德意志银行-中国政府债务-china local government direct debt-20170626-deutschebank

《德意志银行-中国政府债务-china local government direct debt-20170626-deutschebank》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、DeutscheBankMarketsResearchAsiaPeriodicalDateChinaChinaFinancialDaily26June2017Banking/FinanceBanksHansFan,CFAJackyZuoChinaLocalGovernmentDirectDebtResearchAnalystResearchAssociate(+852)22036353(+852)22036255BalanceRmb15.32trnin2016hans.fan@db.comjacky.zuo@db.comToppic

2、ksWhatisincludedhere?ICBC(1398.HK),HKD5.20BuyChinaLocalGovernmentDirectDebtBalanceRmb15.32trnin2016Source:DeutscheBankNationalAuditOffice:8MajorBanksIllegallyLentRmb17.5bnCompaniesFeaturedINDBHangzhouSuedCCBXianningforRmb1bnInterbankWMPDefaultICBC(1398.HK),HKD5.20Bu

3、yChinaConstructionBankBuyCBRCDeng:TrustProductRegistrationSystemtoBeAlivein2017(0939.HK),HKD6.11Agri.BankofChina(1288.HK),HKD3.65HoldChinaLiquidityMonitor–NoOMOonMonday;InterbankRatesTrendBankofChina(3988.HK),HKD3.81BuyDownBankofCommunicationsHold(3328.HK),HKD5.91Chi

4、naMerchantsBankHoldTopStories(3968.HK),HKD23.20ChinaLocalGovernmentDirectDebtBalanceRmb15.32trnin2016(Caixin,ChinaCITICBank(0998.HK),HKD4.77SellJune24)ChinaMinshengBank(1988.HK),HKD7.79SellAsof2016,totallocalgovernmentdebtwithdirectrepaymentobligationChongqingRuralBank

5、(3618.HK),HKD5.23HoldamountedtoRmb15.32trn,unchangedfrom2014level(Rmb15.4trn),withCITICSecurities-H(6030.HK),HKD16.00Buyoveralldebtratio(debtbal./fiscalbalance)of80.5%(vs.89.2%in2015),HaitongSecurities-H(6837.HK),HKD12.88HoldaccordingMOFdata.However,localgovernmentdebt

6、guaranteedbyfiscalShanghaiPudongBankSellfundsgrewby87%from2013Junelevel.NationalAuditOfficealsodisclosed(600000.SS),CNY12.62that7provincesand6citiesillegallyraisedlocalgovernmentdebtofIndustrialBank(601166.SS),CNY16.29SellRmb53.7bnviabankloans,trustloansetc.In2014,tota

7、lgovernmentdebtChinaEverbrightBankSell(601818.SS),CNY4.00balancedisclosedbystatecouncilreportwasRmb24trn,includingRmb15.4trnPingAnBank(000001.SZ),CNY9.25Holddebtwithdirectrepaymentobligation,Rmb3.1trnwithguaranteeobligationBankofBeijing(601169.SS),CNY9.00BuyandRmb5.5tr

8、nwithcontingentliabilities.BankofNanjing(601009.SS),CNY10.91SellNationalAuditOffice:8MajorBanksIllegallyLentRmb17.5bn