China auto loan ABS to double to US$5.6b, says Fitch

KUALA LUMPUR: Fitch Ratings expects new issuance from auto loan asset-backed securitisation (ABS) in China to more than double to over 35bil renminbi (US$5.6bil) in the next 12 months. 

The ratings agency said on Thursday the surge would be is driven by funding needs created by a rapidly expanding car sales market and the increasing penetration of captive auto finance companies.