After the data came out in July, the growth of bank credit market disappointment only more than 5400 yuan, far different than the market expectation of 800 billion. Many people are asking more substantial cut interest rates twice, not only reduces the cost of financing, and that the central bank's monetary policy can be a big reversal, therefore, its policy effects will definitely give the bank credit in July growth. But in fact the July bank credit ratio is far worse than market expectations, and why? In this regard, we can be understood from the following aspects.
First, from the point of view of the current bank credit growth, despite the growth of bank credit in July more than 5400 billion, than the growth of the market Cheap North Face is expected to be less, but this is not a weak corporate demand for bank credit market many people understand, and The current financing of the Chinese financial market and financing instruments and bank credit behavior changed greatly. For example, prior to 2003, the proportion of bank credit in the society as a whole financing more than 90%, while in 2011 this dropped to 58%. First half of this year, the situation is the total financing of the society as a whole reached 7.8 trillion, the proportion of bank credit is only around 60%. The social financing totaled $ 1.02 trillion in July, only 53% of the proportion of bank Timberland Shoes credit. Month corporate bond issuance reached more than 400 billion yuan. In other words, the current government is more financing channels to solve the problem of corporate finance. Direct financing channels can reduce the cost of corporate finance, may also reduce the risk of the bank and can be reduced by the frequency of the central bank to use monetary policy tools. In other words, due to the diversification of financing instruments, when companies face more financing options, reduced demand for bank credit is also a normal thing. Second, the changes in bank behavior will affect the credit growth quarter allocation. For example, in 2009, the scale of release imposed by the central bank on bank credit and interest rate controls. In this case, the competition in the domestic banks only competition in the credit size, the scale of which bank credit, which bank's competitiveness. The billing methods profit, loan first release, who Suntory. So, as early as lending, Timberland Boots lending first, a large number of lenders became major behavioral patterns bank staff was high bonuses. However, with the 2010 bank benchmark interest rate rise and the credit scale and tighten control over bank behavior changes.
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