MS 摩根斯坦利：中国金融服务业

MS：China Financial Services

－Drivers for China Financial Sector: Reality Check

February 12, 2007 10页　英文

PBOC just released its 4Q06 monetary policy report.
4Q06 data continued to suggest positive sequential trend relating to NIM.
• Loan deposit ratio remained broadly unchanged in 4Q06 (Exhibit 2);
• But weighting of lower yielding discounted bills continued to decline QoQ in 4Q06 (Exhibit 4);
• 27bps rate hike to base lending rate in 3Q06 helped push overall lending rate of new loans
higher despite flat % of loans priced at above base rate system-wide. Specifically, the big 4 priced more loans at above base rate in 4Q06 (Exhibit 5);
• Demand deposits in both corporate deposits and retail deposits trended higher in 4Q06, reversing the trend seen in 3Q06 (Exhibit 8);
• Interbank yields trended lower in late 4Q06 (Exhibit