传统信贷增长放缓，银行同业业务却如雨后春笋成长。2012年6月末，兴业银行(601166,股吧)中期同业资产比例高达39.62%。成为首个同业资产超贷款的银行。大背景是，以存放同业、拆出资金、买入返售构成的同业资产正在成为银行资产主角之一，同业较为活跃的股份制和城商行的同业资产占比已普遍超过20%。

The traditional credit growth,Banks have mushroomed business is growing.At the end of June 2012,Societe generale(601166,guba)Medium-term trade assets ratio as high as 39.62%.Becomes the first trade asset exceeds the bank of loan.Big background is,To deposit/Lend money/Purchases of resale consisting of the trade assets is becoming bank assets is one of leading role,Trade more active joint-stock system and city firms of trade assets accounted for more than 20% than already common.

　　同业业务也成为了拉动银行业务的主要动力。2012年上市银行中报显示， 16家上市银行同业资产同比增幅超过50%的达到11家，远远超过同期上市银行资产增速。

Trade business have become the main power pull banking business.2012 listed Banks center daily news show, 16 listed Banks the year-on-year growth rate more than 50% of assets to 11,Far more than the same period listed bank asset growth.

　　“报表中的同业资产虽然不能完全说明银行的同业业务开展情况，但是足以反映同业业务的活跃度，特别是拆出资金和买入返售两个科目。”一城商行位于上海的资金业务部负责人对记者称。

"Report of the trade assets although cannot fully explain the bank trade business development situation,But enough to reflect the trade business degree of active,Especially lend money and purchases of resale two subjects."A firm is located in the city of Shanghai's capital department person in charge told the reporters said.

　　同业业务的活跃还反映在迸发的创新上。首先，银行找到了新通道：券商，通过券商定向资产管理计划已经顺利的替代了信托通道。其次，替代品呈现，一个是，同业代付在被监管后，银行还是重构代付银行之间委托代理关系，从而创设了同业偿付等产品。另外，绕道买入返售信托收益权继续银行合作。

Trade business active also reflected in sudden innovation.First of all,Bank found the new channel:brokers,Through the securities trader directional asset management plan has already been smooth replaced trust channel.secondly,Substitutes present,One is,Trade paid in supervision after,Banks or reconstruction paying agent principal-agent relationship between,Thus the creation of trade payment and other products.In addition,Bypass purchases of resale trust usufruct continue to bank cooperation.

　　“这几个月，银行最热的同业间业务就算这个了，已经超过了同业代付，事实上，前几个月，很多银行已经调降代付业务规模，专注和券商的合作。”上述股份制银行人士称。

"This a few months,Bank of the hottest interbank business even if this,Have more than trade pay for another,In fact,A few months before,Many Banks have a reduction in pay for another business scale,Concentration and brokers cooperation."The above the joint-stock Banks personage says.

　　同业资产热度背后，却也暗藏各种隐忧。

Trade assets behind the heat,But also hide various malaises.

　　同业业务膨胀 Trade business expansion

　　同业着实成为商业银行业务的新主角。

Trade really become a commercial bank business of the new leading role.

　　从五大行来看，工农中建四大行同业资产全部突破万亿元，另外工农建交四大行同业资产的规模同比增幅在50%及其以上，其中工建交三家大行同比增速高达70%以上。

From five line to see,Workers and peasants four line trade all assets exceed one trillion yuan,Another diplomatic relations between workers and peasants four line trade asset scale the year-on-year growth rate at 50% and above,The work of diplomatic relations between the three big line year-on-year growth as high as 70% above.

　　建设银行同业资产扩张最快，2011年6月末该行同业资产4708亿元，2012年上半年末大幅增长118%至10250亿元。

Construction bank trade assets expansion the fastest,At the end of June 2011 the bank trade assets of 470.8 billion yuan,At the end of the first half of 2012 sharp increase by 118% to 1.025 trillion yuan.

　　据了解，在结构上，建设银行同业资产增长主要来源于存放同业款项及拆出资金，两项的平均余额较上年同期增长 311.42%，建行对此的解释是“受保本型理财产品余额增长影响”，上半年，资金利率价格相对较高，保本理财产品部分投资于同业存款等资产。

It is understood,In the structure,Construction bank trade asset growth mainly comes from deposit money and lend money,Two of the average balance a 311.42% year-on-year increase,The explanation is that the construction bank"By the break-even type financial product balance growth influence",In the first half of,Funds rate value is relative taller,Break-even financial product part of the investment in the deposit assets.

