#CNflow 2016.03.14 – 03.18

Tracking shadow banking + liquidity relations in China

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SHADOW BANKING

Asia-Pacific Alternative Finance Benchmarking Report | KPMG | CN http://www.kpmg.com/CN/en/PressRoom/PressReleases/Pages/asia-pacific-alternative-finance-benchmarking-report.aspx

The Asia-Pacific alternative finance market grew 323 per cent to $102.8 billion in 2015, led by four-fold growth to more than $100 billion in China, finds first regional benchmarking report. Survey was conducted by a research team from the Cambridge Centre for Alternative Finance, the Tsinghua University Graduate School at Shenzhen and the University of Sydney Business School, in collaboration with KPMG and with the support of ACCA (the Association of Chartered Certified Accountants) and CME Group Foundation.

Chinese hedge funds scramble as regulators clean up ‘Wild East’ | Reuters http://www.reuters.com/article/us-china-markets-funds-idUSKCN0WJ0D7

China’s hedge fund industry has been thrown into disarray as managers rush to comply with stringent new rules, introduced overnight, that could see over half the industry shut down by August, fund managers and lawyers told Reuters.

Bank IPOs expose dark arts of Chinese finance | Considered View | Breakingviews http://www.breakingviews.com/bank-ipos-expose-dark-arts-of-chinese-finance/21239447.article

Hong Kong’s stock market is shining a new light on the dark arts of Chinese finance. The country’s mid-sized lenders have become skilled at repackaging loans to look like lower-risk investments. Two impending share offerings from state-backed banks underscore how such wizardry has fueled growth.

Related:

浙商银行IPO拟3月底香港挂牌

天津银行浙商银行认购清淡

Beyond China’s Bad Debt – Bloomberg Gadfly http://www.bloomberg.com/gadfly/articles/2016-03-17/beyond-china-s-bad-debt?utm_campaign=trueAnthem:+Trending+Content&utm_content=56ea3135dc6af3001174da97&utm_medium=trueAnthem&utm_source=twitter

China Zheshang Bank is set to be the city’s biggest initial public offering this year, having already sold $1 billion shares to cornerstone investors in a sale that may reach $1.75 billion. It’s scheduled to list at the end of the month and price its stock Monday. State-controlled Bank of Tianjin, which is about 14 percent owned by Australia’s ANZ, is due to price its $1.23 billion IPO Friday. Like Zheshang Bank, a large chunk of shares, some $560 million, have been sold to anchor investors. Zheshang it said that as of Sept. 30, investments in trust plans, asset management plans and wealth management products were 387.2 billion yuan, or 38.6 percent of total assets. That’s up from 23 percent at the end of 2014. According to analysts at DBS Vickers, 20 percent or less is the norm for even the most enthusiastic shadow banking lenders in China. 

Net Loans: Only 1 in 10 platforms making a profit 网贷困局:10家平台仅1家赚钱 http://163.lu/FlcEu4

除了在纽交所上市的宜人贷需要按照规定披露年报以外,《每日经济新闻》记者梳理红岭创投、PPmoney、开鑫贷、有利网、积木盒子、中瑞财富、拍拍贷、人人贷、广州e贷、理财范等10家未上市的互联网金融平台的2015年年报数据发现,明确披露盈利情况的平台仅1家,即开鑫贷宣布盈利600万元,其他9家并未在年报中披露是否盈利。

Reports of insurance companies halting business with P2P platforms 传P2P资金安全类保险被叫停 http://tech.ifeng.com/a/20160317/41563932_0.shtml

新快报讯记者许莉芸李驰报道“阳光财险称保监会要求暂停与P2P合作的账户安全险。”昨日,深圳某P2P平台对新快报记者表示,此前该业务并没有过赔付的案例。记者向北京、广州与阳光保险开展账户资金安全险的P2P平台求证,均表示该业务已经暂停。针对与P2P平台解约一事,阳光保险集团的一位媒介公关人士向新快报记者证实,“公司确实有和一些平台解除合同,但都只是正常的业务调整和战略部署。”有业内人士分析认为,这一举动透露出保监会对于保险公司与P2P合作的严肃谨慎态度,“保监会几次出手,力度越来越重。从简单的风险提示,到今年年初的重拳排查,尤其是此次曝出的要求 清退所有P2P资金安全险,暂定停止此类项目 等消息,明显是步步紧逼的节奏。”

Related:

保监会摸底保险公司与P2P合作
阳光保险暂停P2P账户安全险

China Internet Financial Industry Association discuss standardising P2P information security 互金协会讨论规范P2P信披 http://www.licaitimes.com/gonggao/317.html

