The first: "loans" refers to the incremental, China's financial institutions renminbi loans for example: at the end of 2009 8, financial institutions, the loan balance of RMB 38524119000000 yuan, 7 at the end of 2009, financial institutions, the loan balance of RMB 38113761000000 yuan, so at the end of 8 RMB loans increased 410400000000 yuan (38524119000000 yuan -381137.61 yuan about equivalent to 410400000000 yuan), the 410400000000 element is the new loans, compared with last month's new;
Second: whether it is a loan or loans refer to all financial institutions in China to the enterprise lending RMB loans of financial institutions, (refers to the intermediary organization specialized in the monetary and credit activities, including 1 banks: including policy banks, commercial banks, investment banks. The commercial bank is divided into: the reform of the wholly state-owned commercial banks, joint-stock commercial banks, City cooperative banks; 2, non bank financial institutions within the territory of China; 3, run, overseas Chinese, foreign joint venture financial institutions); the central bank loans to other financial institutions, not lending to the society, so not included;
Third: the central bank released in mid month loan balance of financial institutions and new loans last month, the September and October data were not released.

Chinese notice on the issues related to the standardization of silver letter financial business
The hair (2010) No. 72 in

All banking regulatory bureaus, policy banks, state-owned commercial banks, joint-stock commercial banks, postal savings banks, trust companies: the direct supervision of the CBRC

In order to promote financial cooperation business norms, and healthy development of commercial banks and trust companies, effectively preventing the silver letter financial cooperation business risk, the relevant requirements of silver letter financial cooperation business are hereby notified as follows: 

Said silver letter financial cooperation business, this notice, refers to the commercial bank customer financial management of funds entrusted to the company, by the trust company as trustee and carries on the management, use and disposal in accordance with the terms of the trust documents behavior. The client includes individual customers (including private banking clients) and institutional clients. 

Commercial banks to promote trust company issuing trust products are not within the scope of this notice specification. 

Two, trust companies in the process of silver letter financial cooperation business, should adhere to the principle of independent management, strictly perform the responsibilities of project selection, due diligence, investment decision, the follow-up management and so on, not to carry out the channel business. 

Three, trust company to carry out silver letter financial business cooperation, trust products period shall not be less than one year. 

Four, the commercial bank and trust company to carry out financing silver letter financial cooperation business, shall abide by the following principles: 

(a) from the date of promulgation of this circular, the balance ratio management of trust company financing silver letter financial cooperation business, namely financing business accounted for the balance of silver letter financial cooperation business balance ratio shall not be higher than 30%. The trust company the proportion has exceed the standard should be stopped immediately launched the business, until it reaches the prescribed proportion. 

(two) the trust company trust products are not designed for open. The financing silver letter financial cooperation business including but not limited to the trust loan, the transferred assets, credit or bills or additional repurchase repurchase option investment, stock financing, asset securitization business.

Five, the commercial bank and trust company to carry out investment silver letter financial cooperation business, the fund shall not invest in shares of the non-listed company. 

Six, the commercial bank and trust company to carry out silver letter financial business cooperation, trust funds at the same time for financing and investment business, the total amount of the trust business shall be incorporated into the notice of article fourth (a) provision assessment scale. 

Seven, the issuance of this notice on the previous agreement and the occurrence of silver letter financial cooperation business, commercial banks and trust companies should do the following work: "

(a) a commercial bank shall, in strict accordance with the requirements of the off balance sheet assets into in this table, the next two years, according to the 150% provision coverage requirements provision for large banks, and shall be in accordance with the 11.5%, small and medium-sized banks in the capital adequacy requirement of 10% capital charge. 

(two) the commercial bank and trust company shall strengthen the follow-up management of the existence of silver letter financial cooperation, timely risk management plan and the due payment arrangement. 

(three) the design of open non-listed company equity investment, financing or financing business of the bank financial products and trust company trust products, commercial banks and trust companies to stop accepting new purchase funds, and properly handle the aftermath. 

Eight, to encourage commercial banks and trust companies to explore business cooperation mode and field science. The trust company financing to actively implement the national macro economic policy, guide the funds into the benefits of the new energy, new materials, energy saving and environmental protection, biomedicine, information networks, advanced manufacturing industry and other emerging industries, and make positive contributions to the economic development mode transformation and industrial structure adjustment. 

