反周期调整信号深刻释放了企业跨境融资的宏观审慎调整参数

概要

[Thecounter-cyclicaladjustmentsignaldeeplyreleasesthemacro-prudentialadjustmentparametersofcorporatecross-borderfinancingThecounter-cyclicaladjustmentsignalisreleasedagainThePeople’sBankofChinaandtheStateAdministrationofForeignExchangeissuedanannouncementyesterdaydecidingtolowerthemacro-prudentialadjustmentparameterofcross-borderfinancingforenterprisesfrom125to1(ShanghaiSecuritiesNews)

The counter-cycle adjustment signal is released again.Chinese peoplebank,countryForeign exchangemanagementBureau released yesterdayannouncement, Decided toenterpriseThe macro-prudential adjustment parameter for cross-border financing of the Company was lowered from 1.25 to 1.

In the industry’s view, this move can reduceforeign currencyThe amount of financing, controlCash flowEntry scale and speed,improveForeign exchange marketSupply and demand situation, easeRMBAppreciation pressure, preventionshort termThe impact of international capital inflows.

　　International financeProblem expert Zhao Qingming believes that the measure is designed to passmarketChemical methods to adjust foreign exchange liabilities.Since the appreciation of the renminbi, the inflow of foreign exchange funds has increased, and the market has seen foreign exchange speculation. After the parameters are lowered, the willingness and ability of enterprises to raise funds from abroad can be restrained to a certain extent, making capital outflows and inflows more balanced.RMB exchange rateStability creates good conditions.

Data show that in 2019, my country’sexternal debt92.1 billionUSD; In the first three quarters of 2020, my country’s new foreign debt will be USD 237.1 billion.Short-term foreign debtversusforeign exchange reservesThe ratio also rose from 39.78% at the end of 2019 to 41.23% at the end of the third quarter of 2020.

ChinaMinsheng BankLead researcher Wen Bin said that the reduction of the macro-prudential adjustment coefficient for full-scale cross-border financing means that the upper limit of cross-border financing for enterprises and financial institutions will tend to fall in the future, which will help reduce the inflow of cross-border funds.

Nowadays, the subject of macro-prudential adjustment of cross-border financing has been further expanded from financial institutions to corporate entities, and the further downgrading of corporate parameters to 1 is to maintain policy consistency. In December 2020, the peoplebankThe State Administration of Foreign Exchange announced that it will lower the macro-prudential adjustment parameters for cross-border financing of financial institutions from 1.25 to 1.

An industry insider said that including enterprises in the scope of adjustment may be affected by rigidity before the Spring Festival.SettlementThe current market’s expectations for the appreciation of the renminbi are relatively strong. After the latest adjustments, it is possible to “two-pronged” from the financial institution side and the enterprise side to curb the rising expectations of RMB appreciation.

From recent daysexchange rateIn terms of performance, the renminbi remains strong. As of 21:00 yesterday, the onshore and offshore RMB exchange rates against the US dollar were reported at 6.4678 and 6.4580 respectively.

In Zhao Qingming’s view, the “two-step approach” of lowering the parameters is due to the different nature of financial institutions and enterprises, and lowering the parameters in two steps is a process of continuous improvement of policies.

“Enterprises wanting to raise funds from abroad, on the one hand, they can use financial institutions, which have stronger overseas financing capabilities; on the other hand, they can also directly raise funds from abroad.borrowFund financing. “Zhao Qingming said that from the downward adjustment of relevant parameters for financial institutions, it is further expanded to enterprises, and the adjustment management is more comprehensive.

In addition, compared with previous adjustments to financial institutions, the latest adjustments reflect the steady and orderly progress of policy measures.The announcement made it clear that the company’sFinancing riskIf the weighted balance exceeds the upper limit, the cross-border financing contract before the notice can be held to maturity.

(Source: Shanghai Securities News)

(Editor in charge: DF380)