Moody’s released the latest series of its Asian Liquidity Stress indicator earlier this month and found it at the highest level on record, 38.6%.
Evaluating that number in its own right is arcane, but what is significant is that it is at a higher level even than at the height of the global financial crisis.
Another Moody’s report helps us to understand why. The problem is, primarily, about the refinancing ability of Chinese high-yield companies.
RMB4 trillion of onshore bonds issued by Chinese companies will mature in 2019, 62% of which have an AA or lower onshore rating.
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