央行年度重磅报告 披露三大领域压力测试结果

Core Insights - The People's Bank of China released the "China Financial Stability Report (2025)", which includes stress test results for banks, public funds, and open bank wealth management products [1][2]. Banking Sector Stress Testing - A total of 3,235 banks were tested for their resilience against various extreme but plausible adverse shocks, revealing strong overall resistance to macroeconomic impacts [2][3]. - The stress tests included macro solvency, liquidity risk, and contagion risk assessments, with credit risk identified as the primary factor affecting capital adequacy [3][4]. Capital Adequacy and Loan Quality - Under different stress scenarios, the overall capital adequacy ratio for participating banks dropped significantly, with a 400% increase in non-performing loans leading to a capital adequacy ratio of 10.54% [7]. - The overall non-performing loan ratio for the 23 participating banks was 1.22% at the end of 2024, projected to rise to 6.55% by the end of 2027 under a severe stress scenario [4][5]. Liquidity Risk Assessment - The liquidity risk stress test indicated that 98.49% of banks passed under light stress conditions, while 96.29% passed under heavy stress, showing an improvement from 2023 [8]. - The liquidity management capability of public funds was assessed, with only 0.01% of funds failing under light stress and 0.34% under heavy stress [9][10]. Non-Banking Sector Insights - The report also analyzed the liquidity risk of public funds and open bank wealth management products, with a total of 3,690 products tested, amounting to 11.79 trillion yuan [2][9]. - The liquidity risk for the tested wealth management products was deemed manageable, with only 171 products failing the test, representing 4.6% of the total [10].