Financing instruments to see the stock market is the benchmark credit

 Financing instruments to see the stock market is the benchmark credit
2009-2-18 Daily News
people for new credit in the bill financing the increase puzzling, because in the end we can not determine the whereabouts of children bill financing Therefore, financing to the capital market instruments, bills finance companies ease the difficulties in financing, rampant speculation.
Where children bill financing in the end, no one knows, the central bank and China Banking Regulatory Commission recently specifically two men rushed to the bank, Agricultural Bank of China two business department of the bank's notes where mm in Shanghai, on the rapid growth of the bill financing the research. vaguely optimistic informal conclusions, the CBRC, told reporters that stakeholders from the research situation, the company stock compression, would like to have more affordable cost to borrow money from the bank; for the banks, security is relatively high. This is a bill financing the reasons for faster growth. for the real economy to free capital for central bank vice governor Yi Gang, 14,UGG shoes, also noted that the bills are the result of market selection, easing the financing difficulties of SMEs, we should respect the market.
lack of a real large increase in bills discounted deal two points: First, the market appears localized abundant liquidity, access to discounted business can enjoy the benefits of relaxing the current round of credit; secondly, whether business or bank, for the future of the economic recovery is not sure, so will risk lock within six months of this time also to the inventory of business critical period.
bill financing increased, indicating that a number of companies have repeatedly discounted capabilities greatly reduce the cost of short-term financing, it is stated that the current high interest rate bank loan endure no market basis, since the market has made adequate liquidity under the low-interest financing options paper, the central bank no reason why the liquidity situation is so abundant, so that the interest rate high above? only to commercial banks to survive it? commercial banks to increase financing instruments, but the fact is that they can not find a better loan program.
the other hand, bills discounting and medium-sized enterprises often only to get, so a higher loan interest rates are often left to the small business, indicating that SME financing is not resolved, The so-called discount notes ease financing difficulties of SMEs, is wishful thinking. our current increase in credit, a government long-term loans went to large enterprises and enterprise credit guarantee programs; short-term credit to more targeted, more arbitrage between bills at a discount can not predict the direction of the place. I contact the bank who confirmed the easy credit financing instruments mainly to reduce costs under the conditions required.
increase in bills discounted interest rate arbitrage model shows an increase, whether it is part of the cash flow the enterprise, the flow of the stock market, or went to private high-interest credit market, are required to carry.
carry trade may be more medium-sized enterprises, as the discount rate and medium-sized enterprises directly about 1.6% ~ 1.8 %, the current 3-month and six-month deposit rate was 1.71% and 1.98%,UGG boots clearance, there may be a certain margin; and small business rates bills until paste is generally more than 2%, arbitrage does not exist. the other hand, private lending rates , with the credit crunch and relaxed, experienced a roller-coaster of the stock market. According to a survey of Wenzhou People's Bank,Bailey UGG boots, from August 2008 fell below the monthly interest rate of 12%, in January 2009 fell in straight sets monthly interest Fei 1.5m2% range. This shows that, with the relaxation of credit, government and civil society in bridging the gap between lending, bills finance into the private lending market to reap benefits of space is relatively small.
arbitrage channel may lie within the bank's notes financing and bank loan interest rate difference,UGG boots cheap, or lack of safety factor of bill financing the enterprise shift, and the greatest possibility is chasing the stock market frenzy. now carry high finance credit under the administrative guidance is high, high interest rates and market there divide the results of the profitability of credit funds were relaxed in order to bill financing is a way to get drop by. This is a distortion of the market, rather than the real market, is a very unique way of stretching financial leverage.
Besides, the stock market recovery in the real economy has no substantive case, the current confidence in the stock market is the only source of capital increment. How will the next increment of funds?
January Another surprising financial data, Narrow money supply M1 is the decline in M2 broad money supply rose mm M2 growth picked up, an increase of 18.79%; M1 growth rate down to statistics in 1997 the lowest level since the month up 6.68%, an increase over the previous year 2.38 percentage points lower. In fact, we may ignore the incremental cash, if the increase in credit bills, can only show that we can not see the cash in another way into the economy, the huge arbitrage.
To be sure, if accompanied by credit expansion can not come fast growth financing instruments, arbitrage funds will gradually ebb. credit cool day, a large outflow of funds of the day, that is when the end of a rebound. bill financing is the number of a very important benchmark.
Indeed, we should respect the market. Through this analysis, we can see that some large enterprises and financial institutions already funded, resulting in the actual market interest rates decline by way of discounting bills, and ultimately around the arbitrage . Therefore, it should do is to play a capacity of financial institutions forced to find a better investment projects, rather than sitting on dividends.
Note: Sohu blog has finally returned to normal. the objective of the source of innovation, balancing the hub .
market volatility, credit-related, I hope the central bank research report released early, so as to make the right judgments. In fact, the physical economy, the credit Ye Hao, half flame, half of the water aggravated the situation. Restructuring increase the efficiency of resource allocation delay.