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Friday, August 18, 2017
China's Central Government launched local bond-swap to ease local "debt bomb"
ANBOUND

To ease the local "debt bomb", the Central Government of China has launched the local bond-swap. This year, it is expected that 5 trillion local bonds will be issued, with 1.63 trillion new bonds, and about 3 trillion swap-bonds. It is noteworthy that, according to the Central Government's deployment, local bond-swap has been given a fixed window period to complete the bond-swap of the stocks by the first half of 2018. If the swap cannot be completed within this window period, urban investment bond will not be included as the government bond, and the original borrower will still have the obligation of clearing the debts.

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