Surge in defaults rocks China’s $800-billion local debt market, leaving investors in peril

Quick Summary:

Defaults in an opaque corner of China’s local debt market have surged to a record high, ensnaring investors who’d assumed the securities had an implicit guarantee from the state.

It gave local governments permission to raise around 2.2 trillion yuan ($309 billion) in new bonds to help repay creditors and ordered state banks to provide additional refinancing support.

Trust fund products are usually unlisted and sold via channels such as banks and securities firms to companies, financial institutions and high net worth individuals with a minimum investment threshold of 1 million yuan.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Author / Journalist: BusinessMirror

Category: BusinessStartups

Markets: PhilippinesChina

Topics: Lgfvs Debt Support Investors Year Non-standard Local Bonds Products Government Yuan

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-26 @ 16:07:00 (5 days ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 996 words

Reading Time: 6 minutes read

Sentences: 40 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 23252437

View Article Analysis

About Business Mirror

Main Topics: BusinessStartups

Official Website: businessmirror.com.ph

Update Frequency: 11 posts per day

Year Established: 2005

Headquarters: Philippines

News Last Updated: 11 hours ago

Coverage Areas: Philippines

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #37

Publisher Details

Frequently Asked Questions