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A credit perspective: how do you view the central bank's push into bond etfs

发稿时间:2019-01-17 来源: eurtoday

 

  Since the economic downturn, credit risk events have occurred frequently: kaidi ecological default with AA rating, yongtai energy default with AA+, and huaxin Shanghai default with AAA. At the beginning of 2019, the big white horse concord new and citic guoan, also broke out financial problems. This series of risk events, so that the credit market jittery, private debt issuance more difficult.

  In fact, however, the default rate on bonds is not high, with nonfinancial corporate defaults around 0.215% in 2017. Even in 2018, when credit risk incidents were high, according to President pan gongsheng, the default rate of Chinese corporate credit bonds was 0.79%.

  Compared with the non-performing loan ratio of commercial Banks, the default rate is still relatively low -- as of the end of 2018, the non-performing loan ratio of commercial Banks is 1.89%, according to the latest data from the China banking regulatory commission. So why are commercial Banks, with a near 2 per cent delinquency rate, surviving, but the credit market, with a default rate of less than 1 per cent? The root of the problem lies in the size of the capital pool. The capital pool of commercial Banks is large, while that of general non-bank institutions is small.

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