China’s banking regulator has issued guidelines telling banks how to roll over the loans issued to local governments in recent years, local media has reported.
The move, which is aimed at averting a wave of defaults that could have dealt a harsh blow to the Chinese economy, provides detail on how a plan, reported in the Financial Times last month, will be implemented.
China Business News, a financial newspaper, said banks would be expected to present reports on how they will address local government loans that are maturing this year before the end of April.
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