知情人士透露 中国工行拒绝为理财产品兜底
日期:2014-01-21 14:08


China’s huge shadow banking sector is facing its toughest test after ICBC, the world’s biggest bank by assets, whose branches sell many of these wealth products, refused to bail out investors in a dud $500m issue.
The enormous growth of poorly regulated financing outside the formal banking sector in China and the potential for a panicked run on these shadowy products and institutions pose one of the biggest risks to the global economy this year.
Shadow banking worries extend far beyond China. Paul Tucker, a former Bank of England deputy governor, said yesterday that global regulators were struggling to keep up with the pace of change in the “shape-shifting” non-bank sector. He warned of “faltering vigour” in oversight of markets.
对影子银行感到担忧的绝不止是中国。英国央行(Bank of England)前副行长保罗•塔克(Paul Tucker)昨日表示,全球监管机构难以跟上“不断变形的”非银行部门的变化步伐。他警告称,有关当局对市场的监督“力度在减弱”。
In China, investment trusts and other wealth management products have become a vital source of off-balance sheet funding, and account for almost a third of credit in the world’s second-largest economy, up from less than a quarter in 2012. Many have warned of the systemic risks posed by these products, including China’s state council or cabinet.
The funds are often invested in more troubled sectors of China’s economy and they have been snapped up by retail investors seeking better returns than those afforded by bank savings.
Most wealth management products are sold with some form of bank guarantee, leading many investors to believe that the products are in effect risk-free, despite the often high promised yield.
But, in an unprecedented move, ICBC said it would not stand behind the Rmb3bn ($495m) investment product it distributed through its branches in 2010, according to people familiar with the situation. The fund matures at the end of this month.
Zhang Zhiwei, China economist at Nomura, said a default in the shadow banking sector could trigger a ripple effect across the financial system.
“In the past we’ve had several examples of trust companies bailing out investors. I don’t think we’ve had a situation where investors have lost money,” said Mr Zhang. “I think it’s going to change the expectations for some investors for the potential credit risk, and have some risks for the rolling over of a lot of these trust products.”
In a paper published by the Brookings Institution, Mr Tucker said regulators needed to display greater flexibility to cope with “endemic regulatory arbitrage and the shape-shifting dynamic of finance”, pointing to problems in both advanced and emerging market economies.
塔克在布鲁金斯学会(Brookings Institution)发表的一篇论文中表示,监管机构需要展现出更大的灵活性,以应对“当前盛行的监管套利和不断变形的金融业格局”。他指出,发达经济体和新兴市场经济体都存在问题。
Globally, shadow banking is worth $71.2tn according to the Financial Stability Board, with its estimate of China’s sector exceeding $2.1tn.
根据金融稳定委员会(Financial Stability Board)的数据,全球影子银行业的价值达到71.2万亿美元,其中中国影子银行业的价值估计超过2.1万亿美元。
The product that ICBC is refusing to guarantee offered investors a 10 per cent yield, compared with the benchmark deposit rate of just 3 per cent.

  • ripplen. 涟波,涟漪,波纹,粗钢梳 vt. 使 ... 起涟
  • guaranteen. 保证,保证书,担保,担保人,抵押品 vt. 保证,
  • stabilityn. 稳定性,居于修道院
  • yieldn. 生产量,投资收益 v. 生产,屈服,投降,弯下去,
  • issuen. 发行物,期刊号,争论点 vi. & vt 发行,流
  • vitaladj. 至关重要的,生死攸关的,有活力的,致命的
  • troubledadj. 动乱的,不安的;混乱的;困惑的
  • fundsn. 基金;资金,现金(fund的复数) v. 提供资金
  • institutionn. 机构,制度,创立
  • flexibilityn. 灵活性,柔韧性,适应性