根据联邦公开市场委员会7月29日至30日的会议纪要，由于财政部一般账户规模预计将大幅增加、隔夜 逆回购协议工具正在耗尽，以及资产负债表持续缩减，银行准备金将出现自2022年6月开始缩表以来的 首次"持续下降"。一些与会者指出，在关键的报告和付款流程日，可能会出现"进一步急剧下降"。与会 者还指出，如果此类事件给货币市场带来压力，美联储现有的工具可以提供额外准备金，并将联邦基金 有效利率维持在目标区间内。一些与会者特别强调了常设回购便利工具在货币政策执行中的作用，这体 现在二季度末该工具的使用量增加方面。 来源：金融界AI电报 ...

Core Insights - The banking sector in Cameroon is criticized for insufficient credit support to small and medium-sized enterprises (SMEs), despite reporting strong financial performance [1][2] - As of March 2025, the CEMAC banking system holds a substantial liquidity reserve of 2.472 trillion Central African Francs (approximately $42.6 billion), which is 2.25 times the regulatory requirement, indicating potential for credit expansion [1] - Government credit constitutes only 32.5% of total credit to the real economy, while private sector credit has increased by 22.4%, highlighting a shift in lending dynamics [1][2] Banking Performance - BGFI Group's Cameroon subsidiary projects a net profit of 11 billion Central African Francs (approximately $0.2 million) for 2024, reflecting a 9% increase from 2023 [1] - Société Générale's local subsidiary reported a net profit of 2.98 billion Central African Francs (approximately $513.8 million) [1] SME Financing Challenges - SMEs in the CEMAC region face significant financing challenges, including limited access to credit and high effective borrowing rates of 15%-17% [2] - A large portion of private sector credit flows to a few large enterprises, often subsidiaries of multinational companies, rather than to SMEs [2] Risk Factors for SMEs - SMEs struggle with weak risk resilience, making them vulnerable during economic shocks, compounded by political uncertainty in election years [2] - The cost of credit assessment for SMEs is high due to information asymmetry, leading banks to invest substantial resources in lending decisions [2] - The total amount of non-performing loans in the banking sector reached 840 billion Central African Francs (approximately $14.5 million) as of March 31, indicating potential asset quality concerns [2]

美联储理事沃勒上周表示，美联储可将银行储备金从当前约3.34万亿美元降至2.7万亿美元左右，从而继续缩 减资产负债表，即"量化紧缩"。 "考虑到2023年3月区域银行业危机（当时显示存款流失风险达到顶峰），以及当前监管框架对流动性的高度 强调，'充足储备金'的阈值可能需要更高，"摩根大通策略师特雷莎·何（Teresa Ho）牵头在7月11日给客户的 报告中称。 纽约联储6月开展的"市场预期调查"显示，量化紧缩结束时，储备金余额的中位数预期为2.875万亿美元。 美联储自2022年6月起开始缩减资产负债表。今年4月，政策制定者放缓了缩表节奏：将每月允许到期不续作 的国债上限从250亿美元降至50亿美元，抵押贷款支持证券（MBS）的上限保持350亿美元不变。 政策制定者的核心目标是避免2019年9月的回购市场动荡重演。在当时的美联储缩表期间，储备金短缺导致 关键贷款利率飙升，联邦基金利率异动，最终迫使美联储出手干预以稳定融资市场。 沃勒上周在达拉斯联储的讲话中提到，2019年9月储备金占GDP比重降至7%以下，而2019年1月占比8%时， 银行体系"无明显压力"。如今，沃勒认为需保留缓冲，将储备金占GDP比重的" ...

Core Viewpoint - The Federal Reserve data indicates that bank reserves have decreased to $3 trillion, marking the lowest level since January 1 [1] Group 1 - The decline in bank reserves reflects a significant reduction in liquidity within the banking system [1] - This decrease may impact banks' lending capabilities and overall economic activity [1] - The current reserve level is a critical indicator of the financial health of the banking sector [1]