　　其次是工行、交行，两行2011年中报时的同业资产分别为8195亿元、3746亿元，2012年6月末已经分别增至14181亿元、6538亿元，增幅分别为73%、76%。农业银行2012年6月末同业资产为14742亿元，相对比2011年中期的9939亿元，增幅在50%左右。

The second is icbc/Handing in travel,Two lines of 2011 NianZhongBao of trade assets is 819.5 billion yuan respectively/374.6 billion yuan,At the end of June 2012 has been increased to 1.4181 trillion yuan respectively/653.8 billion yuan,Growth was 73%/76%.Agricultural bank at the end of June 2012 trade assets of 1.4742 trillion yuan,Relatively than the middle of 2011 993.9 billion yuan,Amplitude of around 50%.

　　中国银行的同业资产增幅在几家大行里面最低，该行2011年中期为10909亿元，2012年6月末为13371亿元，同比增幅23%，不过记者发现，这一数字仍远高于总资产同比8.42%的增速。

The bank of China trade asset growth in several big line inside the lowest,The bank middle of 2011 for 1.0909 trillion yuan,At the end of June 2012 to 1.3371 trillion yuan,The year-on-year growth rate of 23%,But the reporter discovers,This number is still far higher than the total assets of 8.42% year-on-year growth.

　　股份制银行同业业务的表现更为抢眼。

Joint-stock Banks business performance more grab an eye.

　　首先，从同业资产在总资产的比重看，股份制银行已经普遍高于20%，其中兴业银行这一比例高达39.62%，首度超过贷款资产。

First of all,From the assets in the proportion of total assets look,Joint-stock Banks have higher than 20%,The societe generale the ratio as high as 39.62%,The first more than the loan assets.

　　从增速上来看，6家股份行同业资产增速超过50%，其中中信银行(601998,股吧)的增幅最大，高达112%，增长主要来源于同业存放和拆出资金。

From the growth point of view,Six shares do trade asset growth of more than 50%,The citic bank(601998,guba)Rise maximum,As high as 112%,Growth mainly comes from the store and lend money.

　　招商银行(600036,股吧)、平安银行(000001,股吧)、华夏银行(600015,股吧)、浦发银行(600000,股吧)、民生银行(600016,股吧)、光大银行(601818,股吧)、兴业银行的同比增速分别在86%、81.3%、6%、32.6%、34%、52%、75.6%。

Merchants bank(600036,guba)/Pingan bank(000001,guba)/Huaxia bank(600015,guba)/Shanghai pudong development bank(600000,guba)/Minsheng bank(600016,guba)/Everbright bank(601818,guba)/Societe generale's year-on-year growth in 86% respectively/81.3%/6%/32.6%/34%/52%/75.6%.

　　城商行的情况却天壤之别，北京银行(601169,股吧)2011年6月末同业资产为1559亿元，2012年为2987亿元，几乎翻倍。同比增幅92%，南京银行(601009,股吧)增幅40%左右。

City business situation is a world of difference,Beijing bank(601169,guba)At the end of June 2011 trade assets of 155.9 billion yuan,In 2012 for 298.7 billion yuan,Nearly doubled.The year-on-year growth rate of 92%,Nanjing bank(601009,guba)About 40% growth.

　　宁波银行(002142,股吧)同业资产却逆势大幅下降。该行2011年6月末同业资产668.2亿元，在总资产中占比为25.5%。然而，2012年6月末，该行的同业资产狂降至277.5亿元，降幅接近60%，占比降至不足10%。

Ningbo bank(002142,guba)Trade assets but contrarian plunged.The bank at the end of June 2011 trade assets of 66.82 billion yuan,In the total assets accounted for more than 25.5%.however,At the end of June 2012,The bank's trade assets crazy drop to 27.75 billion yuan,By close to 60%,Of gradient to less than 10%.

