勵銀行多支持中小型民企。

人民銀行行長易綱表示:「我就要鼓勵給小微企業貸款。大銀行小銀行積極性都調動起來,同時我要保證小微企業貸款在戶數上、在金額上要增加,今年下半年一定有明顯的增加。」

發改委表示,民間投資近年增長加快,全國民營企業和個體工商戶,註冊資本超過165萬億元人民幣,佔國內生產總值超過六成。為進一步刺激民間投資,支撐經濟,當局會努力解決「融資難、融資貴」問題。

國家發改委投資司副司長韓志峰說:「民營企業規模相對較小,實力相對較弱。難以獲得較高的信用評級。由於信息不對稱,金融機構對民營企業經營狀況了解不夠深入,還有一些困難。」

具體政策包括鼓勵金融機構開發適合中小微企信用的融資產品,並建立小微企業信用狀況數據平台,方便審批。

發改委又提到,國家會進一步透過開放國有產業,例如民航、鐵路等,引入民間投資,讓民企在國家支持下積極發展。
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【P2P爆煲】 李克強加持!5000萬散戶涉款$1.5萬億 連環「爆」掀擠提潮
https://hk.news.appledaily.com/china/realtime/article/20180908/58659455

內地P2P平台「爆雷」連環出現,銀豆網、金銀貓今年7月先後宣佈停止營運和清盤。中國散戶爭相從P2P平台提取現金,加快未償貸款約1.3萬億元人民幣(約1.5萬億港元)的行業快速萎縮,當局打擊高風險影子銀行活動,同時維穩能力也面臨考驗。

中國的P2P平台擁有大約5,000萬註冊用戶,未償還貸款1.3萬億元(人民幣,下同),其中大多是短期貸款。2015年,時任國務院總理李克強第一個工作日,就率領財政部、發改委、工信部、銀監會、證監會等多個部委負責人在深圳對前海微眾銀行,柴火創客空間、華為技術有限公司進行考察,李克強更表態支持互聯網金融發展,對P2P極大利好。

中國《金融時報》引述一位不具名的監管人士報道稱,正在關注行業最近的情況,將加快推出網絡金融整治下一階段的方案細則,引導行業正本清源。中國《金融時報》亦發表了名為〈警惕恐慌情緒關注流動性問題〉的文章,表示6月份以來「爆雷」平台已經超過100家,表示流動性問題,歸根結底是投資者信心的缺失。

所謂的「P2P借貸」指的是個人與個人間的小額借貸交易,借款者可自行發佈借款訊息,包括金額、利息、還款方式和時間,一切自行決定的自助式借款。自2012年以來,中國「P2P網貸平台」就如雨後春筍般不斷冒起,內地官媒還曾做過大篇幅報道吹捧這種新興的金融服務。

無奈好景不常,監管不周加上景氣放緩,2015年高峯過後開始逆轉,P2P網貸平台一家接一家倒閉,但中國官方卻完全沒有意識到這個金融漏洞、繼續放任不良P2P平台成立吸金、搾取老百姓血汗錢。

過去1、2年間,倒閉的多是小規模、地方性、民間色彩強的P2P網貸平台,沒想到進入2018年,多間知名大型P2P網貸平台也陸續爆出財務危機,連有「國企股東」坐鎮的半官方平台依然無法倖免於難,如錢媽媽、雲端金融、聯璧金融、斐訊金融等,到了2018年6月單月倒閉的平台數目已超過了80家,單是「唐小僧」一個平台的註冊用戶就有1,082萬人,隨便一家倒閉牽涉的金額都是十億、百億元爛賬,受害規模完全無法估計。
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中國影子銀行規模勢續縮
http://orientaldaily.on.cc/cnt/finance/20190214/00202_011.html

內地去槓桿控制債務問題見成效,評級機構惠譽報告預期,中國影子銀行佔國內生產總值(GDP)比例,由一七年高達70%,將降至今年約50%。

佔GDP比例降至60%
惠譽認為中國影子銀行佔GDP比例在去年已降至60%。不過,內地面對經濟放緩風險,試圖於去槓桿及刺激經濟之間取得平衡,採取放寬資產管理產品限制,以及調低存款準備金率等措施,會拖累影子銀行融資規模的減速放緩。

中國打壓影子銀行令去年市場流動性緊縮,加上中美緊張局勢令憂慮情緒升溫,民企面對龐大的資金壓力,但惠譽相信在較寬鬆的監管背景下,會改善未來企業的融資條件。

內地銀行因應監管要求,不斷將資產負債表外的業務,重新歸入資產負債表內。該公司指內銀視乎資本水平繼續相關做法,有助緩減整體金融系統面對的壓力。

惠譽指出,內地若維持對非銀行金融機構的監管,有利整個行業及金融系統的穩定性,銀行體系以外的槓桿增速亦顯著放緩,至於銀行及非銀行金融機構間的風險傳導性仍高企。
成吉思汗 鐵木真(ᠴᠢᠩᠭᠢᠰ; ᠬᠠᠭᠠᠨ)

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整頓影子銀行 擬加強監管當舖
https://orientaldaily.on.cc/cnt/finance/20190313/00202_018.html

市傳中國銀行及保險業監督管理委員會(銀保監)繼去年取代商務部監管內地當舖後,現正草擬加強對當舖監管的新例,內容包括提高最低資本準備金要求,目前要求為300萬元人民幣;將日常監督交由地方政府進行等。

一七年總放貸逾三千億
此舉被視為銀保監整頓內地影子銀行問題的「最後拼圖」之一。

內地當舖數量已比一○年翻了超過一倍至超過8,500家,每宗貸款平均金額超過2.6萬美元(約20.28萬港元),為美國約260倍,一七年總放貸規模達到430億美元(約3,354億港元)。

雖然比起銀行及銀保監去年重點出招整頓的理財產品,內地當舖的貸款規模看似不大。但問題是,面對網上借貸平台的競爭,內地當舖的經營狀況並不理想,逾期貸款相當於總貸款13%以上,抵押品更不限於珠寶、手錶、汽車,還擴展到股票和應收帳款,不少貸款更以物業作抵押品。而且不像銀行貸款,抵當者不用披露貸款用途。

內地當舖放貸利息非常高昂。以上海為例,一般當舖貸款年息高達24厘,遠高過一年基準借貸利率的僅4.35厘。近日北京有一宗官司顯示,有人把物業抵押,從一家當舖取得一筆435萬元人民幣的資金,為期三個月,年化息率便高達30厘!

鑑於當舖自己也要向銀行借錢做生意,當局監管當舖的迫切性可見一斑。
成吉思汗 鐵木真(ᠴᠢᠩᠭᠢᠰ; ᠬᠠᠭᠠᠨ)

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