China has adopted an unusual tactic to discourage banks from buying government bonds, as authorities try to halt an uncomfortable decline in yields and prevent a bubble forming: naming and shaming the buyers.
China’s interbank regulatory body this week announced an investigation into four rural commercial banks for “manipulating sovereign bond prices in the secondary market”.
The probe is widely seen as a reprimand to smaller regional lenders who snapped up government debt after larger state banks unexpectedly began selling.
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