【英文】摩根士丹利报告：中国金融业整治路线图：管理城商行的流动性风险China''s Financial Cleanup Managing city bank risks（39页）

英文研究报告 2019年07月09日 09:20 管理员

We have seen consistent efforts by regulators over the past few years, such as tightening regulations,establishing various processes,and managing expectations. These efforts have led to a more mature handling of high risk financial institutions at the current stage. - PBOC setup SLFsupport to regional small banks at local branch level in 2014 to monitor local interbank liquidity closely and respond to small banks that are in emergentneed. - PBOC officially launched a deposit insurance scheme in 2015 and established Deposit Insurance Fund Management Corp (DIFM) on May 24,2019 to help stabilize the market and financial system and protect depositors' interests in the case of a bank takeover or failure. The smaller scale of DIFM versus other mature markets and limited past experience likely imply a more paced clearance of high-risk financial institutions.

The Financial Stability Committee established in 2017 notably improved regulatory coordination between PBOC and CBIRC to facilitate the risk digestion process. - PBOC and CBIRC conduct close liquidity monitoring,as indicated by the CBIRC Shanghai branch,and could provide emergent credit lines to small banks in the face of temporary liquidity difficulties. - There has been a careful arrangement of the Baoshang takeover process. We saw some expectation-setting efforts by PBOC from February to April this year with a focus on high-risk financial institutions. The 70-80% guarantee for even large corporate and interbank deposits indicates a gradual process to remove the implicit guarantee expectation. Prompt and timely clarifications and communication with the markethelp mitigate some market concerns. - PBOC has developed more mature open market operations,evidenced by the prompt liquidity injection following the announcement of the Baoshang Bank takeover.