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China took another big step last week towards full interest rate liberalisation with the first issues of negotiable certificates of deposit, or NCDs.
The regulator of China’s interbank bond market plans to allow more institutions to underwrite non-financial debt securities on a national and regional level. The move is likely to increase bond volumes and help China’s lenders improve risk management.
Fear of rising rates is beginning to sideline investors as the Agricultural Development Bank of China found out when it failed to get enough demand for a dual-tranche Rmb18bn offering today.
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