穆迪-2017Q4中国影子银行监测报告

QuarterlyChinaShadowBankingMonitorFEBRUARY,2018QuarterlyChinaShadowBankingMonitor,February20182QuarterlyChinaShadowBankingMonitor1.KeyMessages2.CreditConditions(a)LiquidityConditions3.CompositionandTrendsofShadowBanking(a)WealthManagementProducts(b)TrustSector4.InterconnectednessandSpilloverRiskstoBanks5.TheGrowthofe-finance6.RegulatoryUpdates&MarketEventsAppendix:Glossary,NotesonEstimates&DataSources1KeyMessagesQuarterlyChinaShadowBankingMonitor,February20184KeyMessages?Totalshadowbankingassetsbarelygrewin2017.Assetsincreasedatonetenthoftheamountofthepreviousyear–anincreaseofRMB1.1trillioncomparedwithRMB11.2trillionin2016.ShadowbankingalsodeclinedasapercentageofGDP,fallingto79.3%attheendof2017,comparedtoapeakof86.7%ayearearlier.?Intensifiedregulationishavingagrowingimpactacrosstheshadowbankingsector.Whatstarte