Chinese bank regulators are wresting the punchbowl from lenders drunk on off-balance sheet funding. To rehydrate, securities issuance rather than strong green tea, a traditional hangover cure, is required. Some of the palliatives, such as convertible bonds, could be good pick-me-ups for investors too.
中國的銀行監管機構正從被表外融資的酒灌醉的銀行手中奪下潘趣酒碗。想補充水分的銀行需要的是證券發行，而不是傳統的醒酒劑——很濃的綠茶。一些權宜之計，如可轉債，對投資者來說也可能是不錯的提神飲料。
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