China’s central bank is expected to keep draining funds from the financial system this month using repurchase contracts as the benchmark money-market rate sinks to the lowest level in more than a year, a Bloomberg survey shows.
Holders of bonds sold by Shanghai Chaori Solar Energy Science & Technology Co. will consider a lawsuit to force payment after the company became the first to default on onshore corporate debt in China.
China’s onshore bond market experienced its first default as a solar-cell maker failed to pay full interest on its bonds, signaling the government will back off its practice of bailing out companies with bad debt.
China’s property trusts, grappling with repayments equivalent to the size of Puerto Rico’s economy, face rising default risks as a former central bank adviser dubs real estate the biggest threat to the economy.
Li Ning Co., the largest China- based sportswear company by revenue, posted its first annual deficit since listing in 2004, as slowing economic growth caused sales to fall a second year. The shares fell.