随着私人信贷对全球市场的威胁加剧，金融稳定委员会警告称，危机将是“三重打击”

The Financial Stability Board (FSB) is warning that global markets could be heading toward a chain reaction in which tighter funding, war-driven volatility, and deepening cracks in non-bank finance converge into what its chair calls a possible “double or triple whammy” for financial stability. In a letter sent ahead of the April 16 G20 meeting, FSB Chair Andrew Bailey laid out a scenario in which several fragile parts of the financial system crack at the same time rather than one by one. Bailey, who also serves as governor of the Bank of England, said the Middle East conflict has already increased energy prices and government bond yields, and that these shocks could collide with stretched asset valuations, concentrated leverage in the non-bank financial sector, and growing anxiety over private-credit pricing. He identified three areas that require heightened monitoring: sovereign bond markets, asset valuations, and private credit. Related Reading New US credit crisis looms as more firms limit withdrawals – and Bitcoin could be hit first Redemption pressure is forcing gates across major private credit funds, tightening liquidity and exposing structural fragility in a $1.7T market. Apr 13, 2026 · Liam 'Akiba' Wright Private credit is cracking first Much of the recent attention on financial fragility has centered on private credit. Private credit is a large and fast-growing corner of non-bank finance in which funds lend directly to companies rather than routing them through traditional bank channels. The sector has grown to roughly $1.8 trillion , and the past few weeks have exposed just how quickly that confidence can deteriorate. Blue Owl Capital limited withdrawals from two of its largest private-credit funds after investors sought to redeem roughly $5.4 billion in the first quarter. At its flagship $36 billion fund, redemption requests hit 21.9% of shares outstanding, while its smaller, technology-focused vehicle saw requests reach a staggering 40.7%. Blue Owl, lik