政府开始审核新贷款使用去向的消息导致上证综合指数周三重挫 4.7%。周四，市场温和反弹 0.8%，今年以来仍上涨了 22%。
周四，中国央行连续第三周发售 3 个月期票据。去年 11 月，它曾表示，会改变过去每周发售央行票据的做法，改为每两周发售一次。发售央行票据会暂
中国央行以 0.9650%的利率发售了 350 亿元（51.2 亿美元）的 3 个月期票据，收益率与上周持平。央行本周已通过公开市场操纵从银行间同业市场净回
笼了 635 亿元资金，高于上周的 560 亿元。
荷兰银行(ING)亚洲研究部主管康登(Tim Condon)在研究报告中写道，我们认为，中国央行重新开始每周发售 3 个月期票据，表明了对流动性过剩的高度
在 12 月份放贷数额大幅增加的基础上，中国的银行 1 月份又新发放贷款 1.62 万亿元，是去年 1 月份 8,036 亿元新增贷款数额的两倍以上。
SooChow Asset Management 债券分析师 Mo Fan 说，央行确实试图对银行系统的流动性管理进行微调，以防止资金进入股市。
不过，一些分析师说，每周发售 3 个月期票据可能是削减流动性的临时举措，但今年货币政策的主基调仍将是支持经济增长。
China's government is soaking up some of the money it encouraged financial institutions to lend, as the
central bank on Thursday withdrew money-market funds for the third consecutive week.
The move is a possible sign that it is concerned that too much cash is flowing too quickly into the
Banks have responded forcefully to pressure from Beijing to help jump-start economic activity by
freeing up credit, but there are signs some borrowers may be pumping the cash right into speculative
markets instead of the real economy. Many investors believe this year's surge in the Shanghai
Composite Index is partly due to loan money going into stocks rather than business operations that
might improve the country's economic prospects.
News that the government has started to look into the use of new loans helped pull down the Shanghai
index 4.7% Wednesday. The market rebounded a modest 0.8% Thursday and remains up 22% for the
On Thursday, the People's Bank of China sold three-month bills for the third week in a row. In
November, it had said it would do so every two weeks instead of weekly. Such sales temporarily
remove cash from the banking system.
The PBOC sold 35 billion yuan ($5.12 billion) of three-month bills at 0.9650%, with the yield
unchanged from last week. The central bank withdrew a net 63.5 billion yuan from the interbank
market this week through its open-market operations, up from 56 billion yuan last week.
'We think the PBOC's return to weekly sales of three-month bills signals a heightened concern with
excessive liquidity,' Tim Condon, head of research for Asia at ING, wrote in a research note.
China's banks extended 1.62 trillion yuan in new loans in January, more than double the 803.6 billion
yuan extended in January 2008 and on top of sizable amounts in December.
If that cash flows into the financial system too fast, it can quickly boost stocks, spur inflation or
otherwise prove counterproductive to the goal of underpinning economic growth.
'The central bank is indeed trying to fine-tune its liquidity management in the banking system so as to
prevent funds from entering the equity market,' said Mo Fan, a bond analyst at SooChow Asset
However, some analysts said the weekly sale of three-month bills likely is a temporary move to trim
liquidity, but the overall theme of monetary policy this year will remain supportive of growth.
Wang Ming / James T. Areddy