PRC securitization : legal and rating developments

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Book chapter

Source Publication

The Securitisation & Structured Finance Handbook 2018

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Adrian Hornbrook


The 1997 Asian financial crisis demonstrated how excessive concentration of credit and liquidity in the banking sector made economies vulnerable to systemic economic collapse. The Asian financial crisis saw many Asian currencies attacked and suffer significant de-valuation. The People’s Republic of China (China or PRC) was relatively insulated from that 1997 Asian financial crisis because of one key reason – its strict exchange controls of the local CNY currency. On the other hand, the 2008 global financial crisis demonstrated the risks of China’s over-reliance on the US dollar as its reserve currency, and the limitations of CNY remaining a controlled currency.

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Copyright © Copyright rests with the publisher, Capital Markets Intelligence Limited 2017. Access to external full text or publisher's version may require subscription.

Additional Information

ISBN of the source publication: 9780995479159

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Recommended Citation

Ong, K. & Ho, H. M. S. (2017). PRC securitization: Legal and rating developments. In L. Paul (Ed.), The Securitisation & Structured Finance Handbook 2018 (pp. 44- 50). United Kingdom: Adrian Hornbrook.