中国央行定向降准，支持小微和负债沉重企业
上海——随着经济出现放缓迹象，中国在周日注入了一针强心剂，让银行释出了超过1000亿美元的资金，用于帮助小微企业和负债沉重的公司。
The money is intended to help Beijing dance a complicated two-step. China is trying to curb the country’s addiction to borrowing, which over the past decade has mired vast areas of the economy in debt. But that effort is showing signs of hurting growth. China is hoping it can help spur growth by steering loans where they are needed and blocking them where they are not.
这笔钱旨在帮助北京跳出一支复杂的两步舞。中国正在试图遏制对借贷的依赖，在过去十年，这种依赖令其众多经济领域陷入债务困境。但是这种努力正在显示出伤害增长的迹象。中国希望能通过在需要的地方引导贷款，在不需要的地方阻止贷款，以刺激增长。
Beijing’s balancing act could soon get more difficult. President Trump is ratcheting up his threats to impose more tariffs on Chinese-made goods. While China’s economy is more than big enough to absorb the blows, Beijing could be forced to reopen the lending spigots if the threats devolve into an all-out trade war.
北京的平衡举措可能很快会变得更加困难。特朗普总统正加紧威胁对中国制造的商品征收更多关税。尽管中国庞大的经济规模足以应对这些打击，但如果他的威胁升级为全面贸易战，北京可能会被迫重新开放贷款阀门。
China in essence told the country’s banks on Sunday that they do not have to sock away as much for a rainy day, allowing them to lend the money instead. The central bank said that, effective July 5, it would reduce by half a percentage point the share of overall deposits that commercial banks and other savings institutions are required to deposit at the central bank, a measure known as the reserve requirement ratio.
中国在周日实质上是在告诉其银行，它们不必储备太多的钱以应对不时之需，并允许它们发放贷款。央行表示，从7月5日起，它将把商业银行和其他储蓄机构需要存入中央银行的整体存款份额下调半个百分点，这一措施名为调整存款准备金率。
It came with a catch: The banks must use the money to help heavily indebted companies or lend more to small businesses with little or no collateral to offer. It is the second time in just over two months that China has freed up money but given banks specific instructions on how to lend it.
这是有条件的：银行必须用这笔钱来帮助那些负债沉重的公司，或是向没有或几乎没有抵押物可提供的小微企业发放更多贷款。这是中国在短短两个多月内第二次释放资金，同时向银行提供关于如何借贷的具体指示。
China’s debt has soared over the past decade, particularly at state-owned companies but more recently among households, threatening the country’s financial future and imperiling one of the world’s most powerful economic engines. That makes it difficult for China to lend more to see the economy through a slowdown.
过去十年来，中国的债务出现飙升，尤其是在国有企业中，但最近在私有企业中也出现了急剧上升，威胁到中国的金融未来，并危及世界上最强大的经济引擎之一。这使得中国很难发放更多贷款以应对经济放缓。
A further expansion of credit now could weaken confidence in China’s currency, which has already slid in value against the dollar over the past week because of worries about a possible trade war with the United States.
现在进一步扩大信贷可能会削弱人们对中国货币的信心，在过去一周，因为担心可能同美国发生贸易战，人民币兑换美元的汇率已经在下跌。
China has been cautious in the past about cutting the reserve ratio during times when its currency appears to be under strain. The move on Sunday “means the People’s Bank of China has put internal economic development as the priority,” said Deng Haiqing, an economist at the China Finance 40 Forum, a Beijing research group.
在货币面临压力时降低储蓄准备金率，这在过去是中国颇为忌惮的举措。周日的举动“意味着央行的内部经济发展优先策略”，北京研究组织中国金融四十人论坛的一位经济学家邓海清说。
For 17 of the country’s biggest banks, the rules announced on Sunday will free up $77 billion for lending. But the central bank said that this money had to be used as part of programs in which banks obtain shares in deeply troubled companies in exchange for writing off some of these companies’ debts.
对于中国最大的17家银行来说，周日宣布的规定相当于释放770亿美元(合5000亿人民币)的贷款。但央行表示，银行必须将这笔资金用于债转股计划，即通过获取陷入困境的公司的股份来勾销它们的部分债务。
Banks have been cautious about entering into these debt-for-equity programs, to the annoyance of government regulators. The regulators see the programs as a way to stabilize the balance sheets of heavily indebted companies.
银行对加入这些债转股计划一直持谨慎态度，这让监管机构很是恼火。在政府看来，这些计划可以稳定那些高负债企业的资产负债表。
But the big banks have been wary of holding very large blocks of stock in troubled companies. They have tended to keep lending to these companies, often in the hope that government agencies might bail out the companies and help them pay off their bank debts.
但大银行一直不愿意大量持有陷入困境的公司的股票。它们倾向于继续向这些公司贷款，往往是指望政府机构能够拯救这些公司，并帮助它们还清银行债务。
For the rest of the banking system — a hodgepodge of smaller commercial banks, postal savings banks and other savings institutions — the central bank’s move frees up $31 billion. They were instructed to lend more to small businesses.
对于银行系统的其他机构——小型商业银行、邮政储蓄银行和其他各种储蓄机构等——央行的举措释放了310亿美元(合2000亿人民币)。它们被指示为更多小微企业提供贷款。
Chinese-owned banks hold more than 98 percent of the Chinese banking market, and they operate under tight government control. But just in case any might not be inclined to follow closely the instructions on how to use the money from the reserves being freed up, the central bank also included a warning in its statement on Sunday evening: Government bank examiners would include compliance with Sunday’s instructions in their compliance assessments.
国有银行占中国银行业市场份额的98%以上，并且在政府严格控制下运营。但为防止有机构不愿严格遵守关于如何使用被释放储备金的指示，央行在周日晚的声明中还提出了警告：政府的银行审查员将把遵守周日的指示纳入合规评估中。
Officials in Beijing have taken other steps in recent months to tackle China’s mountain of debt. They ordered bank auditors to use tougher standards by June 30 in labeling loans as overdue and nonperforming. Those instructions have put pressure on the banks to find solutions for deeply indebted borrowers instead of continuing to wait and hope that the government will offer bailouts.
北京官员近几个月采取了其他种种措施来解决中国的债务问题。他们要求银行审计师在6月30日之前使用更严格的标准甄别贷款中的逾期贷款和不良贷款。这些指示向银行施加了压力，为深陷债务的借款者寻求解决方案，而不是继续等待并希望政府提供救助。
