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经济日报:稳定市场不是监管转向 严监管刚刚开始
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Topic: 经济日报:稳定市场不是监管转向 严监管刚刚开始 (Read 153 times)
Theresao
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经济日报:稳定市场不是监管转向 严监管刚刚开始
May 17, 2017, 03:18:15 PM
#1
上周五(5月12日),中国人民银行在《一季度货币政策执行报告》中指出,加强金融监管协调,有机衔接监管政策出台的时机和节奏。稳定市场预期,把握好去杠杆和维护流动性基本稳定的平衡。同时,央行强调,“缩表”并不一定意味着收紧银根,4月份央行资产负债表已重新转为“扩表”。当天,央行还在公开市场开展4590亿元MLF(中期借贷便利)操作。MLF资金将连续10个月实现净投放,为迄今最长的净投放周期。
同样是上周五,中国银监会相关负责人表示,在开展监管行动的同时,将充分考虑银行业面临的实际风险,把握好力度和节奏。自查督查和规范整改工作安排4个月至6个月缓冲期,为银行实现合规达标预留时间,同时对新增、存量业务实行新老划断。
从市场表现看,4月份以来,“一行三会”密集发声,盯防重点领域风险、打击违法违规行为,坚持引导行业回归风险保障本源。在监管风暴下,股市、债市、商品市场均出现明显跌幅。A股沪指一度下跌逼近3000点关口,10年期国债收益率一度突破3.70%。
有观点认为,严监管确实是防范金融风险所必须,但如果用力过猛,也会影响到资本市场融资功能的发挥,削弱服务实体经济的能力,甚至带来流动性风险。因此,市场需要一定程度的安抚,央行和银监会的相关表态和举动,正是为了平复市场情绪,避免市场动荡危及金融安全。
值得注意的是,安抚市场不意味着监管的弱化,更不能代表监管出现转向,金融去杠杆的大方向没有改变。鼓吹监管弱化或者转向,不仅不符合金融去杠杆的需求,也与监管层对当前经济和金融的基本判断背道而驰。
从现状来看,严监管只是刚刚开始。以前,监管归属各个部门,金融业务中间模糊灰色地带较多,规避监管相对容易。在各种政策密集出台之后,防范金融风险对监管协调性的要求也越来越高。在此背景下,相关部门加紧政策协调,金融去杠杆合力正在形成,监管远未到结束之时。
此外,本次金融去杠杆主要针对的是同业业务中的期限错配、高杠杆交易行为,以及因此衍生的道德风险和监管套利等现象,目的是让金融机构同业部门回归流动性管理和资金调节的基本职能。从目前形势来看,监管目的显然还未达到,结束更无从谈起。
随着监管的力度、节奏和协调性更趋合理平稳,对市场和企业的影响也将给予更多关注,但底线思维不能变动,监管不会放松。可以预期的是,当市场逐渐适应了监管的节奏,两者之间形成良性互动,有序的市场出清以及金融去杠杆将迅速推进。
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