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1、DEEPDIVE
2、CHINAPleaserefertoimportantinformationat11July2019theendofthisreportMARKETECONOMICS
3、EMSTRATEGYChina–SharpeningcreditriskdifferentiationTheregulators’takeoverofanInnerMongolianbankKEYMESSAGESstrugglingwithhighcreditrisktriggeredmarketjittersovertheChineseauthorities’c
4、ommitmenttostructuralThefailureofBaoshangBankhashadaprofoundimpactontheoperationandliquidityofChina’sdeleveraging.Othersmallcommercialbanksandnon-financialsector,inourview.bankfinancialinstitutionsimmediatelyhaddifficultiesaccessingliquidity.MaterialisingcounterpartyriskssawT
5、heinitialmarketreactionsuggestshighfinanciallendersturnmorediscerningaboutbondsandcreditsrisksandmarketvulnerabilities,whichweexpectusedascollateralbysmallcommercialbanksandNBFIs.authoritiestoaddressintheshortterm.ThefailureofBaoshangBankpointedtobroaderOnbalance,wethinktheim
6、plicationsarepositive.Theauthoritieshavestartedtotackletheimplicitvulnerabilities.Tocalmuneaseandrestoreconfidence,guaranteeproblemandarisk-basedpricingtherefore,theauthoritieshavereassuredthemarketthatmechanismhasbeguntowork.Baoshangwasanindividualcaseratherthanpartofasystem
7、aticresolutionforallsmallandmedium-sizedbanksthathaveaccumulatedhighfinancialrisks.MARKETVIEWInadditiontoprotectingBaoshang’sinvestorsandcreditorsupto99.98%,theauthoritieshavetakenBoth3-monthand6-monthSHIBORratesareattheirsystem-widemeasures.ThePeople’sBankofChinaandlowestlev
8、elssince2010,butstilldropping.Wethink,theChinaSecuritiesRegulatoryCommissionareduepartlytolingeringimpactsoftheBaoshangincreasingliquiditysupplythroughopenmarkettakeover,thisisinlinewithPBoC’sobjectiveofcuttingoperationsandtargetedliquiditysupportforsmallbanksfundingcostsfort
9、herealeconomy.Fornow,weprefertowaitforSHIBORtobottomoutandtheRRRcutsandNBFIs.Asaresult,financialjittershavelargelyflaggedbyPremierMinisterLiKeqiangtomaterialise.abatedandliquiditysupplyisample.Untilthen,weprefertoholdthereceivingpositionforWethinktheBaoshangcasehashadanumbero
10、fbothIRSandbonds.Westillexpectourtargettobepositiveimpacts.Theso-cal
