ack end posit resid ict hit 商業銀行 head ould

China cuts bank reserves by $100m to cushion US tariffs
中國央行定向降準釋放千億美元資金
China is cutting the amount of reserves the country’s banks are required to keep on deposit at the
central bank, freeing up more than $100bn to help cushion a slowing economy and the impact of a
potential trade war with the US.
中國將降低國內銀行在央行存放準備金的要求，從而釋放逾 1000 億美元資金，以緩解經濟放

緩以及與美國發生潛在貿易戰的影響。
The People’s Bank of China announced in a statement on Sunday that it would reduce the reserve
requirement ratio for large commercial banks by half a percentage point, giving them an additional
Rmb500bn ($77bn) to deploy. Reserve cuts for smaller banks are expected to free up an additional
Rmb200bn.
中國人民銀行(PBoC)周日在一份聲明中宣布，將把大型商業銀行的存款準備金率降低半個百分
點，使它們有額外 5000 億元人民幣（合 770 億美元）資金可以部署。預計針對中小型銀行的“降
準”措施還將釋放另外 2000 億元人民幣資金。
While China’s central bank did not mention the looming trade war with the country’s largest trading
partner, the cuts are scheduled to take effect on July 5.
盡管中國央行沒有提到中國與其最大貿易夥伴之間的貿易戰一觸即發，但下調存準率的措施將
於 7 月 5 日生效。
This month, US President Donald Trump announced that his administration would impose punitive
tariffs on $34bn worth of Chinese industrial exports in retaliation for alleged intellectual property
theft. The first round of tariffs are scheduled to take effect on July 6, with a second round hitting
another $16bn worth of Chinese exports later in the summer.
本月，美國總統唐納德•特朗普(Donald Trump)宣布，他領導的行政當局將對價值 340 億美元的
中國輸美工業產品征收懲罰性關稅，以報復中國涉及竊取知識產權的行為。第一輪關稅定於 7
月 6 日生效，第二輪將於今夏晚些時候生效，進一步針對價值 160 億美元的中國輸美產品。
The Chinese government has promised to respond in kind, penalising an equivalent value of US
exports as soon as Mr Trump’s tariffs take effect.
中國政府已承諾做出同等回應，在特朗普的關稅生效後，對同等價值的美國對華出口進行懲罰。
The US administration is also taking further steps to escalate a trade war with plans to restrict
Chinese investment in US companies and start-ups in sectors ranging from aerospace to robotics to
railways.
特朗普政府還將采取升級貿易戰的進一步措施，計劃限制中資投資於多個行業（從航空航天、
機器人到鐵路）的美國企業和初創公司。
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Last week Xi Jinping, China’s president, told a group of global executives, including the heads of US
companies such as Goldman Sachs and Cargill, that his country could not “turn the other cheek” in
the face of such threats and would hit back.
上周，中國國家主席習告訴包括高盛(Goldman Sachs)和嘉吉(Cargill)等美國公司掌門人在
內的全球高管，面對這樣的威脅，他的國家不能被動挨打，而是會反擊。
According to three people briefed on the June 21 meeting, Mr Xi also told the visiting executives that
“when one door closes, another opens” — a reference to the opportunities that could open up for
non-US companies if Mr Trump does not back down from his tariff threat.
了解 6 月 21 日會晤的三位人士透露，習還告訴到訪的高管們，一扇門關上後，另一扇門
會打開。此言指的是如果特朗普不撤消他的關稅威脅，機遇之門有望為非美國企業打開。
The PBoC, which has been spearheading a campaign against financial risk over the past two years,
emphasised that the reserve cuts would be carefully “targeted”. The campaign against financial risk
is being executed by Liu He, the vice-premier who oversees the country’s financial regulators and
also leads trade negotiations with the US and EU.
在過去兩年努力遏制金融風險的中國央行強調，降低存款準備金率將被小心“定向”。遏制金融
風險行動正由劉鶴負責執行，他是分管中國金融監管機構的副總理，還領導著中國與美國和歐
盟的貿易談判。
Big banks will be required to direct the Rmb500bn in freed-up funds towards “debt-for-equity”
swaps — a recently introduced programme in which banks write off debt to heavily indebted firms in
return for equity stakes. While the programme has largely benefited heavily indebted state-owned
industrial firms, the PBoC emphasised that the new funds should not be used to help “zombie”
companies with no hope of recovery.
各大銀行將被要求將 5000 億元人民幣的釋放資金用於“債轉股”——這是最近推出的一項計
劃，銀行註銷負債累累企業的債務，以換取股權。盡管該計劃主要讓債臺高築的國有工業企業
受益，但中國央行強調，新資金不應被用於幫助那些復蘇無望的“僵屍”企業。
The Rmb200bn in funds freed up for smaller banks is supposed to be used to boost funding for small
and medium-sized enterprises, which have long struggled to secure credit that tends to flow to
state-sector companies. Mr Liu and his aides are determined to stamp out “speculative” financial
practices and make sure that liquidity instead flows into the “real economy”.
為中小銀行釋放的 2000 億元人民幣資金理應被用來為中小企業提供資金；在中國，銀行信貸
傾向於流向國有企業，而中小企業長期難以獲得資金。劉鶴及其助手們決心杜絕投機性金融操
作，確保流動性被輸送至實體經濟。
The current reserve requirement ratios for large and small banks are set at 16 and 14 per cent
respectively.
大、小銀行目前的存款準備金率分別為 16%和 14%。
“Today’s cut will [provide] fresh liquidity for the real economy, so it sends a strong signal of policy
easing on the part of the State Council and PBoC,” Lu Ting, chief China economist at Nomura, wrote
in a research note. “Despite today’s cut . . . the Chinese economy is yet to bottom out and the
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situation could get worse before getting better.”
“今日的降準措施將為實體經濟提供新的流動性，所以它傳遞了國務院和中國人民銀行放寬政
策的強烈信號，”野村證券(Nomura)中國區首席經濟學家陸挺在一份研究簡報中寫道。“盡管有
今日的降準行動……但中國經濟尚未觸底，形勢在好轉之前可能會變得更糟。”
Last week China’s stock markets fell to two-year lows and the carefully managed renminbi declined
1 per cent against the US dollar as Mr Trump escalated his tariff threats and a host of economic
indicators indicated that Mr Liu’s financial crackdown had slowed growth in May.
隨著特朗普升級關稅威脅，同時有大量經濟指標顯示劉鶴主導的金融整治行動減緩了 5 月經濟
增長，上周中國股市跌至兩年低點，而受到謹慎管理的人民幣兌美元匯率下跌 1%。

China cuts bank reserves by $100m to cushion US tariffs