• PBOC to inject cheap funds in phases through banks: people
  知情人士：中国人民银行将通过银行分阶段注入廉价资金
• Plan would mark a step-up in Beijing’s effort to boost economy
  该计划将标志着北京在提振经济方面的努力迈出了一步

By Bloomberg News 2023年11月14日 at GMT+8 17:38

The People’s Bank of China would inject funds in phases through policy banks with the money ultimately trickling down to households for home purchases, the people said, asking not to be identified discussing a private matter. Officials are considering options including the so-called Pledged Supplemental Lending and special loans, the people said, adding that the government may take the first step as soon as this month.
知情人士说，中国人民银行将通过政策性银行分阶段注入资金，这些资金最终会流向家庭购买房屋，并要求不透露讨论私事的身份。知情人士说，官员们正在考虑包括所谓的质押补充贷款和特别贷款在内的各种选择，并补充说，政府最早可能在本月迈出第一步。

The plan, part of a new initiative by Vice Premier He Lifeng, would mark a major step-up in authorities’ efforts to put a floor under the biggest property downturn in decades, which has weighed on economic growth and consumer confidence. Market concerns have mounted over the financial health of the nation’s largest surviving developers after record defaults in the industry.
该计划是副总理何立峰新举措的一部分，将标志着当局在几十年来最大的房地产低迷下铺的努力迈出了一大步，这已经拖累了经济增长和消费者信心。在行业创纪录的违约之后，市场对美国最大的幸存开发商的财务状况的担忧加剧。

The outstanding amount of funds lent through the PSL program stood at 2.9 trillion yuan as of October. A net injection of 1 trillion yuan would vault the total past the previous record in 2019. The final amount of new funding is subject to change, the people said.
截至10月，通过PSL计划借出的未偿资金为2.9万亿元人民币。1万亿元人民币的净注资将使总额超过2019年的纪录。知情人士表示，新资金的最终金额可能会发生变化。

The PBOC didn’t immediately respond to a request for comment.
中国人民银行没有立即回应置评请求。

The onshore yuan rebounded on the report, paring all of the day’s declines to 7.288 per dollar. The yield on benchmark 10-year government bond rose 1.75 basis points to 2.6625%, heading for the biggest increase in three weeks. The FTSE A50 Index Futures rose as much as 0.5% after market close on Tuesday.
报告发布后，在岸人民币反弹，将当天的所有跌幅削减至每美元7.288。基准10年期政府债券收益率上涨1.75个基点至2.6625%，创三周来最大涨幅。富时A50指数期货周二收盘后上涨近0.5%。

Dubbed by some as “helicopter money,” PSL allows the central bank to provide low-cost funds through policy and commercial lenders to the developers of the shantytown renovation projects. Developers then use the money to buy land from local governments, which in turn give cash subsidies to households whose old homes were demolished so they can purchase newly-built or existing apartments, driving up demand.
PSL被一些人称为“直升机资金”，它允许中央银行通过政策和商业贷款人向棚户区改造项目的开发商提供低成本资金。然后，开发商用这笔钱从地方政府购买土地，地方政府反过来向旧房被拆除的家庭提供现金补贴，以便他们购买新建或现有公寓，从而推高需求。

“This is not to spur growth but rather deliver a more balanced development for the longer term,” said Bruce Pang, chief economist for Greater China at Jones Lang LaSalle Inc. He expects the funding to drive private investment in the sectors and lead to over 10 trillion yuan in overall direct investment.
“这不是为了刺激增长，而是要实现更平衡的长期发展，”仲量联行大中华区首席经济学家彭小龙表示。他预计，这笔资金将推动这些行业的私人投资，并带来超过10万亿元人民币的直接投资。

State-owned developers such as China Resources Land Ltd. were among the biggest beneficiaries from the previous expansion of affordable housing projects.
华润置地等国有开发商是此前经济适用房项目扩建的最大受益者之一。

The PSL program is a controversial tool. It was first deployed in 2014 to reverse a property market downturn, but was heavily criticized later for inflating the real estate bubble in lower-tier cities.
PSL程序是一个有争议的工具。它于2014年首次部署，以扭转房地产市场的低迷，但后来因在低线城市膨胀房地产泡沫而受到严厉批评。

The central bank largely stopped providing new PSL funds in 2019 as the shantytown project wrapped up. It was relaunched briefly last year to help the policy banks — which are less profit-driven than state lenders — provide financing for infrastructure development.
随着棚户区项目的结束，央行在2019年基本上停止了提供新的PSL资金。去年，它短暂地重新启动，以帮助政策性银行（与国有银行相比，政策性银行的利润驱动程度较低）为基础设施发展提供融资。

The latest plan comes after Beijing announced an unconventional fiscal stimulus last month, including raising the budget deficit with the issuance of an additional 1 trillion yuan of sovereign bonds.
最新的计划是在北京上个月宣布一项非常规财政刺激措施之后提出的，包括通过增发1万亿元人民币的主权债券来增加预算赤字。

The world’s second-largest economy is still on a bumpy recovery path despite an improvement in the third quarter. Official data to be released Wednesday are expected to show economic momentum faltered in October even though headline numbers will likely look good relative to last year.
尽管第三季度有所改善，但世界第二大经济体仍处于崎岖不平的复苏道路上。将于周三公布的官方数据预计将显示10月份的经济势头减弱，尽管总体数据可能看起来不错。