Loan Money

Bank loan interest rates have a slow trend

According to the data of the Central Bank's Survey and Statistics Division, from the beginning of 2013 to the first quarter of 2014, the interest rates of new lending by financial institutions basically showed an upward trend. In March of this year, the new loan interest rate increased by 17 basis points (one base point is 0.01%), which is 42 basis points higher than the same period last year.

However, since the second quarter of this year, the trend of new loan interest rates has changed. In April, the interest rate rose slowly, and began to decline in May. By June, the financial institution’s new loan interest rate fell to 6.7% in the month, which was 7 basis points lower than the highest interest rate in April, which is close to the lowest level in each month since this year.

From the financial market, short-term interest rates have fallen sharply in the first half of this year. For the week ending September 10, interest rates fell by 209 basis points from the beginning of the year; the seven-day repo rate fell by 218 basis points from the beginning of the year; the five-, seven-, and ten-year government bond yields in the interbank market fell from the beginning of the year. 43 basis points, 37 basis points and 26 basis points.

At the same time, the yields of market-based products such as bank wealth management, capital trusts and Yu'ebao basically showed a downward trend. In July, the average expected rate of return on wealth management and trust fell by 54 basis points and 42 basis points from the beginning of the year. As of September 10, Yu'ebao's annualized rate of return on the 7th was 4.1540, a significant drop of 259 basis points from the beginning of the year.

With the implementation of a series of micro-stimulus policies such as targeted RRR reduction, corporate lending rates have declined to varying degrees, especially the issue of corporate financing has changed.

Central bank statistics show that since the second quarter, micro-enterprise loans (April to June) have dropped by an average of 15 basis points per month, while the corporate loan interest rate fell by 3 basis points during the same period.

From the perspective of ownership, the loan interest rate of non-public holding companies has fallen more than that of publicly held companies.

In this regard, Sheng Songcheng pointed out that the current interest rate of the entire financial market has dropped significantly, but the decline in financial interest rates affects the real economy, which will have a slow process affecting the entire financing cost.

Credit risk determines loan interest rate high and low

However, the credit risk of enterprises is still relatively high. Therefore, its loan interest rate is still generally higher than that of large and medium-sized enterprises.

Credit risk is one of the important factors determining the interest rate of a loan. From the perspective of the scale of borrowing enterprises, as of the end of June this year, the non-performing rate of corporate loans was 0.54 percentage points higher and 1.57 percentage points higher than that of medium-sized and large-sized enterprises.

Correspondingly, the interest rate of newly issued corporate loans in June was 49 basis points and 84 basis points higher than that of medium and large enterprises respectively.

From the perspective of ownership, the non-public holding company's loan non-performing rate at the end of June was 1.71 percentage points higher than that of the public holding company, while the former loan interest rate was 45 basis points higher than the latter.

"Bank loans are subject to the dual pressures of assets and liabilities." Economist Lian Ping pointed out in the same forum that the pressure on non-performing loans in the banking industry may continue until the first half of next year, and banks will strictly control the quality of loans. In addition, the loss of bank deposits is fast, and the deposit-loan ratio assessment will directly affect the amount of loans issued.

The contradiction between the supply of funds and the demand is outstanding.

To understand the root cause of the high cost of corporate finance, Sheng Songcheng believes that the contradiction between the supply of funds should be more prominent.

He said that some field entities, such as local financing platforms, have financial soft constraints and are not sensitive to interest rates. This has pushed up loan interest rates on the one hand and crowded out effects on enterprises. In addition, higher financing costs are also related to faster economic growth and lower direct financing. Generally speaking, "it is determined by a special economic and social environment, and it takes a long time to fundamentally solve the problem of financing." Sheng Songcheng said.

It is worth noting that Sheng Songcheng emphasized that the interest rate field is not the root cause of the rising financing costs of enterprises.

He further explained that “in the process of interest rate fieldization, there are more and more field products, and the profit margin of wealth management products is significantly higher than the deposit interest rate, which has pushed up the bank cost as a whole. However, the increase in bank costs has not been synchronized. This has led to an increase in bank lending rates, which suggests that interest rate volatization does not necessarily drive up lending rates."

Bank loan interest rates have a slow trend
According to the data of the Central Bank's Survey and Statistics Division, from the beginning of 2013 to the first quarter of 2014, the interest rates of new lending by financial institutions basically showed an upward trend. In March of th

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