　　记者对比近两年宁波银行报表发现，2010年6月末，宁波银行同业

Reporter contrast in ningbo bank report found,At the end of June 2010,Ningbo Banks

　　资产已经高达830亿元，在总资产中占比31.5%，在上市银行中领先一时，此后便进入了下行通道，特别是买入返售类资产，截至2012年中报，该行买入返售金融资产6月底为11.1亿元，在总资产中的比例为0.4%，几乎清空。

Assets are already as high as 83 billion yuan,In the total assets accounted for more than 31.5%,In the listed Banks in a lead,Since then he entered the downward channel,Especially purchases of resale kind of assets,By 2012 NianZhongBao,The bank purchases of resale financial assets for 1.11 billion yuan by the end of June,In the total assets of 0.4%,Almost empty.

　　宁波银行行长罗孟波此前接受本报记者采访时表示，“该行大幅降低了买入返售类资产规模，是基于收益率和流动性的考虑”。

Ningbo bank President LuoMengBo after accepting our newspaper reporter to interview said,"The bank lowered purchases of resale class asset scale,Is based on the rate of return and the mobility of consideration".

　　在渐成新主角的同业资产中，结构性也出现了一定的变化。

In gradually into the new star trade assets,Structural also appeared a certain change.

　　据统计，工行、交行 、中信、农行外的12家上市银行拆出资金为12894亿元，较2011年末下降11.8%，其中有六家银行余额较上年末下降或持平，只有建行、民生、光大和平安四家银行的余额则较上年末增速超过30%。

According to the statistics,icbc/Handing in travel /citic/Outside the agriculture bank 12 listed Banks lend money for 1.2894 trillion yuan,A 11.8% decline in late 2011,There are six bank balance is ShangNianMo down or flat,Only the construction bank/The livelihood of the people/Everbright peace four bank balance is ShangNianMo growth of more than 30%.

　　相反，买入返售资产增长迅速，截至6月末16家上市银行买入返售资产增长至4.96万亿，较年初大幅增长58%，其中四大行和城商行增长速度较快。

instead,Purchases of resale asset growth rapidly,By the end of June 16 listed bank purchases of resale asset growth to 4.96 trillion,At the beginning of a sharp increase 58%,Four big bank and city firms growth rate faster.

　　买入信托受益权利益链 Buy the beneficial right of the trust interests chain

　　根据 2010年8月12日银监会下发的《关于规范银信理财合作业务有关事项的通知》（简称“72号文”）规定的最后期限，各家银行的银信合作转表任务须于2011年底完成。

According to the 2010 August 12, the CBRC issued[Carried on regulating financial cooperation business related matters notice](Referred to as"The no. 72")'deadline,The Banks such cooperation turn table task must be for completion by the end of 2011.

　　不过记者发现，一种新的同业创新操作模式正在规避银信合作新规，这就是买入返售信托收益权。在已经公布的上市公司中报披露的数据看，部分银行这一模式的规模已经不小。兴业银行较早进入该项目，中报显示，该行买入返售信托收益权已经达到了2125.51亿元，占比29.51%。另外，如招商银行达到了351亿元，仅次于买入返售票据。

But the reporter discovers,A kind of new trade innovation operating mode is evade such cooperation new gauge,This is the buying of resold trust usufruct.In the published listed company center daily news disclosed data to see,Part of the bank the model scale is large.Societe generale earlier in the project,Center daily news show,The bank purchases of resale trust usufruct has reached 212.551 billion yuan,Accounted for more than 29.51%.In addition,Such as China merchants bank reached 35.1 billion yuan,Second only to buy return ticket according to.

　　根据72号文，转表的范围也仅限于三类，即银行理财资金通过信托发放信托贷款，受让信贷资产和票据资产。这一范围规定，为银行理财通过创新方式，规避转表要求埋下了伏笔。信托受益权很快成为银行理财资金投资的新标的。

According to the no. 72,Turn table the coverage is limited to three categories,That bank financing capital through the trust issue trust loans,Transfer credit assets and bill assets.This range provisions,For bank financing through the innovation mode,Avoid turn table requirements buried the foreshadowing.The beneficial right of the trust soon became bank financing capital investment new mark.

