This report does not constitute a rating action. Chart 1 Chart 2 Issuance under China's credit asset securitization (CAS) scheme totaled Chinese renminbi (RMB) 195 billion in the first three quarters of 2026, up 4% year on year. This was mostly driven by increased issuance of auto loan asset-backed securities (ABS). Issuance under the China Securities Regulatory Commission scheme grew by 19% to RMB1,230 billion. The increase can be attributed to more issuances backed by lease receivables and corporate receivables assets, consumer loans, and quasi-REITs and infrastructure REITs. Issuance under the National Association of Financial Market Institutional Investors scheme decreased 10% to RMB372 billion. This was mostly due to a decrease in issuance from trust companies, backed by consumer loans
