久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

中文USEUROPEAFRICAASIA

Shaky trust product promises repayment

By GAO CHANGXIN in Shanghai ( China Daily ) Updated: 2014-01-28 02:59:35

A struggling trust product that owed investors 3.3 billion yuan ($545 million) promised on Monday to reimburse those investors, avoiding a situation that analysts said could have triggered a chain of defaults across the nation's trust and banking industry.

The situation is a test case for cleaning up the risky "shadow banking" system in the world's second-largest economy.

Local media reported that after telling investors it was insolvent, the so-called "Credit Equals Gold #1 Trust Product" has now promised to pay back principal and some interest to them. Payments will be made before the end of the month, if investors accept the offer, the trust firm said.

The high-yield product was sold by Industrial and Commercial Bank of China Ltd, the nation's biggest lender by assets, on behalf of China Credit Trust Co Ltd, which promised returns of 10 percent a year.

China Credit Trust released a statement on Monday saying that an agreement "with a certain number of interested investors" had been reached and urging investors to contact their client managers as soon as possible.

Neither ICBC nor China Credit Trust returned calls for comment from China Daily on Monday.

The trust program raised funds from investors in 2010 to put into an unlisted coal company, Shanxi Zhenfu Energy Ltd.

But after its vice-chairman was arrested in 2012 for illegally raising funds, the company nose-dived.

Product disclosures released Jan 16 showed that of the 4.35 billion yuan that was due, only 670 million yuan has been paid out to investors and that the trust lacked the money to repay the remaining 3.3 billion due on Jan 31.

Analysts and investors at home and abroad are watching closely, as a default could open floodgates in the nation's $1.67 trillion trust industry.

Chinese "shadow banking" is a network of lending outside formal channels and beyond the reach of regulators. It covers activities by online financing platforms, credit guarantee companies and micro-credit firms.

The industry was as large as $4.8 trillion in 2012, equaling more than half the country's gross domestic product, according to ratings agency Moody's. Investors Service Inc.

The State Council, the country's cabinet, reportedly issued internal guidelines in December to crack down on the sector, although rating agency Fitch Ratings Inc has commented that "the reforms seem like a good beginning, but they have a long way to go".

Trust products rarely default in China, as most are sold by State-owned lenders and thus are considered to carry a de facto endorsement by the state.

The lenders also have a strong incentive to uphold their reputations, making it a typical practice that trust products repay investors in full in China.

It's still unclear who delivered the funds to make the payments. ICBC Chairman Jiang Jianqing told CNBC on Friday during the World Economic Forum in Davos that "ICBC will not necessarily pay the funds to investors" and that the incident serves as a good opportunity to "educate" investors, trust companies and the bank.

Chen Xingde, vice-general manager of China International Fund Management Co Ltd, said he believes a third party might have bought assets under the trust plan.

Shanxi Zhenfu had announced earlier that it had acquired mining rights from the local government for two coal mines in Shanxi province.

"The mining rights were at the core of Zhenfu's problem. Now that it has gotten the rights, the trust regains its value," said Chen.

Ratings agency Standard & Poor's Financial Services LLC said in a Saturday report that it did not expect ICBC to bail out the program as it had no legal ground to do so and that damage to its reputation from a default was considered manageable.

The agency added that a bailout by ICBC could lead to a review of ICBC's credit profile as it shows that the banking sector's actual credit exposure to shadow banking could be greater than what is currently thought.

"We expect Chinese banks to take differentiated positions toward distressed wealth management products they have distributed," Qiang Liao, Standard & Poor's senior director, said in the report.

"Chinese banks are unlikely to bail out high-yield wealth management products unless the banks happen to be the originator of the product," he said.

In China, most high-yield wealth management products are generated by trust companies, which may prove to be a weak link in China's financial system, according to the agency.

AFP contributed to this story.

