Credit concerns grow as Chinese companies shun new documentation

Credit concerns grow as Chinese companies shun new documentation

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Chinese state-owned enterprises (SOEs) and the locally incorporated units of foreign banks in China are engaging lawyers to draft their own ‘in-house’ derivatives documentation to bypass the onerous credit support provisions attached to China’s new derivatives master agreement.
The ultimate regulator of most major Chinese companies, the State-owned Assets Supervision and Administration Commission (Sasac), is not forcing state-owned corporates to sign the
new master agreement, but the document is

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