中国央行强调，其贷款利率与世界其他地区相比处于相对较低水平——这表明，在借贷需求依然疲软的情况下，央行可能继续对降息保持谨慎态度。
China’s central bank highlighted what it said were relatively low loan rates compared to the rest of the world — a sign it may remain cautious about cutting interest rates while borrowing demand remains sluggish. Loan and mortgage rates fell to around 3% at the end of September, lower than the levels in the US during the pandemic in 2020, when the Federal Reserve cut rates to help the economy, according to a monetary policy report published by the People’s Bank of China on Wednesday.
据中国人民银行周三发布的货币政策执行报告，贷款和房贷利率在9月底降至3%左右，低于2020年疫情期间美国的利率水平，当时美联储降息以帮助经济。
Later in the day, the PBOC-affiliated Financial News said that “corporate lending rates, bond yields and other key financing costs are currently at low levels, an important sign that financing conditions remain accommodative and that money supply is ample.”
当天晚些时候，央行主管的《金融时报》表示，“企业贷款利率、债券收益率等关键融资成本当前处于低位，是融资条件保持宽松、货币供给充裕的重要标志。”这些言论增加了迹象，表明除非出现意外举措，否则世界第二大经济体的央行将在2021年以来首次全年未正式降息。其上一次下调政策基准利率是在去年5月，当时正值与美国新一轮贸易紧张局势升级之际。
The comments add to signs that barring a surprise move the central bank of the world’s second-biggest economy will finish the year without a formal cut to the interest rate for the first time since 2021. It last lowered the policy benchmark in May last year at the height of a new round of trade tensions with the US. The central bank is concerned broad easing like a rate cut would do little to help the economy when borrowing appetite is low and structural imbalances run deep. Lower borrowing costs could also hurt banks’ interest margins and undermine their stability. Rdad More: China Puts Growth Back on Target With Stimulus Push, Export Boom Instead, the PBOC has chosen to focus on reform of the interest rate system to improve policy transmission and move in line with other major central banks.
央行担心，当借贷意愿低迷、结构性失衡根深蒂固时，像降息这样的全面宽松措施对经济帮助不大。降低借贷成本还可能损害银行息差，削弱其稳定性。
A change to the benchmark rate drove interbank borrowing costs lower last month. The PBOC largely reiterated its current policy guidance in the latest report, while providing little indication about any future moves. “This comes as no surprise given that incremental policies are in execution, the annual growth target is on track, and the export engine remains strong,” Citigroup Inc. economists including Xinyu Ji wrote in a report Thursday.