The central bank issued management measures, what kind of substantial changes are there in the gold lease business?

Author:China Gold News Time:2022.07.22

On July 8th, the official website of the People's Bank of China released the "Interim Measures for the Management of Gold Rental Business", which will be implemented from January 9, 2023 to strengthen the gold market management, standardize the gold lease business, and maintain the gold market order. What are the main reasons for this method? Is it actually in line with the market? How is the prospect of the development of the gold lease business? "China Gold News" reporters interviewed many experts in the industry for this reason.

Drawing: Zhang Zongwei

Text | "China Gold News" reporter Wang Bei

This article is an original article of China Gold Network. The content is for reference only, and does not constitute operating suggestions or investment guidelines.

What is the difference

Industry insiders said that the method clarifies the gold lease business, but there is no large substantial change, and it is more clear and standardized for financial institutions that borrow from gold.

The measures stipulate that other financial institutions shall not borrow gold from non -financial institutions except for financial institutions of banking deposits. Non -financial institutions shall be a gold -related enterprise. Gold rental business account services are provided by banking deposit financial institutions and Shanghai Gold Exchange.

Li Tao, the assistant executive assistant of Hualin Securities Co., Ltd., and the general manager of the FICC tribal president and general manager of the investment department, said that before the release of the method, the borrowing party of the gold lease is generally a deposit financial institution, that is, the bank, and other institutions are not allowed to do it. Gold lease borrowing party. In fact, the daily management of the Shanghai Gold Exchange on the Golden Rental has been implemented in accordance with the measures, but the method is to write the requirements in a standardized document. Liang Yonghui, deputy general manager of recruiting gold refining and recruiting gold and silver buildings, believes that gold -related enterprises leased gold through approval through the Shanghai Gold Exchange, occupying the bank's credit quota, consistent with the contents of the measures.

The introduction of the measures is closely related to the chaos in the gold lease market in the past few years and the subsequent market rectification. The method of clearing the qualifications of the gold lease market access is precisely the chaos of the past, and it is also a summary of the previous market rectification experience.

Gold Rental has not been included in the bank's table business in the past, and because the gold financial attributes are extremely strong and the circulation is excellent, it can avoid the risk of price fluctuations through the hedging period. Funding and fund -raising boom.

A large number of non -gold -related enterprises have obtained the loan by changing the business scope of the business license and obtained the loan in disguise of the gold lease, which weakens the original intention of the gold lease to support the development of the golden entity industry. Some wealth management companies also raised the risk of financial systems under the name of gold lease in the name of gold accounts. The current method stipulates that the content is basically the same as the actual operation after rectification.

Li Tao analyzed that when the bank did the gold lease business at the beginning, it was indeed put on the balance sheet outside the balance sheet for accounting. If the gold lease business is calculated outside the table, it will not occupy the scale of bank credit and affect the structure of the bank's balance sheet. In the table of the interpretation, the income obtained by the gold lease is regarded as a credit asset, which is equivalent to interest income. "Since the lease of gold as a credit asset is managed, it must be put inside the table," he said. The measures clearly stipulate that the gold lease business carried out by financial institutions themselves shall be included in the balance sheet for management.

What are the risks?

"From the perspective of business operations, there is a credit risk of gold leases; from the perspective of regulators, the gold lease business is suspected of avoiding credit scale or financing scale, so it is necessary to conduct credit specifications for this business." Li Tao said.

Jiang Shu, general manager of the precious metal industry department of Shanjin Industry, said that there are two main risks of the gold lease business: one is credit risk, that is, the gold borrowing party leases the default and cannot return the gold; There is a risk of price rise, and there is a risk of price decline for borrowing parties.

However, there are fewer "naked rent" behaviors that do not perform long -term hedging in practice. Because the hedging of gold rents can basically avoid price risks because of long -term or futures, the main risk of gold leasing is credit risk.

Liang Yonghui believes that the gold lease business should prevent excessive abuse. In fact, gold leases are more like a financial derivative tool. The biggest risk facing financing is mainly from the fluctuation of gold prices. The gold lease business has played a positive role in widening the financing channels for gold enterprises, reducing financing costs, and enriching corporate risk management tools, but there are also problems such as incomplete systems and inconsistent financial institutions.

After strict supervision in the past few years, especially after the CBRC conducted many inspections on the gold lease business, the industry's standardization was actually strong. At present, gold leases in the banking industry are actually regarded as credit funds for relevant supervision. This method also has regulations on the relevant situation.

The method is clear that when the banking deposit financial institution borrows gold from the non -financial institution, the previous credit management and the use of use of the use of the use of the use of credit risks and market risks shall be carried out. Essence The People's Bank of China implemented the management of the gold lease business after the registration management.

Relevant personnel of a large -scale jewelry listed enterprise revealed that the gold lease transaction accounts for 10%of the annual transaction volume of the enterprise, and the company's gold rental depends on credit. Strict, risks are generally controllable.

How is the prospect?

Gold rental has formed a natural insurance shelter for gold enterprises, and at the same time provides effective financing support for enterprises and serves the real economy of the industry. Li Tao said that the gold lease business is about 23 trillion yuan, and the overall scale is not large, but the gold lease effectively supports the integration of gold in the market and has a positive effect on the liquidity of the gold market.

Liang Yonghui analysis believes that the reason why the gold lease business is sought after by gold production and processing companies is the following three points.

The first is that golden companies can avoid risks. Due to the large changes in gold prices, after a production cycle, if the price of the gold market falls, gold companies will often cause losses due to high raw material costs. Through the gold lease business, the gold enterprises have avoided the impact of gold price fluctuations on corporate finance while meeting the gold price fluctuations and reduced the market risks of the enterprise while meeting the gold price.

The second is to reduce the financial expenses of gold enterprises. Enterprises adopt the form of gold leasing. They do not need to buy gold with cash, and the cost of gold leasing is much lower than that of bank loans in the same period.

The third is to broaden the financing channels of gold enterprises. With the current difficulty of bank loans and strict restrictions, gold enterprises can greatly reduce the scale of liquidity and reduce the pressure of enterprises through the development of gold leasing business.

At the same time, gold leases mainly have the following two characteristics.

First, the lease period is relatively flexible. This kind of lease can be determined according to the production and operation cycle of the enterprise. The maximum of up to 12 months must not be more than 12 months. After the contract expires, it can be renewed or suspended based on the contract and the price of gold at that time.

Second, the lease interest rate is low, reducing the production cost of the enterprise. Because enterprises adopt the form of gold rents, they do not need to buy gold with cash, and the interest rate of gold leases is generally lower than the interest rate of bank loans and short -term financing vouchers in the same period, which greatly reduces the financial expenses of the enterprise.

As a tool for innovation derivatives, gold lease has become an indispensable part of the gold market. In recent years, the gold lease business has developed rapidly in regions where gold processing and manufacturing enterprises are concentrated. At the same time, in the past two years, financial members of the Shanghai Gold Exchange such as Rural Commercial Bank and foreign banks are actively expanding their business in this area. The future development prospects are great.

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