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The Shanghai Commercial Paper Exchange releases commercial paper default data every month. It’s an important window for the outside world to observe the credit risks of Chinese banks. According to July 2023 data released in August, as of July 31, 2023, a total of 2,851 commercial bill acceptors had defaulted, an increase of about 80% from 1,554 in January. Among the defaulters of commercial bills, 271 are branches of state-owned banks and branches of local rural commercial banks, accounting for nearly one-tenth of all banks in China.
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