Provincial bond issuance could revive Chinese CDS market
China's CDS market needs new structure if it is to win over investors
A new initiative to allow provinces and cities to sell bonds could stimulate the Chinese credit default swap (CDS) sector but uncertainty over whether Beijing would ever let these structures default raises questions about whether the cost of protection is justified.
China's CDS market has been languishing ever since it was launched by the National Association of Financial Market Institutional Investors (Nafmii) five years ago, largely because of an inflexible market structure that limits its
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