中國央行研究人員認爲短期內存在加息空間
Researchers at China’s central bank have agreed that higher interest rates could be appropriate in the near future thanks to improvements in industrial prices and enterprise profitability, according to state media.
中國官方媒體報道稱，中國央行的研究人員一致認爲，鑑於工業產品價格和企業利潤不斷提升，中國在不遠的將來加息是適當的。State-run newspaper China Daily said on Monday that top researchers at the People’s Bank of China had recently agreed that higher rates would “help to squeeze asset bubbles and restrain debt expansion, as a tool to be used with broader oversight of financial activities.”
官方報紙《中國日報》(China Daily)週一稱，中國央行高級研究人員近期一致認爲，加息“作爲一種用來對金融活動實施更廣泛監管的手段，將有助於擠壓資產泡沫和抑制債務擴張。”The paper quoted Ji Min, deputy head of the bank’s research bureau, as saying over the weekend that there “is room for an increase in interest rates in the short term as industrial product prices and enterprises’ profitability have improved since last year”.
該報援引中國央行研究局副局長紀敏上週末說的話稱，“自去年來工業產品價格和企業利潤不斷提升，短期內存在加息的空間”。
The state-run daily wrote that a possible hike in interest rates, “along with the key lever of cutting the overcapacity of industrial producers, would further improve producers’ investment returns by curbing debt expansion regardless of the costs of borrowing, according to the officials.”
該報寫道，“官員們稱，（一次可能的加息）輔以削減工業企業過剩產能的關鍵手段，將抑制不顧藉貸成本的債務擴張，從而進一步提升企業的投資回報”。Yet China’s financial markets and corporations did not stomach the PBoC’s rate hikes as well as their US counterparts last year, according to Trinh Nguyen, Senior economist for emerging Asia at Natixis.
但法國外貿銀行(Natixis)新興亞洲高級經濟學家阮純(Trinh Nguyen)表示，去年中國金融市場和企業並沒有消化掉中國央行的加息以及美國的加息。
Ms Nguyen said in December that the Shanghai 3-month interbank lending rate had “shot up to reflect tighter liquidity and counter-party risks of banks.”
阮純去年12月表示，3月期上海銀行間同業拆放利率(Shibor)“已經躍升，反映出銀行流動性趨緊和對手方風險。”“Chinese stock indices (both Shenzhen and Shanghai) have under-performed not just the US but also the Asia Pacific region due to tight monetary conditions – our Natixis Monetary Condition Index shows that China is amongst the tightest,” she wrote.
“中國（深市和滬市）股指的表現不但不如美國，也不如亞太地區，原因就在於貨幣狀況緊張——我們的Natixis貨幣狀況指數(Natixis Monetary Condition Index)顯示，中國屬於最緊張之列，”她寫道。The PBoC last raised rates for its Medium-term Lending Facility and reverse repos by five basis points on December 14 following an overnight rise of 25 bps by the US Federal Reserve overnight.
中國央行上次上調中期借貸便利(Medium-term Lending Facility)和逆回購利率是在去年12月14日。在美聯儲(Fed)前夜將隔夜利率上調25個基點後，中國央行在12月14日將上述利率調高了5個基點。
