China Banks Rush to Raise Record Debt as Credit Losses Mount
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China Banks Rush to Raise Record Debt as Credit Losses Mount

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China Banks Rush to Raise Record Debt as Credit Losses Mount
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Chinese banks are rushing to boost capital as they prepare for a potential spike in bad loans due to the economic slowdown and spreading housing crisis.

A record amount of fresh money has come from financial markets, with banks selling 29% more bonds in the first half of the year compared to last year to replenish capital and cover credit losses. Local authorities also provided funds from government bond sales to help cash-strapped regional lenders.

 

China’s economy grew at the weakest pace in more than two years in the second quarter due to Covid lockdowns and a protracted housing market downturn, stoking worries about an increase in companies and individuals who cannot repay loans. Those fears deepened recently when hundreds of thousands of home owners said they would stop paying the mortgage on houses that aren’t built yet, raising the pressure on developers, who may face more difficulty selling projects and also have to repay banks loans.

“We believe that asset quality is worsening due to Covid-related lockdowns, the property slump, the risks associated with small and micro loans, and the general economic slowdown in China,” said Harry Hu, a senior director at S&P Global Ratings. The capital injections from the government “will help those small regional banks with large bad loan burdens to clean up their books and support the local economies.”

Booming Issuance

Chinese banks accelerate sales of bonds meant for beefing up capital

Source: Bloomberg

Note: 2022 data through July 27.

In the year through July 27, lenders had sold a combined 568 billion yuan ($84 billion) of Additional Tier 1 debt, which is among the first to absorb losses in times of stress, and Tier 2 bonds. China’s big-four state-owned banks are the major sellers of the bonds this year, according to data on onshore sales compiled by Bloomberg, although local lenders including Bank of Hebei Co., Chengdu Rural Commercial Bank Co., and Bank of Shanghai Co. are also selling.

Such debt is the main tools for banks to add extra capital, analysts including Liao Zhiming of China Merchants Securities Co. wrote in a report in May.

In addition to this, the central government will allow 320 billion yuan generated from the sale of special local bonds to be used to top up the capital of medium- and small-sized banks, the Financial News reported last week, citing an unnamed official with the China Banking and Insurance Regulatory Commission. The amount, including 120 billion yuan in unused funds from last year, is 60% higher than in 2020 when money from the sale of these bonds was first allowed to be used for that purpose.

Bad Loans Rising

Bad loans increased by almost 107 billion yuan in the first half of the year to 2.95 trillion yuan, according to the CBIRC. That’s the biggest six-month increase since the height of the domestic pandemic in the first half of 2020, according to Bloomberg calculations based on the commission’s data. Meanwhile, banks’ capital adequacy ratio fell for the second straight quarter to 14.87% at the end of June.

“The pressure on non-performing loans to rebound increased as the downward pressure on the economy was gradually felt by the financial sector,” Liu Zhongrui, an official with the CBIRC’s statistics and risk monitoring department, said at a briefing last week.

The “slower than expected” economic recovery has led S&P to raise its estimate of banks’ non-performing assets, which includes bad loans and some ‘special-mention loans,’ to 7.5% of total lending this year. That’s up from a May forecast of 6.5% and last year’s actual ratio of 6%.

The problem is especially acute at small and medium-sized lenders, which hold 29% of the banking sector’s total assets, according to CBIRC data. They have long been plagued by lax governance, heavy reliance on big local firms for loans and deposits, and they are more exposed to the weak links in the economy than bigger lenders, such as agriculture-related industry and small businesses.

Gone Bad

Non-performing loans rose by most in two years in first half of 2022

Source: China Banking and Insurance Regulatory Commission, Bloomberg

The government’s efforts to push banks to lend more risk exacerbating the problem of asset quality. Corporate and household demand for loans is weak as Covid curbs remain a threat to business and household incomes, and if banks have to lower their lending requirements to attract borrowers then they could find themselves making new loans with little hope of repayment.

Financial regulators have urged banks to boost lending to builders to help finish the projects, and officials are considering giving some homeowners a grace period on payments, Bloomberg reported. That will likely worsen the earnings of banks which have already extended loan relief measures for Covid-hit smaller businesses and mortgage holders.

Regional Risks

The authorities are speeding up the use of special local government bonds to beef up smaller banks’ capital this year “to consolidate the important line of defense against banking risks,” the CBIRC’s spokesman Qi Xiang said at the briefing last week. In the first half of this year, 103 billion yuan out of the special bond quota was allocated to Henan, Liaoning, Gansu and Dalian city, he said.

