財經要聞:中國"錢荒"接近尾聲

China has pledged to act as a backstop for banks suffering cash shortfalls, giving rattled investors hope the country's money squeeze could be nearing an end.

中國央行承諾為存在資金缺口的銀行充當後盾，這讓目前惶恐不安的投資者產生了一種期待，即中國的“錢荒”可能已接近尾聲。

A statement by the People's Bank of China yesterday was the clearest attempt yet by the government to calm turmoil that has shaken global markets over the past week and fuelled concerns that the world's second-biggest economy could be on the verge of a credit crisis.

中國央行昨日發佈的一份聲明，是中國官方迄今最明確的平息市場動盪的嘗試。過去一週期間，這場動盪撼動了全球市場，令人擔憂全球第二大經濟體可能即將爆發一場信貸危機。

“If banks have temporary shortages in their planned funding, the central bank will give them liquidity support,” it said in the statement. “If institutions have problems in managing their liquidity, the central bank will apply appropriate measures under the circumstances to maintain the overall stability of money markets.” It had already provided money to some banks, but did not specify the amount or the banks.

“若（銀行的）資金安排出現暫時性頭寸缺口，央行將提供流動性支持；”中國央行在聲明中表示，“對流動性管理出現問題的機構，也將視情況採取相應措施，維持貨幣市場的整體穩定。”中國央行已向某些銀行提供資金，但沒有具體説明金額以及向哪些銀行提供了資金。

The promise of support contrasted with the much harder line taken on Monday by the central bank when it said there was sufficient liquidity in China's financial system and the biggest banks had a duty to lend to their smaller peers.

提供支持的承諾與中國央行在週一採取的強硬得多的立場形成反差。中國央行週一表示，中國金融體系內部流動性充足，而且大銀行有義務向規模較小的同行放貸。

Earlier yesterday, fears about the persistence of China's tightening squeeze led to a 6 per cent fall in the Shanghai Composite Index. But a burst of optimism late in the day that the central bank would act to avert a crisis prompted a sharp recovery and left the stock index just barely in negative territory at the close.

昨日早些時候，由於投資者擔心中國“錢荒”將持續下去，上證綜指下挫6%。但股市在接近收盤時爆發一股樂觀情緒，人們相信央行將採取行動防範危機，這推動行情急劇反彈。收盤時，股指在當日僅微幅下跌。

The central bank said money markets were already on the mend after interbank rates rose to double digits last week. The overnight bond repurchase rate fell to 5.83 per cent, more than half what it was last week, but still about twice as high as normal.

中國央行稱，上週銀行間拆借利率飆升至兩位數以後，貨幣市場已在恢復當中。隔夜質押式回購利率已回落至5.83%，僅為上週水平的大約一半，但仍為正常水平的兩倍左右。

“Several strong banks have already started to play an important role in providing funds to the market and stabilising interest rates,” it said. A series of temporary technical factors, including tax collection and end-of-quarter regulatory deposit requirements, had exacerbated market tightness.

“一些自身流動性充足的銀行也開始發揮穩定器作用向市場融出資金，貨幣市場利率已回穩，”中國央行在聲明中表示。此前，一系列暫時性的技術因素，包括税收集中入庫和季度末法定準備金繳存，加劇了市場偏緊的局面。

Commentary in the People's Daily, the official Communist party newspaper, called on authorities to continue an unyielding stance. “The central bank is not a wet nurse to the stock market. If it saves the stock market, it will in fact be harming it,” it wrote.

中共機關報《人民日報》發表評論文章呼籲官方保持堅定立場。“證監會不是股市的‘奶媽'，央行也不是。這些所謂的‘救市'和‘託市'之舉，不是幫了股市，而是害了股市，”該報署名文章寫道。

Lu Ting, an economist with Bank of America Merrill Lynch, said the central bank had little choice but to soften its approach. “They will have to end the credit squeeze soon,” he said.

美銀美林(Bank of America Merrill Lynch)經濟學家陸挺表示，中國央行幾乎別無選擇，只能放軟身段。他説：“他們將不得不盡快終結這場信貸緊縮。”