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QINGDAO TODAY
在线翻译:
szdaily -> Business -> 
Swap of Baoshang Bank NCDs completed
    2019-07-11  08:53    Shenzhen Daily

THE central bank said yesterday the swap of interbank negotiable certificates of deposit (NCDs) issued by Baoshang Bank was completed Tuesday.

China’s State deposit insurance fund would start taking over Baoshang Bank’s interbank debt worth a total of 45.21 billion yuan (US$6.58 billion) from Monday, media reports said last week citing sources.

A total 43.59 billion yuan NCDs of Baoshang have been taken over by the insurance fund so far, the People’s Bank of China (PBOC) said on its official Weibo account, accounting for 96.4 percent of the total NCDs within the coverage plan.

Regulators seized control of Inner Mongolia-based Baoshang Bank on May 24, citing “severe credit risks.” China has since taken a series of measures to ease liquidity stress in China’s interbank market, and has repeatedly said risks at small financial institutions are manageable.

China’s interbank trading platform has introduced trading alerts to prevent money market rates from falling below specific levels, three sources with direct knowledge said yesterday, following a recent plunge in some short-term rates.

The move came a day after the People’s Bank of China said lending and borrowing rates in short-term markets should not fall below the rate it offers on excess cash that banks park with the central bank “under normal circumstances.”

That rate is currently 0.72 percent.(SD-Agencies)

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