Liaoning had the highest number of “high-risk” financial institutions in a 2020 review of financial firms by the People’s Bank of China, followed by Gansu, Inner Mongolia and Henan. When it published the 2021 assessment in March this year, the central bank said high-risk firms were concentrated in four provinces, but didn’t name them. More than 90% of the 316 high-risk institutions were among rural and county banks.

There have been some high profile problems at banks in Henan and Liaoning recently, with protests in Henan from people who had their money stolen in the nation’s biggest bank scam and a rural bank being taken over by a different bank in Shenyang, Liaoning’s capital. Both provinces have also been hit by the mortgage boycott.

“Corporate sentiment and ability to increase capital expenditure are both very weak and so economic momentum is yet to pick up,” said Peiqian Liu, chief China economist at NatWest Group Plc. “As long as property woes and Covid linger, bad loans at banks will continue to rise.”

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Having A ‘Talking Stage’ Proves Why Millennials Just Suck At Dating

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Because who actually “commits” in 2023?

As a millennial who is currently in college, I’ve noticed that dating isn’t how it used to be, like back in 1995. We are the generation that can’t live without our phones, are tech-savvy, and sadly, the ones who suck at dating.

This is not another bitter article because I “don’t have a man,” or I’m “jealous of what people have.” In fact, I am actually in a good place and I am speaking on behalf of what I’ve seen. I’m tired of my friends coming up to me crying because their “man-who-isn’t-really-their-man” isn’t acting right.

I’ve seen more friends with benefits and flings than relationships.

Maybe I’m different, but I can’t imagine just being around someone only to have sex. After a while, that gets extremely boring and if you have nothing else to offer, you just get “ghosted” instead of telling that person how you really feel.

See, in my opinion, that’s the problem with this generation. Sex is considered meaningless now and it is basically easy to get. With all of these dating apps swirling around, it’s almost impossible to avoid it. People would rather have meaningless sex than get to know a person and commit. It’s like every time the word “commitment” or “relationship” is brought up, that person runs away. But they’re so comfortable to have sex.

What really irritates me is that after two weeks, a lot of guys, in particular, get mad when a girl asks him to get rid of his “hoes” or “other girls he’s talking to,” but still expect a girl to drop their pants after talking to them for two hours.

That’s another thing too. Let’s talk about the “talking stage.”

So basically, by INFORMAL definition, the “talking stage” is basically when two people just TALK before dating. Did you make a face yet? Because that exists now.

But seriously, talking about WHAT honestly? Don’t you do that when you’re, I don’t know, DATING? And even during the talking stage, people still have sex, which makes no sense to me. You guys aren’t dating but you’re not dealing with anyone else. In fact, they’ll get mad when you’re hooking up with someone else. And when you start to catch feelings, it ends with “Oh, I’m not ready for a relationship right now.”

So what exactly are we doing then?

Wasting my time?

Imagine filling out a relationship status on a ballot or something and the options are “single,” “married,” “widowed,” or “we’re talking.” And no, that’s not what “it’s complicated” is for.

It’s sad because I feel as if this generation forgot how to love again. There are many people who are currently in relationships who are lucky. But for the rest of this generation, people would rather bang it out then talk it out. And people would rather “talk” than “date.” I mean, what’s wrong with both? If you’re happy with what you are doing, then do whatever you want girl! If you are in this situation and you’re unhappy, then what exactly do you want?

Attention is nice, but after a while, if that person isn’t really fulfilling your needs, what’s the point of being with them then?

 

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Shillong Teer Hit Number

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Are you looking for Shillong teer counter hit number today? If so, you will surely find the accurate Shillong teer association hitt number provide by the Shillong association. Shillong Teer HIT number, Shillong Teer Counter Hit Number and Shillong Teer common number are same. The Shillong teer counter will analyze the hitt number every day. We will share the common counter hitt number of the Shillong association on this page everyday. This city Shillong is located in the northeast part of India.

Shillong Teer counter hitt number is calculated based on the mathematical formula. The Shillong association hitt number is calculated with the help of old or previous Teer result data.

You can check below given numbers to find the approximate winning number of Shillong Teer hitt number by its association.

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Love Island SPOILER: The singletons couple up as Maya Jama welcomes them to the villa

Love Island kicks off for a new series of Monday nights, with the new singletons coupling up into the first five pairs.

Fans will see the ten singletons move into the luxury villa in South Africa, with the boys seen arriving first.

New host Maya Jama gets stuck in, questioning the five hunks on their love lives, before telling them the girls will soon be making their entrance to pick which boy they want to couple up with.

