Lex专栏：一切照旧的中资银行_时事_双语阅读-查字典英语网

Lex专栏：一切照旧的中资银行

Perhaps it is their size that makes them so difficult to grasp. Maybe there is also a dash of that hard-to-quantify suspicion that lurks in investors’ minds when they get any numbers related to China. Either way, the country’s big banks have none of the market stabilisers to be expected of such behemoths.

也许是中国各家银行过大的规模，导致它们难以理解。当投资者们拿到任何与中国有关的数字时，心里总会带着一点难以用数字来回答的怀疑，对于中国的银行业也是如此。不管怎样，像中国大型银行这样的庞然大物应该具备的市场稳定机制，它们却都不具备。

China’s slowing economy has played a part, as have regulators’ efforts, in forcing competition by slowly liberalising interest margins. But that still makes a one-fifth rise in the earnings yields of, say, Agricultural Bankand China Construction Bankin the past year look extreme when earnings have risen a fifth and 12 per cent over the past year respectively in the latest quarter. Reported results from three of the big four show fairly resilient interest margins and limited signs of the growing bad loans that everyone fears.

随着中国经济放缓，加上监管机构的努力，中国正缓慢放松对息差的限制，这加剧了银行业的竞争。但中国农业银行(AgBank)和中国建设银行(CCB)的表现仍然显得非常极端：两家银行第三季度净利润同比分别增长16%和12%，但过去一年中它们的每股收益与股价比却增长了足足五分之一。中国四大银行中三家的报表都显示了相当坚挺的利差，也没什么迹象表明所有人此前担忧的不良贷款正在抬头。

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