德银8月2日中国每日金融（China Financial Daily），表明现在央行开始对各银行收紧监管，是金融去杠杆的延续。很多中小银行本身揽储能力不强，其非常依赖于银行间市场的隔夜拆解与大额CD回购，故要是允许银行破产，一些步子迈得较大的城商行等可能会首当其冲。英文19页：

What is included here?

• PBOC Found Interbank Business Violation in 40 Banks
• BONJ Plans to Raise up to Rmb14bn via Private Placement
• ABC AMC Subsidiary Received Approval from CBRC
• Dalian Machine Tools Saw Consecutive Bond Defaults
• China Liquidity Monitor – PBOC Injects Zero Net Liquidity via OMO into the Market for the 3rd Consecutive Day on Wednesday
  

(DB view) We think this is part of the on-going regulation tightening and financial deleveraging. Nevertheless, CBRC loosened the tone in May 2017 to grant another 4-6 months phase-in period for banks to correct incompliant transactions, and the tighter rules would be only imposed on incremental new businesses. We expect China’s financial deleveraging campaign to be orderly before the leadership transition. The campaign has already made progress by cutting off excess non-productive leverage, shortening the financing chains, and trimming shadow banking. We expect financial deleveraging to continue, resulting in elevated market rates and consistent regulatory tightening. This should drive up NIM for big banks and boost loan growth for them, while smaller banks could be forced to slow down asset expansion due to capital and regulatory pressure.