上海股市週四下跌3.46% 今日繼續慘跌

The Shanghai Composite lost 3.4 per cent — continuing its remarkable volatility of recent weeks — despite Beijing’s announcement that it would scrap the country’s limit on bank lending, a move that may ultimately help China’s banking sector respond more quickly to changes in monetary policy.

中國政府宣佈將取消銀行貸存比上限，此舉最終可能有助於中國銀行業對貨幣政策變化作出更迅速的反應。儘管如此，上證綜指在週四還是下跌了3.46%，延續了近幾周來的大幅波動行情。

The State Council passed a draft amendment on Wednesday night removing China’s longstanding loan-to-deposit ratio of 75 per cent. The move, part of a broad push to modernise the country’s regulatory framework, should help reduce banks’ administrative burden but overall, analysts did not foresee an immediate impact on market liquidity.

週三晚，中國國務院通過了一份法律修正案草案，擬刪除存在已久的銀行貸存比不得超過75%的規定。此舉是中國金融監管架構現代化進程的一部分，應該會有助於減輕銀行的管理負擔。不過，分析師預計，此舉總體上不會對市場流動性產生立竿見影的影響。

HSBC chief China economist Qu Hongbin noted that the change should help reduce deposit competition among banks, “which has in the past caused large seasonal distortions to money supply. In this process it will also help to reduce the upward pressures on banks’ funding cost and improve the efficiency of the monetary transmission mechanism.”

匯豐(HSBC)首席中國經濟學家屈宏斌指出，這一改革應該有助於緩和銀行之間的攬儲大戰，“過去這種現象曾對貨幣供應造成很大的季節性扭曲。這一改革還將有助於減輕銀行資金成本的上行壓力，提高貨幣政策傳導機制的效率。”

Additional reporting by Peter Wells in Hong Kong

彼得•韋爾斯(Peter Wells)香港補充報道