China's central bank governor tells local governments, lenders: don't count on a bail out
China's central bank chief has said his institution will not bankroll government spending or bail out troubled companies backed by local governments, trumpeting independence when political pressures are mounting on the People's Bank of China (PBOC) to resolve fiscal and financial risk.Yi Gang, who has led the bank since 2018, said a “firewall†must be set up between the treasury and the central bank, rejecting a notion that China could “monetise†fiscal deficits by printing money to directly…
South China Morning Post
Thu, 03 Dec 2020 18:15:09 +0800
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