波多野结衣办公室双飞_制服 丝袜 综合 日韩 欧美_网站永久看片免费_欧美一级片在线免费观看_免费视频91蜜桃_精产国品一区二区三区_97超碰免费在线观看_欧美做受喷浆在线观看_国产熟妇搡bbbb搡bbbb_麻豆精品国产传媒

USEUROPEAFRICAASIA 中文雙語Fran?ais
Business
Home / Business / Finance

China moves to deleverage without destabilizing growth

Xinhua | Updated: 2017-04-26 10:11

BEIJING — China is walking a tightrope between deleveraging and maintaining growth.

Authorities have tightened financial regulation and credit control and are using an expanded monetary policy toolkit to deleverage without stymieing an economic recovery.

Policy makers are wary of debt piling up in corporations, local governments and even households. They are eyeing investment booms in financial markets ranging from stocks, bonds to farm produce futures with extreme caution. This year, the task in hand is to reduce leverage and contain financial risks.

Things have escalated in recent weeks. The banking regulator has issued a flurry of directives on risk control and threatened to come down hard on malpractice. The China Banking Regulatory Commission (CBRC) last week ordered lenders to conduct self-inspections, focus on non-performing loans, fix regulation loopholes, and engage in more debt-for-equity swaps.

The Financial News, affiliated with the central bank, ran an editorial Monday saying the supervision under central bank's risk monitoring system - the macro prudential assessment - and CBRC scrutiny were both aimed at deleveraging and controlling financial risks. More such policies are in the pipeline.

Concern over the regulatory squeeze has weighed on the stock market, which on Monday posted its worst performance this year. The benchmark Shanghai Composite Index tumbled 1.37 percent.

The interbank market is also feeling the strain, with the overnight Shanghai Interbank Offered Rate - the cost at which Chinese banks lend to one another - up 3.57 basis points on Tuesday to 2.75 percent, the highest level in more than two years.

Tightening is likely to hurt excessively levered carry trades, but unlikely to spill over to the real economy, said Liu Wenqi, an analyst at China International Capital Corporation.

Policy makers need to better manage the frequency and intensity of monetary and regulatory tweaks, balancing the contradictory goals of reduced leverage and sustained recovery, said Zeng Gang, an economist with the Chinese Academy of Social Sciences.

With monetary policy shifting away from a relatively loose stance, the central bank has been feathering, not slamming on, the credit brakes.

Commercial banks made a total of 4.2 trillion yuan ($610 billion) in new yuan loans in the first quarter, down 8.5 percent from a year before, the first year-on-year decrease since 2011.

M2, a broad measure of money supply that covers cash in circulation and all deposits, grew 10.6 percent to about 160 trillion yuan at the end of March. The pace of increase slowed 2.8 percentage points compared with the same month last year.

Zeng believes China has finally shifted away from credit-fueled stimuli to better control of the "credit floodgate" and use funds more efficiently.

Over the past year, the central bank has steered clear of interest rate cuts and avoided tinkering with reserve requirement ratios. Instead, it employed a range of tools, such as reverse repos and lending facilities to manage liquidity.

Following the tightening of regulations, the central bank continued cash injections into the banking system to help avert any severe cash shortages. Some 170 billion yuan was pumped into the market last week, the largest weekly cash injection in three months.

