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The Struggle over China’s Bond Markets
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Book Chapter
The Struggle over China’s Bond Markets
2012
Overview
This chapter discusses the struggle over China's Bond Markets. The combination of bank restructuring and the stock market's collapse from mid‐2001 catalyzed dynamic growth in China's bond markets. Many issuers struggled to get a piece of this market, none more significant than the China Development Bank (CDB). The CDB had begun to challenge for the dominant position, becoming, in effect, the country's second Ministry of Finance. The chapter also discusses cycles in the financial markets. It is well recognized that China's currency policy of fixing the RMB exchange rate against the U.S. dollar greatly limits flexibility in interest rates. China's banks depend on Party‐guaranteed profitability created by mandated minimum spreads between deposits and lending rates. The profit generated here from corporate borrowers subsidizes their investment in sub‐market‐priced government securities. This can work only so long as they operate in a protected domestic oligopoly well insulated from outside pressures.
Publisher
Wiley,John Wiley & Sons, Incorporated,John Wiley & Sons, Inc
Subject
ISBN
9781118255100, 1118255100
