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《大行報告》建銀國際:內地4月信貸數據回落 反映經濟復甦疲軟及不均衡
建銀國際發表研究報告指,內地經歷第一季的強勁增長後,信貸數據於4月有所回落,反映經濟復甦仍較疲軟且不均衡。穩健的中長期企業貸款與支持性宏觀政策和強勁的製造業投資一致。相比之下,在積壓的購房需求初步釋放後,住房貸款轉向疲弱。公司債券發行亦有所放緩,而政府債券發行仍然強勁,與支持性財政政策一致。 該行預計,內地今年信貸增長將略為回暖。製造業需求和公共投資會支持信貸增長溫和回升,而居民借貸可能仍然較弱,又料人行將維持充裕的流動性,並在復甦持續下,維持政策利率不變。該行指,不排除央行進一步下調存款準備金率,惟可能性較小。
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