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NCDs and Warning Signs in June

June may be a dangerous month for China’s banking system and a potential window for new credit events, given the rising pressure on smaller banks to roll over negotiable certificates of deposit (NCDs) at higher rates. Recent tightening steps by the PBOC are reducing NCD issuance, while alternative sources of funding for joint-stock and city commercial banks may remain scarce.

Posted August 1, 2017
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