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
波多野结衣办公室双飞_制服 丝袜 综合 日韩 欧美_网站永久看片免费_欧美一级片在线免费观看_免费视频91蜜桃_精产国品一区二区三区_97超碰免费在线观看_欧美做受喷浆在线观看_国产熟妇搡bbbb搡bbbb_麻豆精品国产传媒
波多野结衣欲乱| 日本中文在线视频| 欧美日韩精品电影| 亚洲精品视频在线观看网站| 不卡av在线网| 开心激情五月网| 中文字幕av一区 二区| 国产精品亚洲а∨天堂免在线| 国产成人福利在线| 久久亚洲私人国产精品va媚药| 伦理电影国产精品| xxxx日本黄色| 久久久国产精品麻豆| 国产麻豆91精品| 2014亚洲天堂| 亚洲日本电影在线| 91免费看片在线观看| 欧美亚洲动漫另类| 午夜视频一区在线观看| a视频免费观看| 精品久久久久久久久久久久久久久久久 | 黄视频网站免费看| 亚洲特黄一级片| 免费看三级黄色片| 91精品国产综合久久久久久久久久| 午夜精品一区二区三区电影天堂| 人妻在线日韩免费视频| 26uuu精品一区二区| 国产酒店精品激情| 色综合久久久久网| 亚洲电影一区二区| 久久精品一区二区免费播放| 久久久久国产成人精品亚洲午夜| 国产高清久久久| 91久久线看在观草草青青| 亚洲国产一区二区三区青草影视| 中文成人无字幕乱码精品区| 欧美精品一区男女天堂| 国产成人av福利| 欧美做爰猛烈大尺度电影无法无天| 亚洲3atv精品一区二区三区| 日韩人妻一区二区三区| 中文字幕av不卡| 日本黄色www| 欧美zozozo| 成人免费视频视频在线观看免费| 欧美色精品在线视频| 美女免费视频一区二区| 久久免费看少妇高潮v片特黄| 亚洲一区二区三区四区五区中文| 亚洲激情视频小说| 亚洲视频一区在线| 欧美做受喷浆在线观看| 中文字幕+乱码+中文字幕一区| 91精品人妻一区二区三区蜜桃2| 欧美tk丨vk视频| av午夜精品一区二区三区| 欧美一区二区三区免费大片| 国产精品99久久久久久久vr| 欧美日韩专区在线| 国产一区二区影院| 欧美日韩视频一区二区| 国产一区二区三区黄视频 | 中字幕一区二区三区乱码| 亚洲欧洲韩国日本视频| 97人妻天天摸天天爽天天| 国产精品乱人伦中文| 日韩aaaaa| 亚洲图片激情小说| 成人午夜福利一区二区| 玉足女爽爽91| 男人操女人动态图| 亚洲一区二区三区四区的 | 国产精品美女www爽爽爽| 国产不卡一二三| 中文字幕视频一区二区三区久| 亚洲国产无码精品| 亚洲精品老司机| 免费一级suv好看的国产网站| 亚洲444eee在线观看| 日韩在线观看视频一区二区| 久久精品国产亚洲a| 欧美日韩高清不卡| 成人免费va视频| 久久午夜羞羞影院免费观看| 精品1卡二卡三卡四卡老狼| 国产精品成人一区二区三区夜夜夜| 中文字幕av网址| 亚洲国产精品尤物yw在线观看| 黄色一级大片在线免费观看| 青草av.久久免费一区| 欧美亚洲自拍偷拍| 成人黄色在线网站| 国产色婷婷亚洲99精品小说| 极品少妇xxxx精品少妇| 欧美精品久久久久久久久老牛影院| 懂色一区二区三区免费观看| 欧美精品一区二| 中文字幕一区二区久久人妻网站| 一区二区三区在线免费观看| xxxx日本少妇| 国产精品综合久久| 久久蜜桃av一区精品变态类天堂| 在线免费看黄色片| 亚洲一区视频在线观看视频| 色综合天天综合| 国产91精品久久久久久久网曝门| 26uuu国产一区二区三区| 亚洲精品理论片| 午夜精品一区二区三区免费视频 | 亚洲少妇中文字幕| 亚洲男人的天堂网| 欧美丰满熟妇bbbbbb| 国产精品亚洲一区二区三区妖精 | 亚洲一区二区三区四区av| 亚洲美女电影在线| 色综合网站在线| 成人久久视频在线观看| 亚洲国产电影在线观看| 日本不卡一区视频| 国产老肥熟一区二区三区| 久久这里只精品最新地址| av在线网站观看| 蜜桃精品在线观看| 日韩精品中文字幕在线不卡尤物 | 精品制服美女丁香| 久久只精品国产| 91麻豆制片厂| 国产一区二三区好的| 欧美国产日韩在线观看| 97在线观看视频免费| 国产91精品一区二区麻豆网站 | 在线观看日本中文字幕| 免费看欧美美女黄的网站| 欧美电影免费观看高清完整版 | 亚洲一级在线观看| 欧美日韩情趣电影| 影音先锋人妻啪啪av资源网站| 午夜精品久久久久久久久久久| 欧美一区二区性放荡片| 国产男女猛烈无遮挡a片漫画| 爽爽淫人综合网网站| 日韩欧美二区三区| 亚洲第一视频区| 高清不卡一区二区| 亚洲精品写真福利| 欧美顶级少妇做爰| 免费看污黄网站在线观看| 国内不卡的二区三区中文字幕| 久久精品男人的天堂| 成年人av电影| 丰满熟女人妻一区二区三区| 日本va欧美va精品| 国产日韩欧美麻豆| 一道本成人在线| 性活交片大全免费看| 免费观看日韩av| 中文av一区特黄| 欧美在线看片a免费观看| 国产精品九九视频| 韩国三级在线一区| 中文字幕亚洲在| 91精品婷婷国产综合久久竹菊| 五月天精品视频| 不卡视频在线观看| 午夜影院在线观看欧美| 久久综合九色综合欧美亚洲| 人妻少妇精品一区二区三区| 国产性猛交96| 国产一区二区三区香蕉| 亚洲美腿欧美偷拍| 精品日韩一区二区三区| 中日韩一级黄色片| 无码人妻精品一区二区三| 国产一区三区三区| 亚洲自拍偷拍图区| 久久综合色鬼综合色| 色av一区二区| 美女爆乳18禁www久久久久久| 成人免费的视频| 日本不卡一区二区三区高清视频| 日本一区二区三区在线不卡| 欧美日韩视频一区二区| 日本成人免费在线观看 | 久久久免费看片| 亚洲综合中文网| 国产一区二区三区| 亚洲午夜久久久久久久久久久 | 三级电影在线看| 成人污污视频在线观看| 视频一区在线视频| 亚洲欧洲三级电影| 精品欧美一区二区三区精品久久| 色猫猫国产区一区二在线视频| 性色av蜜臀av色欲av| caoporen国产精品视频| 久久精品二区亚洲w码| 亚洲综合在线观看视频| 欧美激情在线一区二区| 日韩一卡二卡三卡|