China Money Rate at 13-Month Low as Ratio Cut Mitigates Defaults

April 22, 2015 3:10 AM

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China’s benchmark money-market rate declined to a 13-month low as improved cash availability after a cut in lenders’ reserve requirements offset defaults by two companies this week.

State-owned Baoding Tianwei Group Co. said Tuesday it won’t be able to pay 85.5 million yuan ($13.8 million) of bond interest, after Kaisa Group Holdings Ltd. on Monday failed to honor missed payments within a 30-day grace period. The People’s Bank of China lowered the amount of cash banks must set ...

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