 

Here we go! Love Island kicks off for a new series of Monday nights, with the new singletons coupling up into the first five pairs

Shaq and Haris arrive together, before welcoming Will, then Ron, then Kai to their sun-drenched new home.

Maya invites the boys to gather at the fire pit and quizzes them on what they’re looking for.

 

 

New host: Fans will see the ten singletons move into the luxury villa in South Africa, with the boys seen arriving first before new host Maya Jama makes her entrance

 

New host: Fans will see the ten singletons move into the luxury villa in South Africa, with the boys seen arriving first before new host Maya Jama makes her entrance

Maya asks: ‘Is everyone excited, be honest, how many press ups did we do this morning?’ Shaq answers: ‘I’d say at least 75.’

Maya asks: ‘Shaq, have you got a type?’ He says: ‘Not specifically, I go for more personality and vibes but she’s definitely got to be funny, funny is top of my list, I love it.’

Kai adds: ‘I am looking for a wifey,’ while Haris reveals: ‘I’ve never been in a relationship’

 

 

First arrivals: Shaq and Haris arrive together, before welcoming Will, then Ron, then Kai to their sun-drenched new home

 

First arrivals: Shaq and Haris arrive together, before welcoming Will, then Ron, then Kai to their sun-drenched new home

Ron says: ‘For me it’s all about if they are nice girl.’

Meanwhile farmer Will tells Maya: ‘I wanna settle down, I think it’s time to bring a girl back, introduce them to the animals.’

Maya then declares: ‘I think I’ve found out enough, are you lot ready to meet some girls?’

 

 

Inviting the boys to stand before her by the pool Maya then says: ‘Well boys, it is time to couple up, the girls will come in one by one and I’ll ask you to step forward if you fancy them.’

Grand entrance: As they're getting to know each other, Love Island's new host Maya Jama makes her entrance after an epic arrival by helicopter

 

Grand entrance: As they’re getting to know each other, Love Island’s new host Maya Jama makes her entrance after an epic arrival by helicopter

Getting the gossip: Maya invites the boys to gather at the fire pit and quizzes them on what they're looking for

 

Getting the gossip: Maya invites the boys to gather at the fire pit and quizzes them on what they’re looking for

Getting stuck in: Maya asks: 'Is everyone excited, be honest, how many press ups did we do this morning?'

 

Getting stuck in: Maya asks: ‘Is everyone excited, be honest, how many press ups did we do this morning?’

 

 

The big moment: Inviting the boys to stand before her by the pool Maya then says: 'Well boys, it is time to couple up

 

The big moment: Inviting the boys to stand before her by the pool Maya then says: ‘Well boys, it is time to couple up

‘Each girl will then decide which boy she wants to couple up with. It’s that simple. So who’s ready to meet our first girl?’

One by one Tanya, Anna-May, Lana, Olivia and Tanyel make their entrance into the Villa.

As the first coupling of the series gets underway, it’s time to see which boys the girls pick and whether they will step on each other’s toes to couple up with the boy they fancy the most.

Here come the girls: One by one Tanya, Anna-May, Lana, Olivia and Tanyel make their entrance into the Villa

 

As the first coupling of the series gets underway, it's time to see which boys the girls pick

 

Here come the girls: One by one Tanya, Anna-May, Lana, Olivia and Tanyel make their entrance into the Villa

Ready for love: 'Each girl will then decide which boy she wants to couple up with' Maya tells the ten new singletons

 

Ready for love: ‘Each girl will then decide which boy she wants to couple up with’ Maya tells the ten new singletons

Making an impression: The girls are dressed in their most sizzling bikinis for their first meeting with the boys

 

Making an impression: The girls are dressed in their most sizzling bikinis for their first meeting with the boys

It's getting hot out here: Lana and Tanya are seen deciding on which boy to pick

 

It's getting hot out here: Lana and Tanya are seen deciding on which boy to pick

 

It’s getting hot out here: Lana and Tanya are seen deciding on which boy to pick

 

 

Gorgeous: Michelle Keegan body double Olivia looks stunning in a hot pink bikini

 

Gorgeous: Michelle Keegan body double Olivia looks stunning in a hot pink bikini

Once the couples are formed, Maya says: ‘We now have five lovely couples but will you stay together or will your heads be turned?’

As Maya makes her exit from the Villa, she says: ‘Don’t forget finding your perfect match is never that simple, trust me I know.’

 

 

As night falls and the Islanders get to know each other a little better, it’s not long before news that the public have been voting for the first bombshell reaches the freshly formed couples.

