Prices, for example, are roughly half the peak levels of about a year ago but the outlook suggests they are still some way off the bottom. Decelerating economic growth in China will feed through to slower loan growth and deteriorating asset quality. Last month's cut in interest rates affected only lending rates, thus eroding net interest margins. Even when both rates are cut, as in the most recent move, that hits government bond yields and hence the banks' treasury returns. As pertinently, Chinese savers are shifting more money into higher-yielding term deposits, again increasing funding costs.
盡管股價只有大約一年前峰值水平的一半，但人們認為它們距觸底仍有一定距離。中國經濟增長減速將帶來貸款增速放緩和資產質量惡化。上個月的降息僅影響到貸款利率，因而導致凈息差減少。即使像最近一次那樣，存貸款利率均被下調，也會影響政府債券收益率，進而影響銀行的資金收益。相應地，中國儲戶將更多資金轉向收益率更高的定期存款，再次增加了融資成本。