China's credit default swap market slow to grow


The onshore credit default swap (CDS) market in China started life with much fanfare in November 2010. Commercial banks, and smaller Chinese credit unions, were keen to start using the new hedging product. Nearly a year and a half later, however, and market participants say liquidity is non-existent and trading is effectively at a standstill. When Shi Wenchao, secretary-general of self-regulatory trade body, the National Association of Financial Market Institutional Investors (Nafmii), talked