　　上述城商行资金部负责人告诉记者，银行理财计划投资信托收益权，达到“曲线”为企业融资的目的途径是：假定甲需要一笔资金，乙机构（可以是财务公司、资产管理公司、其他金融机构等）以单一信托方式投资一个信托计划，这个信托计划给甲企业发放一笔贷款（或其它投资方式提供一笔融资）。

The city house ZiJinBu person in charge told reporters,Bank financing plan investment trust usufruct,achieve"curve"For the purpose of the enterprise financing way is:Assume that a need a sum of money,B institutions(Can be a finance company/Asset management companies/Other financial institutions, etc)As a single way of trust investment a trust plan,The trust plan to give a enterprise issue a loan(Or other investment to provide a financing).

　　乙机构在投资单一信托后，再将自己手中的信托收益权转让给丙银行理财计划。这样就达到为甲企业融资的目的。乙机构充当了通道。

B organization in a single investment after the trust,Then will the hands of one of the trust usufruct transfer to c bank financing plan.So for a enterprise to achieve the purpose of financing.B institutions act as the channel.

　　不过，《关于切实加强票据业务监管的通知》规定银行理财资金间接受让信托受益权业务，一律视为银信合作业务，应接受相应监管，在计算风险资本时也应按照银信合作业务计算。

but,[About strengthen bill business supervision notice]Provisions bank financing capital indirect transfer the beneficial right of the trust business,All such as business cooperation,Should accept the corresponding supervision,In the calculation of the venture capital should according to such cooperation business computing.

　　变通的方法是，乙机构虽然将信托受益权转让给丙银行理财计划，却不在信托公司进行受益权转让登记。监管部门无从发现。

The method is flexible,B mechanism while the beneficial right of the trust will be transferred to c bank financing plan,But not trust company for beneficial interest transfer registration.Regulators don't find.

　　通过此业务，银行达到了少占用资本，多获得收益的目的。

Through this business,Bank to take up less capital,For the purpose of more income.

　　代付变种“同业偿付” Pay for another variant"Trade payment"

　　“买入返售信托受益权只是同业新业务的一种，此外还包括同业偿付、买入返售应收租赁款、券商资管等，券商资管已经很疯狂了，最近多家券商拜访我们商谈业务，同业偿付规模还没做太大。”该股份制银行同业人士称。

"Purchases of resale the beneficial right of the trust is a kind of new business trade,In addition also include trade payment/Purchases of resale receivable of lease/Brokers endowment tube, etc,Brokers endowment tube is very crazy,Recently several brokers visit our business negotiations,Trade payment scale also didn't do too big."The joint-stock Banks personage says.

　　他告诉记者，同业偿付为同业代付、代偿的一种变体。

He told reporters,Trade reimbursement for trade pay for another/Compensatory a variant.

　　今年8月份，银监会下发了《关于规范同业代付业务管理的通知》。根据通知，即日起，银行开展同业代付业务应遵循“三真实”原则，即具有真实贸易背景、进行真实会计处理以及体现真实受托支付。

In August of this year,The CBRC issued[On regulating trade pay for another business management of the notice].According to the notice,From now on,Banks trade pay for another business should follow"Three real"principle,That is having a true trade background/For real accounting treatment and reflect the real pay.

　　“其中真实的会计准则杀伤力大，使得代付双方业务都将入表。此前本代他（同业代付业内称呼），"他"是不入表的，"本"方计入拆出资金，一方可以逃匿规模。”上述股份制银行同业人士称。

"The real accounting standards more damage,Both sides make paid business will be into the table.After the generation of his(Trade paid the call),"he"Is not into the table,"this"Party and included in the capital,A party may absconding scale."The above joint-stock Banks personage says.

　　他表示，上半年已经陆续有银行放慢了同业代付的规模，包括兴业，现在新政出来以后，量更是降了不少，银行普遍动力不足。另外在代付价格也下降了。

He said,In the first half of a bank has been slowed trade pay for another scale,Including industrial,Now the New Deal come out later,Volume fell a lot,The bank generally power shortage.In paying the price also fell.

　　不过同业代付并非没有变通的方式，中信银行一人士告诉记者，《通知》的规定实质上是要约束同业代付中委托人、受托人之间的委托代理关系，使得委托人也必须承担代理责任。“只要重构两银行之间的委托代理关系，不难对同业代付进行变通”。

But trade paid is not no alternative way,Citic bank a source told reporters,[notice]Regulations is essentially to constraint trade in paying the principal/The trustee the principal-agent relation between the,Make the client must also assume responsibility as agents."As long as the two Banks reconstructing the principal-agent relation between the,It is not difficult to paying to trade for flexible".