Nine, the circular shall be implemented as of the date of promulgation. 

All banking regulatory bureaus shall forward this notice to the CBRC branch and the relevant financial institutions in the banking industry.

Acceptance bill discount for the size of bank credit is what mean?

For example, banks can lend 1000000000 discount, now 100000000, is only 900000000 of the lending. This is called to account for the size of.
Before that, the discount more, banks can lend 1000000000, that is not attributable to size.

In the bank's balance sheet, the discount is as lending subsidiary account, for banks, the discount is the essence of recourse loans, therefore, enterprises obtain discount, should debit bank deposit, credit short-term loan, discount without recourse when due, the bank will debit, short-term loans, loan receivable bill

Bank acceptance bill payment issued by enterprises, the bank promised to honour payment, so the holder after discount equal to the bank to button up your interest into the second after the payee

Credit scale

Content

Credit scale has been Chinese monetary policyIntermediaryThe goal, and is one of the important means for the implementation of monetary policy. Because the nationalConditionsAndPolitics,Economic systemDifferent, choiceThe intermediate targetAnd the method also has the difference, even in the same country, different period, different occasions are not exactly the same. The central banks of many countries in the past for a long time, are statedCommercial BankLoanQuota.EuropeSome countries have generally to control the size of loans asMonetary policy tools. Many developing countries is even more so. Is the contemporary western countriesMacro-controlMainly controlCurrencySupply.

Credit growth

China have chosen credit scale asMonetary policyIntermediate target is becauseCommodity economyAlso not developed,Economic interestsMechanism andControl meansTo be perfect,Economic subjectIs not sufficientHard budget constraints,The deposit reserve rate,Interest ratesChanges to restrain credit demand has not play a big role, so we still need through planned regulation to reach the scale of expansion or contraction of creditThe money supplyThe purpose of.

From the beginning of 1984,People's Bank of ChinaThe credit scale as the intermediate target of monetary policy. In the preparation and organization of the implementation of the nationalBank creditThe plan, first determine the total size of the credit, and through various professional bank step by step. In general, in addition toFixed assetsThe size of the loan to implement mandatory control, the total size of loans guidance planning control index. Banks absorbDepositCan be more loans, less deposits should be less loans. 1985, from 1988 to 1991, the total scale of credit to restoreMandatory plan.

Since 1989, the people's Bank of China the size of the loan was renamed the loan control limits, the"Quota managementTo deposit, loan "approach. The main contents are as follows: the maximum loan limit for total control "cage" loans, the specialized banks and otherFinanceInstitutions, in the nuclear groupLoan limitWithin the organization, mainly rely on our ownDepositsTo realize the loanThe maximum amount. The implementation of "annual, quarterly, monthly monitoring as one examination, timely adjustment of loan ceiling". The people's Bank of China approved the quarter China maximum loan limit for monitoringIndex, respectively by the professional bank head office and the people's Bank of Chinese eachProvince,Autonomous Region,Municipalities directly under the central governmentCity specifically designated in the state plan, branch according to the system and area monitoring. In general, branch of the specialized banks in the implementation process can change quarter loan ceiling. Professional bank branch if there is more than the approved quarterly loan ceiling, professional bank approval; professional bank to more than quarter loan ceiling is approved, the head office of the people's Bank China.

The credit quota

To implement the "quota", "quarterly monitoring" approach, is conducive to the total control of loan growth, but also conducive to further break down the credit fund management "mess", solve the central bank includes professional bank credit funds, promote the professional oriented banksSociologyRaise funds. The credit scale control methods are stiff, become flexible and selective policy tool, so that the people's Bank of Chinese capable of tracking control and feedback regulation of change and development of credit.^[1]

Monitoring index

Monitoring the credit scaleIndexThe following:

New loans regulation goal and the actual effect is inconsistent

1Capital adequacy ratioIndex:The total amount of the capitalThe average balance month /Risk weighted assetsThe average balance over at the end of 8%

2 loan ratio index: the loan balance at the end of / all theDepositFinal balance ≤ 75%

