China readies for launch of onshore CDS
China is gearing up efforts to launch an onshore credit default swaps (CDS) market as the country seeks to build out its financial derivatives infrastructure. The creation of a credit derivatives market in the country is seen as an important step to enable Chinese banks to lay off risks that might ultimately reduce their need to tap capital markets to meet strict capital ratios as they expand their lending operations.
Yin Long, deputy director-general of the supervisory cooperation department
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