中国央行研究人员认为短期内存在加息空间

State-run newspaper China Daily said on Monday that top researchers at the People’s Bank of China had recently agreed that higher rates would “help to squeeze asset bubbles and restrain debt expansion, as a tool to be used with broader oversight of financial activities.”

官方报纸《中国日报》(China Daily)周一称，中国央行高级研究人员近期一致认为，加息“作为一种用来对金融活动实施更广泛监管的手段，将有助于挤压资产泡沫和抑制债务扩张。”

The paper quoted Ji Min, deputy head of the bank’s research bureau, as saying over the weekend that there “is room for an increase in interest rates in the short term as industrial product prices and enterprises’ profitability have improved since last year”.

该报援引中国央行研究局副局长纪敏上周末说的话称，“自去年来工业产品价格和企业利润不断提升，短期内存在加息的空间”。

The state-run daily wrote that a possible hike in interest rates, “along with the key lever of cutting the overcapacity of industrial producers, would further improve producers’ investment returns by curbing debt expansion regardless of the costs of borrowing, according to the officials.”

该报写道，“官员们称，（一次可能的加息）辅以削减工业企业过剩产能的关键手段，将抑制不顾借贷成本的债务扩张，从而进一步提升企业的投资回报”。

Yet China’s financial markets and corporations did not stomach the PBoC’s rate hikes as well as their US counterparts last year, according to Trinh Nguyen, Senior economist for emerging Asia at Natixis.

但法国外贸银行(Natixis)新兴亚洲高级经济学家阮纯(Trinh Nguyen)表示，去年中国金融市场和企业并没有消化掉中国央行的加息以及美国的加息。

Ms Nguyen said in December that the Shanghai 3-month interbank lending rate had “shot up to reflect tighter liquidity and counter-party risks of banks.”

阮纯去年12月表示，3月期上海银行间同业拆放利率(Shibor)“已经跃升，反映出银行流动性趋紧和对手方风险。”

“Chinese stock indices (both Shenzhen and Shanghai) have under-performed not just the US but also the Asia Pacific region due to tight monetary conditions – our Natixis Monetary Condition Index shows that China is amongst the tightest,” she wrote.

“中国（深市和沪市）股指的表现不但不如美国，也不如亚太地区，原因就在于货币状况紧张——必赢的Natixis货币状况指数(Natixis Monetary Condition Index)显示，中国属于最紧张之列，”她写道。

The PBoC last raised rates for its Medium-term Lending Facility and reverse repos by five basis points on December 14 following an overnight rise of 25 bps by the US Federal Reserve overnight.

中国央行上次上调中期借贷便利(Medium-term Lending Facility)和逆回购利率是在去年12月14日。在美联储(Fed)前夜将隔夜利率上调25个基点后，中国央行在12月14日将上述利率调高了5个基点。