On the lookout for love: The boys are tasked with stepping forward if they fancy a girl

 

As the first coupling of the series gets underway, it's time to see which boys the girls pick and whether they will step on each other's toes

 

On the lookout for love: The boys are tasked with stepping forward if they fancy a girl

Sun's out guns out: The boys strip down to shorts for their big moment in the first recoupling of the new series

 

Sun’s out guns out: The boys strip down to shorts for their big moment in the first recoupling of the new series

Take your pick: With five hunky singletons to choose from, the girls are spoilt for choice

 

Take your pick: With five hunky singletons to choose from, the girls are spoilt for choice

 

Take your pick: With five hunky singletons to choose from, the girls are spoilt for choice

 

 

Home sweet home: The Islanders will be calling this sprawling villa in South Africa home

 

Home sweet home: The Islanders will be calling this sprawling villa in South Africa home

 

LOVE ISLAND 2023: MEET THE CONTESTANTS

 

Tanya Manhenga

Name: Tanya Manhenga

 

 

Age: 22

Location: Liverpool

Occupation: Student and model

Something not many people know about her: ‘I have Vitiligo, which is a skin pigmentation, you may not even notice it.’

 

 

‘It’s on my lip and I have a stripe on my hair. Not many people know that but I think it’s quite cute.’

‘I don’t care about covering it up all the time, I think it’s a vibe.’

 

Lana Jenkins

Name: Lana Jenkins

 

 

Age: 25

Location: Luton

Occupation: Makeup artist

Something not many people know about her: ‘In my work as a makeup artist I’ve worked with lots of celebrities.

 

 

‘Also, when I was 6-years-old I used to live in Spain and I was in an episode of Benidorm as an extra.’

Anna-May Robey

 

Anna-May Robey

Name: Anna-May Robey

Age: 20

Location: Swansea

Occupation: Payroll assistant

Something not many people know about her: ‘I went on a date once and I never saw him again.’

‘We went for food and shared a bottle of wine. As I was speaking to him he fell asleep!’

‘I had to clink his wine glass to wake him up.’

Tanyel Revan

 

Tanyel Revan

Name: Tanyel Revan

Age: 26

 Location: North London

Occupation: Hair stylist

Something not many people know about her: ‘My celebrity crush is Channing Tatum – I don’t like pretty boys, they give me the ‘ick’ because they always have a crap personality.’

‘Channing Tatum is handsome but not too pretty. He’s manly and he can dance.’

‘If a man can dance I’m in love with him straight away.’

Olivia Hawkins

 

Olivia Hawkins

Name: Olivia Hawkins

Age: 27

 Location: Brighton

Occupation: Ring girl and actress

Something not many people know about her: ‘I did a film with Jason Statham and had a nice 10-minute convo about life.’

‘I’ve been a ring girl for KSI, I played a waitress in James Bond with Daniel Craig and I’ve also been a body double for Michelle Keegan and Emma Watson.’

 

Kai Fagan

 Name: Kai Fagan

Age: 24

Location: Manchester

Occupation: Science and PE teacher

Something not many people know about him: ‘I’m a Jamaican citizen. Because of that I played rugby 7s for Jamaica.’

‘I play semi-professional rugby now for Burnage RFC.’

‘I’ve technically got three different degrees and went to three different unis.’

Ron Hall

 

Ron Hall

 Name: Ron Hall

Age: 25

Location: Essex

Occupation: Financial advisor

Something not many people know about him: ‘On meeting me, you’d never know I am blind in one eye.’

‘It was the result of a football injury when I was 8. I’ve got two different coloured eyes, one blue and one green.’

Will Young

 

Will Young

 Name: Will Young

Age: 23

Location: Buckinghamshire

Occupation: Farmer

Something not many people know about him: ‘Every night I light a candle and meditate for 20-25 minutes.’

‘A girl I was seeing told me to meditate, I tried it and loved it. I stopped seeing her and carried on meditating!

‘It’s a nice way to self reflect.’

Shaq Muhammad

 

Shaq Muhammad

Name: Shaq Muhammad

Age: 24

 Location: London

Occupation: Airport security officer

Something not many people know about her: ‘I’m a very emotional person. It can be a blessing and a curse.’

‘Every time I watch Dear John I cry.

That’s my favourite film. Any time I’m with someone and they say, ‘Let’s watch a romantic film’, I’m like, ‘How about Dear John, how does that sound?’

Haris Namani

 

Haris Namani

Name: Haris Namani

Age: 21

 Location: Doncaster

Occupation: TV salesman

Something not many people know about her: ‘I’ve never found love. I think this is the show that can help me.’

‘It’s the best opportunity for me to find the girl and find the right one. I’ve obviously not found the right one myself.’

Read more at theodysseyonline.com

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