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China Said to Demand Bond Dealers to Examine Histories amid Inquiry

May 2, 2013 By Georgia Dawson Leave a Comment

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Central Bank of China asked the participants in the country’s 3.7 trillion dollar inter bank bond market for examining trading background.

Few people who requested not to be named as they were not approved to speak publicly regarding this matter said that People’s Bank of China had a meeting earlier week with China Foreign Exchange Trade System and National Associations of Financial Market Institutional Investors and several other market participants for enhancing control over dealing. According to people, Central Banks said that revelations of illegal dealing had surfaced recently.

Last week, the Shanghai Securities News stated that regulators of China are investigating illegal income transaction in the accounts that are typically utilized by the senior dealers at financial companies. Newspaper stated without the government has also send large teams for inspecting the trading records at firms in Shanghai, Jiangsu and Beijing province.

People’s Bank of China did not respond to the faxed queries immediately seeking any comments.

China Business News stated that the Central bank has scheduled a meeting today with popular lenders and will pay attention to advises on enhancing the market. According to a report, the meeting might include topics regarding deep reformation of the bond sales as well as trading.

The main China economist of Nomura Holdings Inc. Zhang Zhiwei said lot of illegal dealing cases have been stated in China. It is becoming trend instead of remote incidents. “PBOCis investigating as a part of wider efforts of government in fastening corruption and also controlling the rising credit risk. It might have a negative effect on an economy temporarily but setting straight rules is very important if China has a desire to grow the market.

As per China bound, the country’s popular bond clearinghouse, the interbank market of China had nearly 23.1 trillion yuan of exceptional bonds by March end. According to clearinghouse, this was compared with five hundred and twenty two billion yuan on the stock exchanges, where the retail stockholders are permitted to deal.

PBOC controls interbank bond market, whereas China Securities Regulatory Commission and National Development and Reform Commission also held mistaken for the parts of a domestic debt market.

According to the commentary in China Securities Journal by the reporter, Wang Hui, probe into the illegal bond market dealings will assist ease risks in the local government fiscal vehicle debt. Wang wrote that the bond market of China should be controlled as the local governments will publish large amount of debt for supporting economy, which in turn will expand the market.

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Filed Under: Business

About Georgia Dawson

What Georgia best loves about journalism is the intricacies of covering a story. Following a lead, talking to people or conducting under-the-hood investigations is what fuels Georgia’s drive for this profession.

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