On July 20, the People's Bank of China and the State Administration of Foreign Exchange decided to raise the macro-prudential adjustment parameters for cross-border financing of enterprises and financial institutions from 1.25 to 1.5, which will continue to increase the sources of cross-border funds for enterprises and financial institutions and guide their Optimize the structure of assets and liabilities.
"Cross-border financing macro-prudential adjustment parameters" is a calculation factor in the "Cross-border financing risk-weighted balance ceiling", and raising this parameter can increase the corresponding risk balance ceiling. Simply understood, the macro-prudential adjustment parameters of cross-border financing are equivalent to the "amplifier" of the leverage ratio of cross-border financing.
Wen Bin, Chief Economist of Minsheng Bank: Raising this parameter will make it easier for domestic enterprises and financial institutions to increase their cross-border financing quota, facilitate cross-border capital inflows, and optimize their asset-liability structure. At the same time, after the increase of domestic foreign exchange funds, the corresponding demand for foreign exchange settlement increases, which can also stabilize the exchange rate.
Experts said that this adjustment also reflects the regulator's intention to reasonably guide market exchange rate expectations.
Wen Bin, Chief Economist of Minsheng Bank: In the future, the "exchange rate toolbox" of the regulators will still be relatively sufficient, mainly including the reserve ratio for foreign exchange deposits, the risk reserve ratio for forward foreign exchange sales, the leverage ratio of cross-border financing, and the foreign exchange rate of domestic enterprises. Tools such as the macro-prudential adjustment coefficient for overseas lending can continue to guide market expectations reasonably and effectively when necessary.
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