　　他表示，实际上，针对重构委托行和代理行的关系，银行已经开始行动，目前已经有两三款产品，不过量还不大。其中一款叫“同业偿付”。

He said,In fact,According to the reconstruction of the entrusted bank and agency relationship,Banks have started to action,At present there are two or three product,Not too much still not big.Among them a call"Trade payment".

　　据介绍，同业偿付基于假远期信用证。在这种信用证下，偿付行只向客户贷款后，假远期信用证的承兑对象就变成了偿付行，也就是说两家银行的关系是承兑的关系，打破了委托代理关系。

According to introducing,Trade payment based on false usance l/c.In this letter of credit,Reimbursement bank only to customers after the loan,False of the usance l/c acceptance object becomes a reimbursement bank,That is two Banks relationship is the relationship between the acceptance,To break the principal-agent relationship.

　　目前，多家银行在做此项业务。“同业偿付实质上跟同业代付差不多，只是将时间压缩到一年以内。代付当时没有固定的期限，偿付是有固定期限的；然后在权利和义务上也有些差异。”上述股份制银行同业人士如此介绍同业偿付。

At present,Many Banks in to do the business."Trade pay substantially with trade paid almost,Just time compression to a year of less than.Pay for another did not fixed deadline,Reimbursement is a fixed deadline;Then in the rights and obligations also some differences."The above joint-stock Banks so people introduced trade payment.

　　不过他称，同业偿付并不是国内银行自创的，只是把国际上一些做法运用到国内。

But he says,Trade reimbursement is not domestic bank self-initiated,Just put on the international some methods used in domestic.

　　中国银行也有类似的业务，在一份 “国内信用证同业偿付业务协议”中。中行阐释，同业偿付方式是指，作为开证行的甲方，在其开立的延期付款信用证当中指定乙方作为偿付行，乙方凭甲方的承兑电文和授权付款指示向议付行即期付款，甲方在承兑到期日归还乙方偿付款项本息及费用。

The bank of China have similar business,In a "Domestic letter of credit trade payment business agreement"in.Boc interpretation,Trade reimbursement means is to show,As the issuing bank party a,In its open an extension of l/c appoints party b as reimbursement bank,Party b by party a's acceptance message and authorization payment instructions to the negotiating bank payment at sight,Party a party b in acceptance due date back pay principal and interest payment and cost.

　　新通道：券商 The new channel:brokers

　　“同业偿付都听说过，但是身边现在做的银行很少。”上述城商行资金部负责人称。

"Trade payment are heard,But side now do Banks rarely."The city house ZiJinBu responsible person.

　　上述股份制银行同业人士也称，即便在兴业这项业务做得也不多。至于原因，他认为是另两项业务的崛起：买入返售票据和银证合作，特别是后者。“最近拜访我们的券商不少”。

The above joint-stock Banks also say people,Even in industrial the business done much.As for the reason,He thought that is another two the rise of business:To buy return ticket according to and silver-colored card to cooperation,Especially the latter."Recent visit our brokers many".

　　据他介绍，具体的操作方式是，银行首先委托券商定向管理自己部分理财资金（表外资金）。同时在定向理财的协议签署后，要求券商用这笔资金直接买断银行表内资产的银行承兑汇票，从而完成票据出表。

According to he introduced,The specific mode of operation is,Bank first entrust brokers directional manage their part of the financial capital(Off-balance sheet funds).At the same time in directional financing agreement,Request brokers with the funds directly buy out bank in the table, assets bank acceptance,Thus finish the bill out list.

　　在这一过程中，券商成为了“通道”，为此获得的收益较集合资产管理低，但是风险很小，同时量上去以后，收入也非常可观，对于股市低迷的券商来说无疑是突破点。去年6月份以前，这一通道实际上由信托公司把持，操作手法类似。后《关于切实加强票据业务监管的通知》发布，这一通道被堵死。

In this process,Brokers became the"channel",Therefore the profits aggregate asset management is low,But the risk is very small,At the same time quantity up later,Income is very considerable,For the stock market downturn for the securities trader is undoubtedly breakthrough point.In June last year ago,This channel in fact by trust company holding,Manipulation similar.after[About strengthen bill business supervision notice]release,The channel was chocked up.

