银行行业：央行调整跨境融资参数点评

Investment Rating - The industry investment rating is "Buy" [5][15]. Core Insights - The People's Bank of China (PBOC) has raised the macro-prudential adjustment parameter for cross-border financing from 1.5 to 1.75, which expands the borrowing capacity for domestic institutions and promotes capital inflow, enhancing liquidity in foreign currencies and stabilizing the RMB exchange rate [5][6]. - The widening interest rate differential between China and the U.S. is a key driver of cross-border capital flows, with the U.S. dollar appreciating approximately 5% against the offshore RMB since October last year, primarily due to increased fiscal spending by the Biden administration and expectations of inflation [5][10]. - The report emphasizes that the current policy focus is on improving domestic nominal price trends and expected returns in the real sector, which is expected to stabilize the exchange rate as fiscal policies increasingly target demand [5][10]. Summary by Sections Cross-Border Financing - Cross-border financing refers to domestic institutions borrowing funds from non-residents in both domestic and foreign currencies, managed under a macro-prudential framework established by the PBOC since 2016 [5][8]. - The adjustment of the macro-prudential parameter allows for a higher risk-weighted balance limit for cross-border financing, enabling institutions to engage in more borrowing within the set limits [5][8]. Monetary Policy Tools - The PBOC has implemented various tools to manage exchange rates, including issuing offshore RMB central bank bills and adjusting the macro-prudential parameters for cross-border financing [5][6]. - The report outlines that the PBOC has sufficient tools to manage foreign exchange, including adjusting the counter-cyclical factor and intervening in foreign exchange reserves [5][6]. Market Performance - The report includes a comparative performance chart showing the banking sector's performance against the CSI 300 index, indicating a projected increase in bank stock prices over the next year [3][5]. - The report provides a detailed valuation and financial analysis of key banks, all rated as "Buy," with expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024 and 2025 [6].