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The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams.
The Risky Banks Are in the Low Tiers
As of December 31, 2018
Source: CBIRC, CEIC and AllianceBernstein (AB)
Real Bad Debt Level vs. Banks’ Immediately Available Loss-Absorption Risk Buffers
As of December 31, 2018
Source: Wind and AB
Bank and Nonbank Financial Institution (NFBI) Interbank Lending Rates (Percent)
Through June 21, 2019
*The spread differential between R007 and DR007
Source: Wind and AB
The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams.
Hua Cheng is a Senior Vice President and Director of Asia Credit Research. She joined AB in 2011 and now oversees the credit research capabilities in Asia. Cheng is also responsible for covering the technology sector in China, as well as banks and nonbank financial institutions in the Asia Pacific region, with an emphasis on China’s financial system and credit market. Earlier in her tenure at AB, she was an equity research analyst covering Chinese and Hong Kong banks. Cheng was previously an auditor at PricewaterhouseCoopers, where she audited China’s financial institutions. She holds a BA in finance from the Capital University of Economics and Business (Beijing) and an MBA from the Columbia Business School. Cheng is a CFA charterholder.
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