China’s bond risk is taking the first default by a state-owned firm in stride, in a sign of confidence central bank stimulus will help prevent systemic fallout even as authorities permit more financial risk.
Credit-default swaps insuring the nation’s debt against non-payment dropped 1 basis point to 91.5 basis points as of 9:05 a.m. in Shanghai, according to prices from data provider CMA. That extends a 0.5-basis-point decline Tuesday even as Baoding Tianwei Group Co., the unit of central government-own...
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