2025 年银行呈现用企业短贷代替票据冲量的信贷新特征2025 年以来银行“以票冲贷”现象并不突出,企业短贷的规模多次出现超季节性增长。3 月、6 月当月新增规模分别为1.44/1.16 万亿元,高于往年同期均值4582/4832 亿元。同时观察到票据融资在6 月明显缩量,当月规模-4109 亿元,明显高于近三年均值(-139 亿元)。一方面,银行在盈利压力下更注重收益,为缓解息差压力,有意压降低...
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