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China To Tighten Scrutiny Of LGFVs As It Tackles Municipal Debt Woes - (RTRS Sources)

CHINA

MNI (London) - RTRS sources have suggested that “China will put several thousand LGFVs under tighter scrutiny, while barring new LGFVs from selling bonds publicly, to plug loopholes in a scheme that aims to address municipal debt woes.”

  • “By scrutinising the LGFVs, regulators hope to prevent them from raising money from new entities or shell companies, practices that could aggravate the debt problem.”
  • This comes after CCP leadership flagged a basket of measures to “defuse” local government debt risks.
  • One of the sources suggested that the move is an effort to prevent LGFV debt from additional swelling via unregulated means.
  • USD/CNH is unmoved by the news, nearing CNH7.32 as the rate pulls back from session lows alongside the broader DXY.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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