The Export-Import Bank of China (EXIMCH)
China / Policy Bank / Export Credit / International Cooperation Finance
Active
Issuer Summary
Export-Import Bank of China is a policy bank directly under China’s State Council, responsible for foreign trade, cross-border investment, international economic cooperation and concessional foreign-aid lending. On a supported basis, it is a quasi-sovereign financial issuer very close to the Chinese sovereign. At end-2025, total assets were RMB6.064tn, the NPL ratio was 0.95%, and outstanding RMB bonds were RMB4.7tn, while S&P’s GRE assessment indicates an Almost certain likelihood of government support. At the same time, net interest income is thin, reliance on bond-market funding is high, and government-support expectations are not the same as explicit guarantees on individual bonds. Senior bonds, domestic policy-based financial bonds, branch bonds, subordinated and capital-like instruments, and subsidiary-related bonds therefore need to be checked separately.
At present, EXIMCH has one of the strongest supported credit profiles among Chinese financial issuers as a policy bank extremely close to the Chinese central government. Looking at standalone profitability alone, there are weaker elements, but as long as government support, the policy-bank framework, low reported NPLs and access to the domestic policy-bank bond market are maintained, the supported credit profile should be broadly stable. The probability of a rapid deterioration in credit strength is not high at present, but if China sovereign ratings, government-support assessments, foreign-trade and overseas sovereign-related assets, and bond-market access deteriorate simultaneously, market valuation could move faster than standalone financial results.
The strongest basis for this view is institutional proximity to the government and the difficulty of replacing the bank’s policy role. Direct State Council leadership, government-related shareholders, core functions in foreign trade, external cooperation and foreign-aid finance, and S&P’s GRE assessment of Critical / Integral / Almost certain provide a strong basis for viewing the supported issuer credit as very strong.
The second basis is the bank’s position in the funding market. Outstanding RMB bonds were RMB4.7tn at end-2025, and EXIMCH is described as the fourth-largest issuer in China’s interbank bond market. Market-funding dependence is also a constraint, but the bank’s position as a standing issuer in the policy-bank bond market strongly supports liquidity and refinancing capacity.
Issuer Reports
Current public reports for this issuer.