Credit Asset Securitization Pilot Is Expected To Expand

In June 10th, the central bank officials interviewed the Xinhua news agency and the people's daily, answering questions about the financing and financing difficulties of P, and expressed the new trend of expanding the pilot project of credit asset securitization.

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< p > in the previous day (June 9th) announced the "a href=" //www.sjfzxm.com/news/index_c.asp "directional reduction" < /a > measures, the central bank again in this form of monetary policy regulation and control ideas, that is, targeted monetary policy tools, mainly through credit assets securitization tools to revitalize the stock credit, the market had expected a wide range of quasi cut interest rates or difficult to appear.

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< p > < strong > < a > href= > //www.sjfzxm.com/news/index_c.asp > financing structure < /a > difficult problem < /strong > /p >

< p > the central bank responsible person said the financing of small and micro enterprises is difficult to finance, which is a comprehensive reflection of many contradictions in the process of pformation and upgrading of China's economic structure. It is necessary to make concerted efforts in all aspects to ease the financing problem.

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< p > the central bank leaders mentioned many times about the "structural problems": "in the case of the overall stability of the total amount of financing, financing difficulties and financing are more structural problems, which are related to the macro-economic development stage of China's economic pformation and upgrading, as well as the micro entities themselves, the market environment, and many other reasons.

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< p > this is consistent with the opinion of Sheng Songcheng, the central bank's investigation and Statistics Department, published in the media last week. Sheng song believes that the financial constraints of large enterprises such as local government financing platforms and real estate enterprises have pushed up interest rates.

In his article, he pointed out that "China's enterprises rely heavily on debt financing and have a relatively high leverage ratio. Continued leverage will increase macroeconomic vulnerability, so there is no room for monetary policy to relax substantially.

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< p > the central bank director also mentioned that "some parts of the financing platform and state-owned enterprises have" financial soft constraints ", which are not sensitive to the price of funds and occupy a large amount of credit resources.

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< p > recently, although a series of information shows that the independence of the central bank has been strengthened, it is also more difficult to formulate satisfactory monetary policies in the distorted economic structure. Because of this, the central bank is constantly trying to communicate more with the market by publishing articles and accepting media interviews.

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< p > "if the current credit support to the real economy is not satisfactory, on the one hand, the demand for the real economy is weak. On the other hand, banks will be reluctant to lend money. The overall reduction will only make the interbank liquidity flow to the capital, but not the structural capital problem.

"Guo Kai securities Macro Analyst Du Zhengzheng told the" daily economic news "reporter.

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< p > < strong > revitalize stock < a href= > //www.sjfzxm.com/news/index_c.asp > credit > /a > /strong > /p >

< p > it is worth noting that when the outside world is debated over the advantages and disadvantages of the full scale reduction and even the reduction of interest rates, the central bank's leaders mentioned above as one of the key points.

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< p > the central bank executive said that from the domestic and international practice, the development of financial industry and financial market has come to the stage of accelerating the development of securitization of credit assets.

By the end of 5 2014, a total of 23 financial institutions in China had launched 43 single and 179 billion 300 million yuan credit asset securitization products in the interbank bond market.

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< p > compared to the balance of RMB loans more than 60 trillion at the end of 4, less than 200 billion yuan of credit asset securitization products are obviously far from enough.

More importantly, as the investment entities in the interbank bond market are still commercial banks and a small number of brokerages, most of the pferred credit assets still remain in the banking system, and have not played a role in resolving systemic risks.

For commercial banks, because the pilot requires qualified credit assets as the subject matter, it is difficult to meet the needs of banks' "burden".

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< p > at the same time, the credit assets securitization products listed on the exchanges, though they are brewing, have not yet landed.

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"Next step," the central bank will continue to carry out the pilot project of securitization of credit assets with the relevant departments, simplify audit procedures, improve the efficiency of issuing, expand the scope of basic assets, enrich diversified investment groups, and enhance the enthusiasm of banking financial institutions to participate in the pilot projects. "P"

"The central bank leader said.

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< p > two consecutive directional lowering and central bank intensive statements have cooled the expectations of overall easing. CICC has said that the possibility of full scale reduction in the short term is unlikely.

In view of the downward pressure on the economy caused by the current real estate market adjustment, the government may launch further directional easing policies, such as targeting more financial institutions, increasing the intensity of re lending to banks that meet the government's reform targets, and fine-tuning loan to deposit ratios.

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