China has postponed a plan to introduce credit default swaps to its domestic market after regulators objected and senior officials vetoed the proposal following discussion over the derivatives' contribution to the global financial crisis.
The plan to launch a CDS pilot project in China was advanced and enjoyed preliminary support from the central bank. But other regulatory bodies, including the banking watchdog, were opposed at a time when governments are attempting to rein in the market for complex credit derivatives.
Credit default swaps, a kind of insurance policy against a bond defaulting, have been blamed by regulators for exacerbating the financial crisis.
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