---
title: "中金：美國近期兩家銀行風險事件暫不構成對金融系統的系統性衝擊"
description: "中金指出，近期美國兩家區域銀行 Zions Bank 和 Western Alliance 因貸款損失股價大幅下跌，但認為這並不構成對金融系統的系統性衝擊。儘管存在局部信用風險事件，整體經濟在明確衰退信號前，信貸緊縮可能較為温和，不會引發危機。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/261787700.md"
published_at: "2025-10-20T00:40:44.000Z"
---

# 中金：美國近期兩家銀行風險事件暫不構成對金融系統的系統性衝擊

> 中金指出，近期美國兩家區域銀行 Zions Bank 和 Western Alliance 因貸款損失股價大幅下跌，但認為這並不構成對金融系統的系統性衝擊。儘管存在局部信用風險事件，整體經濟在明確衰退信號前，信貸緊縮可能較為温和，不會引發危機。

中金指出，10 月 16 日晚美國兩家區域銀行 Zions Bank 和 Western Alliance 股價分別下跌 13% 和 11%，主要由於兩家銀行先後披露貸款損失，市場擔憂此前寬鬆信貸條件中產生的銀行資產質量問題和私募信貸風險是否具有普遍性，是否會引發更大的系統性金融風險。中金認為本輪兩家銀行風險無論是從規模和嚴重性程度來看都小於上一輪，更多是局部個別信用風險事件帶來的情緒發酵，暫不構成對金融系統的系統性衝擊。但這一事件反映出高利率環境下信用風險上升的趨勢，如果帶來信貸市場風險偏好的下降和貸款條件收緊可能會導致進一步的流動性緊縮。但在美國整體經濟出現明確衰退信號之前，信貸緊縮可能較為温和，難以形成 “危機” 情形。

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