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China to build trading market for defaulted bonds, said deputy PBOC governor

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Chinese central bank is developing a trading market for defaulted bonds and exploring introduction of market-based bond default disposal methods following a wave of bond defaults last year, according to Pan Gongsheng, a deputy governor of the People’s Bank of China (PBOC) in charge of financial markets.

According to Pan, the PBOC is working with relevant government agencies and the supreme court to study the legal issues surrounding bond defaults and will will strengthen the supervision of issuers . . .

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