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qianqian98
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05/12/2018 8:30 pm  
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(ECNS) -- Posting anonymously may be an old way on online forums Uomo Nike Air Presto Essential Nere Italia , but a new app called Mimi ("Secret" in English) allowing users to share their secrets are gaining popularity in China.

 

The iPhone app reached the top among free social media apps in Apple Store China on the first day it was released earlier this month.

 

The anonymous-sharing Secret app allows users to broadcast their missives to the world, but posts on Secret are limited to a network of friends based on the address book of users' phones.

 

Although the developer said defamatory and offensive content would be removed, mean-spirited posts like complaints about bosses, dissatisfaction with society and juicy gossip abound among users.

 

A random interview with several users shows that they are all addicted to the app, and some often guess the identity of posters. "The posts rarely seen on other forums make me excited Nike Air Presto SE Woven Nere Italia ," one said.

 

Some users questioned whether their anonymous posts would be tracked by the built-in system, but the developers said a special technology makes the encryption irreversible. In other words, no one can decrypt the data, even the founders, they said.

 

However Uomo Nike Air Presto Nere Italia , a lawyer said certain posts on the app may be in violation of privacy rights and criminal responsibility should be affixed if the case is serious enough to constitute a crime.

 

Insiders also hold a pessimistic attitude toward the new trend, as the app may not maintain its buzz after initial curiosity fades.

 

In just a few years, Hong Kong banks have ramped up lending to China from near zero to $430 billion, fuelling concerns about their credit exposure to the mainland at a time when sliding economic growth and defaults are making investors nervous.

 

Even a modest increase in non-performing loans would have a significant impact on Hong Kong bank profits, suggesting the sector will be a sensitive indicator of China's debt markets in the year ahead.

 

A landmark domestic bond default earlier this month and headlines of bankruptcies - highlighted last week by Zhejiang Xingrun Real Estate Co - have underscored concerns that an unprecedented surge in company debt in China is now showing signs of unraveling.

 

"The quality of these loans extended by Hong Kong banks to Chinese companies has not been tested Donna Nike Air Presto BR Rosa Italia ," said Mirza Baig, head of foreign exchange and interest rate strategy at BNP Paribas in Singapore. "That is a concern in the backdrop of the rapid rise in exposure."

 

Foreign bank claims on China hit $1 trillion last year, up from nearly zero 10 years ago, and the biggest portion was provided by Hong Kong, Bank of International Settlements data shows. The $430 billion in loans outstanding represents 165 percent of Hong Kong's GDP Off-White x Nike Vapormax Nere Bianche Italia , BIS figures show.

 

Data from the Hong Kong Monetary Authority (HKMA), the city's de-facto central bank, showed a similar astonishing rise. By the end of 2013, Hong Kong banks' net claims on China as a percentage of their total loan book was nearing 40 percent, compared with zero by 2010.

 

The rival financial center of Singapore has also ramped up its China loans as well Off-White x Nike Air Vapormax Bianche Nere Italia , but its exposure is the equivalent of 15 percent of its GDP, figures from its monetary authority show.

 

Local banks in both these centers have taken over lending that foreign banks once dominated, drawn by cheap funding rates following the global financial crisis, a voracious appetite from Chinese borrowers and healthy growth in the world's second-biggest economy.

 

"Hong Kong banks have pounced on arbitrage opportunities between on-and offshore renminbi funding rates," said Cathy Holcombe Off-White x Nike Air Vapormax Nere Italia , a strategist at Gavekal Dragonomics in Hong Kong.

 

CURRENCY EXPOSURE

 

There is no breakdown of the type of loans behind the $430 billion figure. But Stephen Long, managing director of financial institutions at Moody's Investor Services, said "a substantial part" is in lower-risk categories such as trade finance. This would include loans to Hong Kong blue-chip companies operating on the mainland or loans supported by guarantees from Chinese banks.

 

However, trade finance may also hide speculative flows that bet on a rise in the yuan - a popular trade encouraged by the currency's 2.9 percent rise against the dollar last year. In this trade, investors and companies falsify trade receipts to convert foreign currency into yuan and avoid capital controls.

 

This year's slide in the yuan may also pinch debtors' ability to service their loans. The yuan has dropped nearly 3 percent Uomo Off-White x Air Jordan 1 The Ten Bianche Nere Italia , wiping out its 2013 gains, putting it on track for its worst March quarter since 1992.

 

"Most of these loans are not hedged completely on a currency basis even if they are collateralized and the currency volatility means some of these banks may be sitting on large currency losses," said a trade banker at a large European Bank. He declined to be identified because he was not authorized to speak openly to the media.

 

Stock and credit analysts also say a big chunk of the loans has ended up in China's property and financial sectors, as well as industries with surplus production capacity, such as steel - all areas where regulators are trying to control lending.

 

To be sure Uomo Off-White x fragment design x Nike Air Jordan 1 Nere Blu Italia , capital buffers at Hong Kong banks are much higher than minimum international standards and the central bank has not shown any alarm about the lending.

 

The HKMA said it has been "closely monitoring" the sector's credit exposure and it expects banks "to maintain sufficiently robust system of controls to manage the specific risks that they are facing".

 

Investors are showing more concern though. An index of financial stocks .HSCIF in the main Hong Kong bourse had fallen by more than 13 percent this year through to the end of last week. It perked up on Monday on hopes for government stimulus to support the Chinese economy.

 

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