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每周一篇金融英语~更多金融知识交流请戳 金融学理论版
下文中文翻译回复可见~~
Chinese bank shares are now cheap. But they may well become cheaper – especially as many banks are planning another round of preferred share offers, despite generous dividend yields.There are numerous reasons to be bearish on Chinese banks. One of the main ones is the increasing competition they face from the shadow banks as these become more numerous, powerful and legitimate. The combination of reform from above and market developments from below will make China a fairer place at the same time as the banks come under ever more pressure.
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眼下中资银行股很便宜，但尽管股息丰厚，中资银行股还很可能变得更便宜，尤其是许多银行正计划再次发售优先股。看跌中资银行股的理由不胜枚举。主要理由之一是，来自影子银行的竞争日趋激烈，而影子银行的数量不断增多，实力不断增强，地位也日益合法化。自上而下的改革，加上自下而上的市场演进，不仅将使中国变成一个更公平的竞技场，同时也将让中资银行面临更大压力。
Today the regulators are no longer quite as protective of the state-owned banks as in the past. Instead, they are moving ahead with plans to give banking licences to new entrants, including internet companies, in coming months. The effort to both legitimise and regulate these companies underscores their growing market power in collecting retail funds and putting them in money market funds that pay far more attractive rates than those the banks are allowed to pay on deposits.
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如今，监管机构已不再像过去那样护着国有银行了。相反，监管机构正加紧实施一些计划，在未来几个月内向包括互联网企业在内的新进入者发放银行牌照。监管机构一方面努力给予这些公司合法地位，另一方面努力对其实施监管，凸显出这些公司拥有的市场威力与日俱增——它们可以筹集零散资金，然后将这些资金投入货币市场基金。与商业银行获准支付的存款利率相比，货币市场基金支付的收益率要诱人得多。Beijing has finally come to acknowledge that today’s centrally planned financial system with its low rates has created vast distortions. It has led to overcapacity in many industries, state enterprises with too much debt and inflated property prices. Both the government and the People’s Bank of China are now trying to nudge the system in a more market-oriented direction. That approach will provide growing opportunities for private capital.
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中国ZF终于承认，目前的中央计划式金融体系（利率很低）已造成了巨大的扭曲，导致许多行业产能过剩，国有企业债台高筑，房地产价格飞涨。但现在，中国ZF与中国央行(PBoC)开始努力推动金融体系市场化，这将为私人资本提供越来越多的机会。Market power
“The banks have shown they are unable to change their model of capital allocation and become more flexible,” says the head of one Chinese investment company. To the extent that new players are targeting entrepreneurs and small and medium enterprises, that can only be a good thing.
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市场的力量
“银行已经证明，他们无法改变自己的资本配置模式，无法变得更灵活，”中国一家投资公司的负责人说。新进入者把目光瞄准企业家和中小型企业，从这个意义上说这只会是一件好事。
Alibaba and Tencent are two of the 10 companies that have received approval to participate in new private banks. Given their market power, the debate around financial reform has focused on them.For example, Alibaba has two licences, one for ecommerce payments and one that allows consumers to park the money that pays for such transactions in funds that earn interest. Regulators initially failed to anticipate how powerful the combination would prove. Now, these money market funds have become an end in themselves.
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目前已有10家公司获准发起新的民营银行，阿里巴巴(Alibaba)和腾讯(Tencent)位列其中。鉴于阿里巴巴和腾讯巨大的市场威力，围绕金融改革的辩论主要集中在这两家公司身上。例如，阿里巴巴持有两块牌照，一块是第三方支付牌照，另一块牌照则允许消费者把资金存入基金，这笔钱既能用于网购支付，又能赚取收益。监管机构最初没有预料到，这两块牌照加在一起会产生这么大的威力。如今，这些货币市场基金本身成为了人们投资的目标（余额宝的初衷是为人们存在支付宝中的钱带来收益——译者注）。The internet companies have gathered about Rmb1tn, according to estimates from Zhu Haibin, chief China economist for JPMorgan in Hong Kong. That is small compared with the Rmb100tn in China’s banks. But the speed with which the sums have grown will hasten the day that China eliminates the ceiling on the rates banks pay, the introduction of deposit insurance and other reforms, Mr Zhu adds. Meanwhile, it eats into the banks’ profitability.
