China prevents second company default

Source: Bloomberg Businessweek
© Scanpix/AFP
China stopped another default in its bond market, decreasing concerns which pointed out that the instability in the financial markets could develop as debt climbs and growth declines. The first default occurred when a company from Shanghai failed to pay part of the interest with reference to one billion yuan in debt. The second company, Huatong, managed to pay bonds with the help from Chinese governments and bond financiers, therefore avoiding default.
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