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China's debt-for-equity swaps looking more like debt-for-debt move

Government's bid to pare corporate debt involves new bonds to finance the swaps

Hong Kong

A KEY Chinese initiative to rein in the world's largest corporate-debt load is a programme swapping some loans into equity stakes. As the initiative gets going, however, it's becoming clear the debt isn't really going away.

In a late-summer notice, central government...

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