据与会人士介绍,“互联网金融的本质并没有改变,仍然属于资金的融通,是一种信用交易,存在相应的金融风险。因此,要防范和控制互联网金融的风险,需对互联网金融进行监管与自律。而监管与自律的核心在于信息披露。” 该人士强调,协会作为自律组织,承担着对会员单位的信息披露行为进行规范的义务,从而保护金融消费者与相关利益主体的知情权和其他利益。与此同时,互金协会基于对会员单位更高的要求,在借鉴《网络借贷信息中介机构业务活动管理暂行办法(征求意见稿)》等监管文件的基础上,制定了上述《规范》。

Related:

P2P将迎”史上最严监管条例”


BANKS

Chinese Financial Institutions Look to Buy Russian Banks: Russian Central Bank Deputy Chairman http://en.people.cn/n3/2016/0314/c90000-9030016.html

Russia’s Central Bank Deputy Chairman Mikhail Sukhov said on Monday that a number of Chinese banks are interested in purchasing Russian banks, and that they are negotiating takeover deals with some Russian financial institutions.

Uncle Xi Wants You – Bloomberg Gadfly http://www.bloomberg.com/gadfly/articles/2016-03-15/uncle-xi-wants-you-to-help-bail-out-china-s-zombie-companies

Uncle Xi wants you. Faced with record bad loans, China has begun engendering a solution and it involves the country’s banks, among other things, taking equity in troubled companies.

Related:

消息称商业银行债转股将获 http://163.lu/CZRaP2

3月8日,中国最大民营造船厂熔盛重工(现更名为华荣能源)发布公告称,拟向债权人发行最多171亿股股票,包括向22家债权银行发行141亿股,向1000家供应商债权人发行30亿股,以抵消171亿元债务。此次“债转股”完成后,中国银行将成其最大股东。

多家银行研究不良债权转股 

其中,中国银行是其最大债权方,债务总额为63.1亿元。熔盛重工将向中国银行发行27.5亿股股票以抵消27.5亿元债务。目前,中国银行业不良贷款快速攀升。银监会数据显示,2015年四季度末,我国商业银行不良贷款余额12744亿元,为2006年6月以来的最高水平,较2014年底大增51.2%;商业银行不良贷款率1.67%,较2014年底上升0.42个百分点,较2015年三季末上升0.08个百分点,这已经是该数据连续第10个季度环比上升。

银行将用债转股牵头产业重组

3 banks launch bad loans securitisation pilot schemes 3银行启动不良资产证券化试点 http://money.sohu.com/20160314/n440314271.shtml

不良资产证券化试点的重启正在展开。上证报记者获悉,在获得首批试点资格的多家银行中,目前已有三家银行启动不良资产证券化相关工作,其中一家银行已完成前期准备,并已上报监管层审批。12日,央行副行长潘功胜在全国人大记者会上明确表示,目前挑选了少数管理水平较高的大型金融机构开展不良资产证券化试点,初期试点额度不大。记者了解到,有多家资产规模靠前的银行已获得首批试点不良资产证券化的资格,目前获得资格的都是商业银行,国开行等政策性银行并不在列。

银行不良贷可能进集中暴露期 

时至上市银行年报披露期,银行资产质量受到业内普遍关注。据银监会数据统计,截至2015年年底商业银行不良贷款已经持续17个季度上升,总规模逼近1.3万亿元。然而,银行通过财务操作、代持、买入返售等等方式能够有效隐藏不良,统计数据被低估在业内已形成普遍共识。市场人士估算银行不良实际规模至少2万亿元,且不良暴露呈加速趋势。


PBOC

PBOC lowers MLF rate by 25bps. Starring next week 3mths 2.4%, 6mths 2.6%, 1yr 2.75% 央行下调MLF利率至历史最低 

3月16日,21世纪经济报道记者从交易员处证实,中国人民银行当天就中期借贷便利(MLF)操作向部分银行询量,并下调各期限利率25个基点。三个月MLF利率下调至2.50%,六个月期降至2.60%,一年期降至2.75%。

PBOC performs spot checks on financial outsourcing business 央行全国抽查收单外包业务 http://finance.ifeng.com/a/20160318/14276422_0.shtml

据悉,此次抽查历时2个月,抽查对象涵盖57机构,其中银行24家,支付机构33家。抽查内容为银行卡收单外包业务,抽查重点包括特约商户实名制落实、资金结算、交易处理、受理终端主密钥生成与管理、外包商合作管理等。

List of PBOC open market operations, 7 day reverse repos

14/03 10bn 中国央行公开市场今日将进行100亿元7天期逆回购操作。另外,公开市场今日将有300亿元7天期逆回购到期。
15/03 20bn 中国央行公开市场今日将进行200亿元7天期逆回购操作。另外,公开市场今日将有300亿元7天期逆回购到期。
16/03 20bn 中国央行公开市场今日将进行200亿元7天期逆回购操作。另外,公开市场今日将有150亿元7天期逆回购到期。
18/03 40bn 中国央行公开市场今日将进行400亿元7天期逆回购操作。另外,公开市场今日将有200亿元7天期逆回购到期。人民银行于本周四(3月17日)以利率招标方式开展了
18/03 110bn 中国央行公开市场今日将进行1100亿元7天期逆回购操作。另外,公开市场今日将有200亿元7天期逆回购到期。


