Most Chinese stocks fell as investors weighed the implications of Shanghai Chaori Solar Energy Science & Technology Co.’s bond default and prospects for economic reforms at the National People’s Congress.
Shanghai Chaori Solar Energy Science & Technology Co. said it may not be able to make an 89.8 million yuan ($14.6 million) interest payment in full on March 7, in what would be the first default of an onshore bond.
Federal Reserve Bank of Philadelphia President Charles Plosser, who votes on policy this year, said the Fed should press on with plans to trim its bond purchases with the economy likely to grow about 3 percent this year.
Japan’s Government Pension Investment Fund, the world’s largest pool of retirement savings, cut domestic bond holdings to the least since the fund’s inception in 2006 and said it will invest in infrastructure.
More Japanese companies are choosing the Asean region over China as an investment destination as rising costs and concerns about the environment make Asia’s biggest economy less attractive, according to the Japan External Trade Organization.
The location of the National Credit Union Administration suits its place in the hierarchy of U.S. financial regulators. Unlike its better-known peers, which are all clustered near the Capitol or the White House, the agency is a 20-minute drive from downtown Washington in good traffic.