Related News
Fitch warns China of risks in shadow banking
By Hu Xiaocen |
April 11, 2013, Thursday
|
Online Edition
Online Edition
CHINA'S financial system is weighted down by the rapid growth of shadow banking that is benefiting many sectors including local governments, Fitch Ratings said yesterday.
The agency warned of the risks facing China's banking system and downgraded the country's credit rating on Tuesday due to rising debt problems.
"The banking sector is significantly exposed to the shadow banking because there are all sorts of ties between the banks and shadow credit channels," Charlene Chu, head of China financial institutions at Fitch, said at a teleconference yesterday.
Shadow banking which provides peer-to-peer lending, trust loans and bank acceptance bills accounted for about 60 percent of China's gross domestic product last year, according to Fitch.
Standard & Poor's Ratings Services said earlier that China's shadow banking was worth 22.9 trillion yuan (US$3.7 trillion) by the end of last year and would pose no immediate threat to the country's financial system.
The agency warned of the risks facing China's banking system and downgraded the country's credit rating on Tuesday due to rising debt problems.
"The banking sector is significantly exposed to the shadow banking because there are all sorts of ties between the banks and shadow credit channels," Charlene Chu, head of China financial institutions at Fitch, said at a teleconference yesterday.
Shadow banking which provides peer-to-peer lending, trust loans and bank acceptance bills accounted for about 60 percent of China's gross domestic product last year, according to Fitch.
Standard & Poor's Ratings Services said earlier that China's shadow banking was worth 22.9 trillion yuan (US$3.7 trillion) by the end of last year and would pose no immediate threat to the country's financial system.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