By 3 the proportion of funds index:BorrowingFinal balance / deposits balance at the end of ≤ 4%/ chaichuzijin the ending balance / deposits balance at the end of ≤ 8%

The proportion of long-term loans index 4: more than one year (including one year) of the medium and long-term loan balance at the end of more than one year / (including one year) deposit balance at the end of ≤ 120%

New loans and deposits scatter diagram

5 single loan scale index: total loans and bank capital to the total amount of the same borrowers ratio shall not exceed 10%, namely: the loans of the same loan customer / the total capital ≤ 10%, total loans of ten largest customer shall not exceed the total bank capital 50%, namely: the issuance of the largest ten customer loans and the total capital ≤ 50%

And monetary policy

　　Monetary theoryGenerally, chooseThe intermediate target of monetary policyYou must consider three criteria: (1) can be measured, the central bank can not only acquire the relevant intermediary target data, and the intermediate target, the definition ofConnotationAndExtensionMore specifically, the stable, the central bank can make analysis,SociologyOther researchers can make predictions, judge; (2) the controllability, is the central bank through its operationMonetary policy toolsThe changes, can accurately control the intermediary target parameters; (3) the correlation, the monetary authorities must choose the intermediate target and the ultimate objectives of monetary policy are closely related. In addition,The intermediate targetAlso must be specificEconomicsFinancial environmentAdapt to. Under certain conditions, because of the economicFinanceEnvironment is different, the central bank in theEconomic systemBackground are different, the central bank to achieve its differentThe goal of monetary policyMonetary policy is different.

Currency forecasts growth rate and the real growth rate does not match

To China as an example, Chinese taken from 1984 to credit scale as the intermediate target of monetary policy, after years of practice, has been proved to have greater uncertainty, with Chinese stateCommercial BankThe shareholding system transformation, they have becomeIndependent operationThe main, central banks should not directly intervene in the credit behavior of commercial banks. In addition, with the ChinaCapital marketThe development and maturity,EnterpriseTheMode of financingMore and more diversified, is no longer the enterprise creditFinancingThe only form of. Therefore, the credit scale control has no longer suitable to be the intermediate target of monetary policy.

In order to control the size of the credit asMonetary policyIntermediate target is mainly exists the following problems:

New loans regulation goal and the actual effect is inconsistent

1New loansTarget number andThe actual number ofThe large difference between the through 1998 to 2005 (excluding 2000) compares the expected target of new loans the central bank's annual and the actual amount, find two differences larger, average error value is 350000000000 yuan. (right figure)

2 main factors affecting loan increment:DepositIncrement

Generally, the first deposit afterLoan. Of course, this is a very controversial view, but from the incremental, incremental loans depends on incremental deposits. This is at least inBanking supervisionTo find the basis, namely the commercial bankLoan to deposit ratioNot more than 75%. RightModelResearch on this as a precondition.

Firstly, the monthly new loans and new deposits since 2003Scatter diagramDraw, according to the schema can judge between new loans and new deposits existA linear relationshipAccording to the correlation coefficient, calculated as 0. 2003 January to 2006 June using a total of 42 months in new loans and new deposits dataAnalysisNew deposits, can see, about 55.4% of the loans for a month, this result is consistent with the actual situation of our banking sector: a commercial bank loan ratio is not more than 75%, two commercial banks Chinese in recent yearsDeposit differenceBank deposits continued to expand, but investment inNational debt,The central bank billsLowIncome bondOr holdExcess reserves.

Regression analysis also shows that the deposit is the main reason for the increase of loans increased. 1 - 2006 June, the financial institutions in the ChineseForeign currencyNew loans reached 2226474000000 yuan, thanThe same period last yearNew loans rose 53.3% over the same period, this is due to the absorption of new deposits of financial institutions is 3112184000000 yuan, 434486000000 yuan more than the same period last year. New loan growth faster than new deposits.

The 3 theory, the index of credit increases with uncertainty

From a theoretical point of view, the central bank will credit scale as the control target is difficult. The central bank as theMonetary issueInstitutions, and considering its useControl means(The statutory reserve ratio,Rediscount,Open market operationsAnd so on), it can affect the level ofThe money supplyThe credit belongs to the money supply, but from the point of viewThe demand for moneyInstead, money supply.