　　据统计，截至今年6月30日，券商受托管理资金本金总额从半年前的2819亿元，飙涨至4802亿元，增幅高达70%。侧面证实了半年来这项业务疯狂。

According to the statistics,So far this year on June 30,The entrusted securities management fund capital sum from six months before the 281.9 billion yuan,Shoot up to 480.2 billion yuan,Growth of 70%.Side confirmed for half a year to the business crazy.

　　“这几个月，银行最热的同业间业务就算这个了，已经超过了同业代付，事实上，前几个月，很多银行已经调降代付业务规模，专注和券商的合作。”上述股份制银行人士称。

"This a few months,Bank of the hottest interbank business even if this,Have more than trade pay for another,In fact,A few months before,Many Banks have a reduction in pay for another business scale,Concentration and brokers cooperation."The above the joint-stock Banks personage says.

　　不过，根据7月左右央行向商业银行下发了《加强票据业务管理的若干规定》（征求意见稿），要求“纸质商业汇票贴现后，持票银行只能将票据转让给其他银行、财务公司或中国人民银行。”证券公司不能成为票据受让主体。

but,According to the 7 months the central bank to commercial Banks issued[Strengthen the bill business management of a number of provisions](draft),requirements"Paper commercial draft after discount,The holder will bill to a bank only transferred to other Banks/Financial company or the people's bank of China."A securities company can't be bill transfer subject.

　　在明年1月《加强票据业务管理的若干规定》执行后，券商这一通道还有多少空间成疑。

In January[Strengthen the bill business management of a number of provisions]After execution,Brokers this channel how many space into doubt.

　　事实上，根据上海媒体报道，近期，上海银监局向辖区内商业银行下发通知，要求银行自行上报截至2012年6月30日已经购买券商资产管理产品的规模，并要求银行详细注明票据类资产在所购买券商资管产品中的占比。

In fact,According to the Shanghai media reports,recent,Shanghai silver inspect bureau within its jurisdiction to commercial Banks issued a notice,Require Banks to report ended June 30, 2012 have already purchased the size of the securities assets management products,And require Banks to specify bill kind of assets in securities purchase information of tube product of ratio.

　　显然，监管部门已经密切注意这一通道。

obviously,Regulators have to pay close attention to this channel.

　　同业疯狂：激增50%的秘密 Trade crazy:The secret of surged 50%

　　同业业务中另一个值得注意的现象是，买入返售票据开始卷土重来，焕发青春。

Trade business in another noteworthy phenomenon is,To buy return ticket according to began to stage a comeback,bloom.

　　去年6月末，银监会紧急下发《关于切实加强票据业务监管的通知》，将“商业银行与农信社合作，通过票据卖断、正回购等方式，农信社为银行"消掉"信贷规模，规避额度限制”之路堵死。三、四季度商业银行买入返售类票据资产曾一度大幅下降。

End of June last year,CBRC issued an emergency[About strengthen bill business supervision notice],will"Commercial Banks and rural credit cooperative cooperation,Through the bill to sell off/Positive repurchase, etc,The cooperatives for bank"Away off"Credit scale,Avoid quotas"Road removing all of.three/Four quarter commercial bank purchases of resale class notes assets once plunged.

　　但时隔半年，买入返售票据资产重拾升势。根据记者粗略统计，10多家上市银行，买入返售票据资产几乎全部翻倍，不少银行增幅在5倍以上，成为上半年商业银行资产增长最快的业务。

But after half a year,To buy return ticket according to regain its assets.According to the reporter rough statistics,More than 10 listed bank,To buy return ticket according to almost all assets doubled,Many Banks increase in more than 5 times,In the first half of the commercial bank assets become the fastest growth business.