Also popular

Shaky trust product promises repayment Shaky trust product promises repayment

Shadow banking

PBOC sets sights on 'zombie' financing vehicles

Most Popular
Special
...
...
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    秋霞午夜鲁丝一区二区老狼| 国产一区二区三区在线观看免费视频 | 成人永久免费视频| 国产精品私房写真福利视频| 99综合电影在线视频| 亚洲精品乱码久久久久久久久 | 久久一二三国产| 成人丝袜18视频在线观看| 国产福利91精品一区| 国产视频一区二区在线| 99久久精品国产导航| 亚洲大片免费看| 精品福利视频一区二区三区| 成人精品一区二区三区四区| 亚洲精品国产a| 日韩一区二区在线观看| 豆国产96在线|亚洲| 伊人夜夜躁av伊人久久| 欧美一区二区三区不卡| 国产成人在线影院| 亚洲一区二区3| 2024国产精品| 在线亚洲人成电影网站色www| 天天操天天色综合| 国产性做久久久久久| 在线视频国内自拍亚洲视频| 久久超级碰视频| 亚洲欧美日韩小说| 日韩一区二区三区视频在线观看| 国产成+人+日韩+欧美+亚洲| 亚洲午夜免费电影| 久久精品一区二区| 欧美日韩一区二区在线视频| 国产成人自拍网| 天堂成人免费av电影一区| 亚洲国产精品二十页| 欧美麻豆精品久久久久久| 国产91对白在线观看九色| 亚洲第一二三四区| 国产精品视频麻豆| 日韩午夜在线播放| 色久优优欧美色久优优| 国产一区二区三区四| 亚洲v日本v欧美v久久精品| 日本一区二区三区国色天香| 8x8x8国产精品| 99久久久精品免费观看国产蜜| 奇米777欧美一区二区| 一区二区中文视频| 精品1区2区在线观看| 色综合久久中文综合久久97| 国产在线一区二区综合免费视频| 一区二区三区丝袜| 国产欧美一区二区精品久导航| 欧美日本精品一区二区三区| 波多野结衣中文字幕一区| 麻豆专区一区二区三区四区五区| 亚洲精品欧美二区三区中文字幕| 久久日韩粉嫩一区二区三区| 欧美群妇大交群中文字幕| 99国内精品久久| 国产乱码字幕精品高清av | 91久久一区二区| 国产69精品一区二区亚洲孕妇| 美日韩一区二区| 亚洲国产欧美另类丝袜| 综合在线观看色| 欧美激情一区在线| 欧美精品一区二区三区很污很色的| 欧美日韩专区在线| 91视频观看免费| 成人免费毛片高清视频| 狠狠色综合日日| 日本三级韩国三级欧美三级| 亚洲与欧洲av电影| 亚洲免费在线观看| 国产精品成人一区二区艾草| 久久久久国产精品麻豆ai换脸| 欧美肥大bbwbbw高潮| 色偷偷久久人人79超碰人人澡 | 成人av在线网站| 国产高清无密码一区二区三区| 久久不见久久见中文字幕免费| 日韩综合小视频| 偷拍日韩校园综合在线| 亚洲一区二区欧美| 亚洲精品少妇30p| 亚洲免费在线看| 一区二区三区日本| 一区二区欧美在线观看| 亚洲免费av高清| 亚洲精品成人少妇| 亚洲视频狠狠干| 亚洲精品国产a| 亚洲一区中文日韩| 亚洲国产日韩一区二区| 亚洲午夜激情网站| 亚洲va欧美va人人爽午夜| 亚洲一区在线观看视频| 亚洲综合色区另类av| 一区二区三区高清不卡| 亚洲视频免费在线| 亚洲与欧洲av电影| 午夜电影久久久| 日本欧美大码aⅴ在线播放| 奇米精品一区二区三区在线观看 | 日韩综合在线视频| 日本美女视频一区二区| 美女精品一区二区| 国产尤物一区二区| 国产91高潮流白浆在线麻豆| 成人福利在线看| 91蜜桃免费观看视频| 在线日韩av片| 欧美日韩一区高清| 日韩一区二区三区高清免费看看 | 亚洲综合一区二区三区| 亚洲成av人影院在线观看网| 天堂成人国产精品一区| 久久国内精品自在自线400部| 狠狠久久亚洲欧美| 成人美女视频在线观看18| 972aa.com艺术欧美| 欧美亚洲动漫另类| 欧美一区二区久久| 欧美精品一区二区精品网| 国产欧美精品在线观看| 亚洲欧美韩国综合色| 亚洲电影在线播放| 蜜臀久久99精品久久久久久9| 国产一区不卡在线| 99精品视频一区| 欧美日韩aaaaa| 久久亚洲精精品中文字幕早川悠里| 日本一区二区三区四区| 一区二区三区电影在线播| 美女在线观看视频一区二区| 国产乱子伦视频一区二区三区| 91香蕉视频污| 制服丝袜中文字幕一区| 国产视频一区不卡| 亚洲一区二三区| 久久99精品国产.久久久久| 成人a免费在线看| 欧美日韩五月天| 26uuu久久天堂性欧美| 自拍偷拍国产精品| 日本欧美一区二区在线观看| 福利视频网站一区二区三区| 欧美主播一区二区三区| 欧美大片在线观看| 最新国产成人在线观看| 日韩 欧美一区二区三区| 国产一区二区在线影院| 欧美在线不卡视频| 久久男人中文字幕资源站| 亚洲精品网站在线观看| 九九九久久久精品| 一本大道久久精品懂色aⅴ| 日韩精品一区二区三区四区 | www.日韩精品| 在线综合+亚洲+欧美中文字幕| 国产调教视频一区| 天天色 色综合| av色综合久久天堂av综合| 91精品国产91综合久久蜜臀| 国产精品视频线看| 蜜桃av一区二区三区| 91论坛在线播放| ww亚洲ww在线观看国产| 亚洲精品成人天堂一二三| 国产一区二区h| 亚洲私人影院在线观看| 麻豆精品在线播放| 色噜噜久久综合| 国产日韩欧美综合一区| 日韩电影在线观看电影| 99精品偷自拍| 久久夜色精品国产欧美乱极品| 亚洲综合在线视频| 成人在线一区二区三区| 欧美成人性福生活免费看| 亚洲激情在线播放| 国产91高潮流白浆在线麻豆| 日韩视频免费观看高清完整版| 一区二区视频在线看| 国产成人午夜精品5599 | 欧美精品一区二区三区很污很色的| 一区二区三区在线观看动漫| 国产黄人亚洲片| 欧美一级视频精品观看| 亚洲综合成人在线| caoporn国产一区二区| 精品99久久久久久| 青青草精品视频| 欧美日韩亚洲不卡| 亚洲色图制服诱惑| 成人综合在线观看| 欧美精品一区二区高清在线观看| 日韩av电影免费观看高清完整版|