　　The money supplyThere is a certain relationship between increment and credit, from the point of view, there is a relationship between them:

 

△ M2= △ DK+ △ QT, △ DK said: the new RMB loans; △ QT said other monetary demand, for exampleGovernment bond,Corporate bond,Financial debtOther investment tools.

Visible, new loans by the △ M2 and △ QT also influence. In determining if △ M2, △ QT △ DK is very small, it will become larger, while the relationship between them. Mainly from the △ QT includeProjectSee, for exampleThe issuance of treasury bondsThe timing and quantity issued, the central bank is unable to control and decision, so the central bank to control loan scale is very difficult.

If the central bank the money supply and credit scale at the same time as the intermediate target of monetary policy, it is possible to lead to the following situations:

A objectives and work center of gravity. While paying attention to money supply, while concerned about the credit scale, all want to forcibly, want to control, the results will inevitably lead to care for this and lose that, so that any one of the target can not achieve good;

B power offside, to intervene directly in commercial bank management, require the latter to increase or decrease the credit. As discussed above, the commercial bank credit, first of all depends on the absorption of the deposit, if the deposit increases, it will try to lend out, to obtain a loanSpreadsAnd investment income. Commercial banks absorb deposits, will generally be divided into three pieces: the first would take a reserve, ready to deposit customers at any time extraction, the proportion depends on the statutory reserve rate and bank reserve requirements; reserves deposits (i.e. "disposable funds") will be used for loans and investment, commercial the bank may be disposable funds for loans, may also invest (government bonds, financial bonds, central bank bills and so on), also may be the loan and investment allocation.

Back to the theoryCurrencySupply and demand analysis, the central bank in the money supply is the direct regulation, but the demand for money especially to the monetary allocation of funds, is a commercial bank functions and duties. Commercial banks according to their own preferences, goals to determine the disposable funds between loan and investment allocation. In short, the four state-owned commercial banks China gradually complete the joint-stock transformation, becoming the maximum profit is the goal of business circumstances, the central bank if continue to be the size of new loans as control target, not only will intervene commercial bank independent business, but also for itself, is to give oneself set the invisible shackles, the difficulty will be more and more.

4 the actual operation, control the credit scale is more and more influenced by other means of financing

From the actualFinancing structurePoint of view,Credit financingOnlyEconomic subjectOne of the many means of financing,

Non financial sector financing

Between credit financing and other means of financing is complementary relationship, if other means of financing financing much, then, credit financing scale will be reduced accordingly. Since the establishment in twentieth Century Chinese capital market at the beginning of the 90's, Chinese social investment financing diversified forms,Stock,BondDirect financing has become an important financing enterprises can use, and not limited to the issuance of stocks in China, especially the China enterprises in recent yearsOverseas listingThe amount of financing over the territory. Due to the fluctuation and periodicity of the capital market, stocks and bonds financing is often unstable. Active in the capital market, enterprise direct financing will be more, conversely, when the capital market, direct financing more difficult, to obtain funds will be less; consistent with this, the credit financing will also change accordingly. As can be seen from the,Bank creditIn the ChinaNon financial institutionsDepartment of Finance in the proportion is not very stable, some of the year, some of the year low. In thisEnterprise financingMethods increasingly diverse, bank credit is not stable, it is difficult to accurately predict and difficult to control.

The utility evaluation

It can be measured, in theThe planned economyNext, the size of the loan asThe intermediate target of monetary policyThe required data is basically complete. On the controllability, although governments at all levels ofLoanThere intervention,EnterpriseAnd local government over plans to loan demand will form"Daobi mechanism", but as long as the central government deems it necessary, to take measures to control loan scale.

Correlation, in the planEconomicsNext, the size of the loan with the economic growth andThe priceA high correlation between rising. Enterprise funds are mainly bank loan supply, increase, enterprises to expand the scale of production, economic growth, enterprise scale of production meansThe laborSpend more,WageEtc.CashThe increase in spending, consumer price inflation.

The size of credit evaluation

In addition, the size of the loan directly influenceSocial total demand. Under the planned economy, the loan is increasingThe money supplyThe only way to have a very high correlation, the size of loans and money supply. And the influence on the total demand of the money supply is crucial.