CREDIT

China Aims for Green Bond Expansion With Shanghai Bourse Trial – Bloomberg Business 

Under the trial, issuers are required to disclose details of projects that they will invest in using proceeds, according to a statement Wednesday on the exchange website. The bourse will encourage firms to get independent professional assessment on whether the projects qualify as green, according to the statement. It also will encourage financial institutions, brokerages, pension funds and other institutional investors to invest in the securities.

 Related:

上交所:助债券市场”绿色发展”

上交所发布绿色公司债规则
Local government debt quota likely to surpass Rmb17tn this year 今年地方债限额或逾17万亿 http://www.cs.com.cn/xwzx/jr/201603/t20160314_4924182.html

今年地方政府一般债务余额限额107072.4亿元,地方政府专项债务余额限额64801.9亿元,总计超过17万亿元。全国人大财经委建议批准上述限额。3月14日,财政部网站披露十二届全国人大财经委关于2015年中央和地方预算执行情况与2016年中央和地方预算草案的审查结果报告(下称“预算审查报告”)。根据预算审查报告,全国人大财经委对2015年中央和地方预算执行情况给予肯定,并建议第十二届全国人民代表大会第四次会议批准国务院提出的《关于2015年中央和地方预算执行情况与2016年中央和地方预算草案的报告》(下称“2016预算草案报告”),批准2016年中央预算草案。

Municipal bond issuance to pick up this year, from Rmb3.2tn last year to Rmb5.5tn this year, which leaves another Rmb5.5tn of debt to be swapped for bonds 今年地方债发行节奏明显加快 http://finance.sina.com.cn/roll/2016-03-18/doc-ifxqnskh0974274.shtml

按照财政部此前的部署,用3年时间将2014年清理甄别认定的15.4万亿元地方政府债务(扣除地方政府债券1.2万亿元)通过置换债券全部置换完,需要置换的地方政府债务为14.2万亿元。从去年实际置换的情况来看,财政部已置换3.2万亿元,余下两年需要置换的额度为11万亿元,年均置换5.5万亿元。3月15日,民生证券固收研究组负责人李奇霖在接受《华夏时报》记者采访时说,今年如能置换5.5万亿元地方债的话,与2015年相比有较大幅度的提高。

Property developer bond issuance already up 24 times this year 上市房企年内发债同比暴24倍 http://news.dichan.sina.com.cn/2016/03/17/1180171.html

公司债2015年二季度异军突起,其中上市房企占比较高,一度超过一半以上。2016年,房企发行公司债仍热度不减。据Wind资讯统计数据显示,截至3月14日,2016年年内,上市房企发行公司债总计1752亿元,与2015年同期的70亿元相比,同比暴涨24倍。



PROPERTY

Shadow Lending for Chinese Home Down Payments Prompts Crackdown – Bloomberg Business 

The lending platform of his real estate agency, E-House China Holdings Ltd., is one of China’s hundreds of P2P lenders allowing home buyers to seek down-payment loans online. Total P2P borrowing for home deposits reached 924 million yuan in January, more than three times the level of last July, according to Shanghai-based data provider Yingcan Group.

Related:

“首付贷”调查:从台上转入地下

揭杠杆资金是如何进入楼市

央行:强调严格遵守房贷风控

17家P2P平台叫停首付贷业务
冯仑:众筹解决中低收入者住房
Caixin – Gov’t Talks to Banks in Shenzhen about Mortgage-Related Risks http://english.caixin.com/2016-03-15/100920480.html

The country’s central bank and the Shenzhen office of the banking regulator recently held meetings with executives from about 20 commercial banks to discuss risks related to mortgages held by homeowners in the southern city, several people who attended the gatherings tell Caixin.

Related:

深圳银行业严查首付资金来源


GOVERNMENT

NDRC: Consumer finance pilot scheme to be rolled out nationwide 消费金融公司试点将全国推 http://finance.ifeng.com/a/20160314/14267977_0.shtml

记者14日从中国网获悉,发改委今日就宏观经济运行数据举行发布会,发改委政研室副主任赵辰昕在回答如何拉动国内消费的问题时表示,要全面放宽民间资本的市场准入,分领域逐步减少、放宽、放开对外资的限制,加大政策支持力度,增设口岸进境免税店,落实和完善境外旅客购物离境退税政策,还要发展消费信贷,将消费金融公司试点推广至全国。




RMB

China Burns Hedge Funds as $562 Million Yuan Bet Turns Worthless – Bloomberg Business 

Seven months after a shock devaluation spurred hedge funds and other speculators to wager on further declines, the yuan’s unexpected resilience has turned many of those bets into losers. At least $562 million of options that pay out if the currency drops below 6.6 per dollar — its weakest point since the devaluation — have expired worthless since August. Another $807 million will lapse within three months.