　　以兴业银行为例，在2011年半年报中，票据与信贷资产占兴业的买入返售金融资产的比例为90.57%，同期信托受益权的占比只有5.28%。受《通知》影响，到2011年底，票据与信贷资产在兴业买入返售同业资产的占比即下降到41.36%，信托受益权的占比则从5.28%上升至53.73%。

To societe generale, for example,In 2011 the annual report and a half,Bill and credit assets accounted for the purchase of resale financial assets at 90.57%,Over the same period the beneficial right of the trust accounted for more than 5.28%.by[notice]influence,By the end of 2011,Bill and credit assets in industrial purchases of resale trade assets than that of dropped to 41.36%,The beneficial right of the trust of the than is increased from 5.28% to 53.73%.

　　而根据兴业银行2012年中报，该行的票据和信贷类买入返售4790亿，在买入返售资产中占比重升至67%

And according to the societe generale 2012 NianZhongBao,The bank notes and credit class purchases of resale 479 billion,The buying of resold assets in proportion to 67%

　　“能用于小规模的小金融机构还是存在的，可以做过桥。同时这项业务有价格空间，上半年资金也比去年宽松。这些都又催长了这项业务。”上述股份制银行同业人士表示。

"Can be used in small-scale small financial institutions still exist,Can do bridge.At the same time the business has price space,In the first half of the funds than loose last year.These are long and push the business."The above joint-stock Banks say.

　　不过他称，目前“桥”已经没有以前好找，各家银行新增额度看得很紧，谁都不想冒头，这项业务想像以前那样疯狂很难了。

But he says,At present"bridge"There is no before looking for,Banks new line look very tight,Who doesn't want to rail,The business in that way before it is difficult to imagine the crazy.

　　而根据记者统计，在买入返售金融资产中，包括建行、农行、民生、兴业、招行等多数银行的票据类最小增幅也是翻倍，多则增长6-7倍。一反去年下半年此类产品下行的势头，成为买入返售增量和存量的绝对主力。证券类和贷款类则普遍下降。

According to reporter statistics,In purchases of resale financial assets,Includes the construction bank/Agriculture bank/The livelihood of the people/industrial/Most Banks such as China merchants bank note kind of minimum growth is doubled,The growth more than 6 to 7 times.A back in the second half of last year of such products in the descending trend,Become purchases of resale increment and stock's absolute main force.Securities and loan class generally decline.

　　“这类产品有价格空间，上半年银行资金也相对去年下半年宽松。同时为消规模的中小金融机构依然存在。”浙江一城商行上海资金部负责人对记者称。

"This kind of product has price space,In the first half of the second half of last year the bank capital is relatively loose.At the same time for the size of the elimination of small and medium-sized financial institutions still exist."Zhejiang city business ZiJinBu Shanghai person in charge told the reporters said.

　　交易对手风险大考 Counterparty risk big test

　　“从社会融资总量看，银行业的融资占比已经下降，非银行金融机构发展很快，包括信托、租赁、财务公司、券商资管，这些非银行机构存款后钱回流银行。同时这些机构也和银行合作业务，这造就了银行同业资产的膨胀。”中央财经大学中国银行业研究中心主任郭田勇对记者称。

"From the social financing amount to see,Banking accounts for financing than has fallen,Non-bank financial institution develops very quickly,Including trust/lease/Financial company/Brokers endowment tube,These non-bank institutions after deposit money return bank.At the same time these agencies also and bank cooperation business,This contributed to the expansion of the assets of Banks."Central university of finance and economics of the China banking research center director guo TianYong said to reporters.

　　对于银行同业业务的风险，他认为，来自交易对手的风险也是个考验，包括银行同业往来的各类金融机构。

For the risk of business of Banks,He thinks,From the counterparty risk is also a test,Includes bank trade relations and all kinds of financial institutions.

　　然而以绕道信贷规模为目的的同业创新的风险或不仅于此。

However to bypass the credit scale for the purpose of trade innovation risk or not only in this.

　　以同业代付为例，作为去年票据业务监管从严后的最重要的替代品，同业代付一度崛起达到万亿规模。然而，明显在大量的信用证代付业务中，有些并无真实贸易背景，而仅是变相的普通贷款，即便有的业务增加了担保，仍存在资金流向难以控制等风险。

To trade pay for another, for example,As a last note business supervision after the the most important substitutes,Trade paid once rise to trillions of scale.however,Obviously in a large number of l/c pay for another business,Some and no real trade background,But only in disguised form is the common loan,Even if some business to increase the guarantee,Still exist in the capital flow is difficult to control risk.

