China conflict roils market

China conflict roils market

China continues to announce changes to its domestic financial markets. China's state council has announced it will allow local governments to sell debt publicly. The decision by the National Development and Reform Commission will lead to the creation of a US$1.5 trillion municipal, or “muni” debt market, like the one that exists in America.

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Also in China: The country will free up domestic interest rates by allowing banks to issue certificates of deposit to the public. The central bank has announced it will let banks offer large denomination certificates of deposit to individuals and companies. The financial instruments will offer higher returns than traditional bank deposits.

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