China’s chief banking regulator opened the way for the country’s lenders to use debt-for-equity swaps to rid themselves of some of the $200bn of bad bank loans on their balance sheets.
Shang Fulin, chairman of the China Banking Regulatory Commission, raised the idea at the closing session of the annual meeting of parliament in Beijing, while adding it was a complex issue.
“We are studying the plan and it’s not as simple as some reports said,” he told reporters. China’s premier Li Keqiang, who was also speaking at the parliamentary session, singled out debt-for-equity swaps as a way to “progressively reduce corporate leverage”.
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