　　另外，由于早前没有统一的规范，银行业非信贷业务尤其是表外业务，各银行普遍少提或不提拨备。根据上市银行2011年年报，信贷资产减值损失计提普遍提高，然而非信贷资产减值损失计提幅度变化不大，甚至有4家银行出现负增长。

In addition,Because of earlier has no unified standard,Banking non credit business especially off-balance sheet business,Banks less common extraction or not for contribution.According to the listed bank annual report 2011,Credit loss of asset impairment provision general improvement,But the credit loss of asset impairment provision amplitude variation is not big,There is even four Banks appear negative growth.

　　同时，统计数据显示，截至2012年上半年，中国商业银行表外加权风险资产为7.53万亿元，较上一季度增长3441亿元。其中，上市银行表外加权风险资产增速在15%左右，超过了同期信贷增速。

At the same time,Statistics show,By the first half of 2012,China's commercial bank's off-balance sheet weighted risk assets of 7.53 trillion yuan,A last quarter growth is 344.1 billion yuan.the,Listed Banks off-balance sheet weighted risk assets growth at around 15%,Over the same period the credit growth.

　　中信银行国际注册特许财务策划师陈盛东认为，同业业务风险主要集中在以逃匿信贷规模的业务上，包括同业代付，这些业务的催生主要是迫于存贷比和信贷规模的压力，而包括存贷比在内的顶层设计有继续探讨的余地。

Citic bank international registration of chartered financial planner ChenCheng east think,Trade business risk mainly concentrated in the absconding credit scale of business,Including trade pay for another,The business is mainly gave under deposit-loan ratio and credit scale pressure,But including the deposit-loan ratio, the top design have room for to continue to explore.

　　“代付的监管新规将增加若干银行的存贷比压力，存款营销更趋激烈，并削弱信贷支持实体经济的能力，不利于稳增长目标的实现。”他称。

"The supervision of the pay for another new gauge will increase some bank the deposit-loan ratio pressure,Deposit marketing more hasten is fierce,And weaken the credit support to the real economy ability,To realize the goal of the steady growth."He says.

　　而关于存贷比调整的讨论已经成为金融圈讨论的热点。今年6月份，江苏省银监局长在接受记者采访时表示，“存贷比写在我国商业银行法中，之前被认为是天经地义的事情，现在开始有人质疑这个指标了。原因是，这几年，特别是金融危机以后，我国的金融市场格局开始慢慢发生改变，比如国债、企业债、公司债等发行规模在不断扩大，股票发行也越来越多，并不断加快改革过程，资本市场扩容加速。这使得银行的资产负债表也在悄然出现明显的变化，过去存贷比能占到80%，现在已经下降到50%-60%了。这样，管控存贷比的意义显著下降”。

And about the deposit-loan ratio adjustment discussion has become the focus of financial circles are discussed.In June this year,Silver in jiangsu province prison chief when accepting a reporter to interview said,"Deposit-loan ratio written in our country commercial bank in,Before being considered only thing,Now some question this indicator.Reason is,Over the past few years,Especially after the financial crisis,China's financial market pattern began to change,Such as the national debt/QiYeZhai/The company bonds issue scale is gradually expanding,Stock publish more and more,And constant speed up the reform process,Capital market expands acceleration.This makes the bank's balance sheet are also quietly appear obvious change,The past deposit-loan ratio can account for 80%,Now has dropped to 50% - 60%.this,Control the meaning of the deposit-loan ratio dropped significantly".

　　他认为，适当的时候，这个指标已经需要做适当的调整了。

He thinks,appropriate,The index has need to do proper adjusted.

　　对于以同业代付等在内的监管套利，银行从业人士有另外的看法。“监管套利有利于金融机构和监管层之间的磨合。同时，在不断的监管套利中，更利于激发银行的活力，以及对产品的定价能力。”上述城商行资金部负责人称。

To trade for paying, regulatory arbitrage,Bank working people have other views."Regulatory arbitrage to financial institutions and supervision layer between the break-in.At the same time,In constant supervision in arbitrage,More conducive to stimulate the vitality of the bank,And the product pricing power."The city house ZiJinBu responsible person.