BANK / MARKET CAPITAL
The institution holding the claim is where deterioration first appears. Provisioning, capital and restructuring determine the first absorption layer.
银
BONDSTATS / 中国金融关系
LIVE PULSEOFFICIAL DATA ADAPTER
地 LOCAL GOVERNMENT DEBT60.6539 CNY tnMOF · 30 Sep 2026
银 FINANCIAL INSTITUTION LOANS275.7 CNY tnNBS · 31 Dec 2025
户/银 DEPOSIT FUNDING336.1 CNY tnNBS · 31 Dec 2025
外 EXTERNAL LIABILITIES8.3555 USD tnSAFE · 30 Jun 2026
LOCAL REFINANCING
Local refinancing tightens
地
ABSORPTION STACK
Who can do what when pressure arrives?
Liquidity is not solvency. State linkage is not a guarantee. The stack separates the institutional functions that can stabilise funding, restructure claims or absorb losses.
PBoC
Can change funding conditions, collateral economics and system liquidity. That does not automatically remove the credit loss underneath.
央
FISCAL / INSTITUTIONAL
Debt swaps, transfers, recapitalisation or restructuring can relocate pressure. The mechanism and legal perimeter matter.
政
MARKET / BORROWER
Refinancing terms, asset sales and creditor negotiations can redistribute adjustment without requiring a single central absorber.
市
SOURCE CONTROL / OFFICIAL ONLY