China’s central bank is unwilling to pay off large debts owned by bankrupt financial companies and is working on related financial provisions, its Vice Governor Xiang Junbo was quoted by the Economic Reference as saying.
China’s stock markets, which have been bearish since 2001, have triggered the closing of some securities firms, including the Guangdong International Trust & Investment Corporation and Nanfang Bonds Company. The People’s Bank of China (PBC), the central bank of the country, paid much of their enormous debts to protect the interest of individual investors.
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