中金：央行信用修复政策对内银形成利好 料带动消费贷、房贷等个人信贷新增投放

Group 1 - The People's Bank of China has announced a one-time credit repair policy that allows borrowers to clear overdue personal credit records by repaying debts of up to 10,000 RMB by March 31, 2026, which is expected to stimulate consumption and financing demand [1] - The policy applies to overdue amounts not exceeding 10,000 RMB per instance, covering a wide range of loans including credit cards, consumer loans, and even larger long-term loans like mortgages, potentially benefiting most mortgage borrowers in China [1] - The credit repair policy is distinct from debt forgiveness, as it requires full repayment of overdue loans to restore credit ratings, thus maintaining credit constraints on borrowers who have not repaid their debts [2] Group 2 - The credit repair initiative is anticipated to stimulate demand for personal loans, including consumer loans, mortgages, and business loans, as it encourages overdue borrowers to repay their debts, improving asset quality for financial institutions [2] - The policy is designed as a one-time measure without a long-term extension mechanism, which helps mitigate moral hazard risks associated with debt repayment [2] - Overall, the credit repair policy is seen as beneficial for domestic banks, particularly state-owned banks and leading financial institutions, as it encourages overdue debt repayment and enhances asset quality [3]