问答题 今年2月,中国对境外投资者开放了银行间债券市场。这一里程碑式的事件也令境外投资者获得了投资中国证券化资产的前所未有的渠道。风险方面,中国的证券化市场显得十分温和。优先级证券和中间级证券通常会被评级为AAA级和AA+级,这些评级主要由中国国内的评级机构给出。风险最高的股权级证券通常会留在发起方自己的资产负债表上。不过,部分分析师警告称,这些评级并未完全反映其中的风险。交银国际(Bocom International)在香港的研究主管洪灏表示:“由于评级机构的审核往往没有其国际同行到位,中国的信用品质差距区分不够好。幸运的是,最先被证券化的资产往往品质更好一些,以便为之后品质较差的证券建立榜样。”无
【正确答案】In February this year, China opened interbank bond market for foreign investors, and, as a landmark event, it granted foreign investors a new channel to invest China’ s securitized assets. In terms of investment risk, Chinese securitization market is very friendly. It is common that preferred securities and intermediate securities are rated as AAA and AA +, which are mainly given by China’ s domestic rating agencies. The highest-risk stock equity securities are usually left on the initiators’ own balance sheets. However, some analysts warned that these ratings did not fully reflect the risks. “Because Chinese rating agencies is often inferior to their international peers in terms of reviewing, and the division of credit quality is not good enough. ” said Hong Hao, a research executive at Bocom International in Hong Kong. “Fortunately, the first securitized assets are often better in quality and set an example for poor quality securities. ”
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