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据摩根大通(JPMorgan)驻香港的首席中国经济学家朱海斌的估算，中国互联网企业吸收资金规模已达约1万亿元人民币。这与中国银行业100万亿人民币的存款余额相比相形见绌。但朱海斌补充称，互联网企业吸收资金总额增长之快，将推动中国早日取消银行存款利率上限，引入存款保险制度，并推出其他改革措施。与此同时，互联网金融也侵蚀了银行业的利润。Internet banking resembles the development of wealth management products at the heart of China’s shadow banking system. To the extent that household savers can finally earn a decent return on their savings, this is a good thing. It will help in the rebalancing of China’s economy toward consumption.
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互联网金融的发展，与处于中国影子银行体系核心的理财产品的发展颇为相似。互联网金融让家庭闲余资金终于能赚取像样的回报，从这个意义上说这是一件好事，将有利于中国经济朝着消费拉动型方向再平衡。The number of new wealth management entrants is growing. For example, Tang Ning, the founder of CreditEase, an online platform that brings together those in need of funds with individuals with excess funds, is now going into wealth management, targeting savers who are already on its lending platform.
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目前新进入财富管理领域的企业数量越来越多。比如，宜信(CreditEase)创始人唐宁现正进入财富管理领域，瞄准的目标是其借贷平台上已有的出借者。宜信是一个在线借贷平台，在需要用钱的人和手头有富余资金的人之间牵线搭桥。Fast growth
There are risks, of course. The speed with which money market funds have grown far exceeds the pace of growth of wealth management products. And precisely because these funds offer a seductive combination of higher rates and the ability to withdraw money any time, both bank competitors and regulators worry that the internet companies lack the skills to manage both interest rate risks and any potential surge in withdrawals. That concern has grown in recent months as official rates have come down.
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快速增长
当然，其中蕴含诸多风险。货币市场基金的增长速度远远超过了理财产品的增长速度。而恰恰是由于货币市场基金提供了颇具诱惑力的组合——既能享受更高的利率，又可随时取现，监管机构和作为竞争对手的银行才都担心，互联网公司缺乏同时管理利率风险和取现猛增风险的技能。近几个月来，随着名义利率下降，这一担忧有所加剧。
“When rates were 6 per cent, it was easy to offer depositors 6 per cent,” says one China economist. “Interbank rates have come down but the rates on these funds have not come down as much. If there is a credit incident, who will stand behind the fund?”
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中国一位经济学家表示，“此前名义银行间拆借利率是6%时，为基金投资者提供6%的收益率很容易办到。眼下银行间拆借利率已降了下来，但这些基金的收益率并未等幅下降。倘若发生信用事件，谁能为基金兜底？”The extent to which regulators are bestowing legitimacy on both internet finance and the companies engaged in it is controversial within China. The PBoC, for example, is more pro-market and liberal than the Chinese Banking Regulatory Commission, which sees itself more as the champion of the banks, economists say. And some academicians, such as Chen Zhiwu at Yale School of Management, question the wisdom of giving internet companies without specialised knowledge of finance the privilege of a bank licence ahead of more qualified institutions.But as long as the banks remain sluggish, the opportunities they fail to embrace will be taken up by others.
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在中国，监管机构之间对于给予互联网金融和从业公司多大的合法性是存在争议的。经济学家们表示，比如，中国央行比中国银监会(CBRC)更倾向于市场化、更主张放松管制，中国银监会则更多地把自己视为银行利益的维护者。监管机构决定跳过资质更好的机构、优先向缺乏金融专业知识的互联网企业颁发银行牌照，有些学者、比如耶鲁大学管理学院(Yale School of Management)的陈志武，对这种做法是否明智提出了质疑。但只要银行业仍反应迟钝，它们未能抓住的机会就将被其他机构拿走。答题送币时间
1、选择：据摩根大通(JPMorgan)驻香港的首席中国经济学家朱海斌的估算，中国互联网企业吸收资金规模已达多少？
A、1万亿人民币B、100万亿人民币
C、1万亿美元
2、讨论：读后有何感想？欢迎分享你的观点~~
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