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三季度,中央投资项目继续下放,经济复苏的持续使实体经济的信贷需求依然较大。但部分银行在信贷快速增长之后面临资本充足率等因素的一定约束,且商业银行出于自身结构调整的考虑,三季度以来整体信贷增长速度减缓。尽管8月份人民币贷款增长4104亿元超出市场预期,但9月份信贷增长的调整趋势未改变。信贷增速的减缓使商业银行流动性十分充裕,货币政策的亦仍维持适度宽松的基调,9月份银行间市场资金面基本保持宽松局
In the third quarter, the central government’s investment projects continued to be decentralized. The continued economic recovery made the credit demand in the real economy still large. However, some banks face some constraints such as capital adequacy ratio after rapid credit growth. Commercial banks have slowed their overall credit growth since the third quarter due to their structural adjustment. Although the RMB loan growth of 410.4 billion yuan in August exceeded market expectations, the adjustment trend of credit growth remained unchanged in September. The slowdown of credit growth has made commercial banks very liquid and monetary policies have also maintained a moderately relaxed tone. In September, the capital market in the inter-bank market basically remained accommodative