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Lou Says China Should Let Local Governments Default on Debt

Former Finance Minister Lou Jiwei said China should allow smaller local governments to default on debt because it would signal that central government bailouts aren’t assured, Bloomberg News reported. Such defaults would educate investors that their inve ...

Daily Headline - global.abi.org - 04/23/2017 - 19:00 - 0 comments

China Bond Party Attracts Few Takers

China is engaged in a charm offensive to lure foreign money into its bond market, which has grown in a short period of time from a minnow to the third largest in the world, after the US and Japan, the Financial Times reported. The opening of the bond ...

Daily Headline - global.abi.org - 04/20/2017 - 21:38 - 0 comments

China's $8.5 Trillion Shadow Bank Industry Is Back in Full Swing

China’s shadow banking is back in full swing, an unintended side effect of the government’s campaign against financial leverage, which has curbed traditional lending and squeezed bond financing. Data from the central bank Friday showed that off-balance s ...

Daily Headline - global.abi.org - 04/18/2017 - 22:17 - 0 comments

China Bank Overseer Launches ‘Regulatory Windstorm’

China's new chief banking regulator has started with a bang, issuing a flurry of new policy directives during his first month aimed at the industry's knottiest problems, in line with the government’s focus this year on managing financial risk, ...

Daily Headline - global.abi.org - 04/18/2017 - 22:18 - 0 comments

The Danger in China’s Dual Debt Cycle

Predicting the evolution of corporate debt cycles is always tricky. In China it’s doubly hard—because there are two cycles in process. Most concern about the speedy rise of credit across China’s economy is focused on the sheer scale of corporate leverage ...

Daily Headline - global.abi.org - 04/18/2017 - 22:18 - 0 comments

Investors Pile Into Risky Chinese Debt

China’s riskiest corporate bonds are looking disproportionately expensive, a worrying sign that investors may have underestimated their risk as a tighter monetary policy and painful industrial restructuring weaken companies’ ability to repay debt, the ...

Daily Headline - global.abi.org - 04/17/2017 - 21:50 - 0 comments

China’s Gamble: How a Crusade to Prop Up the Yuan Imperils Other Pressing Mandates

President Xi Jinping gathered with his economic mandarins in December for their annual strategy meeting at a heavily guarded government hotel. In closed-door sessions, say people familiar with the confab, he made clear what their mandate was for 2017: He ...

Daily Headline - global.abi.org - 04/13/2017 - 22:33 - 0 comments

China Investigates Regulator of Fast-Moving Insurance Industry

China’s anti-corruption investigators are targeting the country’s top insurance regulator, throwing doubt over an industry that has been behind a wave of blockbuster global deals but has raised concerns about financial risk in the world’s second-largest ...

Daily Headline - global.abi.org - 04/09/2017 - 18:02 - 0 comments

China's Local Debt Nightmare Is Getting a Rerun After Rating Cut

The first ever downgrade of a Chinese local-government financing vehicle by an international ratings agency is reigniting concern over the debt-saddled entities, amid angst there could be more cuts to come, Bloomberg News reported. S&P Global Ratings ...

Daily Headline - global.abi.org - 04/06/2017 - 19:52 - 0 comments

China’s ‘Bad Banks’ Thrive as Alternative Lenders

China’s so-called bad banks are thriving as alternative lenders, evolving from bad-debt managers into some of the country’s largest financial conglomerates just as margins at the big state-owned banks come under pressure, the Financial Times reported ...

Daily Headline - global.abi.org - 04/03/2017 - 20:17 - 0 comments

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