The government of Henan is planning to set up a financial institution to sell credit default swap (CDS) contracts in a bid to offer credit enhancement services to SOEs, including the largest coal producers and steel makers in the province, including Zhengzhou Coal Industry Group Co. Ltd., and Anyang Iron & Steel Group Co. Ltd., to lower their financing costs, according to a document posted on the official website of the Henan provincial government.
In the annual government work report delivered by Premier Li Keqiang earlier this month, the central government stressed that bond defaults are a major risk facing financial markets.
Henan is the second province to try the tool, following in the footsteps of Shanxi province, China’s top coal producing region, which established a company to sell CDS contracts in September.
Albo’s population war destroys health system
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The Albanese Government has declared a population war on Australians. It
intends to substitute the existing population with cheap foreign labour
from the...
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