> China's services trade sustains growth in Q1
一季度我國服務進出口總額同比增長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，商務部發布數據顯示，2023年一季度，我國服務貿易繼續保持增長態勢，旅行服務明顯恢復。

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，我國服務進出口總額1.58萬億元，同比增長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.
其中進口9035億元，同比增長21.6%；出口6805.1億元，同比下降4.7%；服務貿易逆差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.
數據顯示，一季度，旅行服務明顯恢復。其中，旅行服務進出口3376.3億元，同比增長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，知識密集型服務進出口6947億元，同比增長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，知識密集型服務出口4155.7億元，增長18.7%。增長較快的領域是保險服務。

> Trouble ahead in US banking system
紐約大學教授達摩達蘭警告：還會有更多美國銀行如“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.
在美國三家銀行接連倒閉后，估值大師、紐約大學金融學教授阿斯沃斯?達摩達蘭5月6日表示，還會有更多美國銀行如“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的銀行業危機尚未結束，幾家地區銀行正面臨大量恐慌性提款和股價暴跌的壓力。

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

"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."
達摩達蘭表示：“我確實相信，還會有更多美國銀行如‘多米諾骨牌’般倒下，過去幾年增長最快的銀行面臨的風險最大。”他認為，與2008年金融危機不同的是，相比于對其他行業的影響，這場危機更可能導致銀行業財富重新分配。”

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.
達摩達蘭表示，隨著硅谷銀行、簽名銀行和第一共和國銀行接連倒閉，2023年的銀行業危機看起來像是一場慢放的車禍，但與之前的危機相比，未發生系統性后果。

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，市場對當前銀行業危機的反應是樂觀的，影響僅限于銀行業，更多的是地區性銀行，而不是國家性銀行。

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觀點似乎經不起推敲，因為大型銀行的損失占比最大。

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.
根據過去五年的存款增長對銀行進行細分，很明顯，存款增長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，系統性影響將保持較小，以市值計價會計準則將收緊，監管機構將在規則手冊中增加期限錯配和存款粘性。”

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