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IIF bank lending - Asia vs Global EM
IIF bank lending - Asia vs Global EM

More Asian banks are reporting tighter funding conditions + faster rise in NPLs than their Global EM peers

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China credit growth
China credit growth

Shadow bank loans still grew during 2H13 – albeit more slowly – to around 65% of GDP. By contrast, conventional bank loans have leveled off to <135% of GDP.

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HSBC China growth contribution
HSBC China growth contribution
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HSBC China growth contribution
HSBC China growth contribution
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HSBC PMI Heatmap (5 Feb)
HSBC PMI Heatmap (5 Feb)

With EU and Japan improving, US data subject to weather disturbances and China PMI falling <50, HSBC asks: Can the world de-couple from China?

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Summary Recommends
Summary Recommends

Summary of our key trades and recommendations (including entry points) for the 10 Asian local markets under our coverage

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Vietnam VGBs
Vietnam VGBs

#10 – Vietnam VGBs: Only bright spot – Carry – will cheapen further on higher Inflation risks.

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India GSecs
India GSecs

#9 – India GSecs: Correction period expected for bonds and INR

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Thailand ThaiGBs
Thailand ThaiGBs

#8 – Thailand ThaiGBs: Lower downside in bond yields and heightened political risks may pressure THB weaker

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