China embraces credit derivatives

China’s first steps


After witnessing highly leveraged synthetic credit structures such as collateralised debt obligations wipe billions of dollars from international portfolios during the 2007-08 global financial crisis, the Chinese authorities were relieved that China's financial institutions came out relatively unscathed. But the losses raised fresh concerns about the dangers of setting up a synthetic credit risk transfer market in China, with some parties fearing such a market could end up being used primarily

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