Endless devaluations could rattle that equilibrium and upset securitisation arrangements.

无休止的贬值可能会打破这种平衡，打乱证券化准备计划。

Securitisation caused the subprime debacle, but is today an importa nt tool for laying off risk.

证券化导致了次贷危机，但如今是消除风险的重要工具。

Back in 2018 officials placed caps on asset-backed securitisation, upending Ant's model of selling its loans on to banks.

早在2018年，官员们就对资产支持证券化设置了上限，颠覆了蚂蚁金服向银行出售贷款的模式。

And then also around the same time you had the birth of securitisation.

大约在同一时间， 证券化诞生了。

Mr Bernstein compares the situation to the securitisation of housing debt, in that there is very little information available about the debt.

伯恩斯坦先生将这种情况比作住房债务证券化，因为有关债务的信息非常少。