> China's services trade sustains growth in Q1
一季度我國(guó)服務(wù)進(jìn)出口總額同比增長(zhǎng)8.7%

China's services trade sustained a sound growth momentum in the first quarter (Q1), with travel services seeing visible recovery, official data showed Tuesday.
5月9日，商務(wù)部發(fā)布數(shù)據(jù)顯示，2023年一季度，我國(guó)服務(wù)貿(mào)易繼續(xù)保持增長(zhǎng)態(tài)勢(shì)，旅行服務(wù)明顯恢復(fù)。

The country's services trade totaled 1.58 trillion yuan in the first three months, up 8.7 percent year-on-year, data from the Ministry of Commerce showed.
一季度，我國(guó)服務(wù)進(jìn)出口總額1.58萬(wàn)億元，同比增長(zhǎng)8.7%。

Services imports stood at over 903.5 billion yuan, rising 21.6 percent from a year ago, while exports shrank 4.7 percent year-on-year to 680.51 billion yuan, resulting in a deficit of 222.99 billion yuan.
其中進(jìn)口9035億元，同比增長(zhǎng)21.6%；出口6805.1億元，同比下降4.7%；服務(wù)貿(mào)易逆差2229.9億元。

Travel services reported a notable recovery, as trade in the sector surged 56.6 percent from a year earlier, to about 337.63 billion yuan.
數(shù)據(jù)顯示，一季度，旅行服務(wù)明顯恢復(fù)。其中，旅行服務(wù)進(jìn)出口3376.3億元，同比增長(zhǎng)56.6%。

Trade in knowledge-intensive services raked in nearly 694.7 billion yuan, up 12.8 percent year-on-year, the data showed.
一季度，知識(shí)密集型服務(wù)進(jìn)出口6947億元，同比增長(zhǎng)12.8%。

Knowledge-intensive services exports gained 18.7 percent to 415.57 billion yuan, driven by the rapid growth of insurance services, according to the ministry.
其中，知識(shí)密集型服務(wù)出口4155.7億元，增長(zhǎng)18.7%。增長(zhǎng)較快的領(lǐng)域是保險(xiǎn)服務(wù)。

> Trouble ahead in US banking system
紐約大學(xué)教授達(dá)摩達(dá)蘭警告：還會(huì)有更多美國(guó)銀行如“多米諾骨牌”般倒下

Days after the third bank collapsed in America, valuation guru Aswath Damodaran on Saturday said that there were more dominos waiting to fall in the country's banking business.
在美國(guó)三家銀行接連倒閉后，估值大師、紐約大學(xué)金融學(xué)教授阿斯沃斯?達(dá)摩達(dá)蘭5月6日表示，還會(huì)有更多美國(guó)銀行如“多米諾骨牌”般倒下。

The banking crisis, which began in March with the fall of Silicon Valley Bank, is not over yet, as several regional banks are facing the specter of rapid withdrawals and share prices crash.
由3月份硅谷銀行倒閉引發(fā)的銀行業(yè)危機(jī)尚未結(jié)束，幾家地區(qū)銀行正面臨大量恐慌性提款和股價(jià)暴跌的壓力。

Just days ago, First Republic Bank collapsed and was taken over by JPMorgan.
就在幾天前，美國(guó)第一共和國(guó)銀行倒閉，被摩根大通收購(gòu)。

"I do believe that there are more dominos waiting to fall in the US banking business, with banks that have grown the most in the last few years at the most risk," said Damodaran, who is also a professor of finance at the Stern School of Business at New York University. "But I also believe that unlike 2008, this crisis will be more likely to redistribute wealth across banks than it is to create costs for the rest of us."
達(dá)摩達(dá)蘭表示：“我確實(shí)相信，還會(huì)有更多美國(guó)銀行如‘多米諾骨牌’般倒下，過(guò)去幾年增長(zhǎng)最快的銀行面臨的風(fēng)險(xiǎn)最大?！彼J(rèn)為，與2008年金融危機(jī)不同的是，相比于對(duì)其他行業(yè)的影響，這場(chǎng)危機(jī)更可能導(dǎo)致銀行業(yè)財(cái)富重新分配?！?/p>

Damodaran said as Silicon Valley, Signature Bank, and First Republic have fallen, the 2023 banking crisis looks like a slow-motion car wreck but without the systemic consequences of prior crises.
達(dá)摩達(dá)蘭表示，隨著硅谷銀行、簽名銀行和第一共和國(guó)銀行接連倒閉，2023年的銀行業(yè)危機(jī)看起來(lái)像是一場(chǎng)慢放的車禍，但與之前的危機(jī)相比，未發(fā)生系統(tǒng)性后果。

The professor added that the market reaction to the current banking crisis has been sanguine, with the overall market not missing a step and the damage restricted to banks - and within banks, more to regional than national banks.
他還表示，市場(chǎng)對(duì)當(dāng)前銀行業(yè)危機(jī)的反應(yīng)是樂(lè)觀的，影響僅限于銀行業(yè)，更多的是地區(qū)性銀行，而不是國(guó)家性銀行。

He said the conventional wisdom that market cap losses have been greater at smaller banks does not seem to hold up to scrutiny, since percentage losses have been greatest at the largest banks.
他表示，小型銀行市值損失比大型銀行更大的傳統(tǒng)觀點(diǎn)似乎經(jīng)不起推敲，因?yàn)榇笮豌y行的損失占比最大。

Breaking down banks based on deposit growth over the last five years, he said, it was clear that the market cap loss has been greatest at the banks that have seen the most growth in deposits.
根據(jù)過(guò)去五年的存款增長(zhǎng)對(duì)銀行進(jìn)行細(xì)分，很明顯，存款增長(zhǎng)最快的銀行市值損失最大。

"There will be other dominos that fall, bank concentration will rise, systemic effects will stay small, accounting rules on market to market will be tightened, and regulators will add duration mismatch & deposit stickiness to the rule book," he said.
他指出：“還會(huì)有其他多米諾骨牌倒下，銀行集中度（而非盈利能力）將上升，系統(tǒng)性影響將保持較小，以市值計(jì)價(jià)會(huì)計(jì)準(zhǔn)則將收緊，監(jiān)管機(jī)構(gòu)將在規(guī)則手冊(cè)中增加期限錯(cuò)配和存款粘性。”

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