Opinion: China’s tacit CDS disagreement
The National Association of Financial Market Institutional Investors announced that credit default swaps are being trialled. It appears in contravention of the wishes of China’s banking watchdog, but most likely represents a compromise of the wishes of both agencies.
On November 5 Beijing revealed its latest financial innovation: the first onshore credit default swap trades were being trialled in China.
These potentially explosive tools, blamed by some Western officials for adding fuel to the global credit crunch, were traded between a small number of Chinese and foreign
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