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1、DeutscheBankMarketsResearchAsiaIndustryDateHongKongChinesebanks18September2017Banking/FinanceBanksIndustryUpdateHansFan,CFAJackyZuoAug’17bankingvolume–FinancialResearchAnalystResearchAnalyst(+852)22036353(+852)22036255deleveragingcontinuedhans.fan@db.comjacky.zuo@db.comSlowerba
2、nkingassets&creditgrowth,lessshadow,butbettertransparencyEdwardDuLastFridaytheregulatorsreleasedloan&TSFdataandbalancesheetdetailsResearchAssociateofallbanksinChina.Wenotethefinancialdeleveragingcampaignhas(+852)22036185continuedtomakeprogresses:bankingassetsgrowthsoftenedfurth
3、er;loanedward.du@db.comandTSFbeatestimatesbuttheoverallcreditgrowthactuallymoderated;shadowbankingsizewasshrinkingwhileloangrowthstayedresilient.AssuchStephenAndrews,CFAfromthefinancialsystem’sperspectiveweseeimprovingtransparencyandResearchAnalystlowerliquidityrisks.Whilethede
4、leveraginghascontributedtoamodestly(+852)-22036191slowereconomy,thegrowthmomentumisinlinewithourhouseview.Wedostephen-a.andrews@db.comnotforeseepoliciestoeaseandweexpectthedeleveragingtocarryonorderly.Softenedbankingassetgrowth,drivenbysmallerbanksandshadowbankingToppicksAssetg
5、rowthintheChinabankingsystemhasslidtoa10-yearlowat10.3%ICBC(1398.HK),HKD5.73BuyyoyasofAugust2017(2016:15.7%),asbankscutexcessiveleverage.Lenderwise,theslowerassetgrowthwasdraggeddownmainlybysmallerbanks.BankofChina(3988.HK),HKD3.99BuyTotalassetgrowthofjoint-stockandcity/ruralba
6、nks(45%oftotalbankingSource:DeutscheBankassets)deceleratednotablyto12%yoyinJulyfrom19%in2016(Figure3).CompaniesFeaturedParticularly,JSBs’assetgrowthdeclinedto7.5%from17.2%in2016.ICBC(1398.HK),HKD5.73BuyBusinesswise,interbankassetsandinterbankliabilitiesfell14%yoyand2%ChinaConst
7、ructionBankBuyyoyrespectively,accordingtoCBRC.Banks’WMPbalancecontinuedtoslow,(0939.HK),HKD6.63drivenmainlybyreducedinterbankWMPbyRmb2.2trYTD.Agri.BankofChina(1288.HK),HKD3.55BuyCreditvolumebeatestimates,butcreditgrowthactuallymoderatedBankofChina(3988.HK),HKD3.99BuyAugustnewlo
8、ansandTSFrecordedRmb1.09trandRmb1.48tr,respectively,Ba
