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1、文章摘录自NewYorkTimes2013年6月20日CreditTightensinChinaasCentralBankTakesaHardLineKinCheung/AssociatedPressMarketJittersExplained:Long-terminterestratesaregoingupintheUnitedStatesandChina,settingofffearsthattheglobaleconomicrecoverycouldbeputinjeopardy.ByNEILGOUGHandDAVID
2、BARBOZAPublished:June20,201333CommentsHONGKONG—China’sfinancialsystemisinthethroesofacashsqueezeasthegovernmenttriestorestructuretheeconomyandpunishspeculators,withinterbanklendingratesspikingonThursdayandbank-to-bankborrowingnearlystalled.China’sinterbankandmoneym
3、arketrateshavesoaredoverthelasttwoweeks,andbanksandotherfinancialinstitutionsareafraidoflendingtooneanother.Withoutthatlending,aneconomycanquicklystultify.Thoseinneedofshort-termcash,orliquidity,mustpaydearlyorriskdefault.China’scentralbank,thePeople’sBankofChina,h
4、asrefusedtoprovidelargeamountsofadditionalcashtothecreditmarket.Analystssaythegovernmentisholdingoffforareason:itistryingtoreshapetheeconomywhilereducingitsfuturerole.Thebankisnotindependent,unlikemanyothercentralbanks,andreportstotheStateCouncil.Ahugeshadowbanking
5、operationhasemergedinChinainrecentyears,withsmallerbanksandtrustcompaniesborrowingfrombiggerstate-runbanksandrelendingthatmoneyathighinterestratestoprivatecompaniesandpropertydevelopers,apracticethatfuelsspeculation.PressuringspeculatorsisariskystrategyfortheChines
6、egovernment,whichisalsograpplingwithaslowingeconomy.Manyborrowersmayhaveahardertimepayingbacktheirloans,andanalystsfearthelossescouldripplethroughthebankingsystem.“Thecentralbankwantstoacceleratereform,”saidZhuHaibin,aneconomistatJPMorganChase.“Theywanttogivethemar
7、ketalesson:youneedtomanageyourriskandnotrelyonthecentralbank.”Mr.Zhuandothereconomistssayrestructuringtheeconomy,whichhasgrownaddictedtoeasymoney,couldbeperilousforanotherreason.Thedecisioncouldreducelendingandslowgrowthtooquickly.Theworstcase,absentinterventionbyp
8、olicymakers,wouldbedefaultsatlenderswiththemostexposureandshakiestbalancesheets.Thedamagecouldspreadtootherbanks,settingoffrunsondepositsbyordina