The size of the loan as the intermediate target of monetary policy has limitations. In the size of loans and money supply have a stable relationship, the size of the loan andEconomic activityA stable relationship. Without strict planning system, this correlation also lost. Basic loan size controllability is planEconomic systemUnder theCredit fundsDistribution system, with the system vicissitude is the single control the size of loans difficult and unreasonable.

The above research can draw a basic conclusion, that the credit scale (annualNew loans) it is not suitable forMonetary policyTheThe intermediate targetThe central bank should not be, and should not control the size of credit. The newly revised"The people's Bank of Chinese method"The provisions of article fifth "the people's Bank of Chinese annual money supply,Interest rates,Exchange rateAndThe State CouncilOther important provisions of the decision, after the approval of the State Council executive ", thus,LawNor will control the size of credit function is endowed with the people's Bank of China, also not clearlyThe new creditAs the intermediate target of monetary policy.

In fact, in theFinancial liberalizationAndThe economic globalizationThe basic trend, even the money supply and domestic economic activity connection is loose, the monetary authorities to control the money supply is more and more difficult (namely controllability down). Under this background, credit continues to be the intermediate target of monetary policy has become unrealistic. In fact, that the policies and practices in various countries, the target system of flexibility, transparency and credibility has become a key factor selection of intermediate target of monetary policy.

Of course, this indicator to observe the credit scaleMacro economyOperation is useful, we can not because it is not suitable to be the intermediate target of monetary policy to just ignore it. To a certain extent, it is an observation of the macroeconomic situation in ChinaThe barometer.

The new measures

One, to maximizeNew loansThe true size used to support smallEnterpriseDevelopment. All bankingFinanceConscientiously implement the "have to maintain pressure to institutions, differentiated" principle, strengthen consciousness and initiative, increase the intensity of the adjustment of the credit structure, improve the allocation structure of asset terms, and adhere to the combination of total fine-tuning and structural optimization, ensureThe new creditThe total is used for improving the credit structure, to increase investment in small business credit. One is to separate^[1]Die, individual assessment. According to the small business credit growth is not less than the fullLoan growthThe increase of not less than the previous year, the principle of separate arrangements, small business credit scale, individual assessment. To strengthen the asset stockStructure adjustment, after the recovery of loans, to more efforts on the key areas andEconomicsThe weak link, optimizing the storageCredit structure. Two is to separate list of customers, a separate management, separate statistics. To grasp the goodMacro-controlThe key, tempo and intensity, according to the nationalIndustrial policyAnd environmental protection policies, will conform to the industrial policy, environmental policy, and the small business market, technology, development prospects as the key support object, listed separately support the branches at all levels of small business customer list, in order to facilitate customer manager of marketing, credit approval accurately grasp. Three is to separate pricing, reasonable fluctuation. To support the sustainable development of small enterprises in the prevention of risks at the same time, in improving the efficiency and performance of goodSociologyResponsibility, interest rates for loans to small enterprises inThe pricing of riskOn the basis of reasonable floating. Can not be sold when granting loans insurance, funds and other products, cannot attach the unreasonable loan conditions, unreasonable fees may not be charged.

Two, to further enhance small business financial services. All bankingFinancial institutionTo combine their own actual, choose the right business model and organizational structure to implement the "six mechanisms", realize the small enterprisesCreditThe commercial sustainable development. The large and medium-sized banks should strengthen the sense of service, according toSmall business financingThe demand characteristic of "short, small, frequency, urgency", the organizational structure and business process reengineering, promote small business credit business system, grasp the construction of long term mechanism. To set up a dedicated small enterprisesCredit managementDepartments and professional team, the establishment of classification management, accounting, systems and methods of individual assessment, establish the credit characteristics of small business credit approval, risk management, incentive mechanism, personnel training and internal control system. The local banking institutions should give full play to advantage of services to small enterprises, combined with its own characteristics to the county and community financial services, to meet the PrudentialSupervisionRequirements, ensuring steady operation, can make full use of the new credit resources to increase support for local small business credit. All banking financial institutions in thePrivate economyRelatively active,Private capitalStrong, the financial demand of the region can provide the appropriate agency network; in accordance with the "low threshold, strict supervision" principle, appropriate to expand the scope of the pilot model of rural banks and other financial institutions, speed up the progress of the approval. At the same time, to further standardize and guidePrivate lendingActivities.

