China readies for launch of onshore CDS
China is gearing up efforts to launch an onshore credit default swap (CDS) market as the country seeks to gradually build out its financial derivatives markets. The creation of a credit derivatives market in the country is seen as an important step to enable Chinese banks to lay off risks that ultimately might reduce their need to tap capital markets to meet strict capital ratios as they expand their lending operations.
Yin Long, deputy director-general of the supervisory cooperation department
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