Since this year's bill financing operation change quite remarkable. New financing from bill to see, for the first three months of negative economic growth, April to July, for four months is growth. At the same time, bill discount interest present major fluctuations. With the long triangle 6 months bills straight stick interest rates, for example, 1-2 month is on the rise, on February 10,New Era Hats at 0.85% (you borrow-and that is per month), then began descending, in early may achieve a low of 0.48% and rising rapidly after the start, rising to 0.9% in late July of its record high. But also, since last November, long triangle notes straight stick interest rate is higher than short-term interest rates for loan. Figure 1: this year since bill financing operation quarter for the cause of the negative bill financing is not difficult to understand, in the credit amount control stricter, credit demand, reduce the sustained through the bill's assets to compression size of credit, in order to achieve regulatory requirements. Especially in the end of the season and to meet DaiCunBi assessment, bill financing decline is more obvious. Quarter notes financing obvious in short supply, rising interest rates to bill financing. In the bank continues to decline of the supply of notes, short-term financing needs of the enterprise mainly through short-term loans to meet. So, in the general public and notes down new loan financing continues to decline, says to the new short-term loans to keep higher level even have grown (see chart). Figure 2: through loans structure change into second quarter since, and there have been changes. Discount interest to drop back with bill financing for small and positive growth. This is clearly a bank bill financing caused by increasing the supply, but discount interest did not drop sharply also shows that the bank is only the bill financing relax a little. Why bank will moderate increase bill financing? Reason may be that, on the one hand, continue to decrease bills to assets bank bill stock fell sharply, further compression is already small space. On the other hand, by the housing market regulation, the effects of the housing downturn, the volume of personal loans to lower demand, the bank a corresponding increase in public loan on, bill financing also increases accordingly. Figure 3: bill financing for negative growth led to financing balance than lower bills of since may have further change. Although bill financing to keep a modest growth, but the discount rate to rise further, it shows that the enterprise's bill financing needs further improved. Combined with new long-term loans to drop back and remain low, to judge this may reflect enterprise on short-term capital demand significantly increased, and the financing needs of long-term decline, further shows that the enterprise investment intentions is reduced, and borrowed money to cope with the main short-term liquidity demand,MLB hats is the enterprise look weak earnings expectations, economic slowdown in the signal (see chart). Especially considering the recent bill financing rates soared to 0.9% of the historic highs, and bill financing is still increasing, further reflects the flow of business enterprise at present capital condition extremely nervous.

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