Big Money Gets On China’s Lifeboats – Bloomberg Gadfly http://www.bloomberg.com/gadfly/articles/2016-03-15/china-deal-binge-shows-biggest-investors-find-lifeboats&nbsp;

After a $1 trillion river of capital flowed out of China during 2015, the government has been working furiously to avert a flood. There was a clampdown on offshore purchases of insurance policies, and restrictions on currency trading by branches of overseas banks and withdrawals using UnionPay cards. Beijing is even thrashing out plans for a Tobin tax on foreign-exchange trading, according to people with knowledge of the matter.

China Tobin Tax Riles Analysts as Citi Warns of Foreign Exodus – Bloomberg Business 

Mizuho Bank Ltd. says the so-called Tobin tax on yuan transactions would reduce liquidity in a currency with bid-ask spreads already five times wider than those of the yen. A levy would set back China’s push to make the yuan a reserve currency and could heighten investor anxiety over capital outflows, according to Commonwealth Bank of Australia. The proposal is “short sighted” and would drive away foreign investors, Citi Private Bank said.

EQUITIES

Equity funds to decline by a quarter this year 股票类基金今年以来缩水25% http://163.lu/xXyDq1

今年开年愁坏了股民,也愁坏了基民。由于A股波动大,今年公募基金下跌严重。截至本周五统计,股票基金年内业绩下滑了25.42%。

Guotai Junan Securities denies involvement in reports of new shadow margin lending business 国泰君安:对场外配资仍然禁止 

市场传商业银行又重新恢复了配资业务,杠杆1:3。对此,国泰君安表示,银行对场外配资依然禁止,但场内配资本来就没有停止,只不过在前期市场低迷时,客户需求降至冰点,银行主动性也不强。近期场内配资需求虽略有反弹,但还谈不上旺盛的程度。目前场内配资杠杆平均在1:2水平(股灾前1:3以上),利率6.5%-6.8%。




OTHER

Caixin – Improving Rule of Law Would Help Economy Rebound http://english.caixin.com/2016-03-16/100920962.html

Bolstering the legal protections enjoyed by the public, especially businesspeople, would do a lot for ending our current economic doldrums. The push for strengthening the rule of law has gained momentum as economic growth slows, in part because of a lack of legal protections. Issues related to the law became hot topics at this year’s annual meetings of the legislature and top political advisory body in the capital.

Related:

最高检:依法办理“e租宝”案

Bounty Hunter Tracks Chinese Companies That Dupe Investors – The New York Times http://www.nytimes.com/2016/03/16/business/dealbook/bounty-hunter-tracks-chinese-companies-that-dupe-investors.html?smid=tw-share&_r=0

Robert W. Seiden is a Wall Street bounty hunter. He tracks down executives of Chinese companies that listed on stock exchanges in the United States and then blew up.

Utilised foreign capital in Jan – Feb only increased by 2.7% YoY to Rmb141.9bn 商务部:中国吸引外资优势削弱 http://www.oushinet.com/news/china/chinanews/20160318/224823.html

今年前两个月,我国实际使用外资1418.8亿元人民币,同比增长2.7%。但我们不能满足于此,必须按照政府工作报告提出的要求,千方百计营造更加公平、更为透明、更可预期的投资环境,进一步提高利用外资水平。为此,商务部接下来将会推动放宽投资准入、深化外资管理体制改革、优化外资区域布局、提高自贸试验区建设水平、创新国家级经济技术开发区体制机制,按照国际高标准改善投资环境“六措并举”,切实做好今年的利用外资工作。比如,我们将继续推动放宽金融、教育、文化等服务业领域外资准入限制,进一步放开一般制造业。推动落实北京市服务业扩大开放综合试点各项措施,做好内地对港澳基本实现服务贸易自由化相关政策的落实工作,拓展服务业开放的深度和广度。我们将修订《中西部地区外商投资优势产业目录》,引导外资更多投向中西部地区。创新内陆沿边开放模式,加快内陆沿边沿海“三互”大通关建设,支持边境经济合作区、跨境经济合作区等沿边重点地区开发开放。我们还会进一步加大知识产权保护力度,健全外商投资企业投诉机制,维护投资者合法权益。

Related:

Series of measures by Ministry of Commerce to attract more foreign capital 商务部:放宽金融等外资准入 http://finance.ifeng.com/a/20160317/14274556_0.shtml

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