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1、DeutscheBankMarketsResearchAsiaIndustryDateHongKongChinesebanks-8January2018Banking/FinanceBanksFinancialIndustryUpdatedeleveragingHansFan,CFAJackyZuoTighteningdirectionunchanged,butResearchAnalystResearchAnalyst(+852)22036353(+852)22036255holdingthebottomlinehans.fan@db.comjacky.zuo@db.comAsummaryo
2、frecentregulationsandmonetarypolicymeasuresEdwardDuThepaceofreleasingnewregulationshasacceleratednotably.ThreerulesResearchAssociatewereunveiledbyCBRCovertheweekend.Thedirectionisclearlyonthe(+852)22036185tighteningside:crackingdownonshadowbankingandreducingwholesaleedward.du@db.comfunding.Ontheothe
3、rhand,toholdthebottomlineofnosystemicrisks,thePBOChasincreasedliquidityinjections(byRmb1.6trin2017,equivalenttoToppicks110bpsRRRcuts)andannouncedafewpre-emptivemeasures,e.g.atemporaryRRRcutandrelaxationintheautomatedpledgingfinancingfacility.BankofChina(3988.HK),HKD4.02BuyAssuch,weexpectfinancialdel
4、everagingtocontinuebuttheprocessislikelyAgri.BankofChina(1288.HK),HKD3.91Buytobeorderly,giventhelowriskofanuncontrollable“liquidityevent”.Source:DeutscheBankTighterregulations:closingloopholes,butbeingmorecoordinatedCompaniesFeaturedSincethefirstmeetingoftheFinancialStabilityandDevelopmentCommitteeI
5、CBC(1398.HK),HKD6.56Buyon8Nov2017–the“super-regulator”coordinatingfinancialregulators–thepaceofreleasingnewregulationshasacceleratednotably(Fig.2).ThisChinaConstructionBankBuy(0939.HK),HKD7.61weekend,theCBRCreleased3regulationstargetingentrustedloans,banks’Agri.BankofChina(1288.HK),HKD3.91Buyconcent
6、rationrisksandshareholdingmanagement.Theseregulations,inBankofChina(3988.HK),HKD4.02Buygeneral,targetacrackdownonshadowbankingbyclosingloopholesandreducingregulatoryarbitrage.WhatmakesthisroundoftighteningdifferentBankofCommunicationsBuy(3328.HK),HKD5.98fromthepastisthatwiththenewcommitteeleading,th
7、eregulationsaremoreChinaMerchantsBankHoldcoordinatedandmosthaveconsiderablegraceperiods.StartingwithThe(3968.HK),HKD32.60AssetManagementGuideline(note),anoverallguideline,theregulationsareChinaCITICBa