Three, to increase efforts to promote financial innovation. One is the innovation of small business loan guarantee mortgage, exploration rights and cash flow within the scope permitted by lawPledgeThe new way of security, including inventory, transferable forest ownership and land contract rightMortgage, and intellectual property rights, receivables and otherPledge loans, advanceEquity pledge loanEtc.. Two is to strengthen supervision, in the premise of risk control, developmentTrust financing, lease financing,Bond financingAnd trust, lease basedFinancial products, broaden the financing channels for small enterprises. On the basis of standardizing the management, and gradually promote small enterprisesThe securitization of credit assetsBusiness. The three is to innovation and the development of small enterprisesTrade financeMethods, especially the expansionLetter of creditFinancing under trade, exploration of non trade financing under the letter of credit, to encourage the general accounts receivable to support small businesses, including the development ofAccounts receivable financing, provideFinancing,Debt recoverySales account management,Credit sales controlAs well asThe bad debt guaranteeEtc.Financial servicesEncourageWarehouse receipt pledgeThe right to pledge the goods, financing, developmentSupply chain financing. Four is to strengthen the interaction with the insurance company. WillBank financingWith the insurance companyCredit insuranceCombined with transaction documents, bank,Insurance policyAnd claim payment transfer agreement and other documents, to provide trade financing for enterprises, the use of insurance risk sharing strong ability, expand the capacity of small business financing. Five is to beCredit products,The fund settlement, financial products, electronic banking products with trade financing products to effectively combine, bundling marketing, providing comprehensive financial services for small enterprises. At the same time, to strengthen the small business financial advisory and consulting services, to provide financial services for small enterprises, and to help small enterprises to standardize the operation, effectively avoid various economic and financial fraud, ensure the safety of funds.

Four, to the scientific assessment and timely disposal of small enterprisesBad loans. Banking financial institutions should adhere to risk coverage and sustainable principle, reduceFinancial transactionsMay occur in the process ofMoral hazard. According to the characteristics and needs of their own credit management and risk prevention, the use of advanced technology and accurate method toSmall business loansRisk classification, reasonable formulation of bad loans of small-sized enterprises control index and the proportion of non-performing loans on the basis of scientific calculation, independent assessment of the non-performing loans of small enterprises. According to the newThe financial enterpriseWrite off bad debts management approach, to the small business loan losses to the timely verification.

Five, to play the promotional role of supporting policies. Banking financial institutions should fully use the good opportunity of fiscal and tax policy adjustment, strengthen credit support for small enterprises, and actively helpExitEnterprises to do the capital settlement work. To comprehensively playDirect financing,Indirect financing,Risk compensationAnd support in Finance & Taxation, expandFinancing channelsAll kinds of small enterprises, financing needs to adapt to different industries, different performance, different levels of profitability, reduce their dependence on credit market. Regulatory departments and banks should actively coordinate relevant departments to accelerateCreditSystem construction, to explore the construction of credit support for financing mode, improve the financing environment for small enterprises. Accelerate the establishment of a suitable for small enterprise credit collection system, rating release system, default information bulletin mechanism andDisciplinary mechanismStudy on the development of small businessesCredit systemManagement measures, provide a platform for effective information sharing and communication.

Six, to effectively change the style to do good things for the small business financing and do practical things. All units, the banking financial institutions should change the simple working methods, blundering problem. The leaders should take the lead in-depth research done by small enterprises, so close to the business, close to the customer, close to the market, to work hard and be practical, real for the development of small enterprises to do practical things, to do good, do solution as pressing danger thing, do timely assistance. From the bank's own development, market positioning strategy, train a group of outstanding small business as a future loyalHigh quality customerGroup. The unit responsible persons and institutions must be out of the office, out of the meeting room, the grass-roots level, in-depth business, to carry out research activities into the factory into the store, and to investigate and understand the new situation and new problems, listening to the opinions, to listen to the voice of enterprises, face-to-face to discuss, research measures, to the real service, sincere emotion, true support, create a good image of the bank, to win social returns, to win the trust of the public, for the social and economic development, social responsibility, and make greater contributions to.