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FRANCE AUCTION RESULTS

France Sells E10.355bn of OATs

CHINA
CHINA: China's deleveraging campaign should focus next year on nonfinancial
state-owned companies, particularly "zombie" companies, to improve productivity,
Huang Yiping, an academic and a member of the Monetary Policy Committee of the
People's Bank of China, said in an article published Monday on the website of
the Finance40 Forum, an official think tank. The leverage ratio of state-owned
enterprises has barely changed even as the overall campaign has had unexpected
success. The existence of "zombie" companies -- money-losing companies that rely
on government support -- is because of the implicit guarantee of governments.
China can continue to improve efficiency in financial sector through curbing
shadow banking, reducing growth in the so-called M2 money supply and increasing
direct funding, Huang wrote.