The Central Bank Reserves The New Rules, Causing The Credit Space To Be Compressed.

In early September, the central bank issued a notice to include three types of margin deposits, such as commercial bank's letter of credit margin deposit, guarantee deposit deposit and bank acceptance margin deposit.

New policy drastically

According to the central bank's policy, workers, agriculture, China, construction, exchange and postal savings bank turned over the first deposit reserve fund from September 5th, while other banks turned it over from September 15th.

Roughly estimated, the three types of margin will be included in the deposit reserve scope, and it is expected to freeze about 900 billion yuan of bank funds, which is equivalent to raising the deposit reserve ratio of the banking industry from two to three times.

Since the beginning of this year, the central bank has increased interest rates for the 3 time and raised the deposit reserve ratio of financial institutions for the 6 time. Among them, the deposit reserve ratio of large financial institutions has reached a historical high of 21.5%, which has doubled compared with April 2007.

The continuously raised reserve ratio has caused some banks to have a tight financial situation. Some SMEs are facing financing difficulties.

Against this background,

The space for increasing the reserve ratio has become increasingly narrow.

This policy adjustment has made the already tightened liquidity even more tense.

A related person from ICBC told reporters that the margin was basically used as a deposit. After the deposit was included in the deposit reserve, the bank could release less loans and the credit index was compressed, but the external loan demand did not decrease.

It is understood that all banks now have varying degrees of credit tightening.

A state-owned bank, a branch of Beijing branch responsible for credit staff told reporters that their credit situation was relatively loose in the first half of the year, but the situation began to tighten in the three quarter, and the fourth quarter would be even more difficult.

Personal business loans difficult

A state-owned bank, a branch of Beijing branch, said that the loan amount of small businesses was not as rich as before. Before the company passed the examination, they could get loans, but now they still need to see the quota.

Their current acceptance discounting business has no longer been processed.

Acceptance discounting can be used as a short-term financing method for enterprises, usually according to market conditions, banks remove interest paid in advance, and then extract a percentage according to the discount rate.

He introduced.

In the past, the discount rate was around 7%, and now it has risen to 15%. However, enterprises still demand discount, which shows the demand of enterprises for capital.

"Even so, banks still have no money to lend to businesses.

Our current discounting business has ceased to do so.

At present, the branch's third quarter credit line has been used up in mid September, and basically has no money to lend.

For personal consumption credit, he said the situation of consumer credit is the same as that of corporate loans.

Banks were willing to deal with it before, but now they have no quota.

He told reporters that today can only allow customers to wait until October, because even if the loan is accepted now, it is also necessary to wait until October after the bank gets the credit limit again, plus the "eleven" long vacation and the two to three weeks of the audit loan cycle. Now the application will be the fastest in November to get the loan.

Sun Liwen, chairman of Fuyuan express, who is engaged in private finance, told reporters that the new policy had little impact on the private lending industry, but there were also some new developments.

Recently, various forms of private financing, especially short-term financing, have become more and more popular.

Because with the tightening of policy, it is becoming more and more difficult for enterprises to borrow from banks. Some enterprises are facing not only the difficulty of loans but also the pressure of bank collection.

Earlier, the relevant departments have long asked for loans to be strengthened in the "two high one surplus" industry, but banks are not resolute.

Nowadays, banks are facing more and more pressure, so the loan intensity has been tightened.

In the past, some enterprises often ask for loans for one or two years through private lending, but now there is more and more demand for short-term financing, and mortgage products are mortgaged.

Prior to that, Ms. Liu in Beijing had to pay 300 thousand yuan of personal pledge loans with the existing 400 thousand yuan financial products, but was told by the bank that there was no quota.

ICBC loan department stakeholders explained that before her, there are still many people in the queue, the entire Beijing branch is the same, there is no quota.

Minsheng Bank (5.68, -0.05, -0.87%) head of the head of risk management department said that because of the weakening of the overall liquidity of banks, banks themselves are also facing great pressure.

From the macro data, the growth rate of M2 in August has reached a 6 year low, which restricts the supply of production and operation funds.

He said that at present, the interest rate of some bills lending business is more than 10%, which is at a relatively high level in the past decade or so.

Some small and medium-sized enterprises have borrowed money in order to survive. They thought that the usury was a serious problem in the Yangtze River Delta and the Pearl River Delta.

"With the tight banking funds, private lending rates are as high as a few cents. Some enterprises borrow money from the public in order to survive."

He said, "at present, many enterprises can not maintain normal production by usury, because the profits created by the whole manufacturing industry and service industry are far lower than the interest rate level of usury."

The mortgage is still tight.

As for mortgage loans, Chen Zhi, Deputy Secretary General of Beijing housing society, said that the reflection from the market is not obvious at present.

From the volume of pactions, the volume of housing pactions has been shrinking this year.

Banks have been in a tight state in terms of mortgage loans. They should weigh the security of consumer loans and development loans on individual loans.

Now, only after signing a sales contract can the loan be processed. The long and short period of the loan period makes it difficult to observe the impact of bank tightening on the data.

Guo Tianyong, director of the research center of Bank of China (2.88, -0.01, -0.35%), Central University of Finance and Economics believes that the state has been in the overall regulation of real estate, and bank credit is only one aspect.

The performance of the property market is more influenced by its own regulation and control, such as restriction, and credit is only one aspect of the impact.

Zhu Jianfang, chief economist of CITIC Securities (11.99, -0.10, -0.83%) said that the introduction of the new central bank regulation is to improve and perfect the reserve system.

By adjusting the margin range to control liquidity tightness, there will be some pressure on bank credit objectively.

Guo Tianyong said that after the regulation, bank loans will be relatively tightened, and the control of loans will be related to the macro control pattern, and will tend to tighten in general.

But this regulatory policy is more focused on risk management and asset expansion rather than credit contraction.

If the market liquidity is short in a short time, the central bank may have corresponding policies to deal with it.

Song Guoqing, a professor at the National Development Research Institute of Peking University, believes that the current credit situation will not have a greater impact on future monetary policy.

If the central bank believes that it can relax moderately, it will no longer raise the reserve ratio or expand the scope of the reserve ratio.

Sun Liwen, chairman of Fuyuan express, said that the central bank's request for the inclusion of three kinds of margin deposits of commercial banks, such as acceptance bills of exchange, letters of credit and letter of guarantee, into the deposit scope of the deposit reserve funds is a sign to convey to the community that the prudent monetary policy should continue to be implemented, and that the real estate industry and the "two high one surplus" industry regulation policy will also be tightened.

This policy is more pparent and directly controls lending from the banking system.

Related enterprises should understand the meaning of policy, do not have illusions, and intensify pformation.