Chinese regulators have issued instructions for the repayment of debts owed by C...
BEIJING/SHANGHAI - Chinese regulators have issued instructions for the repayment of debts owed by China’s beleaguered Baoshang Bank that could see larger debts facing haircuts of as much as 30%, two sources with knowledge of the matter told Reuters.
According to oral instructions detailed by the sources, regulators will guarantee the principal but not the interest on interbank debts between 50 million yuan and 100 million yuan. For debts between 100 million and 2 billion yuan, regulators will guarantee no less than 90% of principal, and for debts of 2 billion yuan to 5 billion yuan, no less than 80% of principal will be guaranteed.
“But custodian banks have not yet made a move. This money can’t come out of custodian banks as they’re facing a lot of pressure, so we’re still waiting for relevant departments to provide liquidity support.”
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