Some of the world’s biggest, most conservative money market funds have been ramping up their exposure to Chinese bank debt, in spite of lingering concerns among investors about the transparency of the country’s financial system.
Fitch-rated prime money market funds held 0.4 per cent of their assets in debt sold by Chinese financials as of the end of April, up from virtually nothing just a year earlier, according to data from the US rating agency.
The rising exposure coincides with a sharp increase in the amount of debt being sold by Chinese banks as they look to meet tough new requirements on capital ratios.
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