德银-xx-银行业-10月银行数据：有序的金融去杠杆化-20171114.pdfVIP

Deutsche Bank Markets Research Asia Industry Date Hong Kong Chinese banks 14 November 2017 Banking / Finance Banks Industry Update Hans Fan, CFA Jacky Zuo Oct 2017 banking data – Orderly Research Analyst Research Analyst (+852 ) 2203 6353 (+852 ) 2203 6255 financial deleveraging hans.fan@ jacky.zuo@ Slower credit and banking assets growth, but with improving mix Edward Du According to the latest data on loans/TSF and the banking system, China’s Research Associate financial deleveraging has been orderly: credit growth softened further, (+852 ) 2203 6185 M2/GDP continued to slide, shadow banking has been shrinking while loan edward.du@ growth stayed resilient and wholesale funding declined. Another positive developments this month is that short-term consumption loans have slowed on Top picks tighter rules, a notable portion of which was used to finance property purchases. From the financial system’s perspective, we see improving Bank of China (3988.HK),HKD3.83 Buy transparency and lower systemic liquidity risks. Big banks should be the