China's Debt_ China May Double Down On Debt Swap As ABS Issuance Stumbles

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China May Double Down On Debt Swap As ABS Issuance Stumbles

Tyler Durden's picture
Submitted by Tyler Durden on 06/01/2015 22:00 -0400

Chinese stocks jumped nearly 5% on Monday on disappointing macro data which betrayed a third consecutive monthly contraction in the manufacturing sector (remember, bad news is good news in a world hooked on central bank-dispensed monetary heroin). But a poor macro print wasn’t the only hint that more stimulus may be just around the corner, as Beijing is now reportedly set to double the local debt swap quota to CNY2 trillion.

Via Bloomberg:

China’s Ministry of Finance may set additional quota of 500b-1t yuan for local governments to swap debt into municipal bonds, according to people familiar with the matter.

Plan needs State Council approval, according to the people, who asked not to be identified because deliberations are private.

This should come as no surprise. As we’ve documented in excruciating detail, the country’s local governments are sitting on a pile of debt that amounts to around 35% of GDP. Visually, that looks like this…

READ MORE: http://www.zerohedge.com/news/2015-06-01/china-may-double-down-debt-swap-abs-issuance-stumbles 

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