Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Interest Rates

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 

China Vice Premier Liu He vows zero tolerance for misconduct after recent bond defaults

11/21/2020 | 11:40pm EST
Chinese Vice Premier Liu He attends the closing session of CPPCC in Beijing

BEIJING (Reuters) - China will show "zero tolerance" for misconduct following a recent string of bond defaults, a meeting of the Financial Stability and Development Committee chaired by vice premier Liu He said.

Fraudulent issuance, disclosure of false information , malicious transfer of assets, and misappropriation of issuance funds will be strictly investigated, said the meeting, according to an account posted on a government website.

Several high-profile defaults recently by Chinese state firms, including Yongcheng Coal & Electricity Holding Group and Huachen Auto Group Holdings Co have sent shockwaves across China's corporate bond market.

Chinese regulators have launched probes into the two state borrowers and their bond underwriters.

The bond defaults dented investor confidence and pushed up funding costs for many corporate borrowers, adding to pressures on China's nascent economic recovery.

Various "debt evasion" behaviors will be severely punished, said the meeting. The bond defaults were a result of cyclical, institutional and behavioral factors, it added.

Prevention and warning systems will be strengthened to forestall systemic risks, and liquidity should be kept reasonably ample, the meeting said.

(Reporting by Gabriel Crossley and Samuel Shen; editing by Richard Pullin and Lincoln Feast.)


© Reuters 2020
Latest news "Interest Rates"
06:18aUAE cabinet approves debt strategy to build local currency bond market
RE
06:18aUae cabinet approves public debt strategy that aims to build a market for dirham-denominated bonds - vice president in tweet
RE
01/22U.S. ban on China firms could affect $60 billion of bonds - JPMorgan
RE
01/22Turkey's Erdogan says "absolutely" against high interest rates
RE
01/22Hong Kong money rates drop to multi-year lows on capital inflows
RE
01/21Brazil's Amaggi soybean producer prices $750m green bond -CFO
RE
01/21U.s.-based taxable bond funds attract $10.3 billion, largest inflow in 14 weeks -lipper
RE
01/21Investment-Grade Bonds Stumble on Rising Yields
DJ
01/21South Africa keeps rates flat as inflation risks balanced
RE
01/21Indonesia central bank keeps rates unchanged, vows more support
RE
Latest news "Interest Rates"