BNM: Conditions in Malaysian Financial Markets remain orderly

Conditions in the domestic financial markets remained orderly despite significant volatility, with smooth intermediation of two-way flows in bond and equity markets, Bank Negara Malaysia (BNM) said in its Financial Stability Review First Half 2022.

马来西亚国家银行（BNM）在2022年上半年金融稳定评估中表示，尽管波动很大，但国内金融市场的状况仍然井然有序，债券和股票市场的双向流动的顺利中介。

“The US dollar has strengthened significantly and has remained at a two-decade high due to aggressive policy rate hikes in the US and flight to perceived safe US dollar assets. Continued onshore foreign exchange market liquidity is enabling orderly adjustments to external developments. This will support businesses and market participants in managing their foreign exchange exposures,” the central bank said in a statement on 5th October.

“由于美国激进的政策加息和对被认为安全的美元资产的逃离，美元大幅走强并保持在二十年来的高位。持续的在岸外汇市场流动性使得对外部发展进行有序调整成为可能。这将支持企业和市场参与者管理其外汇风险敞口，“央行在10月5日的一份声明中表示。

It added that the financial performance of businesses continued to improve in line with the full resumption of economic activities and reopening of international borders. However, recovery remains uneven and has been slower in certain economic sub-sectors.

它补充说，随着经济活动的全面恢复和国际边界的重新开放，企业的财务业绩继续改善。然而，某些经济分部门的复苏仍然不平衡，而且速度较慢。

“Overall business loan impairments remain low at 1.1% of total banking system loans. The share of business loans with higher credit risk has continued to decline to 14.4% of total business loans in line with the gradual improvement in business conditions. The share of small and medium-sized enterprises (SME) loans under repayment assistance has halved to 13.1% of total SME loans (or 2.3% of total loans from the banking system and development financial institutions). SME that have exited repayment assistance programmes have largely been able to resume their loan repayments,” it said.

它说， “整体商业贷款减值仍然很低，占银行系统贷款总额的1.1%。随着商业环境的逐步改善，信用风险较高的商业贷款占商业贷款总额的比例持续下降至14.4%。中小企业贷款在还款援助下所占的份额已减半，占中小企业贷款总额的13.1%（占银行系统和发展金融机构贷款总额的2.3%）。已经退出还款援助计划的中小企业在很大程度上能够恢复偿还贷款“。

The central bank remarked that businesses are expected to face continued headwinds, including tightening global financial conditions and exchange rate developments. However, additional business defaults under simulated severe stress scenarios are expected to remain manageable.

央行表示，预计企业将面临持续的逆风，包括全球金融状况收紧和汇率走势。但是，在模拟的严重压力情景下，其他业务违约预计将保持可控性。

Additionally, household resilience continued to be supported by improving economic and labour market conditions. The ratio of household debt-to-GDP has reverted closer to pre-pandemic levels at 84.5%.

此外，家庭复原力继续得到经济和劳动力市场状况改善的支持。家庭债务与GDP的比率已恢复到接近大流行前的水平，为84.5%。

“The share of household debt under repayment assistance has declined significantly from 18.8% in December 2021 to 2.4% as of June 2022, with a lower share of household debt reported by banks to be of higher credit risk. Household impairment and delinquency ratios increased marginally but continue to remain low and within expectations at 1.2% and 0.6%, respectively,” it commented.

它评论道，“还款援助下的家庭债务份额已从2021年12月的18.8%大幅下降到截至2022年6月的2.4%，银行报告的家庭债务比例较低，信用风险较高。家庭减值和拖欠率略有增加，但继续保持在低位，分别在1.2%和0.6%的预期范围内“。

Meanwhile, Bank Negara Malaysia governor Tan Sri Nor Shamsiah said the central bank continues to work closely with the industry, key agencies and law enforcement authorities to address emerging threats.

与此同时，马来西亚国家银行行长Tan Sri Nor Shamsiah表示，央行继续与该行业，关键机构和执法当局密切合作，以应对新出现的威胁。

“Enhancing the financial industry’s capacity to recover from various operational incidents remains our top priority. Some of these efforts include simulated live tests to ensure the practical ability of financial institutions and payment system operators to execute cyber incident response plans effectively,” she said in a statement.

她在一份声明中说。 “提高金融业从各种运营事件中恢复的能力仍然是我们的首要任务。其中一些努力包括模拟现场测试，以确保金融机构和支付系统运营商有效执行网络事件响应计划的实际能力“。

The domestic financial system remains well-positioned to withstand shocks and support economic recovery. The strong buffers of banks, insurers and takaful operators will continue to preserve the resilience of financial institutions against potential unexpected losses.

国内金融体系仍然处于有利地位，能够抵御冲击并支持经济复苏。银行、保险公司和回教保险经营者的强大缓冲将继续保持金融机构抵御潜在意外损失的韧性。

“Assuming additional severe shocks applied on top of the bank’s stress test, post-shock aggregate capital ratios as at end-2023 remain comfortably above regulatory minimum levels at 15.4% for banks and 209% for insurers and takaful operators. This will enable them to continue supporting households’ and businesses’ financing and protection needs as economic activities resume,” she said.

她说， “假设在银行压力测试的基础上应用额外的严重冲击，截至2023年底，冲击后的总资本比率仍远高于监管最低水平，银行为15.4%，保险公司和回教保险运营商为209%。这将使他们能够在经济活动恢复时继续支持家庭和企业的融资和保护需求“。