穆迪： 2018Q4中国影子银行报告-2019.3-62页-最新分析报告.pdf

Quarterly China Shadow Banking Monitor MARCH, 2019 每日免费阅读行业报告 1、每日星球内分享10+精品报告； 2、不定时分享国际投行报告，脱水研报等； 3、行业报告均为公开 内容，版权归原作者所 有，星球仅分享内部学习。 扫描右侧二维码 即刻加入 【行业报告（免费） 】星球 （此页只为更多需要行业报告的朋友提供便利，希望不会影响您的阅读，谢谢理解！） Quarterly China Shadow Banking Monitor 1. Key Messages 2. Credit Conditions (a) Liquidity Conditions (b) Financing Conditions for Corporates 3. Composition and Trends of Shadow Banking (a) Wealth Management Products (b) Trust Sector 4. Interconnectedness and Spillover Risks to Banks 5. The Growth of E-finance 6. Regulatory Updates Market Events 7. Appendix: Glossary, Notes on Estimates Data Sources Quarterly China Shadow Banking Monitor, March 2019 2 1 Key Messages Key Messages » The shadow banking sector shrank by RMB4.3 trillion in 2018 to end the year at RMB61.3 trillion, its smallest since the end of 2016 or just before the regulatory crackdown on the sector began. The contraction in 2018 was concentrated in core shadow banking activities including trust loans, entrusted loans and undiscounted bankers’ acceptances. These three activities reported a combined decline of RMB2.9 trillion in the year. » The broad shadow banking sector as a share of GDP has shrunk by nearly 20 percentage points to 68% at the end of 2018 from its peak of 87% two years ago. 2018 marked the first annual contraction for broad shadow banking assets in both absolute and GDP terms over the past decade. Interconnectedness among financial institutions also declined in the year, as reflected in a 63% contraction in outstanding WMPs purchased by interbank investors and a 34% contraction in commercial banks’ net claims on non-bank financial institutions (NBFIs). » Monetary policy relaxation has led to easier liquidity and corporate funding conditions, but credit growth remains la