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China announces new debt-swap quota for local gov'ts

Source:   Time:

BEIJING, June 10 (Xinhua) -- China on Wednesday moved to regulate local government debts with the launch of another 1 trillion yuan (163.9 billion U.S. dollars) debt-swap deal for local debt, the second time it has done so this year.

The Ministry of Finance (MOF) launched a 1 trillion yuan debt-swap deal in March.

Two trillion yuan has been channeled into the deal.

The decision was based on results from the National Audit Office in 2013 that found about 1.86 trillion yuan of local-government debts would mature in 2015, according to a source with the MOF, who declined to be named.

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