Deconstruct off-balance-sheet NPL parking loops & systemic liquidity contagion
| Assets (RMB B) | Liabilities & Equity |
|---|---|
| Standard Loans: 7,550 | Deposits: 7,200 |
| Investment Conduit / TBR: 320 | Interbank Borrowing: 400 |
| Direct NPL (Reported): 130 | Tier-1 Equity: 400 |
| Assets (RMB B) | Liabilities & Equity |
|---|---|
| Distressed Debt Acquired: 320 | Wholesale Repo Borrowing: 280 |
| Developer Equity / Bonds: 150 | Offshore Dollar Bonds: 140 |
| Collateral Loss: -80 | Equity Capital: 50 |