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GC Asia
Brakes must come off stop-start Chinese ABS
China’s banking regulator may have revved up the securitisation engine but it has yet to disengage the hand brake. After seven months of indecision while government officials watched the credit crunch wreak havoc, they have tentatively made the right choice in allowing banks to use securitisation. But regulators still have a long way to go.
China Merchants Bank and China Citic Bank both issued Rmb4bn ($585m) loan securitisations last month, finally getting permission from the government after applying at the beginning of the year. The China Banking Regulatory Commission (CBRC) had previously frozen any new issue approvals as the government tried to decide
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