China’s banking¹ regulator has softened² rules requiring lenders to set aside provisions against losses on bad loans, to encourage banks to provide more trustworthy assessments³ of their health.

中国的银行业监管机构软化了要求银行对不良贷款损失拨备的规则，以鼓励各银行提供更为可信的健康评估。

The move suggests that even as regulators pursue a “regulatory windstorm” to curb⁴ excess in the banking system, they are calibrating⁵ their efforts to ensure lenders are providing enough credit to keep the economy humming.

此举似乎表明，即便在监管机构掀起“监管风暴”以遏制银行体系中出格行为的同时，他们也在微调自己的努力，以确保银行提供足够信贷来保持经济运转。

For years investors⁶ have viewed Chinese banks’ official non-performing loan (NPL) ratios with scepticism, amid suspicion that lenders use loan rollovers or off-balance-sheet accounting⁷ to disguise the extent of credit losses.

多年来，投资者一直以怀疑的眼光看待中国银行业的官方不良贷款(NPL)率，其背景是有人怀疑银行使用贷款滚转或表外会计手法来掩饰信贷损失程度。

At the same time, the China Banking Regulatory Commission (CBRC) has enforced among the highest requirements for loan-loss provisions of any large economy. The rules required commercial lenders to set aside provisions equal to 150 per cent of NPLs and 2.5 per cent of loans.

与此同时，中国银行业监督管理委员会(CBRC)实行的贷款损失准备要求处于大型经济体中最高的要求之列。相关规则要求商业银行的拨备覆盖率达到150%，贷款拨备率（拨贷比）达到2.5%。

Under new rules sent to banks last month, the CBRC will allow province-level bank regulators to ease the ratios to as low as 120 per cent and 1.5 per cent, according to local media including Economic Information Daily, a unit of the official Xinhua news agency. The lower requirement will free up money that can be booked as profit or used for lending.

据官方的新华社旗下的《经济参考报》(Economic Information Daily)报道，根据上月向银行下发的新规则，银监会将允许省级银行监管机构将这两个比率分别降低至120%和1.5%。较低的要求将释放可被记为利润或用于放贷的资金。

The new rules bring China closer to international standards. Most countries force banks to set aside provisions equal to between 50 per cent and 100 per cent of NPLs, according to research by Dong Ximiao, senior analyst⁸ at the Chongyang Institute for Financial Studies.

新规则使中国更接近国际标准。根据重阳金融研究院(Chongyang Institute for Financial Studies)高级研究员董希淼的研究，多数国家要求银行达到50%至100%的拨备覆盖率。

“Lowering these ratios will help banks to strike a balance between controlling risks and earning profits, while strengthening their willingness and ability to create credit and support the real economy,” said Mr Dong.

“降低这些比率将有助于银行在控制风险和赚取利润之间达到平衡，同时加强他们创造信贷、支持实体经济的意愿和能力，”董希淼表示。

China’s system-wide provisions equalled 181 per cent of NPLs and 3.2 per cent of total loans — well above the regulatory minimums. But some individual lenders have struggled to comply.

就中国的整个银行体系而言，拨备覆盖率达到181%，贷款拨备率达到3.2%，远高于监管设定的最低标准。但是个别银行难以达标。

Industrial and Commercial Bank of China, the world’s largest lender by assets, has repeatedly breached⁹ the 150 per cent threshold in recent years, while it and other large lenders have privately¹⁰ lobbied for the standard to be lowered.

按资产计算为全球最大银行的中国工商银行(ICBC)近年一再打破150%的下限，与此同时该行和其他大银行私下游说降低标准。

An index of mainland-listed blue-chip banks was up 1.4 per cent in Shanghai at midday yesterday, while the broader blue-chip CSI 300 index was flat. Large banks, which have access to the highest quality borrowers, are expected to benefit most from the relaxation¹¹. China bank shares have surged this year amid a strong economy.

截至昨日上海午盘，在内地上市的蓝筹银行股指数上涨1.4%，而追踪所有板块蓝筹股的沪深300指数(CSI 300)持平。能够接触最优质借款人的大银行预计将是此次规则放松的最大受益者。在经济强劲的背景下，中国银行股今年大涨。

“Of course, the most direct impact is to reduce the provisioning pressure on banks, which is good for profits. I expect profit growth at listed banks to be notably¹² better in this year than last,” said Mr Dong.

“当然，最直接的影响是减轻银行的拨备压力，这对利润有利。我预计今年上市银行的利润增长将明显好于去年，”董希淼表示。